Entrepreneurial Business Planning: A Detailed Report on Tim Gurner

This report conducts an extended research on Tim Gurner, the real estate developer of Australia, explaining the differences, patterns, and similarities of various entrepreneurship theories. It describes the orientation, mindset, and behavior of the entrepreneur, taking into account different aspects that could be investigated. The report analyzes Gurner's entrepreneurial attributes, linking them to his family background and learning attitude. It highlights his innovative strategies in the property development market, consistent with the Schumpeterian model, and discusses his entrepreneurial orientation, major talents, shortcomings, and the importance of teamwork. The report concludes by summarizing Gurner's success factors and providing recommendations for future entrepreneurial endeavors.

Running head: ENTREPRENUERIAL BUSINES PLANNING
Entrepreneurial business planning
Name of the Student
Name of the University
Author Note

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Executive summary:
The report is prepared to conduct an extended research on Tim Gurner who is the real estate
developer of Australia. Report demonstrates the explanation of difference, patterns and
similarities of different entrepreneurship theories. Such theories have been explained for
describing the orientation, mindset and behavior of entrepreneur. Explanation of attributes
has been done by taking into account different aspects that could be investigated.

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Table of Contents
Introduction:...............................................................................................................................2
Discussion:.................................................................................................................................2
Discussing differences, patterns and similarities evident between entrepreneurship theories...2
Entrepreneurial orientation of Tim Gurner:...............................................................................5
Major talent of Tim Gurner and shortcomings:.........................................................................6
Description of entrepreneur temperament:.................................................................................6
Importance of teamwork to entrepreneur:..................................................................................7
Conclusion:................................................................................................................................8
References list:.........................................................................................................................10

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ENTREPRENUERIAL BUSINES PLANNING
Introduction:
The report is prepared to conduct a research on successful entrepreneur chosen from
rich list of entrepreneurs from financial review, 2018. For this purpose, entrepreneur Mr, Tim
Gurner who is the founder and chief executive officer of property development company in
Australia. Gurner started his career in property development market as a director of pan
urban. The 35 year old property developer has been named as emerging entrepreneurs of
Australia of the year by Ernst and Young. He was the youngest entrepreneur to enter the
BRW rich list of year 2016 having a net worth of $ 460 million. Such research incorporates
discussion on similarities and differences between different entrepreneurship theories. The
secondary research on the concerned entrepreneur demonstrates his orientation, mindset and
behavior.
Discussion:
Tim Gurner has experience of ten years in industry of property development and there
are several brands such as Urban Inc and GURNERTM under which the delivery of
thoughtfully and innovatively designed townhouses and apartments are done. In some recent
time, this Melbourne developer has branched out from the market on landmark FV project
worth $ 600 (Gurner ™, 2018). In last year, he was ranked 65th in business review weekly
with a net worth of $ 26 million. The entire career of Tim Gurner has been directed working
for creating a brand name that would be capable of delivering leading projects in the world.
The strategy of GURNER strict acquisition area along with no compromise made on access
to amenities and location quality ensured that customers are making sound investment with
the possible potential of stable rental income and future growth in capital (Kuratko et al.,
2015).
Discussing differences, patterns and similarities evident between entrepreneurship
theories:
This particular section explains the mindset, behavior and orientation of selected
entrepreneur Tim Gurner with the help of different entrepreneurship theory. The theory of
Schumpeterian model doers not deduce the performance of an innovative entrepreneur and it
is outlined in the theory that innovator is a social and economic leader who is not bothered

