3. EICAA-Competence Framework
3.1. Competence area “Ideas and Opportunities” SPOTTINGOPPORTUNITIES
Definitions:
• Opportunityrecognition:Abilityorcapacitytoperceivechangedconditionsandoverlookedpossibilitiesintheenvironment thatrepresentpotentialsourcesofvaluetoaventure.
Hint:Useyourimagination,knowledgeandabilitiestoidentifyopportunitiesforcreatingvalue.
Descriptors:
• Identifyandmonitorfuturetrends.
• Identifychallengesthatneedtobemet.
• Identifyandseizeopportunitiestocreatevaluebyexploringthesocial,culturalandeconomiclandscape.
• Establishnewconnectionsandbringtogetherscatteredelementsofthelandscapetocreateopportunitiestocreatevalue
THREAD FOUNDATION
Discover–Explore Relying on support from others
INTERMEDIATE Experiment-Dare Building independence
ADVANCED Improve-Reinforce Takingresponsibility
EXPERT Expand-Transform Driving transformation, innovationandgrowth
Analysethe context/Scan the environment
Identifytheenvironmentand thedifferentareasinwhich valuecanbecreated,andthe factorsthatwillbemonitored.
Icanidentifythesourcesof informationandcontinuously gatherinformationaboutthe marketenvironment.
Identifytheboundaries oftheenvironment wherevaluecanbe providedandarewithin my(ormyteam’s) reach.
Identifyopportunities whereI(myteam)can takeacompetitive advantage.
Monitorrelevanttrends. Interactwiththe environmenttogather informationtoget feedback.Build knowledgebasedon theseinteractions.
Anticipatefuturetrends.
Promote a culture within the organization that is open to spotting the weak signals of change, leading to new opportunities for creating value. [intrapreneurship]
Identify, recognise challenges
Identifychallengesthatneed solutions.
Redefine/reframea challengesothat alternativeopportunities maybecomeapparent.
Challengemainstream thoughttocreate opportunitiesandlookat challengesindifferent ways.Judgetheright timeinwhicha challengecanbetackled.
Interactwithotherstoidentify challenges.
Inspireandengageothersto turnchallengesinto opportunities.
Identify,create andseize opportunities
“Passive”processofseeingor recognizinganopportunitythat someoneelsehasspottedorhas explained
Engaginginanactive processofsearchingfor opportunities,with systematic methods. Beingawareandalertto theopportunitiesthat mightbeexistingina givendomain.Being awareofthefactorsthat areconduciveto opportunityexploitation.
Createopportunities thatmightnothave existedorwerenot easilyaccessible/ recognisabletoothers. Usingknowledgeand priorexperience(about markets,technological developments,economy, context…)tocreate opportunities.
[intrapreneurship]
Promote a culture of knowledge exchange across functional areas of the organization so that new opportunities emerge.
Designandengageintoan iterativeprocessofsearchingidentifying-creating-testing opportunities.
Co-discover/co-create opportunitiesthrough interactiveprocesseswith stakeholders(e.g.,customers, technologies,colleagues, mentors,venturecapitalists).
[intrapreneurship] Develop an attitude of non-conformism necessary to question the status-quo to detect opportunities and dare to pursue them in the context on an existing organization.
DESIGNORIENTATION
Definition:
• Ability to interact and immerse with customers (and other stakeholders) to identify their needs and design an offerthatsatisfytheidentifiedneeds.
Hint:
• Focusyourofferontheneedsoftheusers.
Descriptors:
• Developauser-orientedofferthatprovidesvaluetocustomers.
• Immerse andengagewithusers and customersto understandtheir needs,problems and difficulties, from their perspective.
THREAD FOUNDATION
Discover–Explore Relying on support from others
Design focus Explainwhatisdesign orientationanditskey elements.
Immerse withyour users
Explainthedifferent toolsandmethodologies toimmersewith the userstogetinsightsof theirneedsandpotential solutions(e.g., ethnography,design thinkingmethods…)
Identify needs Segmentthe customers/users:Identify thetargetgroupsrelated toagivenchallengeor opportunity.
INTERMEDIATE Experiment-Dare Buildingindependence
Explainthevalueof developinganuserorientedoffer.
Participateinactivities ofimmersionwiththe users. Empathisewiththem. Extractmeaningful(and implicit)insights.
Identifyandanalysethe differentandunique needsthateachtarget groupisfacing.
