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 ONeill displayed entrepreneurial thinking in the olloclip case.

2. Entrepreneurial Process

Briefly define and explain the Timmonss Model and apply it to the olloclip case.

3. Opportunity Recognition

As the case ends ONeill 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 ONeill with a comprehensive overview of how he should proceed.

Case: olloclip

Patrick ONeill, 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, wouldnt 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 iPhones camera lens. I felt more strongly about this than anything Ive ever done in my life, ONeill 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 ONeill 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 wouldnt 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. ONeill says he never thought much about the companys 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 ONeills house, now has about 50 employees. Revenue was $11 million in 2012 and projected at $20 million for 2013. ONeill 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.

ONeill 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 ONeill, who sent the companys merchandising team samples, telling them to play with them over the weekend. ONeill 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, thats amazing.

In the big Apple stores, were on 10 pegs right now, and weve been there for two years, says ONeill, who wont reveal what percentage of revenue comes from the retailer. Its hard to stay in there. Apple is the pinnacle. If you can get in there and stay in there, youre doing a lot of things right.

ONeill 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. Thats 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 olloclips 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, weve 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, its easy to keep your lens system accessible on your keychain, backpack, handbag or anywhere you want it within arms reach. Because the best camera is the one thats 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, ONeill 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, ONeill realizes the challenges that face him as an entrepreneur.