ENTREPRENEURSHIP

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PART1:ConcreteExperienceandReflectiveObservation
Describeyourexperienceincludingreflectionsofspecificlearningsituations.

Outcome1:
Developanunderstandingofentrepreneurshipasabusinessbehaviorobservedacrossa
varietyofpeopleandorganizationalcontexts.
IworkedwithastartubusinessknownastheFincelsSweetCornasacornmanagerwith
anemphasisonadvertisingandmarketingfortenyears.Istartedworkingforthecompanywith
myfamilyatanageof18years.Thebusinesswasdesignedbymyfamilyasawayofteaching
ustobeentrepreneurialandourownbossesatthesametime.Wesawagapinthemarketarea
andstartedsellingcorntothepublic.
Theemployercycleinvolvedsevenpeople.Ihavearoleinmarketing,advertisingasawell
asarealminsalesandpayroll.Ontheotherhand,IcontributetotheHumanResource
Managementfunctionincludinghiringandfiringofemployees.Thismanagementisthebest
giventhatthebusinessisastartupthatneedfewemployeestomaximizeonprofits.
Iandmyfamilysawagapinthemarketanddecidedtoexploitthesame.Being
entrepreneurialisabusinessbehaviorthateveryoneshoulddesiretoadopt.Iamverypositive
thatmanypeopleincludingorganizationswouldliketoadopttheartofentrepreneurship.It
requireslittlecapitalinvestmentasIobservedinthesmallstartupbusinessIworkedfor.Onthe
otherhand,themanagementandemployeeturnoverisveryeasytotrack.Iwouldwakeupto

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takeamarketresearch.Usingthedatacollected,Idesignedthemostappropriatemarketingand
advertisementstrategytousetomarketthesweetcorntotheconsumersandevenattractthe
potentialcustomers.
Inoticedthattodaysmarketisbecomingsocompetitivehenceitrequiresinvestmentof
timetoexploitanddiscernthemarketgapsthatareavailable.Mostpeopleandorganizations
wanttoventureintoentrepreneurshipasitrequireslesstime,resources,capitalandprovides
greatreturns.Indeed,Igottoworkatmyowntime,withoutabossandworkedtomybest
ability.
Mygoalistoachieveacompetitiveadvantage,createavibrantimage,maximizeonprofits
andeventobecometheleadingsupplierofsweetcornsinthemarket.Toachievethegoals,I
workedsohardcollectingdataaboutthemarket,Ihiredanaccountanttokeeptrackofthe
financialrecordsandensuredtheeffectivenessofalloperationsinthebusiness.Mybrothersalso
helpinensuringthattheresourcesneededforthecompletionofalltasksisinplace.However,I
deployedthetechniqueofadvertisement,brochuresandacampaigntomarkettheproduct.
OnceImarketedtheproduct,Idoaresearchandgetfeedbackfromthecustomersto
knowiftheirneedsarebeingmetandwhethertheyaresatisfiedwiththeservicesprovidedby
mycompany.ItwasagreatexperienceasIlearnedthattheconsumersneededmoreprompt
servicedeliverywhichIcommunicatedtomyfamilyandsawtotheimplementationofthesame.

Outcome2:

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Describetheprocessofentrepreneurshipasanactivityoriginatingfrommarketneed,the
creativerecognitionofopportunity,andinnovativeproblemsolvinginthebusiness
environment.

