1. Detailed Individual Assignment Format
Lecture of 22nd February 2016
General Information
“The issue of linking the character traits of an individual to the
success of a business – picking winners – needs to be
approached with caution.”
Burns P (2011, pg 34) Entrepreneurship & Small Business,
Palgrave Macmillan 3rd edition
Select an ‘entrepreneur’ and analyse their entrepreneurial
journey, from the conception of the initial idea through to start-
up & ‘growth’.
Discuss, with examples, whether or not your analysis supports
Burns assertion.
Based on your analysis, what do you personally conclude about
creating a successful new venture and entrepreneurial success?
Part 1: Select an ‘entrepreneur’ and analyse their

2. entrepreneurial journey, from the conception of the initial idea
through to start-up & ‘growth’. (Approx 300 words)
Discuss, with examples, whether or not your analysis supports
Burns assertion.
Part 2
Internal (Endogenous)factors for his success (Approx 400
words)
Part 3
External (Exogenous) factors for his success(Approx 400
words)
Based on your analysis, what do you personally conclude about
creating a successful new venture and entrepreneurial success?
Part 4 (Approx 400 words)
Reasons for a successful enterprise
Saras Saraswathy entrepreneurship

3. For general Introduction: Some interesting definitions
An entrepreneur is someone who perceives an opportunity and
creates an organisation to pursue it.
Bygrave (1997)
Use an interesting description or two like this and highlight it.
An Entrepreneur is a person who identifies and starts a business
venture,
sources and organizes the required resources,
and takes both the risks and rewards
associated with the venture.
1974 Borland talked about entrepreneurs having Internal locus
of control
1979 Kirzner talked of them as arbitrageurs - ability to spot
opportunities
Part 1
Select an ‘entrepreneur’ and analyse their entrepreneurial
journey, from the conception of the initial idea through to start-
up & ‘growth’.
A Chart to save word length on the Entrepreneur’s Journey.
(This is a rough draft; you can do it much better!)

4. Part Two
Endogenous factors
Locus of Control
Internal locus of control - Individuals who believe themselves
to be in control of their own destiny
External locus of control - People who believe that their lives
are dominated by chance events outside their own control or
powerful people i.e. “fate” controls their destiny.
14
Core and Desirable Attributes
CORE ATTRIBUTES
Commitment & Determination
Leadership
Opportunity Obsession
Tolerance of Risk
Ambiguity & Uncertainty
Creativity, Self-Reliance and Adaptability (Water Logic)
Motivation to Excel
DESIRABLE ATTRIBUTES

5. Energy, Health, and Emotional Stability
Values
Capacity to Inspire
Creativity & Innovativeness
Intelligence
THE NON-ENTREPRENEURIAL ATTRIBUTES
Being Macho
Perfectionist
Impulsiveness
Being anti-
authoritarian
Counter/dependency
Knows it all
Outer Control
Invulnerability
Timmons (2003:251)
15
Entrepreneurs are at the Centre of so many activities; so they
may be specialists in one area, but they have to be generalists.

6. Entrepreneur
Production
Marketing
Sales and
Finance
Banking
Audit
Legal
Technology
transfer
Suppliers
Inventors
Transportation
Advertising
Market
Research
16
HBDI Herrmann Brain Dominance Instrument
17

7. Most entrepreneurs seem more right-brained than left – though
this is a generalization and most entrepreneurs have left brain
characteristics as well.
Managerial v Entrepreneurial Mindset
19
Of course, endogenous factors are influenced by exogenous
factors , so cognitive factors, how you process your information
and creativity, are influenced by Prior Experience and Social
Networks.
Prior Experience
Social Networks
Cognitive Factors
Creativity
20
Exogenous factors
(Exogenous)PUSH
Unemployment
Disagreement
‘Misfit’
No alternative

8. PULL (Endogenous)
Independence
Personal development
Personal wealth
Recognition
Trigger
Even in the Reasons For Starting A Business, there are
exogenous factors
22
Porter’s Diamond Model
Shows why a particular industry does well in a particular
country (this is therefore an exogenous factor)
Firm Strategy
China Example
Labour Cost is low
Cost of Space (Rentals etc) is low
Cost of Company Infrastructure – buildings, equipment etc is
low
Make their profits through
Mass production

9. Large Scale of operations
Low cost per single Unit
Firm Structure
Firm Rivalry
Rivalry stands for competition.
Competition is good for the industry as a whole.
In Japan, the car industry is doing well, because there are many
car companies – almost ten!
With competition, prices go down , and quality goes up.
Demand Conditions
In Japan, the car industry does well because the local people
Want good quality cars
Have the money, (the purchasing power) to buy good cars
Related and Supporting Industries