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about economic profits. The model views innovator as an individual who is compelled by the
pursuits of profit. Three relationships is taken into account within this model that is impact
of innovation on profits, effect of profit behavior on innovating entrepreneur activities and
innovation impact of imitators activities (Al & Teece, 2014).
Sociological theory of entrepreneurship identifies the fact that team helps in forming
enterprises and outline three distinguishing factors for forming team. These distinguishing
factors involve purposive choice, homophily and choice that is constrained by opportunity
structure. According to the theory, entrepreneurship is a psychological contract involving
“take and give” transactionionary relationship in the form of team work and they are jointly
responsible for establishing a business (Alvarez & Barney, 2017).
Personality trait is a psychological entrepreneurship theory that creates emphasis on
personal characteristic defining entrepreneurship. Such traits are the stable qualities that are
depicted by person in most situations. This model helps in identifying the characteristics
associated with the entrepreneur by giving some insight into the inborn qualities and traits. It
has been found that some of the entrepreneur characteristics tends to be demonstrate high
level of innovation and creativity, opportunity driven and depicts business know how and
management skills level (Fayolle et al., 2014). However, research evidence does not support
the trait model.
The anthropological entrepreneurship theory emphasizes on model of cultural
entrepreneurship which says that the culture helps in influencing creation of new venture.
Entrepreneurial attitude is developed from cultural practices such as innovation that leads to
creation of venture behavior. The ecological, economic, social, ethnic and political
complexities of an individual entrepreneur are reflected in the cultural background whereas
behavior and attitude being affected by individual ethnicity. Such cultural environment helps
in producing differences in entrepreneurial attitude and behavior (Gielnik et al., 2014).
It has been found that the sociological entrepreneurship theory focus on social
background for determining entrepreneurship attitude and behavior of individual. The
survival of business is dependent upon the environmental factors such as employees,
government, customers and competition. The theory of Schumpeterian model on other hand
emphasizes creativity and innovation as the key factor in specialization field of entrepreneur.
The main catalyst acting and contributing to entrepreneur’s success is innovation. Personality
trait depicts that the inborn qualities or some personality traits are responsible for creation of

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entrepreneurship. As per the anthropological entrepreneurship, creation of new venture is
influenced by the model of cultural background of entrepreneur or individual (Lucas, 2017).
The opportunity based theory of entrepreneurship provides several range of
conceptual framework for development of entrepreneurship. As per the model, the change is
not caused by entrepreneur rather the opportunities for change are exploited.
Resourcefulness is included in any type of constructs that are opportunity based that would
help in determining the difference between administrative and entrepreneurial management
(Löfsten, 2016).
Therefore, it can be concluded that different theories of entrepreneurship takes into
consideration different facets for determining entrepreneurship behavior, attitude and success
of enterprise.
The information deduced from the description provided for different entrepreneurship
theories can be used to highlight and identify the behavior, orientation and mindset of chosen
entrepreneur, Tim Gurner. The entrepreneurship attributes of Tim Gurner can be attributable
to his family background of design and property as his father was a landscape architect and
structural engineer and his uncle being in property trust. Hence, as per anthropological theory
of entrepreneurship, the entrepreneurship quality of Tim Gurner was due to his cultural
background and that helped him in creating new venture named Gurner. Furthermore, the
entrepreneur also has learning attitude from different scenarios that helped in development of
his business. The stress of doing property development business in the earlier stage was
converted into excitement that made sure about the success of two projects out of five. His
learning attitude is depicted in the luxury penthouse market which he implemented the
strategy from the idea that it obtained from incredibly successful luxury project of previous
developers (Kautonen et al., 2015).
The real estate development in Australia was researched by Tim Gurner in detail and
it was found that developers in the country did quite well. Australia was found to be doing an
amazing job in terms of marketing, lenders, architecture and products. Therefore, Tim Gurner
faced the best development opportunities in the real estate market. Melbourne was found to
be pretty sophisticated in the way it produces and market developments. Tim Gurner
succeeded by taking the best of the wide range of opportunities available in the real estate
development market of Australia (Schwens et al., 2018).

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In addition to this, the innovative entrepreneurship of Tim Gurner is consistent with the
information derived from the theory of Schumpeterian model. Tim Gurner is responsible to
bring innovation to the fore of business that is regarded as critical for flourishing business
and he has helped in driving growth and creating jobs by bringing social and economic
change (Siqueira et al., 2016).
Tim Gurner made use of several strategies in the property development market that
enabled him to differentiate in residential market that is highly competitive. A targeted
strategy of land acquisition along with focusing on design and quality has helped in thrive in
competitive world of residential market. The development of firm GURNER in year 2013
after some successful partnerships has been tremendous success of Tim Gurner in terms of
property development. He also accompanied development of business with the objective of
creating design led buildings, owner occupied focused while expanding nationally to ensure
long term business growth and diversity. Eight development sites were purchased by Tim
Gurner in the first twelve months including multi tower FV project in Brisbane and iconic
990 apartments. There is a pipeline of more than 4500 apartments under development in
Brisbane, Melbourne, Geelong and Sydney. Tim has brought a new thinking and innovative
approach to development of property and such development has been combined with quality
focus and clear design that helped in delivering agile satisfaction to customers.
Entrepreneurial orientation of Tim Gurner:
Gurner absolute love for property and his background being derived from
entrepreneurial spirit made him land into the real estate market as developer. His father was a
civil and structural engineer and uncle involved in running several property trust. He started
in the property development industry by working part time in property development after he
studied Commerce in Melbourne. Career of Tim Gurner in property development began when
he saw an opportunity in a humble gym in the suburb of Elwood, Melbourne that he took
over the lease. To kick start the project, he was provided $ 34000 by his father. Gurner
renovated the space while getting license for gym operation and the place was pumping
within six months. The first little good business by Gurner was selling of this gym to one of
his competitors (Vranceanu, 2014).

