Entrepreneurial Decision-Making Style

This assignment delves into the author's evolving entrepreneurial decision-making style. Initially hesitant, they now embrace a data-driven approach, relying on facts, statistics, and market research to inform their choices. The author attributes this shift to an entrepreneurship program that provided valuable insights and real-life examples.

Running head: ENTREPRENEURIAL PERSON AND PROCESS
Entrepreneurial Person and Process
Name of the Student:
Name of the University:
Author Note:

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Table of Contents
Entry 1.............................................................................................................................................2
Current entrepreneurial self and view on entrepreneurship.............................................................2
Entry 2.............................................................................................................................................3
What characterizes a value-creating venture idea and what does it take to communicate it? Where
do opportunities come from and what characterizes the entrepreneurial process?..........................3
Entry 3.............................................................................................................................................4
What characterizes entrepreneurial context and why is it relevant for entrepreneurial process?
Which aspects of context do you find most interesting or important?............................................4
Entry 4.............................................................................................................................................6
Drawing on a guest lecture on your interview with an entrepreneur and reflect as how this
person’s entrepreneurial approach can be related to Sarasvathy’s theoretical perspective of
effectuation and causation...............................................................................................................6
Entry 5.............................................................................................................................................7
After looking at the entrepreneurial process, how do you characterize your entrepreneurial
decision-making style?....................................................................................................................7
References and Bibliography...........................................................................................................9

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Entry 1
Current entrepreneurial self and view on entrepreneurship
Currently, I am doing my Masters program in strategic entrepreneurship (2 year program)
from Jonkoping University, Sweden. In future, I want to grow up my family business and will try
to create new ventures in the existing business. I had personal interest to study entrepreneurship
master than any other course as my motto was to look after the family business in future. In order
to do so, I should have proper understanding of this subject theoretically so that I can apply my
learning in future practically. I do not have any prior experience in entrepreneurship till now. I
personally believe that entrepreneurship is an activity where individual desire to set up a business
by taking on financial risks and hoping that they will be able to generate profits in the near
future. The definitions of entrepreneurship that had been taught in class are all theoretical and
relate properly with the definition that I believe in. only knowing the definition and its
advantages cannot help any individual to become an entrepreneur. Being an entrepreneur needs
lot of patience and ability to make decisions wisely (Baron, 2006). I have lot of expectation from
this Master program on entrepreneurship where I would gain knowledge on the subject
entrepreneurship people and process. I want to be an entrepreneur and for starting I would like to
join my family business and help my parents with the knowledge I gained from this course. By
seeing my parents, I felt that I could also go for entrepreneurship in future. But, that cannot be
sole reason to become successful entrepreneur. I always wanted to do something by my own
where I can generate own ideas and start working for it from scratch. I am a risk taker and that is
the most important traits needed to start a business in the most appropriate way. Our lecturer are
so interesting where they teach us every aspect in detail and with providing real-life instances

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that helped each of us as a student to gain and relate those examples to our daily lives. We are
always guided by our lecturer constantly where we can ask any questions at any point of time to
resolve query that we get in the subjects.
Entry 2
What characterizes a value-creating venture idea and what does it take to communicate it?
Where do opportunities come from and what characterizes the entrepreneurial process?
We were taught in class that entrepreneurial process starts with first generation of idea,
then the feasibility study and lastly the business plan. Idea generation of value-creating venture is
the most vital part that needs to be decided by the entrepreneur at initial stages or phases (Barton
Cunningham & Lischeron, 1991).
Characteristics of good value-creating venture ideas should be market-driven that can
solve a problem, find a market need as well as is customer-focused and not product driven. The
idea should effectively target an identified sizeable market segment (Davidsson, 2004). The
value-creating idea should be feasible by nature. The idea should be attractive by understanding
whether there is demand for that product or services. The idea should be achievable and durable.
The idea should be safe as well as affordable. The idea should be unique and this means faster,
better and cheaper.
Sources of getting good entrepreneurial ideas will be talking to friends, family as well as
other important contacts. Networking is important to get proper idea for business. I would
suggest individual to consider their hobbies and interest that they can generate it as an idea.

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We were even taught in class that some of the business-venture ideas should be avoided
such as unfavorable industries, crusades, unsafe or illegal products or services as well as
unfavorable markets. According to me, business venture idea should be addressed to an investor
as well as must be formulated from the perspective of investors. The business idea should be
innovative and benefits the customers at first place (Slotte-Kock & Coviello, 2010). It is always
needed to start with a compelling business venture idea as it is considered as first milestone in
the process of founding a company. There are few important features of promising business and
these are innovative, uniqueness as well as fulfilling need of customers and profitable in long
run. Constant check or evaluation of business idea is needed as plausibility check help in getting
access to information about feasibility as well as innovative content (Johannisson, 2011).
Entry 3
What characterizes entrepreneurial context and why is it relevant for entrepreneurial
process? Which aspects of context do you find most interesting or important?
I find each aspect of entrepreneurship process interesting starting from the initial phase of
business-venture idea generation. By becoming entrepreneur, one can easily work on their own
idea (Kim & Mauborgne, 2000). Though becoming an entrepreneur is difficult in real life but
still it is interesting to work for own dream and start from the scratch. All big known companies
started out small where may be one man or women had come out with good idea and willingness
to risk everything. There are so many instances where we can see that new business fail but the
business that succeed actually contribute a great deal to the creation of new ventures as it leads to
whole dynamic national economy. Currently, it is noted that the economists as well as business