Theentirefamilywasinvolvedintheventuretodiscoveramarketgap.Foryears,wetalked
aboutstartingupabusinessandbeingentrepreneurial.However,beforewestarteddoing
anything,weneededtodiscoveramarketgapandaimtofulfillthesame.Iconductedamarket
surveyanddiscoveredagapinsweetcornsastheconsumersweremissingasellerofthe
commodity.Ipreparednotesofthesameandtalkedtomyfamilyaboutit.
Theentirefamilyreachedaconsensusthatwewouldventureintothebusinessandmakeit
work.Wecollectedinformationaboutthemarketsegmentation,thepotentialconsumers,the
marketpriceincludingmarkettrendsandanalyzedthemtoreachaconsensusforthebest
marketingstrategyforthebusiness.
Wethensetuthebusinessandemployedafewemployeesamongstthemanaccountantto
helpwithreconcilingthefinances.IdoubledupasanHRMserviceproviderincludingmarketing
theproduct.Wehadaplantogrowthebusinesstobecomeawholesaleproducertothelocal
grocerystores.
Tofillthegapthatexistedinthemarket,wesetupthebusinessandworkhardtoensure
theconsumersatisfaction.Ididcreateanadvertisingadanddistributedittothepotential
consumers.However,duringtheprocess,Iensurethattheinterestsofallthefamilymembersare
metatallcostsaswewereallinvolvedinthedecisionmakingprocess.Ilearnedthattheonly

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differencethatexistsbetweenthesuccessfulandunsuccessfulbusinessesisthemanagementand
servicequality.Oncethesetwoarekeptoncheck,maximizingprofitsforabusinessisveryeasy.

Outcome3:
Assessthefinancialissuesassociatedwithnewventurestartups.

Thisisaveryhugechallengetonewventurestartups.Tostartwith,thecapitalfor

settingupthebusinesswasagreatchallenge.Indeed,weidentifiedthemarketgap,yesbut
gettingthemoneytoventureintothebusinesswasabigfinancialissue.However,Ireadafew
journalsandlearntthatwecangetmoneyfromfinancialinstitutionsandpayininstallments.I
communicatedtheideatomyfamilywhowereveryhappytoembrace.Indeed,wereceived
financialbackupfromWorldBankandventuredintothebusiness.
However,asweproceeded,anotherproblemaroseinthemiddleofthefirstyear.Wewere
makingalotofsalebuttheprofitwassolow.Thiswasnotgoodatall.Idecidedtoinventways
tominimizethesame.Weagreedtostrapthecash,maximizethereservesandreviewedthe
paymentdisbursementschedulestohelpusoptimizethetermsofthevendors.
ThesituationpromptedmeastheHumanResourceManagertohireanaccountanttohelp
withkeepingtherecordsofallthefinancesandensuringtheconsistencyintheproductinventory
andprofits.

Outcome4:

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Understandhowinnovationandcompetitiveadvantagecontributevaluetonewbusiness
productsandservices.
Iunderstandinnovationastheapplicationofnewideastomeetthemarketneedsand
requirements.Ontheotherhand,competitiveadvantageistheactofabusinessbeingatthe
forefrontofothersinamarketenvironment.
Whenweventuredintothemarkettosellsweetcorn,wewantedtodevisenew
ideologies,technologiesandmethodstoachieveabrandimageinthemarketintermsofthe
marketingstrategies.Ireadjournalsabouthowtobeinnovativeasanentrepreneurandnotedthat
sellingthecornswasnotenough.Wedecidedtopurchaselandandsupplyproducetothe
suppliersandretailshopsinthemarket.Wedidaresearchonthelawsandregulationsregarding
irrigationaswellasthetaxes.Illinoiswasagoodplaceasthelandwasfertile.Thiswasa
strategytoexpandourbusinessintoaproducerandsupplier.
Ontheotherhand,tokeeptrackofthefinances,Ihiredanattorneyincluding
accountantthatmanybusinessfearbecauseofthefinancesinvolved.However,wemaximized
onprofitsandhadgreatcontrolofthefinancialmanagement.Noticingthesupplygapinthe
marketanddecidingtobuylandtopromoteexpansionisaninnovativeideatopromotingstartup
business.
Toensurecompetitiveadvantage,Iinvestedingettingcustomerfeedbackand
implementingtheirideasinthebusiness.Forinstance,beingaleadingsupplier.Ontheother
handmarketingandadvertisingofproductsinsocialsitessuchasFacebookprovidedaplatform
forattractingnewconsumersandkeepingtheexistingonesthatkeptusattheforefrontinthe
market.