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Major talent of Tim Gurner:
The young property tycoon, Tim Gurner was slammed for his comments about
unrealistic expectations and spending habits of millennial. His confidence contributed to his
success along with his decision making capacity. He can be called as a proactive entrepreneur
who anticipates the movement of market and strategize his plan accordingly. In addition to
this, his confidence about the rental market strength has lead to shift in sale of apartments to
owner occupiers from investors. Moreover, his anticipation regarding the dramatic fall in
residential sales instigates him to develop commercial properties and development of sites in
other cities. It was pointed out by Tim that travails in Brisbane has taught and made him learn
valuable lessons. One of the important factors that contributed to the success of Gurner has
been repeat buyers from owner occupiers and investors across many projects that bring about
justification in using his own brand name across every development (Burchardt et al., 2016).
Tim Gurner hurdle and shortcomings:
Tim Gurner statement about his negativity is him being a perfectionist who can do
things better. He is said to mark every plan and handling every level of detail. He is an
example of real estate entrepreneur and a leader who has always been willing to adapt to a
changing and challenging environment in addition to back his every judgment. An
extraordinary success was achieved by Tim Gurner in the sphere of property development
within the span o four years.
His controversial comment was highly criticized. However, the entrepreneur has been
criticized for his several statements that he made in the public. Young people were
controversially suggested by Mr. Gurner to sop buying coffee and avocado for four and
nineteen bucks if they want to own a home. Outrage was caused by this statement along with
causing controversies regarding his statement to millennial to realize their expectations.
Later, he was also hit back at criticism about help to get into the market of property
development. He said that it was not easy to climb on the property ladder for which he had to
made number of personal sacrifices. This entrepreneur made international headlines with his
statements that generated a flurry of debates. His sayings have resulted in copping up of lot of
criticisms (Klotz & Neubaum, 2016).

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Description of entrepreneur temperament:
The increasing selling rate of apartments can be contributed to one of the personality
trait of Tim Gurner that is he has admitted himself to be a control freak. This control freak
trait makes him involved in everything so that he is sure that every detail is appropriate and
correct. He intends to get deeper understanding of everything to make the most of it. In all the
aspects of property development ranging from construction to design, the entrepreneur
committed to attention to detail and innovation. Handling the time in an effective manner is
essential to the success of business and creating a workable schedule would help in
coordinating the multiple people and their needs. Reliability and proactivity are some of other
temperament that has been vital to his success of real estate property developer (Zahra et al.,
2014). The intelligence trait and his energy level impressed rich owners of property
developer. In addition to this, Gurner’s knowledge about the development of property
business also contributed to the success of business. During his initial days of starting
development business of property was upside down, however, he was resilient enough to
thrive into his business and achieved huge amount of success. Furthermore, Tim Gurner
capability to collaborate with people also has been a contributory factor in development of its
business. It can be explained with the help of an instance, where a luxury apartment complex
in Melbourne was launched by Tim Gurner in collaboration or forming joint venture with
wealthy Smorgon family (Johanson, 2017). Therefore, it can be said that Tim Gurner is pretty
effective in engaging and collaborating with people at levels.
Motivating attributes of entrepreneur:
Tim Gurner being a young business entrepreneur motivates many people aspiring to
be leaders or entrepreneur tomorrow. His proactive nature and ability to strategize the
planning has contributed to his achievement. In addition to this, his capability to engage with
people at all level motivates people to enhance communication level. Tim Gurner’s level of
resilience would motivate people in tough situation so as to tackle in difficult situation.
Importance of teamwork to entrepreneur:
In today’s business world, teamwork is considered as pervasive where team is a
distinguishable set of two or more people interacting interdependently, dynamically and
adaptively toward a commonly established organizational objectives and goals. Teamwork is