10. In America, Hollywood is the centre of the American film
industry because there are shooting studios, Sound Recording
Studios, Editing Studios, Special Effects, all available in
Hollywood itself
Factor Conditions
Labour: In countries with computer software development, you
need a ready pool of engineers, technicians, etc
And they are relatively cheap.
Land is readily available for factories, offices etc
Capital (Money) to begin the business and run it (this is
provided by government agencies as well as private investors
Influences on owner-managers and entrepreneurs – of these,
only the first is endogenous, the others are external
Antecedent influences
Personal characteristics and traits
Situational factors
Culture of society

11. 32
Culture is the collective programming of the mind that
distinguishes the members of one category of people from those
of another. Hofstede (1988)
Would Steve Jobs have flourished in Japan?
Mental Models

12. Western Thinking
Eastern Thinking
Individualism
Differentiation
Relationships
Integration
34
Entrepreneurs do one of these three (Endogenous)
But these trends, problems and the gap is exogenous.
If these had not existed, the business would not have been born.
35
Books to quote from
Malcolm Gladwell
Outliers
Serendipity
The right person at the right place at the right time
(See Serendipity PPT)
Serendipity is being the right person at the right place at the
right time.
You can quote Malcolm Gladwell’s Outliers.

13. 1956 – Bill Gates and all technology entrepreneurs born around
this time.
Business Success or Failiure
LUCK(CALL IT SERENDIPITY)
Entrepreneuial character
Business culture
Business decisions
Company strengths
38
This book can be quoted for entrepreneurs from emerging
markets
The major new trends in global economics, politics, and social
life all point toward a "global paradox," according to John
Naisbitt —
“The bigger the world economy, the more powerful its smallest
players."
Less advanced countries and small countries benefited by
globalisation

14. Similarly, as the world economy gets larger, the role that
smaller countries play have become more important.
BRICS
Brazil, Russia, India, China and South Africa
The Next Eleven
Bangladesh, Egypt, Indonesia, Iran, Mexico,Nigeria,
Pakistan, Philippines, Turkey, South Korea, and Vietnam
The World Is Flat
By Thomas Friedman
The world as a level playing field in terms of commerce, where
all competitors have an equal opportunity.
So, in areas as diverse
Information Technology,
Medical Tourism,
Computer animation & Special effects in movies
The world is offering new opportiunities.

15. A world where
New entrants are welcome
You are on par (equal) with everyone else
3) You have a global market to sell your products
So JACK MA WAS AT THE RIGHT PLACE AT THE RIGHT
TIME.
OF COURSE, HE WAS THE RIGHT PERSON TOO.
A SUMMING UP OF THIS SECTION IS IN THE NEXT SLIDE
– THAT BOTH EXTERNAL AND INTERNAL FACTORS
PLAY A PART
Innovation
Triggering Event
Implementation
Growth
Personal
Achievement
Locus of Control
Ambiguity Tolerance
Risk Taking
Personal Values
Education
Experience

16. Personal
Risk Taking
Job Dissatisfaction
Job Loss
Education
Age Commitment
Personal
Entrepreneur
Leader
Manager
Commitment
Vision
Sociological
Networks
Teams
Parents
Family
Role Models
Organisational
Team
Strategy
Structure
Culture
Products
Environment
Opportunities
Role Models
Creativity
Environment
Competition
Resources
Incubator
Government Policy
Environment
Competitors
Customers

17. Suppliers
Investors, Bankers, Lawyers
Resources
Government Policy
Entrepreneurial Process
Bygrave & Zacharakis (2004)
47
Part 4
What makes entrepreneurs entrepreneurial? Saras D. Sarasvathy
Causal v Effectual Marketing Process

18. 49
• Bird-in-hand principle:
Start with What you have - Who you are, What you know, &
Whom you know (Not with the opportunity)
• Affordable loss principle:
Invest what you can afford to lose – extreme case $0
(Not expected return)
• Crazy Quilt principle:
Build a network of self-selected stakeholders
(Not competitive analysis)
• Lemonade principle:
Leverage contingencies and even failures
(Not avoid them)
• Pilot-in-the-plane principle:
If you can control the future, no need to predict it. The future
comes from what people do (Not inevitable trends)
Effectual Logic that entrepreneurs employ, as different from
others (Saras Sarasvathy)
Comparison of Causal & Effectual Model
Effectual Reasoning: The Process

19. Who they are – their traits, tastes and abilities
What they know – their education, training, expertise and
experience
Whom they know – their social and professional networks
54
Saras Sarasvathy
Entrepreneurs usually do what is
‘counter-intuitive’.
OTHER REASONS FOR SUCCESS OF ENTREPRENEURS
THAT YOU FIND
CONCLUSION
After reading the Harvard Business Review article on assessing
your company’s global potential, post your thoughts and
comments on the authors' main conclusions.