ADVANCED Improve-Reinforce Takingresponsibility
Designoffersbyfocusing ontheusers’needs,taking intoaccountboththe cognitiveandemotional aspectsoftheusers’ needs.
Designinnovativeand effectivestrategiesand toolsforimmersingwith theusers.
EXPERT
Expand-Transform Driving transformation, innovationandgrowth
Promoteacultureof user-orientationinthe organisation.
Turnusersinto collaboratorsand ambassadors
Producearoadmap whichmatchestheneeds withtheactionsneededto dealwiththemtocreate value.
Designprojectswhich aimto anticipate futureneeds.
CREATIVITY
Definitions:
• Creativityistheabilitytodiscoverandcreateideasandopportunities;tocombineknowledge,experienceandpersonalresources fromdifferentareasinnewways;
• Innovativeness:theabilitytolookfornovelwaysofaction.
Hint:
• Developcreativeandpurposefulideas.
Descriptors:
• Develop ideas andopportunitiesto createvalue,including innovative solutionsto newand existingchallengesand/orimproved solutionsforalreadyaddressedchallenges.
• Exploreandexperimentwithinnovativeapproaches.
• Combineknowledgeandresourcesto achievevaluableeffects. Threadas in EntreComp
Act creatively /Becurious andopen
FOUNDATION
Discover–Explore Relyingonsupportfrom others
Beopentonew experienceandchange. Imagine/envision differentalternativesto existingproblemsand solutions.
INTERMEDIATE Experiment-Dare Buildingindependence
Developautonomy, freedomand independencetostay awayfromenvironmental (organisational) constraints. Developabalance betweenbeingcreative andimaginativeandthe orientationtowards action.
ADVANCED
Challengethestatusquo. Promoteandleaddisruptive change.
Bearolemodelinthe organisationbyexerting influenceonothers.
Solve problems creatively/ Creative problem solving
Exploreopen-ended problemsindifferent ways,bytakingdifferent perspectivesandusing priorknowledgeand experience.
Generate ideas Describetheprocessof ideageneration,idea assessmentand development.
Explainthedifferences betweendivergenceand convergenceinidea generation,andthe factorsthatplayineach ofthestages.
Relateproblemstopriori knowledge/experience.
Reshape/redefineopenendedproblemssothat solutionsbecome available.
Connectunconnected ideasandknowledgeto producenoveland appropriateoruseful outcomes.
Useandexperimentwith differenttechniquesof ideagenerationthat provideeffective solutionstoproblems, usingavailableresources.
Nurture an open exchange of ideas, knowledge and opinions across different departments.
Describeanddevelop differentproblemsolvingstrategiesto providecreativesolutions tocomplexproblems.
Setupprocessesto involvestakeholdersin finding,developingand testingideas.
Helpandinspireothersto createvaluebyencouraging experimentationandusing creativetechniquesto approachproblemsand generatesolutions.
Designanddevelopprocesses withintheorganisationto nurturethecreationofnewand usefulideasthroughthe dialogueamongdifferent functionaldepartmentsand differentagentswithinthe organisation.Fosterthe creativeculture.Allowfor creativeandinnovationwithin theoperationalprocessesofthe organisation.
[intrapreneurship context] Creation of a creativity culture that sustains, supports and fosters creativity in the organization.
Be innovative Identifyexamplesof innovationsthathave transformedsociety.
Describehowinnovations diffuseinsociety,culture, andthemarket.
Explainthedifference betweendifferenttypesof innovations(incremental, breakthrough,or transformational)
Strategydifferent innovationsinthe businessmodel,product orservice,and marketing;aswellas digitalinnovations.
Manageandencourage innovationprocesses.
Improve-Reinforce Takingresponsibility EXPERT Expand-Transform Drivingtransformation, innovationandgrowth
VISION
Definitions:
• “Aprojectedmentalimage ofwhata leaderwantsto achieve” (Bass& Stogdill, 1990; cited in Baum& Locke, 2004).
• “Ideal and unique projected images of the future referring to strong values or an idea laden with emotion” (cf. Kirkpatrick&Locke,1996;citedinFrese&Gielnik,2014).
• “Themeansbywhichtheleader’sgoalsarecommunicatedinaninspirationalfashiontofollowers,andtheleader takes various actions intended to implement the vision (which provides a sensemaking component for followers).”(Cogliser&Brigham,2004).
Hint:
• Worktowardsyourvisionofthefuture.
Descriptors:
• Imaginethefuture.
• Developavisiontoturnideasintoaction.