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a process that encompasses behavior, feeling and thoughts among the members of team while
they interact (Pryor et al., 2016). Teamwork has been at the core of business of Tim Gurner.
Teamwork is significantly important to all businesses or entrepreneurs and the
business can be transitioned by several benefits resulting from teamwork (Bae et al., 2014).
The Gurner team maintains a measured and consistent approach to the every project and his
team is directed to value quality design and attention to detail so that a detailed sensibility is
carried across all the aspects of construction and designs. There is an improved
communication, problem solving and communication due to teamwork that helps in
promoting the development and growth of business. For development of interpersonal skills
and diversity, it is essential to maintain and create team work that is high performing. The
fundamental factor contributing to the success of Gurner is his ability to engage with people
at all levels. An extensive network of skilled external advisers and internal team was built by
Tim Gurner. Tim can be called as a truly exceptional leader can be attributed to him
following an enormous array of major projects and his success in getting people to believe
and trust in his vision (Lindsay, 2018).
Conclusion:
The report has been prepared to demonstrate the mindset, orientation and behavior of
one of the real estate developer of Australia. Tim Gurner is the chosen real estate developer
who has been evaluated on different facets by the application of different entrepreneurial
theories. It has been found that the cultural background of Tim Gurner has been responsible
for development of entrepreneurial spirit. In addition to this, some of his personality traits
determined his behavior and attitude. His proactive nature and strategically planning and
learning attributes from real world have resulted in thriving his property business
development. Furthermore, it has been found that teamwork has been important to the goals
and objectives achievement of GURNER.

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References list:
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(Long–Lived) International Firm: A Capabilities Perspective. Entrepreneurship
Theory and Practice, 38(1), 95-116.
Alvarez, S. A., & Barney, J. B. (2017). Resource‐based theory and the entrepreneurial
firm. Strategic entrepreneurship: Creating a new mindset, 87-105.
Bae, T. J., Qian, S., Miao, C., & Fiet, J. O. (2014). The Relationship between
Entrepreneurship Education and Entrepreneurial Intentions: A Meta–Analytic
Review. Entrepreneurship theory and practice, 38(2), 217-254.
Burchardt, J., Hommel, U., Kamuriwo, D. S., & Billitteri, C. (2016). Venture capital
contracting in theory and practice: implications for entrepreneurship
research. Entrepreneurship Theory and Practice, 40(1), 25-48.
Fayolle, A., Liñán, F., & Moriano, J. A. (2014). Beyond entrepreneurial intentions: values
and motivations in entrepreneurship. International Entrepreneurship and
Management Journal, 10(4), 679-689.
Gielnik, M. M., Barabas, S., Frese, M., Namatovu-Dawa, R., Scholz, F. A., Metzger, J. R., &
Walter, T. (2014). A temporal analysis of how entrepreneurial goal intentions,
positive fantasies, and action planning affect starting a new venture and when the
effects wear off. Journal of Business Venturing, 29(6), 755-772.
Gurner ™. (2018). Gurner. Retrieved 21 August 2018, from https://www.gurner.com.au/
Johanson, S. (2017). Gurner and Smorgons join forces to launch apartment complex. The
Sydney Morning Herald. Retrieved 21 August 2018, from
https://www.smh.com.au/business/companies/gurner-and-smorgans-join-forces-to-
launch-apartment-complex-20171110-gziprn.html
Kautonen, T., van Gelderen, M., & Fink, M. (2015). Robustness of the theory of planned
behavior in predicting entrepreneurial intentions and actions. Entrepreneurship
Theory and Practice, 39(3), 655-674.
Klotz, A. C., & Neubaum, D. O. (2016). Article Commentary: Research on the Dark Side of
Personality Traits in Entrepreneurship: Observations from an Organizational Behavior
Perspective. Entrepreneurship Theory and Practice, 40(1), 7-17.