When you create or generate an idea, what follows is doubt caused by uncertainty. Everyone has doubts cause with a massive opportunity there lies a chance of great risk too. To make an idea into reality what are need are a good team and good resources. As we have learned previously about Timmons model which argues that there are three controllable components of the entrepreneurial process that can be assessed, influenced, shaped and changed (Spinelli & Robert J. Adams, 2012). The three components are the opportunity, the resources, and the team.
So, on the basis of this concept we can see that we have spotted an opportunity in the market space involving green chemistry, which is a branch of chemistry and chemical engineering which primarily focused on the developing such products and processes that will minimize the use and creation of hazardous substances that can lead to negative impact on the users and developers. We build our understanding of opportunity by first focusing on market readiness which involves the consumer trends and behaviors that seek new products or services. Once these patterns are identified, we can built a product concept, and finally the product delivery system is conceived (Drucker, 1985).
As we are creating a sustainable platform that uses chemistry to make marketable products. Now what needed to be given time next is the Team which involves the ability and skill in assembling key management members and then building the team. These are the backbone of the opportunity, even more than resource which comes later. In most entrepreneur mind there is a common misconceptions that the first thing you will need is to have all the resources in place, especially the money, to succeed with an idea (Drucker, 1985).
People who prioritize money first are bound to make mistake. Every great entrepreneur knows that money follows high-potential opportunities conceived of and led by a strong management team, not the other way around. As a startup what need to be realized is that to understand and marshal the required resources but not be driven by them, as we are already in a great risk by starting a new idea itself investing money that might nor might not be useful is senseless. What is need in resource is control not ownership. Bootstrapping is one of those concept that helps in managing resource spent. One of the worst things that can happen to an entrepreneur is to have too much money too early.