• Visualisefuturescenariostohelpguideeffortandaction.
Thread FOUNDATION
Discover–Explore Relyingonsupport fromothers
INTERMEDIATE
Experiment-Dare Buildingindependence
ADVANCED
Improve-Reinforce Takingresponsibility
EXPERT
Expand-Transform Drivingtransformation, innovationandgrowth
Imagine/ Builda visionfor thenew ventureand oneself
Icanimaginea desirablefuture.
Imagineadesirable futurearound creatingvalue.
Imaginemyselfasan entrepreneur.
Buildfuturescenarios aroundmyvalue creatingactivityand itsgrowth.
Communicatethe visiontodifferent audiencestoget supporters.
[intrapreneurship]
Communicate the vision to get commitment of the organization to innovation, opportunityfocus and self-renewing. Communicate the vision to foster corporate coherence.
Think strategically Properlyexplain whatavisionisand whatpurposeitserves.
Awarenessofwhatit isneededtobuilda vision.
Guide action Identifythe guidelinestomake myideaactionable.
Seethebigpicture (beingabletoshift focusfromthemicro tothemacrolevel)strategic zoom lens-.
Usethevisionto guidemy(myteam’s) actions.
Drawpeople’s attentiontowards desiredoutcomesand thus,focuspeople’s effortsinturning visionintoactions.
Prepareavision statementtoguide decisionmaking.
Icanplanbackwards frommyvisionto designthenecessary strategytoachieveit.
Monitorhowthe visionisdeployed, identifythechanges neededtoachievemy vision.
Promoteinitiativesfor changeand transformationthat contributetomy vision.
Identifychallenges relatedtothevision, whilerespectingthe differentlevelsofthe systemandthevariety ofstakeholdersaffected.
VALUINGIDEAS
Definitions:
• Opportunity assessment: Ability to evaluate the content structure of opportunities to accurately determine theirrelativeattractiveness(Morrisetal,2013).
• Valuingideasreferstothe“processofevaluatingandselectinghighqualityopportunitiesandideasandacting on them to provide value to others. It is relevant because it normally triggers the decision to start the new venture.”(Learned,1992,citedinShooketal.,2003).
• Claiming novel ideas “is about managing different kinds of intellectual property issues such as patenting, licensing, trademarking, branding, copyrights, and trade secrets. Its main purpose is to allow for individuals and organisationsto protecttheir intellectualcreativeoutputsfrom unethicalexploitationby others”(Lackéus etal.,2020).
Hint:
• Makethemostofideasandopportunities.
Descriptors:
• Judgewhatvalueisinsocial,culturalandeconomicterms.
• Recognisethepotentialanideahasforcreatingvalueandidentifysuitablewaysofmakingthemostoutofit.
• Protectintellectualcreativeoutputs.
Threadas in EntreComp
FOUNDATION
Discover–Explore Relying on support fromothers
INTERMEDIATE Experiment-Dare Buildingindependence
ADVANCED
Improve-Reinforce Takingresponsibility
EXPERT
Expand-Transform Driving transformation, innovation and growth
Recognise thevalueof ideas
Identifyideasand opportunitiesthathave valueformyselfand others.
Decideonwhichtype ofvaluetoacton (economicvalue, influencevalue, harmonyvalue,social value,enjoyment value)andthen, choosethemost appropriatepathwayto doso.
Assessthevalueofan opportunityoridea, consideringthedifferent factorsandstakeholders involved(expected rewards/outputs,risks andreturns,available resources, competitors…). Findtherightbalance betweenthetimespentin valuingideasand movingfasttotake competitiveadvantage.
Developstrategies toassessthevalue ofideasbasedon data-driven processesand iterative assessmentofthe ideaswith interactionwiththe environmentand different stakeholders.
Share and protect ideas
Explainthatideascan besharedand protectedbydifferent mechanisms.
Choosethemost appropriatelicencefor thepurposeofsharing andprotectingthe valuecreatedbymy ideas.
Outlineadissemination andexploitationplan withtheinvolved partners.
Developastrategy onintellectual propertyrights, consideringthe growthofthe ventureand geographic requirements.
Definition:
ETHICALANDSUSTAINABLETHINKING
• Abilitytoconductoneselfandthenewventureathandinasocialandenvironmentalconsciousmanner.
• Sustainability: “the possibility that humans and other life will flourish on earth forever. For human beings, flourishing comprisesnotonlysurvivalandmaintenanceofthespeciesbutalsoasenseofdignityandauthenticity”(Ehrenfeld,2005).