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Outcome5:
Conductapreliminaryassessmentofanewventure.
Asentrepreneurs,weconductedapreliminaryassessmentofournewventureinvarious
stages.First,weexploredthepotentialforthenewventureandansweredquestionssuchas;can
ournewventurebringusmoney?Weperformedapreliminaryassessmentofthemarkettoknow
whywewanttosetuptheventure,ourshorttermandlongtermgoalsincludinghowtheventure
wastoaffectourfamilyasawhole.
Wethennotedtheproductwewantedtosellthussweetcornandthetargetmarketforthe
products.Inaddition,amarketassessmentcameinhandy;toknowthemarketsize,industry,
competitionandtheconsumers.Actuallytherewascompetitionbutwedevisedtechniquesto
ensureacompetitiveadvantageinthemarket.Ontheotherhand,Ievaluatedthecustomer
profiles,thedemographicdescriptions,psychologicaldescriptionsandgeographicdescription.
Thecostprofitanalysiswasalsoconductedtoknowtheshorttermgoalsandhowtheyare
goingtobeachieved.Foranewbusinessventuretowork,aclearoutlineoftheshortandlong
termbenefitsistobeoutlinedclearly.

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PART2:TheoriesandPrinciples/AbstractConceptualization
Presentyourindividualknowledgeandapplicationofthemajorconcepts,theories,and
principlesrelatedtotheexperience.
Outcome1:
Developanunderstandingofentrepreneurshipasabusinessbehaviorobservedacrossa
varietyofpeopleandorganizationalcontexts.
Anentrepreneurisapersonwhoidentifiesamarketgapandacceptstheassociatedriskstomake
aprofitinthelongrun.However,peopleandorganizationsunderstandtheconceptof
entrepreneurshipindifferentways.Peopleandorganizationsunderstandentrepreneurshipasa
businessbehaviorindifferentways.Therearetheoriesthatexplaintheentrepreneurialbehavior
ofpeople.Firstistheeconomictheory.Youcanventureintoentrepreneurshipduetoeconomic
reasons.Thistheorydatesbackinthe1700s,introducedbyRichardCantillon.Thistheory
combinestheclassic,Austrianandneoclassicalmarketprocessthatexplainthebenefits
entrepreneurshipposetoeconomicconditionsandopportunitiescreated.
Theresourcebasedtheoryalsoexplainsthewayyoucanleveragethedifferenttypesof
resourcestogettheentrepreneurialeffortsofftheground.Theaccesstofinancesimprovethe
chancesofyougettinganewventurebutentrepreneurshipoftenallowsstartingupwithlittle
capital.Youcanalsoleverageotherresourcessuchashumanresources,socialnetworks,
informationandeducation.Somepeopleunderstandentrepreneurshipintermsoftheresources
requiredtoenteranewventure(Shapero,A.,&Sokol,L.,1982)..
Ontheotherhad,thesociologicaltheoryexplainsthatotherpeopleororganizations
viewentrepreneurshipintermsoftheinnovativenessneededtoventureintonewmarkets.For

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youtostartabusiness,itisimportanttorecognizeamarketgapandaimtofulfilltheneedsof
thetargetmarketinauniquemannertoachieveacompetitiveadvantage.Entrepreneurshipis
aboutbeingunique.

Outcome2:
Describetheprocessofentrepreneurshipasanactivityoriginatingfrommarketneed,the
creativerecognitionofopportunity,andinnovativeproblemsolvinginthebusiness
environment.
Creativityistheabilitytocreateandbringintoexistenceortoinventanewideaandputit
intoaformthroughimaginativeskill.Entrepreneurshipinvolvescombining,changingand
reapplyingtheexistingideasintosomethingmoreexcitingandnew(Harris,1998).Tobean
entrepreneur,youneedtooriginatefromamarketingneed;thustheidentificationofthemarket
gap.Thiscanbedonethoroughconductingaresearchtofindoutwhattheconsumersare
missinginthemarketandneedstobeintroduced.Youcantalktotheconsumersorsuppliersof
commodities,checkthemarkettrendsandpositioningtodeterminethebeststrategytoapplyto
achieveacompetitiveadvantage.
Tobeanentrepreneurrequiresinnovativeness.Beingabletoinventandcreatively
recognizeanopportunityamongstmany.Thereareverybrilliantideasouttherebutwhatis
requiredinentrepreneurshipisasimpleideathatnoonehadseenyet.

