The 7 Ms of the Entrepreneur

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Entrepreneurship > Best Practices

Deepak Kumar Gurung, Entrepreneur, India
An entrepreneur basically manages 7M's, namely; 1. Men 2. Machines 3. Material 4. Money 5. Method 6. Message 7. Market. (...) Read more? Sign up for free

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  Kirk C. Heriot, Professor, United States

7 Ms is Missing an Important Element

The 7M view looks at the entrepreneurial firm as a business that must be managed after it has been created.
It largely ignores the opportunity recognition (entrepreneurial alertness) that is so critical to the process of entrepreneurship. The 7 m's could just as easily be applied to the management of any organization.

  Deepak Kumar Gurung, Entrepreneur, India

7 M's is Missing an Important Element

Thanks for the valuable insight.
In my view, the 7th M takes care of the opportunity recognition. This 7th M here broadly implies:
- The physical market,
- The virtual market,
- The consumer mind,
- The consumer need,
- The market opportunity, etc.

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