manufacturing. Similarly, lack of market orientation at the outset is frequently not corrected merely by the passing of time, with formal market- related activities still missing from the majority of technology-based enterprises even after several years of company existence.
Both entrepreneurs and investors need to recognize the more balanced and accelerated approach to company development that is typically undertaken by the multifounder firm, which initially targets an explicit product market. Single founder firms are especially slow in developing formal sales and marketing approaches that go beyond their own personal skills and effort, thereby retarding the firm's evolution. Including sales and marketing skills in the initial founding group seems especially appropriate. Confirmation of the possible relations of these variables to eventual success and failure of the technology-based firm awaits later chapters. But in the meantime prospective entrepreneurs should strongly consider taking the rather low "risk" of adopting a product/market-oriented team approach toward company formation and development.
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P. L. Braden. Technological Entrepreneurship: The Allocation of Time and Money in Technology- Based Firms ( Ann Arbor, MI: Division of Research, Graduate School of Business Administration, 1977).
N. C. Churchill. "Entrepreneurs and their Enterprises: A Stage Model", in J. A. Hornaday , J. A. Timmons, & K. H. Vesper (editors), Frontiers of Entrepreneurship Research, 1983 ( Wellesley, MA: Babson College, 1983), 1-22.
H. R. Feeser & G. E. Willard. "Incubators and Performance: A Comparison of High-andLow-Growth High-Tech Firms"