Entrepreneurial Growth

INDIVIDUAL ASSIGNMENT

SECTION 1: INSTRUCTIONS

Select ONE of the topics and then answer the questions using appropriate theory and examples of businesses.

The assignment should be 2,000 words excluding references and appendices (if you wish to include them).

Note: although examples are good there is a very strong emphasis on the theory and how it is illustrated in real life cases.

SECTION 2: ASSESSMENT TOPICS

Topic 1 – Entrepreneurial Mindset.

Q1:

Paradox in Theory. There are two well-known theories of entrepreneurship. Schumpeter postulated that entrepreneurs strive to “creatively destroy” the status quo; any

company that does not continually innovate will eventually be destroyed by someone who is more “entrepreneurial”. Kirzner, on the other hand, claims that there are

always disequilibria in markets. Entrepreneurs are good at uncovering and exploiting these. Do you feel that one of these theories better than the other – or can both

be invoked when trying to understand high growth companies.

Q2:

Entrepreneurship is sometimes discussed as the ability to deal with fundamental paradoxes:

• Ambiguity—Planning. Start-up companies are usually exploring new opportunities
where data, details, and the environment may be largely unknown. Yet without a plan,
managers do not have a basis on which to make decisions. The discipline of a business
plan is required, yet is rarely followed.

• Creativity—Discipline. Many, not all, start-up companies are based on a new idea, or an
innovative solution to an existing need. However, if everyone is creating new things all
the time, then nothing will actually get done.

• Urgency—Patience. Entrepreneurs are driven people. Yet real advances take longer
than planned – always.

• Flexibility—Organization. The need to respond rapidly to changing circumstances, new
ideas, opportunities and threats with limited resources requires a great deal of flexibility
and the ability to change direction quickly. But as the start-up grows, it is impossible for
the founders to control everything and make all the decisions; an organizational structure
must be put in place, which inevitably begins to prevent just the flexibility that is needed
for success.

• Responsiveness—Systems. Allied to the previous paradox. Information technology
should enable a company to be more responsive; somehow the opposite seems to be true.
Yet management systems are required to monitor and control an enterprise.

• Risk Taking–Risk Management. Entrepreneurs are usually risk takers, yet too much
risk does not create a successful organization and certainly may turn away investors.
• Short Term–Long Term. Every day a new challenge and possible change of direction,
yet you must not lose sight of the ultimate goal.

How do you feel that high growth companies resolve these paradoxes?

Q3:

Managing a start-up requires a broad range of personal attributes, different from and more diverse than in a larger, more structured company. An entrepreneur must

balance these, often conflicting skills. Pick eight from the list and show how they are exhibited by high growth companies

• Creativity
• Analytical Ability
• Imagination
• Networking
• Risk Taking
• Achievement Motivation
• High Autonomy
• Leadership
• Persuasiveness
• Initiative Taking
• Commitment and tenacity
• Tolerance for ambiguity
• Unconventional
• Optimistic
• Intuitive
• Passionate in enjoyment of life

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