Chapter 16: Reflections: Entrepreneurial Learning
The entrepreneurial journey is often not straightforward, as it comprised by a lot of trial and error; this case study charts one entreprenuer’s experiences from student ventures whilst at university, to a full time career. Thus offering vauable insight into the industry. Download the case study here: Chapter 16 - case study
Chapter 16: Questions
1. In what ways did this entrepreneur’s story not follow the linear path of, ‘idea generation, opportunity recognition and exploitation’?
Guidance answer
The idea at the start was quite an amorphous one and clearly took some time to refine. Moreover it was only after exploitation that the opportunity recognition became obvious, with the key market for the publication being identified. Moreover the idea itself was refined after the exploitation stage. Indeed, as the entrepreneur reflects, could the business have been more successful if the ‘exploitation’ stage had been undertaken earlier and thereby fed back useful lessons for idea generation and opportunity recognition? Refer to Chapters 3 and 4 of the textbook for more material on these issues.
2. What were the main drivers behind this entrepreneurial opportunity?
Guidance answer
You might have identified a number of drivers, such as influence of family (both as role models, providing a kind of informal entrepreneurial learning (Chapters 12 and 16) and as the source of a more individual ‘need for achievement’ (Chapter 11). There were also more immediate influences, such as meeting people at the Cranfield University training course. Some influences are typically more obvious than others.
3. What does this story suggest to you about the sources and nature of entrepreneurial learning?
Guidance answer
The story highlights examples of formal types of learning (the training course) as well as more informal sources (e.g. talking to people). It also reflects the ‘ups’ and ‘downs’ that prospective entrepreneurs have to deal with as they develop their ventures, and how it is possible to learn from your own mistakes, as well as those made by others. Refer to Chapter 16 for additional examples of entrepreneurial learning and try to relate this account to your own experiences and / or those of other commercial and social entrepreneurs.
