ENTREPRENEURSHIP 12: Hamish Petrie, Entrepreneurial Traits Analysis

This report provides a comprehensive analysis of Hamish Petrie, the CEO of Ingogo, an Australian cab service company, by examining his entrepreneurial characteristics and traits. The study begins with an executive summary, followed by an introduction that defines entrepreneurship and its key aspects. It then delves into the background of Hamish Petrie and his company, Ingogo, providing context for the analysis. The report explores various entrepreneurial theories, including economic, resource-based, psychological, sociological, and opportunity-based theories, to provide a theoretical framework for evaluating Petrie's traits. The analysis compares Petrie's characteristics, such as passion, risk-taking, and vision, with the ideal traits of an entrepreneur, drawing on interview responses and real-world examples. The report concludes with recommendations for improvement, particularly in adaptability and monitoring skills, and a final conclusion summarizing the findings. The report highlights Petrie's strengths and areas for potential development, offering valuable insights into his entrepreneurial journey.

Running head: ENTREPRENEURSHIP
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Name of the Student
Name of the University
Author Note

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Executive Summary:
The purpose of the paper is to evaluate and compare the characteristics and traits of an
entrepreneur with the theories and aspects of entrepreneurship. The entrepreneur selected for
this paper is Hamish Petrie. After the evaluation of the responses from interview questions
with Hamish Petrie, it can be deduced that he reflects significant entrepreneurial traits like
passion, recognition ability of opportunity and risk taking behaviour. However, development
of adaptive skills with the inclusion of monitoring ability can ensure the success of new
business venture.

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Table of Contents
Introduction................................................................................................................................3
Discussion..................................................................................................................................3
About Hamish Petrie:.............................................................................................................3
About the company:...............................................................................................................4
Entrepreneurial theories:........................................................................................................4
Analysis and Comparison:.....................................................................................................6
Recommendations......................................................................................................................8
Conclusion..................................................................................................................................9

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Introduction
Procedure involving design, presentation and execution of new businesses from a
small scale in the market is known as entrepreneurship. People reflecting the characteristics
of starting a new business venture are known as entrepreneurs. The process involved in
entrepreneurship represents the ability and willingness for constructing, organizing and
accomplishing new business venture in the presence of specific risks for the purpose of
making profit (Anderson et al., 2015). In the field of economics, the concept of
entrepreneurship includes, natural resources, labour, capital and land that collaboratively
contribute towards the profit of the venture (Bird, 2019). The main characteristics of
entrepreneurial activity is risk taking ability, innovation and the capability for responding in
the competitive and ever changing competitive marketplace (Kuratko, 2016). The purpose of
the paper is to understand the characteristics and traits of a real life business owner of small
and medium business Ingogo. The entrepreneurial traits of Hamish Petrie will be assessed
based on the key aspects and characteristics of an entrepreneur. The assessment will be
carried out through the responses from an interview with Hamish Petrie, the entrepreneur,
owner and CEO of Ingogo. The paper will present a comparison by contrasting the
characteristics or traits of Hamish Petrie based on the ideal characteristics of an entrepreneur.
The paper will be concluded by presenting the summary of the analysis of comparison.
Discussion
About Hamish Petrie:
Hamish Petrie is presently the owner and CEO of Ingogo, which is a cab service
company operates through an online app. Hamish Petrie is usually considered as a seasonal
entrepreneur. Hamish Petrie has more than 20 years of experience in the field of constructing
technology based companies. The founder of Ingogo possess experience in innovation

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management, corporate development, management, digital strategy and mobile payment
technology. The main goal of Hamish Petrie is strategize the investment plan for new ideas
and helping in the growth of new businesses.
About the company:
The Australian company Ingogo specializes in the services of online cab booking with
payment. The booking can be facilitated through a mobile application with drivers processed
rates. Ingogo operates in various regions of Australia, Sydney, Perth, Brisbane, Melbourne
and Adelaide. The company possess its own GPS-enabled system for booking and payments
by allowing the projection of the nearby cabs (Ingogo.com.au, 2019). Hamish Petrie always
had a vision for offering a fair pricing service with fixed rates without the inclusion of surge
pricing because of traffic. The business model is designed to compete with other giants like
Uber.
Entrepreneurial theories:
Entrepreneurship can be explained as the willingness and capacity for constructing,
organizing and controlling business venture by avoiding risks. The main quality of
entrepreneurs is the ability of recognizing the business opportunities in the process of
responding to the identified issue or opportunity with innovative ideas (Olivari, 2016).
Entrepreneurial theories can be divided into various forms including economic
theories, resource based theories, psychological theories, sociological theories and
opportunity based theories. The economic theories depicted one of the characteristics of
entrepreneurs, risk taking ability (Parker, 2018). The Neoclassical, Australian Market and
classic theories school reflects the entrepreneurial concept that is directed towards the
economic conditions with the associated opportunity (Espiritu-Olmos and Sastre-Castillo,
2015). The resource-based theories concentrates on manner entrepreneurs includes various

