The ThirdWay Model of Entrepreneurship offers a simple, yet comprehensive approach to the elements of business and business leadership that are essential to the success of any enterprise.
It takes a complex topic and organizes it into a set of concepts and competencies that can be easily understood, measured and managed. The ThirdWay model builds upon itself; with each layer surrounding and supporting the layers above.
Mission,Vision & Values
At the base, creating a foundation upon which everything else is built, are the mission (compelling purpose), the vision (direction) and the values (embedded culture) of the organization.
Objectives, Goals & Strategy
Objectives are big pictures initiatives and desired end-states, strategy is the overall plan for how to get from here to there, and goals are a set of specific, concrete steps that can be measured and managed.
The Five Buckets
These first two layers create a context in which the work of the organization is done. The work itself fits into one of five content “buckets” which every entrepreneur must understand and manage.
IEL: Integrated Entrepreneurial Leadership
The final component of the model is Integrated Entrepreneurial Leadership (IEL); which brings energy and drive to the process of business development. IEL is grounded in the mission, vision and values of the organization. It sits alongside objectives, strategy, goals and the 5 buckets as a driving force in the development and implementation of all organizational endeavors.
IEL blends three key elements: a focus on relationships, a focus on results and an entrepreneurial mindset, to create an overall set of leadership competencies that is effective, engaging and dynamic.
Relationship Focus. Ability to build successful relationships, operate with integrity, and create an environment that allows the people in the organization to do their best work day.
Results Focus. Ability to think strategically, to understand organizational systems, and to balance a concern for short-term returns with a focus on long-term sustainability and growth.
Entrepreneurial Mindset. Willingness to be accountable for a prescribed set of outcomes, a commitment to innovation, and a readiness to take calculated risks.