• Sustainabilityrequiresaholisticapproach,whichfacilitateseveryonetoleadabetterlife,atthesametimeasbeingmoderate intheuseoftheearth’sresourcesandrenewingthemwherenecessary (Farrell,2018).
Hint:
• Assesstheconsequencesandimpactofideas,opportunitiesandactions.
Descriptors:
• Assesstheconsequencesofideasthatbringvalueandtheeffectofentrepreneurialactiononthetargetcommunity,the market,societyandtheenvironment.
• Reflectonhowsustainablelong-termsocial,culturalandeconomicgoalsare,andthecourseofactionchosen.
• Actresponsibly.
Thread as in EntreComp FOUNDATION
Discover–Explore Relying on support from others
Behave ethically Describetheimportanceof ethicalbehaviour,andof adheringtoprinciplesand values.
INTERMEDIATE
Experiment-Dare Buildingindependence
Identifytheethical challengesthatthenew ventureposestothe entrepreneur(orteam)(e.g., focusonfinancialgainatthe expenseofothers,actionorientedandfewtimefor reflection,entering instrumentalrelationships, promotionandbargaining andsalestactics…)
ADVANCED Improve-Reinforce Takingresponsibility
Beingdrivenbyhonestyand integrityindecision-making andactaccordingethical valuesrelatedtothedifferent activitiesofthenewventure.
[intrapreneurship]
High commitment to Corporate Social Responsibility.
EXPERT Expand-Transform Driving transformation, innovationandgrowth
Takeresponsibilityfor promotingethical behaviourinmyareaof influence.
Takeactionagainst unethicalbehaviour.
Think sustainably Listexamplesof environmentalfriendly behaviourthatbenefitsa community. Identifypracticesthatare notsustainableandtheir implicationsforthe environmentandcompare themwithexamplesof environmentallyfriendly behaviours.
Assessimpact Identifytheimpactof humanactioninsocial, cultural,environmental,or economiccontexts.
Produceaclearproblem statementwhenfacedwith practicesthatarenot sustainable.
Reflectontheoverallimpact anorganisationhasonthe environment(andviceversa).
Discusstherelationship betweensocietyand technicaldevelopments, basedontheirimplicationsfor theenvironment
Chooseadequatemethods foranalysing environmentalimpact basedontheiradvantages anddisadvantages.
Effectivelycontributeto self-regulationdiscussions withinmyareaof proficiency.
Be accountable
Icanexplaintheneedtobe accountable.
Identifyall thestakeholders whoareaffectedbythe value-creatingactivity, includingstakeholderswho cannotspeakup(future generations,climateor nature).
Icantellthedifference betweenaccountingforuse ofresourcesandaccounting fortheimpactofmyvaluecreatingactivityon stakeholdersandthe environment.
Tellthedifferencebetween input,output,outcomesand impact
Chooseordevelop“measure indicators”to monitorand assesstheimpactofthevaluecreatingactivity.
Icandiscussarangeof accountabilitymethodsfor bothfunctionalandstrategic accountability.
Carryoutimpact assessment,impact monitoring,andimpact evaluation-including environmentalimpact-on myvalue-creatingactivity.
Icanusethe accountabilitymethods thatholdmeresponsibleto ourinternalandexternal stakeholders.
Icandesignwaystobe accountabletoallofour stakeholders.
3.2. Competence area “Resources”
SELF-AWARENESSANDSELF-EFFICACY
Definitions:
• Self-efficacy: the individuals’ conscious belief in their own ability to bring about desired results in the performance ofaparticulartask(Bandura,1997)
• Entrepreneurial Self-Efficacy: specific form of self-efficacy, in which the individuals believe they are capable of performingthetasksassociatedwiththenew-venturemanagement.
• Cognitivebiasarecognitivemechanismsthatassistpeopleinfastdecisionmaking(Busenitz&Barney,1997).They have a positive function in helping entrepreneurs take decisions without putting too much strain on their time and cognitive resources and thus to stay actionable in spite of high cognitive demands on uncertain situations. However, theymay alsoleadto errorsbecause peoplemakeless rationaldecisionsanddiscountavailableinformation (Frese& Gielnik,2014).Onesuchcognitivebiasesinentrepreneursmightbeoveroptimismoroverconfidence.
