The key difference between entrepreneurship and business lies on the “purpose” and “process” in product entrance. The entrepreneurship is driven by value creation in the market while business is by money. Even the domain of entrepreneurship is vast due to diverse range of opportunities evolving against the problems of the society. In the vagueness of entrepreneurship, entrepreneur’s functions with a deep commitment to make a significant impact in the society. Different entrepreneurs take their own unique journey which is filled with passion and commitment but however the process of entrepreneurship in practical implications are varied.  

 Among other different models of entrepreneurship process Timmons Model has been widely tested in multiple industries to check its validations on sustainable entrepreneurship. The model came into existence during Jeffry Timmons doctoral research at Harvard University which was focused on growth of venture. The features of the model contain three components; which include the evaluation of opportunity, allocating the resources and formation of team members who will leverage the other two components. The explanation of Timmons Model is wholly surrounded around these three components.

Opportunity

            The core activities of entrepreneurship are to recognize and exploit the opportunities in favor of an idea.  The research experts suggest that entrepreneurs perceive opportunities in an intuitively and informally way which is guided by a feeling for a market. There can be two approaches on how the opportunities can be recognized and exploited—a) open a venture and opportunity will be found—and b) business exist after opportunity is found. Whatever the approach might be ultimately those opportunities need persistence over the time.

Resources

            The ability of an entrepreneurs to respond change depends on the availability of the resources that’s within the control. The basic misconception between many entrepreneurs is one need to have a lot of financial resources to start a venture however experienced entrepreneurs’ critic it’s the worst thing if an entrepreneur has lot of financial resources at the very start. When one tries to do more having very less resources then an individual strives on the limited resources which is more controlled. The principle of “converse your equity” is encouraged with this approach which provides more value to shareholder. 

Team Members

            The key ingredient for a venture to success is the ability of a team to mobilize the opportunity and resources in an effective and productive way. Nothing is achievable if an entrepreneurship doesn’t have a great team who compensate each other’s knowledge, and skills. For an entrepreneur to be able to achieve a desirable outcome, it’s always a challenge to find a right balance in the team. The entrepreneurial process would be functionless if a team couldn’t build that momentum to capitalize the venture strength in terms of opportunities and resources. And, most of the investors look after the team and their commitment who will make amazing ideas into reality.         

Balancing the equation

            According to Timmons Model, sustainability of entrepreneurship is determined on how well these three key factors are balanced. On balancing these factors founder’s leadership, creativity and communication determines sustainable entrepreneurship which ultimately needs to be valuable in achieving environmental, community and social goals.