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- At the initial conception, an entrepreneur needs a market opportunity, the ability to access the required resources such as human capital, technology and finance and some luck against competitors.
- During their development, the entrepreneur needs to develop their business by interactively testing and improving their concept and be highly responsive to market signals to access a gap in the ‘market’, all while seeking the resources its needs for its growth and to ‘cross the chasm’ into an established entity.
- During the maturity phase, an entrepreneur embeds the business more strongly in its environment, creating its own space, able to draw upon its own well-established source of resources. All the while, the entrepreneur pollinates and germinates its contacts and networks to become more resilient to new threats or competitors.