• Overconfidence: entrepreneurs’ overestimation of their abilities, in particular with regard to making accurate forecasts,havinghigherabilitiesrelativetoothers,andbecomingsuccessful(Koellingeretal.,2007;citedinFrese& Gielnik,2014).
• Overoptimism (or optimistic bias): entrepreneurs’ tendency to expect positive outcomes or to perceive heightened chancesofsuccess(Baronetal.,2012,Cooperetal.,1988;citedinFrese&Gielnik,2014).
Hint:
• Believeinyourselfandkeepdeveloping.
Descriptors:
• Reflectonyourneeds,aspirationsandwantsintheshort,mediumandlongterm
• Identifyandassessyourindividualandgroupstrengthsandweaknesses
• Believeinyourabilitytoinfluencethecourseofevents,despiteuncertainty,setbacksandtemporaryfailures
Threadin EICAA-CF FOUNDATION
Discover–Explore
Relyingonsupportfrom others
Followyour aspirations
Identify my needs, wants, interests and goals.
Committo actions fulfillingmyneeds, wants,interestsand goals.
Reflectonmy individualandgroup needs,wants,interests andaspirationsin relationto opportunitiesand futureprospects.
Translate my needs, wants, interests and aspirations into goals that help me reach them.
I can help others to reflect on their needs, wants, interests and aspirations and how they canturn these into goals
Identifyyour strengthsand weaknesseS
Identifystrengthsand weaknesses,with respecttothenew venture.(contextsituated)
Believein yourability Believeinone’sability toaccomplishthetasks thatareintendedby oneselforaskedby othersinrelationtothe newventure(ESE).
Developjustifiedselfconfidence:Engagein adynamicprocessof judgingone’s abilities,basedonpast experiencesand perceivedcompetence, andtheinteraction withtheenvironment (e.g.,with stakeholders,the market,businessrelatedactivities…)
Believeinown’s controlofsuccessand failuresandjudge themcomparedwith controlfromoutside influences. (Locus of control)
Basedonthestrengths andweaknesses identified,beableto prioritisebasedon thestrengths,and developthe weaknesses,by searchingtrainingand support,ifneeded,to developoneselfand makethemostof opportunitiesto create value.
Believeinoneself despitethedifficulties. Optimism:Believe thateventswill generallyresultin favourableoutcomes.
Icanteamupwith otherstocompensate forourweaknessesand addtoourstrengths. Helpothersintheir owndevelopment.
Meta-evaluationof potentialcognitive biasesin overconfidenceor over-optimism.
Learning from failure:Judgefailures asopportunitiesto learnandtakethegood outofthese experiences.
independence
responsibility
INTERMEDIATE Experiment-Dare Building
ADVANCED Improve-Reinforce Taking
transformation, innovationand
EXPERT Expand-Transform Driving
growth
Shapeyour future/Develop the necessary skills
Describewhich qualitiesandabilities areneededfordifferent jobs,andwhichofthese qualitiesandabilitiesI have.
Describemyskills andcompetences relatingtocareer options,includingselfemployment. Usemyskillsand competencesto change mycareerpath,asa resultofnewopportunitiesorfrom necessity.
Discusswithothersto getarealistic understandingand evaluationofmy personalattitudes, skillsandknowledge caninfluencemy decision-making, relationshipswith otherpeopleand qualityoflife.
Designprofessional development strategiesformy team and organisationbasedon aclearunderstanding ourstrengthsand weaknesses,inrelation tobothcurrentand futureopportunitiesto createvalue.
Designstrategiesto overcomemy(ormy team’sor organisation’s) weaknessesandto developourstrengths inanticipatingfuture needs.
Definitions:
MOTIVATIONANDPERSEVERANCE
• Passion: consciously accessible, intense positive feelings experienced by engagement in entrepreneurial activities associatedwithrolesthataremeaningfulandsalienttotheself-identifyoftheentrepreneur(Cardonetal.,2009).
• Consistencyofinterest:abilitytostayfocusedandpassionateoveralongperiodoftimebyperformingparticulartask withoutchanginginterestorgoals(Salisuetal.,2020;citedinMartínez-Martínez&Ventura,2020).
• Perseverance: Ability to sustain goal-directed action and energy when confronting difficulties and obstacles that impedegoalachievement(Morrisetal.,2013).
• Ability to persevere and sustain efforts to achieve intended objectives even when hardships or setbacks occur. Along with consistency of interest, it is part of the construct named grit, which is related to the achievement of long-term objectives (Martínez-Martínez&Ventura,2020).