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resources for accomplishing the goal of establishing theories. The resources for the
entrepreneurs can be financial aid, market understanding, human resources, technological
support and the assistance of government (in some cases). In psychological theories, the
concept of entrepreneurship depends on the emotional or mental elements of individuals,
which drives towards entrepreneurship. This theory reflected the existence of the need for
accomplishment for facilitating an activity. Sociological theory of entrepreneurship focusses
on the description of social context, which helps in the identification of opportunities (Kerr,
Kerr and Xu, 2018). The sociological theory of entrepreneurship includes the aspects like,
desire for establishing meaning in the form of idea, social networks, socio-political
environmental influences and ethnic identification (Garud and Gehman, 2016). The
opportunity-based theory depicts the concept of entrepreneur’s ability of planning ideas based
on the cultural, technological and social changes in the existent business environment (Spigel
and Harrison, 2018).
One of the main theory of entrepreneurship which focusses on the function of
incorporating innovation is known as innovation theory. The ability of introducing innovation
allows the entrepreneurs to reduce costs from overall production process (Mcmullan and
Kenworthy, 2016). The innovation in the innovation theory can be categorized in two
theories, first category and second category. The first category reflects the entrepreneur’s
characteristics for reducing the cost of production by the incorporation of innovative methods
or technique. The concept of second category of innovation reflects the process of creating
demand of product/service offerings, like introduction of products in new market (Shams and
Kaufmann, 2016).
Entrepreneurs can be group in one segment based on the reflection of certain
characteristics, including the ability of self-motivation, risk-taking capacity, understanding

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regarding the target audience, networking capacity, finance management, flexibility and
passion for accomplishing goals (Botsaris and Vamvaka, 2016).
There are specific personality traits of individuals that reflects the approaches of
entrepreneurs. Passion is one of the initiating factor of entrepreneurs which drives their
ability of construct ideas. Passion and determination acts as the influencing power for the
purpose of generating effective response for identified demand. Another personality traits
depicting the nature of an entrepreneur is resilience, which is the ability of learning from the
mistake and proceeding with the experience of failure and disappointment. Flexibility is the
key for the accomplishment of every business but entrepreneurs must represent the features
of flexibility in the introduction and growth stage. An entrepreneur can become successful in
the presence of a long-term vision (Wang and Chugh, 2015). Vision for the new idea or
business venture will act as a base for the purpose of building effective response for the
identified opportunity or concern. The vision, passion, personality and approach of
entrepreneurs are accommodated through the assistance of various resources.
Entrepreneurs represents the ability of perceiving business environment as an open
market with the presence of opportunity or concerns that needs to be responded by innovating
idea or approach (Karabulut, 2016). Risk taking ability of entrepreneurs contribute towards
the avoidance of hurdles for the path of accomplishment. Risk for effective understanding of
the customer or market demand, risk regarding financial loss or insufficient financial sources
(Nickerson, Wuebker and Zenger, 2017). The capability of tackling risks can contribute
towards attainment of aims and aspirations.
Analysis and Comparison:
The main aim of the paper is to compare and contrast the ideal characteristics and
traits of entrepreneurs with that of Hamish Petrie, founder and CEO of Ingogo. The

