So you have a business idea that looks viable. And by now you should have knowledge of how your industry and market operates. The challenge is to bring this idea to life – how to make it happen. And here we can learn some lessons from other successful entrepreneurs. Sarasvathy (2001) undertook a study of how 27 successful US entrepreneurs approached business decisions. The subjects all had at least 15 years of entrepreneurial experience, including successes and failures, and had taken at least one company public. They were presented with a case study about a hypothetical start-up with the founder facing 10 decisions. The rationale for these decisions was then explored in more detail. Some years later the same research was conducted on a group of successful professional managers in large organizations, allowing contrasts and comparisons to be made between entrepreneurs and managers.
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