• Resilience: ability to cope with stresses and disturbances such that one remains well, recovers or even thrives in the faceofadversity(Gianesinietal.,2018)
• Abilitytoadapttoenvironmentalchangesinsituationsofthreat,adversity,tragedy,trauma,orstresswhilstmaintaining apositivemindset(Salisuetal,2020;citedinMartínez-Martínez&Ventura,2020).
• Commitment: entrepreneur’sdriveto move ahead withthebusiness; willingto workhard(Frasté&Van Gils, 2007). Goingforwardwithperseveranceandtenancynotwithstandinguncertainsituations(Leeetal.,2016).
Hint:
• Stayfocusedanddon'tgiveup.
Descriptors:
• Bedeterminedtoturnideasintoactionandsatisfyyourneedtoachieve.
• Bepreparedtobepatientandkeeptryingtoachieveyourlong-termindividualorgroupaims.
• Beresilientunderpressure,adversity,andtemporaryfailure.
ThreadinEICAACF FOUNDATION Discover–Explore Relying on support fromothers
Maintainfocus (consistency of interest)
Identifyagivenfocus topursuerelatedtomy value-creatingactivity.
INTERMEDIATE Experiment-Dare Building independence
Stayfocusedonatask untilcompletionand avoiddistractions.
ADVANCED Improve-Reinforce Takingresponsibility
Don’tlosefocuson otherinterests.Only changethecourseofa projectafterthorough evaluation.
Maintainfocusfor longperiodsoftime inrelationtomy value-creating activity.
EXPERT Expand-Transform Driving transformation, innovationandgrowth
Encourageothersto buildastrategicplan ofactionforcareer advancement.
Staymotivatedand passionate Recognisewaysof motivatingmyselfand others.
Visualisethe achievementofthe goalstokeep motivationandfocus
Usestrategiestostay motivated(e.g.,set goals,monitor performance,monitor progress,celebrate achievements…)
Developstrategiesto keepmyteam motivated.
Persevere/Tenacity/ Don’tgiveuP Willingtoworkhard andinvesteffortto achievethegoals.
Delayachievinggoals togaingreatervalue, thankstoprolonged effort.
Maintaineffortand interesttowardsgoals, despiteadversities.
Setbacksdon’t discourageme.
Inspireothersto workhardontheir goalsbyshowing passionandastrong senseofownership.
Beresilient Iamdeterminedand perseverewhentrying toachievemy(ormy team's)goals.
Overcomesimple adversecircumstances. Managemoderate levelsofpressure effectively.
Endureandcope withadverse circumstances.
Designstrategiesto overcomedifficult circumstances. Stay emotionally well despite the difficulties.
Helpothersdevelop resilience.
Maintainapositive ambiencewithinmy teamororganisation indifficultsituations.
Definitions:
MOBILISING(FINANCIAL)RESOURCES
• Resource: a tangible or intangible asset that is available and can be used for entrepreneurial purposes (MartínezMartínez&Ventura,2020).
• Newresourceskill:Abilityto acquireandsystematizetheoperatingresourcesneededtostartandgrowan organization(Baum&Locke,2004).
• Resourceleveraging:skillsataccessingresourcesonedoesnotnecessarily ownorcontroltoaccomplishpersonal ends(13EntrepreneurialCompetencesModel;Gianesinietal.,2018)
• Resourcedeployment:Resourcedeploymentcanmeanmanythingsincluding,forexample,howamassedresources are configured to enact the initiative, how current resources are mobilized or otherwise leveraged in support of the initiative, thetimingoftheresourceallocation process, and thelevel and type ofresources allocatedin pursuit ofthe opportunity.(Kuratkoetal.,2005).
• Bootstrapping:developmentofmethodstoensuretheuseoftheresourceatlowornocost.
• Financial bootstrapping: refersto the strategies taken by the entrepreneur to overcome funding constraints without relyingonformaldebtfrombanksandequityfinancingfrominvestors.Someoftheseformscanbe:ownerfinancing (e.g.,withholdingownsalary,employingrelatives),minimizationofaccountsreceivable(e.g.,speedingupinvoicing, charging interest on overdue payment), joint utilization (e.g., owners share and borrow resources from each other), delayed payments (e.g., delaying payments to suppliers and leasing equipment), minimization of capital invested in stock (e.g., optimizing stock, minimizing inventory), and obtaining subsidies (e.g., from government or public organizations)(Winborg&Landstrom2001;citedinFrese&Gielnik,2014).
