Question

Please answer the three (3) questions regarding the case.

1. Entrepreneurial Mind-Set

It is noted that entrepreneurs “think differently” from persons that are not entrepreneurs, as they must often make decisions in highly uncertain environments. Please describe the four basic ways that entrepreneurs think differently in their decision-making environment, and indicate where you feel Patrick O’Neill displayed entrepreneurial thinking in the olloclip case.

2. Entrepreneurial Process

Briefly define and explain the Timmons’s Model and apply it to the olloclip case.

3. Opportunity Recognition

As the case ends O’Neill is interested in future growth for olloclip. Assume he has developed some new ideas and come to you for advice on how he might screen these new opportunities. Please provide O’Neill with a comprehensive overview of how he should proceed.

Case: olloclip

Patrick O’Neill, founder and CEO of Huntington Beach, California-based Olloclip, has two great passions: photography and technology. An entrepreneur for more than two decades, he got into the mobile-accessories business in 2000. At the time, he was designing products for other companies, but his idea for an iPhone camera lens was already bubbling up. “I thought, wouldn’t it be cool to put camera lenses on the phone like we do with our big cameras? The problem was,” he recalls, “how do you elegantly mount it?”

His solution: attach lenses on either side of a small plastic sleeve that could be slipped over the iPhone’s camera lens. “I felt more strongly about this than anything I’ve ever done in my life,” O’Neill says. “I put everything into it. I put my whole house on the line.” Patrick considers his strongest characteristics to be confidence in himself, curiosity and persistence.

Using his own money, he brought on his director of design, Chong Pak, and a marketing expert. Though O’Neill “knew basically how it would work,” the team spent the next year trying to learn more and better understand the opportunity they had with this device. They also spent time creating hundreds of prototypes using a variety of methods.

“Just OK” wouldn’t do. There would be no moving ahead with production until the three-in-one olloclip--featuring fish-eye, wide-angle and macro lenses---was just right. The final lens set weighs less than an ounce and fits in a pocket. O’Neill says he never thought much about the company’s growth potential. “I knew there were other people as crazy about photography as I was, and with the iPhone 4, the camera was amazing compared to any smartphone that had come before. That combination of factors---this was the right time for this,” he says.

A Kickstarter campaign seeking $15,000 brought in more than $68,000, enabling him to ship his first product in 2011. Growth came quickly. The company, which started out of O’Neill’s house, now has about 50 employees. Revenue was $11 million in 2012 and projected at $20 million for 2013. O’Neill is always looking for growth and is considering developing new models; however, he feels it is also important to better understand his business before growing.

O’Neill notes that he tends to be a make-it-up-as-you-go type entrepreneur. “My mind is always going a hundred miles an hour. I would spin off into space without my solid team behind me.”

More recently, the biggest coup has been getting olloclip stocked in Apple stores. “When we were developing this product, we said the best place we could be is in the Apple store,” recalls O’Neill, who sent the company’s merchandising team samples, telling them to “play with them over the weekend.” O’Neill says he “believed in this product from the beginning. I knew they would love it.” And they did. Shortly before the iPhone 4s was announced, the merchandisers’ review came in: “Wow, that’s amazing.”

“In the big Apple stores, we’re on 10 pegs right now, and we’ve been there for two years,” says O’Neill, who won’t reveal what percentage of revenue comes from the retailer. “It’s hard to stay in there. Apple is the pinnacle. If you can get in there and stay in there, you’re doing a lot of things right.”

O’Neill is very pleased with his business but is aware that technology is always changing, there is the continuing miniaturization of quality lenses, and the overall competition is fierce when it comes to photographic equipment.

The real challenge is introduced when innovating quality optics in a compact and lightweight form factor. That’s why olloclip is continuously trying to create a collection of beautifully designed, easy-to-use mobile lens systems with no oversized, heavy lenses or the need for extra parts like a bulky case or mounting bracket - just the way a mobile photographer would expect it.

Like lenses used on larger professional DSLR cameras, olloclip lens systems are designed to provide similar perspectives and are sized small enough to fit in a pocket, purse or hand. And because of olloclip’s award-winning design, the lens system clips on and off your device in seconds. Simply attach the lens to your device and unleash your creativity.

Our in-house engineering and design teams spend countless hours perfecting the ultimate user experience with uncompromised quality. And with our newest lens systems, we’ve added some revolutionary upgrades. The pocket-sized, patented design now works on both the rear-facing camera and the front FaceTime™ camera – so you can let your photos and selfies run wild. Plus, with 3 wearable pendants, it’s easy to keep your lens system accessible on your keychain, backpack, handbag… or anywhere you want it within arm’s reach. Because the best camera is the one that’s always with you.

The company now has more than 30 distributors throughout the world, and its products are sold in chains such as Best Buy and Target. Late last year, it introduced an update to the original olloclip---a sleeker unit with four lenses---as well as products for the chunkier iPhones and a macro-focused lens set.

Although his original passion was for the regular mobile photographer, O’Neill recognizes that there may be other opportunities out there for clip on lenses and other add-ons. Some customers have mentioned to him that there may be interest in slightly larger devices that can be used for more sophisticated applications such as environmental research and exploration. As he searches for new opportunities and continuously plans to develop new models and look for new markets, O’Neill realizes the challenges that face him as an entrepreneur.