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comparison will be facilitated through the analysis of responses of the interview questions by
Hamish Petrie regarding his entrepreneurial venture. The analysis will be carried out based on
entrepreneurial personality traits, ability of recognizing opportunities, approach and attitude
towards risks, attitude towards the aims and aspiration with the adaptability skills.
With the help of the interview responses it can be deduced that Hamish Petrie always
had the dream of starting something different and new of his own using the experience of the
working in different fields. Hamish Petrie had the passion of introducing a technology based
business as he has always been a part of technologies companies. He drove his passion with
the his expertise in technological field and Introduced Ingogo, a cab service with
technological features like, payment option, cab booking feature and pre-booking option.
Another personality trait of Hamish Petrie align with the feature of an entrepreneur, ability to
construct a long term vision. Vision is very significant and acts a base for the building an
effective and planned business venture. Hamish Petrie is also considered as a seasonal
entrepreneur and he reflected the vision of creating new business ventures through his
expertise of market knowledge and technological application. The vision and mission for the
business was stimulated through the ability of Hamish Petrie in identifying and recognising
the concern and hassle of ‘getting a cab’. Hamish Petrie recognized the inconvenience of
getting a taxi for and thought of responding to the market demand for convenience. The need
of the market in experiencing convenience from very service and product value was
responded by combining technological implication with transportation services. The mission
behind starting Ingogo represents the ability of recognizing market opportunities. When
Hamish Petrie was asked about the learnings for starting a business, he indicated the
significance of learning from the mistakes, which indicates the entrepreneurial personality
trait of resilience. When enquired regarding the biggest competition for his business, Uber.
He replied with the fact of Ingogo being a competitive business model. He indicated the

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importance of developing the knowledge about changing market knowledge. Hamish Petrie
responded to the competition by incorporating a fair rate system. Passion and market
understanding are two of the main characteristics which leads individuals towards
entrepreneurial success. The risk taking ability of entrepreneurs is also considered as the
determining factor of business success. When Hamish Petrie was asked about one of the main
challenges for establishing the business. The reply was concentrated on sourcing financial
aids for the business. The finances of the company was sourced through different medium for
accommodating the competitive business environment. The characteristics of a risk-taker was
demonstrated by Hamish Petrie through the ability of sourcing finances majorly by the
crowdfunding activities. Moreover, Hamish Petrie also demonstrated the ability of directing
his focus and expertise towards the direction of aims and aspirations.
In evaluation of the responses and analysis of the initiatives of Hamish Petrie with the
comparison of the entrepreneurial concept, it can be deduced that Hamish Petrie reflects
almost every trait of a successful entrepreneur. However, adaptability and monitoring
capabilities of Hamish Petrie can be improved. Hamish Petrie have removed the online tax
receipt system from the business model due to the potentiality of misuse of the information.
One of the users of the booking app identified the concern of the guessing possibility of the
GPS co-ordinates and details regarding credit card. The concern demonstrated security issues
or lack of adaptive capability based on the increasing fraudulent activities based on
technological loopholes. The ability to incorporate a continual monitoring process for
identifying the concerns or potential risks in the business can be addressed through the
implication of adaptability practices.

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Recommendations
According to the evaluation of the responses of the interview questions, Hamish Petrie have
reflected various entrepreneurial skills, characteristics and traits through his approach of
handling challenges in the business. However, he needs to improve the evaluation and
adaptability skill for recognizing the hidden potential risks for the business security of the
company. For being successful in the long-run in presence of increasing competition,
entrepreneurs with the skills of adaptability regarding the continual assessing process and
changing processes or functionality based on identified risks/potential risks. The
characteristics of adaptability and monitoring is accompanied by the skill of hiring right
people. Being an entrepreneur Hamish Petrie should invest in hiring right people for specific
functions like, auditing team.
Conclusion
Therefore, it can be concluded by the paper that based on the evaluation of the
responses of interview questions as well as conducting a comparison with Hamish Petrie’s
traits with the characteristics and personality of a successful entrepreneur, Hamish Petrie
reflects numerous characteristics of entrepreneur. However, for ensuring the success of new
business ventures, Hamish Petrie needs to improve adaptability and monitoring skills for
maintaining the security and potential risks of the business. Entrepreneurial success can only
be accommodated through right drive for an unidentified or unattained opportunity with the
right team for ensuring risks and addressing challenges.