• Guerrilla Skills: the capacity to take advantage of one’s surroundings, employ unconventional, low-cost tactics not recognizedbyothers,anddomorewithless.(Morrisetal.,2013).
• Financial Capital: A central concept to explain success in entrepreneurship from an economic perspective is the availabilityoffinancialcapitaltostartanewbusiness.Financialcapitalisimportantforacquiringthenecessaryassets in terms of equipment and raw materials, avoiding liquidity problems, and thus ensuring ongoing operations. (Frese &Gielnik,2014).
• Financial bootstrapping: refersto the strategies taken by the entrepreneur to overcome funding constraints without relyingonformaldebtfrombanksandequityfinancingfrominvestors.Someoftheseformscanbe:ownerfinancing (e.g.,withholdingownsalary,employingrelatives),minimizationofaccountsreceivable(e.g.,speedingupinvoicing, charging interest on overdue payment), joint utilization (e.g., owners share and borrow resources from each other), delayed payments (e.g., delaying payments to suppliers and leasing equipment), minimization of capital invested in stock (e.g., optimizing stock, minimizing inventory), and obtaining subsidies (e.g., from government or public organizations)(Winborg&Landstrom2001;citedinFrese&Gielnik,2014).
Quote:
• Founders are able to “accurately conceptualise an opportunity and then commit the necessary resources in order to solvesuchaproblem”.(Mitchelmore&Rowley,2010).
Hint:
• Getandmanagetheresourcesyouneed.
Descriptors:
• Getandmanagethematerial,non-materialanddigitalresourcesneededtoturnideasintoaction.
• Makethemostoflimitedresources.
• Get and manage the competences needed at any stage, including technical, legal, tax and digital competences (for examplethroughsuitablepartnerships,networking,outsourcingandcrowd-sourcing).
Threadasin EntreComp FOUNDATION
Discover–Explore Relying on support from others
Acquire resources (materialand non-material)
INTERMEDIATE
Experiment-Dare
Buildingindependence
Beingawareof(ability toexplainthe importance)ofdifferent typesofresources: financialcapital, humancapital,social capital,culturalcapital, venturecapital.
ADVANCED Improve-Reinforce
Takingresponsibility
Recombineandseek newwaysof obtainingresources whenthesearelimited.
Gettogetherthe necessaryresources todevelopmynew venture.
EXPERT
Expand-Transform
Driving transformation, innovationandgrowth
Effectivelyjudgeand maketargeted recommendationson thekeyresources neededtosupportan innovativeideaor opportunitytodevelop anexistingbusiness, launchanewventure, orinitiateasocial enterprise.
Makethemost oflimited resources
Beawareofthe limitationofresources inanynewventure.
Awarenessthatlimited resourcesarenot necessarilyan impedimenttostartup.
Accessresources, eventhosethatothers ownorcontrol,by sharingresourcesorby othermeans.
Budget Drawupabudgetfora value-creatingactivity. Judgethecash-flow needsofavaluecreatingactivity. Explainhowto translatethe monetisationprocess intermsofcash generation.
Minimizethe resources requirementsto developtheventure
Optimizetheexisting resourcesto makethe mostofthem. Use techniques of bootstrapping, guerrilla skills.
Applythefinancial planningand forecastingconcepts thatIneedtoturn ideasintoaction(for example,profitornot forprofit).
Creativelyseewhat canbedonewiththe resourcesonealready hasaccess.
Developstrategiesof resourcemanagement consideringtheimpact ontheenvironment.
Createtheeconomic andfinancialplanof thevalue-creating activity,andbalance theP&Landthecash flowaccordingtothe learningoutcomes extractedfrom monitoringthe progressofthe activity.
FindfundinG Explainthemain typesofincomeand sourcesoffundingfor families,start-ups, businesses,non-profit organisations,andthe state,
Understand taxation Explainthepurposeof taxationandhowit financestheactivitiesof acountryandhelps providepublicgoods andservices.
Icanidentifypublic andprivatesources offundingformy value-creatingactivity (forexample,prizes, crowd-funding,and shares).
Estimatethemain accountancyandtax obligationsIneedto fulfiltomeetthetax requirementsformy activities.
Understandthe overheadsofthe activity andtheir effectsonthenew venture.
Applyforpublicor privatebusiness supportprogrammes, financingschemes, publicsubsidiesor callsfortenders.