Answer 1

1) It is very truly Sais that entrepreneurs “think differently” from persons that are not entrepreneurs, as they must often make decisions in highly uncertain environments.Entrepreneurs are a unique breed of people. While some people sit and fantasize about the glamor of being their own boss and creating their own business, those in the thick of business ownership understand that even considering all its rewards, entrepreneurship is a difficult and complicated path.

The world's most successful entrepreneurs aren’t the ones who impulsively quit their jobs to chase a get-rich-quick idea. They are the ones with an entrepreneurial mindset -- a set of perspectives and values that allow them to achieve greatness.

Following are some of the ways that show entrepreneurs' way of thinking :

a) Challenges are opportunities : setbacks obstacles and challenges are painfully common elements of entrepreneurship. Most people react to these hurdles with stress and pessimism, with an attitude that obstacles are negative experiences that only hinder progress. As an entrepreneur, you encounter so many challenges you simply can’t afford to react this way.

Instead, successful entrepreneurs view challenges as opportunities. Each challenge or setback reveals a key opportunity to grow -- either to improve upon an existing weakness or take measures to avoid experiencing a similar setback in the future.

b) Everything requires effort. Entrepreneurship is multifaceted and constantly demanding, and there’s no shortage of pitfalls that could disrupt or destroy your business. Successful entrepreneurs are aware of this, and they’re aware that everything -- from product development, sales and marketing -- requires significant effort to achieve success. Instead of looking for shortcuts, they’re pouring effort into their business at every opportunity, and when they reach one goal, they’re already busy planning another.

c)There is no magic: The super-rich entrepreneurs you read about in the news usually didn’t get there because they randomly stumbled upon a great idea. They got there because they poured years of effort and passion into a good idea, and eventually their efforts paid off.

You can’t become an entrepreneur expecting there to be a miracle, or some kind of instant, magical rise to the top because your idea was revolutionary. Even the best ideas in the world require patience, skill and endless effort to earn that level of success. The world's best entrepreneurs realize this. Waiting for your idea to do the work on its own, or waiting for some unseen element to carry you to success can only result in disaster.

d)Outside perspective is invaluable. Entrepreneurs need to be good communicators, and that means actively listening to those with different ideas and opinions. It’s easy for us to get trapped in one mode of thinking.

Many business owners keep their business models and directives too rigid, ultimately restricting their ability to grow and leading to failure. Successful entrepreneurs, on the other hand, are constantly searching for individuals and experiences that will challenge their way of thinking and lead them to see things from a new perspective.

Here in the case of Patrick O Neil, an entrepreneur for more than two decades, who got into the mobile-accessories business in 2000. At the time,when he was designing products for other companies, but his idea for an iPhone camera lens was already bubbling up also. This Idea generation is one of the characteristics and thinking of an entrepreneur. Another indication of Neil'entreprenaureal thinking was that he was in search and quest for the Perfection .His thinking that “Just OK” wouldn’t do. He was not ready to move ahead with production until the three-in-one olloclip--featuring fish-eye, wide-angle and macro lenses was just right and perfect .

O’Neill showed the thinking of innovation which is an another characteristic thinking of i anaan entrepreneur .O'Neil is aware that technology is always changing, there is the continuing miniaturization of quality lenses, and the overall competition is fierce when it comes to photographic equipment.The real challenge is introduced when innovating quality optics in a compact and lightweight form factor.

2)  Timmons model is a model of entrepreneurship that explains the relationship between three aspects i.e. opportunities, resources and teams. These are the three critical factors available to an entrepreneur which influences the success of business in the industry. Also, the success of entrepreneurship business depends on the ability of entrepreneur to use all these three attributes or critical success factors in the most effective manner. Thus, it has been identified that Timmons model is based upon the abilities of entrepreneur. The entrepreneur defines the opportunity to start a new venture. Then, a team is developed to manage the resources of organization and all the resources required in successful operations of business are identified for opening up the new venture. Thus, it has been identified that the process of opening a new venture starts with identification of opportunities available in the industry.

Here Patrick O Neil finds out the opportunity of designing better lenses attached to a smartphone and making every prospect customer to be know that he not only has a phone in his hand , but a smartphone with enhanced and eligant camera lenses and easy to carry and to be easily put into the pockets.

Patrick O'Neil put all his house on the project , he kickstarted the campaign seeking $15,000 but when he needed $68,000 more , he put it also to the project that made him ship his first product in 2011. Growth came quickly. The company, which started out of O’Neill’s house, now has about 50 employees. Revenue was $11 million in 2012 and projected at $20 million for 2013. O’Neill was always looking for growth and was considering developing new models; however, he feels it was also important to better understand his business before growing. He worked with teams because using his own money, he brought on his director of design, Chong Pak, and a marketing expert. Though O’Neill “knew basically how it would work,” the team spent the next year trying to learn more and better understand the opportunity they had with this device. They also spent time creating hundreds of prototypes using a variety of methods.Thus Timmons Model of Entrepreneurship was well related , that is the Opportunities , resources and teams were blended in Patrick O'Neil ' entrepreneurship.