1
John Kao developed the conceptual model of entrepreneurship in 1989 in his article titled 'Entrepreneurship, Creativity and Organisation'.
2
The model highlights four crucial aspects for running a successful business: 1. The Person (Entrepreneurial Personality), 2. Entrepreneurial Task, 3. Entrepreneurial Environment, and 4. Organisation.
3
Entrepreneurial Personality/Capability refers to the skills, qualities, traits, motivation, leadership, and risk-taking ability of the entrepreneur (e.g., Deepinder Goyal and Pankaj Chaddah launching Zomato in 2008).
4
Entrepreneurial Task involves the activities performed by the entrepreneur, such as research, market study, business planning, securing finance, creativity, and innovation.
5
Entrepreneurial Environment refers to the availability of resources, state-of-the-art technology, and infrastructure required to implement business ideas.
6
Organizational Context refers to the enterprise itself, which provides a structure, hierarchy, rules, policies, and human resource systems to execute business activities.
7
According to John Kao, a successful entrepreneur is one who adapts to the changing needs of the environment and successfully grabs emerging opportunities to grow their enterprise.