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Afterrecognizingthemarketgap,youshouldaimtofillit.Thisyoucandobydesigninga
newventureandprovidingtheserviceorproducttothetargetconsumers.However,aimto
maximizeonsalesandachieveacompetitiveadvantageinthemarkettoachievetheshortand
longtermgoalsset.

Outcome3:
Assessthefinancialissuesassociatedwithnewventurestartups.
Venturingintoanewbusinessisverytricky.Itrequiresalotoffinancialmanagementand
investments.Therearevariousfinancialissuesthatareassociatedwithnewventurestartups.
First,isthestartupcapital.Thispossessasagreatchallengefortheyoungentrepreneurs.
Luckily,therearevariousfinancialinstitutionsthatprovidesupporttotheentrepreneurs.This
hasmadedoingbusinessveryeasyaslongasthemanagementoffinancesisdoneproperly.

However,aftergettingthestartupcapital,thesalescanbehighwhiletheprofitbeinglow.
Financialmanagementisveryessential.Youshouldemployafinancialcontroller,accountant
whendoingabusiness.Thisissuecanbeamajorthreattotheentrepreneurs.Whenyoudoa
business,itisimportanttosetgoalsstraightandknowthefinancialprojectionsoverashortand
longperiodoftime.

Outcome4:
Understandhowinnovationandcompetitiveadvantagecontributevaluetonewbusiness
productsandservices.

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Innovationisthedevelopmentofcustomervaluethroughthesolutionsthataimtomeetthe
undefined,new,existingmarketneedsinuniqueways.Thesolutionsrangefromeffective
productsandservices,technologies,processesandideasthatarereadilyavailabletothemarkets
andsocietyatlarge.Innovationsisveryusefultobusinesses.Itnotonlyhelpsthemachievea
greatmarketshare,butalsotointroducenewideasthatarereadilyacceptableinthemarket
henceincreasedsales,customerloyaltyandcompetitiveadvantageofthebusiness.

Variousfirmsstriveachieveacompetitiveadvantagewithoutfullyunderstandingwhatitis,how
toachieveitandkeepit.Competitiveadvantageisdefinedasthesuperioritygainedbya
businesswhenitcomestoprovidingvalueasthecompetitorsatalowprice,orprovidinggreat
differentiationatahighprice.Itresultsintothematchingofthecorecompetenciesto
opportunities.Competitiveadvantagecontributesgreatvaluetoabusiness.Thisrangesfrom
increasedcustomerloyalty,winningofnewcustomers,enhancedbrandimage,increasedsales
andmoreprofits.Youcanachieveacompetitiveadvantagebyofferingsuperiorservicestothe
consumers,settinglowpricesandensuringcustomersatisfactionatalllevels.

Outcome5:
Conductapreliminaryassessmentofanewventure.
Preliminaryassessmentinvolvestheevaluationandchoiceofanewventure,generation
ofadesiredlevelofprofitinadesiredtimeframe.However,whenconductingthisassessment,

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youneedtoaskyourselfquestionslike;whydoyouwanttostartthenewventure?Whatwillbe
yourfamilyreaction?Whatdoyouwanttoaccomplishattheendoftheventure?
Conductingapreliminaryassessmentwillinvolvethemarketassessmenttorefine
informationabouttheindustry,competition,marketsizeandcustomers.Ontheotherhand,you
willneedtoassessthecostprofitanalysisandknowtheplansforfutureaction.

PART3:TestingandApplication/ActiveExperimentation
Presentyourindividualpracticalapplicationofthelearningexperience.Explainhowyour
experiencehelpsillustratetheconcepts,theories,andprinciplesyoureferenced.