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researchers are of the opinion about entrepreneurship that it is a main key component of future
economic growth in and across the world. Entrepreneurship had looked as the catalyst that
transfers a segment of new generation people into self-employed business owners who can
provide jobs to others. Entrepreneurship is a necessary component that leads to wealth creation
as well as represents the individuals who uses innovative management techniques for the design,
manufacture as well as marketing of products that has the ability to compete in and across the
world. It is believed by many people that entrepreneurs are different as compared to normal
people. A successful entrepreneur has proper knowledge about business planning as well as
marketing strategies and asset management. There is different process or context of
entrepreneurship where each step is different and unique to each other. The first step in
entrepreneurship context is concept formation where the entrepreneurs will be determining the
potential market existence for the business as well as forming a rough idea on how to penetrate
the existing market. The next entrepreneurship context is resource gathering (Rindova, Barrey &
Ketchen, 2009). Then, the entrepreneurship context or process of organization creation as well as
development
Entry 4
Drawing on a guest lecture on your interview with an entrepreneur and reflect as how this
person’s entrepreneurial approach can be related to Sarasvathy’s theoretical perspective of
effectuation and causation
Moritz Witter visited our campus and came to our class as guest lecture where we had an
opportunity to meet such a successful Founder and CEO who is currently working at Nordic

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Adventurous. His class was so interesting where he was citing real-life instances on how difficult
it is to become an entrepreneur and sharing some important mantras that need to be taken into
consideration. His entrepreneurial approach is directly related to that of Sarasvathy’s theoretical
perspective of effectuation and causation (Sarasvathy, 2001). This relation helped me to
understand and link various aspects of similarity and I was quite confident on what to do and
what to avoid while starting any business in the near future. The theoretical perspective of
Sarasvathy’s defines an approach of making decisions as well as performing actions in the
entrepreneurial process where individual can identify next and decide the best step after
assessing the available resources for achieving goals while constantly balancing these goals with
the resources and actions. This particular approach was explained by our guest lecture by citing
examples from his experience. Effectuation in actually differs hugely from causal logic where
there is predetermined goals set as well as process defined for achieving the future plan based on
set of resources. Sarasvathy is of the opinion that causal logic is not properly suited for
entrepreneurship process as it is inherently featured by uncertainties as well as risk. however, the
fundamental world view for effectuation actually means Pilot in the Plane that explain future as
something where individual can get influenced by the actions at the time of creating own
opportunities. The lecture was quite interesting and we learned a lot from that. We asked so
many questions from the guest lecture. To that, the answers were given to each question asked in
a positive way (Mair & Martí, 2006). This lecture session was the best part and I would desire or
dream to become a successful entrepreneur like him in the near future.

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Entry 5
After looking at the entrepreneurial process, how do you characterize your entrepreneurial
decision-making style?
Yes, there is lot of changes in me and that can be easily felt as initially my thinking
process was different but now I think more practically. In the first entry, I mentioned that I am a
risk taker and that makes me confident that I will be able to take up my family business and
expand in the near future. Looking back, now I feel that the process of entrepreneurship was
quite a difficult task and I now understand the theoretical as well as practical aspect that made
me more focused and determined. The entrepreneurship decision-making style that characterizes
me is data driven approach. I would like to base my individual decisions in terms of data
collection, information gathered, facts and statistics. This process is time-taking but I would like
to have my facts clear and then take decision based on that. I feel so confident in this phase that
was fully missing during the starting course or program. I am now feeling relaxed that it was my
wise decision that I took up this program on entrepreneurship where I developed sense of
understanding about entrepreneurship people and process. The most interesting part was the
guest lecture where we could get to hear real-life instances and start linking it with our personal
lives. It is very important for an entrepreneur to remain focused in life. Lack of focus can harm
an entrepreneur to a large extent. I am now ready to fulfill my dream of continuing with my
family business and expand it globally. I would like to take help from friends, family and known
contacts before taking any decisions for my own business. Each suggestion counts and I will take
into account their viewpoint as customers. Market research will help me in getting to know
whether there is demand for that products or services.

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References and Bibliography
Baron, R.A. (2006): Opportunity recognition as pattern recognition: How entrepreneurs
‘connect the dots’ to identify new business opportunities, Academy of Management
Perspectives, February, 104-119.
Barton Cunningham, J. & Lischeron, J. (1991): Defining entrepreneurship, Journal of Small
Business Management, 29, 1, 45-61.
Davidsson, P. (2004): Researching Entrepreneurship, Chapter 1: What is entrepreneurship,
Springer (on Pingpong)
Johannisson, B (2011) Towards a practice theory of entrepreneuring. Small Business
Economics, 36(2): 135-150.
Kim, W.C. & Mauborgne, R. (2000): Knowing a winning business idea when you see one,
Harvard Business Review, Sept.-Oct., 129-138.
Mair, J. & Martí, J. (2006): Social entrepreneurship research: A source of explanation,
prediction, and delight, Journal of World Business, 41, 36-44.
Rindova, V.,Barrey, D., &Ketchen, D.J. jr. (2009). Entrepreneuring as emancipation,
Academy of Management Review, 34(3), 477-491.
Sarasvathy, S. (2001): Causation and Effectuation: Toward a Theoretical Shift from Economic
Inevitability to Entrepreneurial Contingency, Academy of Management Review, 26, 2,
243-263.
Slotte-Kock, S. & Coviello, N. (2010). Entrepreneurship research on network processes: A
review and ways forward, Entrepreneurship Theory & Practice, January, 31-57.

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