FOLLOWING THE YELLOW BRICK ROAD An investigation into entrepreneurial opportunity recognition and growth firm developmental challenges

Barker, Nicholas (2007) FOLLOWING THE YELLOW BRICK ROAD An investigation into entrepreneurial opportunity recognition and growth firm developmental challenges. [Dissertation (University of Nottingham only)] (Unpublished)

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The aim of this project is to understand how and where the entrepreneur finds new business ideas and how these ideas are put into practice. The report then explores the difficulties the entrepreneur may encounter in growing a new firm into a larger business.

This report addresses these questions through considering academic research and conducting interviews with experienced entrepreneurs. Findings include: that a new business idea comes from the entrepreneur seeing opportunities from market changes which create new customer demand; that new ideas develop over time and must go through several stages of development; that the use of social networks is instrumental in developing new ideas and growing these ideas into a successful business; and that entrepreneurs tend to use their past experience and alertness to new ideas rather than searching through information sources to find new business ideas. The results of the interviews also suggest that entrepreneurs were motivated to identify and develop new ideas by the desire for money and power rather than the achievement of life goals.

This report found that the entrepreneur faces many challenges in growing a new firm into a successful, larger business, and discovered that the suggestion by academics that entrepreneurs need to be replaced with managers when the business grows to a certain size is not wholly supported, with two of the eight entrepreneurs interviewed managing growing and large companies. Passion was found to drive entrepreneurs' determination and persistence to grow their businesses; however it is suggested that this can turn into destructive egotistical behaviour which results in the firm failing rather than growing. This report found that the entrepreneurs interviewed achieved success through learning and were driven by a personal interest that motivated them. It concludes that, with self understanding and learning, the entrepreneur can see the future and prepare for the inevitable challenges and changes that occur within business.

Item Type: Dissertation (University of Nottingham only)
Depositing User: EP, Services
Date Deposited: 19 Nov 2007
Last Modified: 17 Sep 2016 03:47

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