A tactician's approach to entrepreneurial ventures: phased-structuring as a model for commercialising innovations

The practical execution of an entrepreneurial process for technology-driven ventures in emerging markets can be likened to a maze – a dynamically complex process with many navigational contingencies. While the overall navigational path may appear straightforward conceptually, the actual execution path inherently becomes fraught with sub-optimal turns and apparent dead-end trails as an entrepreneur dynamically confronts many challenges. The navigational path for effectively sequencing events can be confounding, especially since event outcomes are highly contingent upon timing as well as execution of the appropriate events; seemingly 'right' actions can be applied at the 'wrong' time in the process with the corresponding result being an undesired outcome. Combining practical experience with academic research, this paper addresses the entrepreneurial process maze by presenting the authors' phased-structure process model for proactively sequencing effective actions in entrepreneurial ventures. Fundamental to this process model is a 'tactician' phase wherein a seven-step prescription is introduced to help entrepreneurs navigate the maze and dynamically sequence the 'right actions' at the 'right time' for commercialising innovations. Both the phased-structure process model and its seven-step prescription for the tactician provide practical guidance for technology-driven entrepreneurial ventures.