Outcome1:
Developanunderstandingofentrepreneurshipasabusinessbehaviorobservedacrossa
varietyofpeopleandorganizationalcontexts.
Indeed,Icananalyzethelearningexperiencefromabroadperspectiveandevenmake
generalizations.Itistruethatwedonottakeintheentrepreneurialskillsbutwelearnfromthem
bysimplytakinginterestinthegeneralsurrounding.ThemomentIseesomething,Igetanurge
tounderstandwhatitis,howtocollaborateandrespondtoit(Gartner,W.B.,2007).
Myknowledgeisveryusefulinvarioussituations.Itestedtheconceptof
entrepreneurshipasabusinessbehaviorandIcanattesttothefactthatindeeditcanbeviewedin
broaderways.WhenIventuredintothebusinessofsellingsweetcorn,Iwasaimingtoachieve
economicstability.Thisistheeconomictheoryofunderstandingtheconceptof

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entrepreneurship.Inoticedthatdiscoveringthemarketgapisnotenough,thefulfillmentofthe
gapis.
TheexperienceIreceivedcanbeappliedlaterinlifewhenIwanttostartmyown
business.Ontheotherhand,Icanprovidemoralsupportandadvicetothosewhowouldwishto
tryandventureintonewmarkets.Justtoaddonthesame,Inoticedthattheresourcebased
theoryalsoappliestoeveryentrepreneuroutthere.Tostartinvestingintonewmarkets,agreat
sumofinvestmentsisneededtofulfilltheneedsofthemarket.Thisinvolvesthepersonnel,
resourcesandthefinancialcontrolofthebusiness.
Thereasonsforventuringintoabusinessisknowntoeverysingleentrepreneurout
there.Butitisessentialtotakenotethatirrespectiveofthereasons,themainaimiseconomic
stabilityandthemaximizationofsales.Themostimportantthingtodoissimplytomanagethe
financesandhumanresource,providequalityandconsistentservicesandremaininbusinessin
thelongruntoachievethegoalsthereto.

Outcome2:
Describetheprocessofentrepreneurshipasanactivityoriginatingfrommarketneed,the
creativerecognitionofopportunity,andinnovativeproblemsolvinginthebusiness
environment.
Accordingtomyexperience,theprocessofentrepreneurshipasanactthatoriginatesfrom
themarketneed.Entrepreneursshouldbeinnovativeandverycreativesoastobesuccessfulin
business.Thisinvolvesbeingcreativeenoughtorecognizeamarketgapinthemarket.Thiscan
bedonethroughconductingamarketresearch,checkingthemarketpositioningincludingtrends.

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Beforewedidsetupourbusiness,weconductedaresearchandcollecteddatafromthe
consumersofcommoditiesanddiscoveredagapthatledusintointroducingsweetcornintothe
market.
Thesecondprocessofentrepreneurshipisthecreativerecognitionoftheopportunity.Itis
okayandnormaltorecognizeagapbutentrepreneurshiprequirescreativity,thusnoticing
somethingsomeonehasneverdonebefore.
Theinnovativesolvingoftheprobleminvolvestheintroductionoftheproduct,service,
technologyorideaforthepublic,societyandconsumers.Theidentificationofthegapisnotthe
endoftheentrepreneurshipprocess.Thatgapneedstobefilled.

Outcome3:
Assessthefinancialissuesassociatedwithnewventurestartups.
IfIneverworkedasamarketingemployeeinthecompany,Iwouldnothaveknownthe
financialissuesthatareassociatedwithventuringintothebusinessworld.Indeed,Imustadmit
thatitisagreatexperience.Whenwestartedworking,itwasverytrickysinceweneverhadthe
neededfinancestoventureintothebusiness.However,itpromptedmetoreadmore,andI
discoveredthattherearefinancialinstitutionsthatlendsmoretotheinnovativeentrepreneurs.
Aftersettingupthebusiness,Inotedthatthesalesweresohighbuttheprofitsolow.Then
Iknewthatanattorneyandaccountantwouldcomeinhandytokeeptrackofourfinancial
resources.Thismadeworkeasieraswecouldthenfocusonprovidingqualityservicestothe

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consumersthatworryingaboutreconcilingtheaccounts.IfInevertriedrunningabusinessI
wouldnothavediscoveredtheimportanceoffinancialcontrolandmanagement.
Entrepreneursshouldtakenoteofhowtheyruntheirbusinessandtheprofitsreceived
includingthefinancesusedduringtheproductionofcommodities.Inotedthatthisiswhere
entrepreneursgoastray.Readjournals,consultthepioneerentrepreneurs,talktotheconsumers
andneverstoplearningtoachieveacompetitiveedgeandmaximizeonprofits.