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References:
Anderson, B.S., Kreiser, P.M., Kuratko, D.F., Hornsby, J.S. and Eshima, Y., 2015.
Reconceptualizing entrepreneurial orientation. Strategic management journal, 36(10),
pp.1579-1596.
Bird, B., 2019. Toward a theory of entrepreneurial competency. In Seminal Ideas for the Next
Twenty-Five Years of Advances (pp. 115-131). Emerald Publishing Limited.
Botsaris, C. and Vamvaka, V., 2016. Attitude toward entrepreneurship: structure, prediction
from behavioral beliefs, and relation to entrepreneurial intention. Journal of the Knowledge
Economy, 7(2), pp.433-460.
Espiritu-Olmos, R. and Sastre-Castillo, M.A., 2015. Personality traits versus work values:
Comparing psychological theories on entrepreneurial intention. Journal of Business Research,
68(7), pp.1595-1598.
Garud, R. and Gehman, J., 2016. Theory evaluation, entrepreneurial processes, and
performativity. Academy of Management Review, 41(3), pp.544-549.
Ingogo.com.au 2019. Ingogo | Taxis done better. For Passengers, Drivers and Businesses.
[online] Available at: https://www.ingogo.com.au/
Karabulut, A.T., 2016. Personality traits on entrepreneurial intention. Procedia-Social and
Behavioral Sciences, 229, pp.12-21.

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Kerr, S.P., Kerr, W.R. and Xu, T., 2018. Personality traits of entrepreneurs: a review of
recent literature. Foundations and Trends® in Entrepreneurship, 14(3), pp.279-356.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Mcmullan, R.W.E. and Kenworthy, T.P., 2016. Creativity and entrepreneurial performance.
Springer International Pu.
Nickerson, J.A., Wuebker, R. and Zenger, T., 2017. Problems, theories, and governing the
crowd. Strategic Organization, 15(2), pp.275-288.
Olivari, J., 2016. Entrepreneurial traits and firm innovation. Eurasian Business Review, 6(3),
pp.339-360.
Parker, S.C., 2018. The economics of entrepreneurship. Cambridge University Press.
Shams, S.R. and Kaufmann, H.R., 2016. Entrepreneurial co-creation: a research vision to be
materialised. Management Decision, 54(6), pp.1250-1268.
Spigel, B. and Harrison, R., 2018. Toward a process theory of entrepreneurial ecosystems.
Strategic Entrepreneurship Journal, 12(1), pp.151-168.
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Appendix:
Was starting your own business always your dream?
Yes. I have more than 20 years of experience in constructing technology companies. With the
skills and competencies in the field of digital strategy, business environment of Australia,
mobile payment, corporate development plan of start-ups, I wanted to use the expertise for
creating a business like Ingogo for responding to the increasing demand of convenience in
transportation in Australia.
What was mission for starting Ingogo?
The main purpose of starting the company was to respond to the increasing concern of getting
a taxi. With the increasing acceptance of technology, consumers have realized the aspect of
convenience. The online shopping platform is fully based on the factor of convenience.
Similarly the Ingogo was planned as a response for my personal and population’s hassle for
getting a cab.
What do you think is the most significant learning for running a business?
The learnings from the experienced mistakes.
What is differentiating factor of your business venture in comparison to Uber?
Being an entrepreneur I have learnt the art of understanding the target market. Evidently,
Uber have become increasingly popular in all around the world, but the Ingogo is comprised
of a competitive business model. Competitive business model mainly includes the focus of

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empowering the employees of the company. As you asked about Uber, Ingogo is designed
with fixed payment structures, better safety and convenience features in comparison with
Uber.
What was the main challenge in building or developing Ingogo?
I have always been determined and passionate for discovering idea. However, establishing an
idea is difficult. Sourcing financial resources was one of the complex task for Ingogo
How did you responded to the challenge?
The idea of introducing a strategic idea with the increasing rate of competition, I had to find
an effective way of sourcing finances. Categorizing the sources for fund was the adopted
strategy for Ingogo. In 2015, the company raised around 12 million AUD. 16 million AUD
was sourced from the Australian investors and 4 million AUD was raised by crowdfunding,
which holds a record in Australian equity-crowdfunding aspect of VentureCrowd. I have also
involved government grant as the source of investment.
Can you enlighten us about the drop off of the online tax receipt services?
It is still not considered as a security issue. However, the potentiality of data risk caused its
shut down. The process of regular monitoring and adapting newer firewalls needs to be
implemented based on changing challenges and risks in technological field.

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