Outcome4:
Understandhowinnovationandcompetitiveadvantagecontributevaluetonewbusiness
productsandservices.
Innovationtheartofcreativityandinventingsomethingnew.Thereexistmanyideasthat
areengagingandrelevant.However,tosucceedasanentrepreneur,youneedsomethingnewthat
hasneverbeingexploitedbeforeinthemarket.Innovativenessaddsagreatdealtoanew
businessproductsandservices.Whenwediscoveredthattheretailshopsalsoneededasupplier,
itpromptedustolookforlandtoplantthecornsandbecomeamajorsupplierinthemarket.
Competitiveadvantageistheartofabusinessbeingatthetopofothercompetitorsinthe
markets.Itrequiresconsistencyinservicesincludingquality,newideologiesandtechnologies
andofferingaffordableandreasonablepricesascomparedtothemarkettrends.Gaininga
competitiveedgewasmymajoraimwhenweventuredintothebusiness.Imadesurethatthe
employeesprovidedpromptservicestotheconsumersonadailybasistoensurethattheyremain
loyalatalltimes.Ontheotherhand,IlistenedtothecustomersgiventhatIwasinchargeofthe
humanresourcedepartment.Thefeedbackwasveryimportantinknowingtheconsumerneeds

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andhowtosatisfythematthesametime.Ontheotherhand,Igainedinformationaboutthe
competitorsanddiscoveredhowtocounteractthem.

Outcome5:
Conductapreliminaryassessmentofanewventure
Thepreliminaryassessmentoftheareatoventureinto,theconditionsthatarenecessary
forthesuccessofthebusinessandhowtoachievethelongtermobjectivesofthebusiness.
WhenIwassettingupthebusiness,Ihadagoal.Mygoalwastoachieveacompetitive
advantageinthemarket,tomeettheneedsoftheconsumersandtomaximizeonprofits.
Theonlywaytoachievetheabovewastoconductastudyonthemarkettodiscernthe
markettrendsandpositioning.Thepositioningofthebusiness,isofgreatimportance,soI
learned.However,learningabouttheconsumersalsocameinhandy.Iconductedaresearchto
learnabouttheirdemographics,interest,wantsandneeds.Thiswasreallyhelpfulwhensetting
upthebusinessasIknewthetargetmarketintermsofeconomiclevels,demographicandneeds.
Itbecamesoeasytoprovideservicesthatmettheirsatisfaction.
Inaddition,IresearchedaboutthemarkettoknowthecompetitionIwastodealwith,the
trends,thelawsandregulationsincludingpositioning.Finally,anditisthemostimportant
assessmentisthefinancialcontrol.Ididsetupgoalsanddrewafinancialanalysistonotethe
shorttermandlongtermprofitsweaimedtoachieve.Knowwhatyouwanttoachieveandthen
howyouwillattainitwillcomeinhandy.

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REFERENCES
Gartner,W.B.(2007).Isthereanelephantinentrepreneurship?Blindassumptionsintheory
development.InEntrepreneurship(pp.229242).SpringerBerlinHeidelberg.

Shapero,A.,&Sokol,L.(1982).Thesocialdimensionsofentrepreneurship.Encyclopedia
ofentrepreneurship,7290.

Bygrave,W.D.(1989).Theentrepreneurshipparadigm(I):aphilosophicallookatits
researchmethodologies.EntrepreneurshipTheoryandpractice,14(1),726.

McDougall,P.P.,&Oviatt,B.M.(2000).Internationalentrepreneurshipliteratureinthe
1990sanddirectionsforfutureresearch.Entrepreneurship,2000,291320.