Estimatehowmy financialdecisions (investments,buying assets,goodsandso on)affectmytax
Icanraisefundsand securerevenuefrom differentsources,and managethediversity ofthosesources.
Icanmakefinancial decisionsbasedon taxationschemesof myregion/countryand differentcountriesand territories,aswell.
Definitions:
ENTERPRISINGLITERACY
• Enterprising literacy: knowledge about the business functions and processes to develop the value creating activity efficiently.
Hint:
• Developfinancial,economicandenterprisingknow-how.
Descriptors:
Understandeconomicandfinancialconcepts.
Buildmarketingandsalesstrategies.
Applyenterprisingknowledgetotakeinformedbusinessdecisionsinthenewventure,andasthenewventuregrows.
Setuptheproperlegalentityforthenewventure.
• Takebusinessdecisionsbasedonunderstandingandknowledgeofkeybusinessfunctions.
Thread FOUNDATION
Discover–Explore Relyingonsupportfrom others
INTERMEDIATE
Experiment-Dare Buildingindependence
ADVANCED Improve-Reinforce Takingresponsibility
EXPERT Expand-Transform Drivingtransformation, innovationandgrowth
Understand economicand financial concepts
Explainsimple economicconcepts(for example,supplyand demand,marketprice, trade,opportunitycost, comparative advantage).
Beabletoreadand analyseincome statements,cashflow, profit-and-loss accounts,balance sheets,explaintheir purposeand differences.
Feelcomfortable managingfinancial andbusinessratios (forexample,returnon investment,returnon equity,burntrate…)
Usefinancialratiosto assess thefinancialhealthofmy value-creatingactivityand compareitwiththatof competitors.
Understand marketing& salesconcepts
Explainsimple marketing&sales concepts
Enterprising literacy Explainotherconcepts ofkeybusiness functionslikestrategic planning,operations, productdevelopment, organisationalstructure, recruiting,and structuringbusiness deals.
Technical-legal aspects Explainsimple conceptsoftechnicallegalaspectsofanew venture.
Performmarket analysisand competitorsanalysis andidentifykey elementsand differentiatorsofthe offer.
Explainthatthevaluecreatingactivitiescan takedifferentforms (abusiness,asocial enterprise,anon-profit organisationandsoon)
Developmarketing andsalesstrategiesto acquire,retain,refer andactivatecustomers.
Adaptthemarketingand salesstrategiestothe growthofthenewventureto keepprovidingvaluetothe customers,while differentiatingfromthe existingoffer.
Explainthatthevalue creatingactivitycanbe establishedunder differentstructuresof ownership(individual company,limited company,co-operative andsoon)and associatedprocessess (i.e.,partners agreement).
Takekeybusiness decisionsbasedonmy in-depthknowledgeof enterprisefunctions likemarketing,sales, strategicplanning,and others.
Sharemyknowledgeand makeallemployeesmore literateentrepreneurially
Managethenecessary stepsforthelegal constitutionofthe newventure.
Managethetechnical-legal aspectsofthenewventure withventuregrowth(i.e.,exit plans,acquisitions,etc).
MOBILISINGOTHERS
Definitions:
• Mobilisingothersreferstheability toinvolveothersintheentrepreneurialproject(stakeholders)inawaythatgenerates participationandadherencetotheinitiative.Thistermisassociatedwithinterpersonalskills(HoodandYoung,1993;Vesper &McMullan,1988;citedinMitchelmore&Rowley,2010)whicharedefinedasasetofhabitsandbehavioursaimedat achievingthenecessaryinteractionforthedevelopmentoftheventure.
• Persuasion:Persuasionmeansthecommunicatingbehavioursthatamessagesenderperformstoinfluenceamessage receiver’sattitudebylanguageornon-languagemanners(Dillard&Pfau,2002).Itconsistsofconvincingothersaboutthe valueofideasandopportunitiesandthattheyexist/canbecreated(Dorado,2005).
• Negotiation:processofjointdecisionmaking.Itiscommunication,directortacit,betweenindividualswhoaretryingto forgeanagreementformutualbenefit(PeytonYoung,1991).
• Interpersonalskills:thosethatinvolvecustomersandotherstakeholdersintheprocessoffindingthesolutiontoan opportunity,andthisgoesbeyondthesimplecommercialinteractionwithclients(Lackéusetal.,2020).
Hint:
• Inspire,enthuseandgetothersonboard
Descriptors:
• Inspireandenthuserelevantstakeholders
• Getthesupportneededtoachievevaluableoutcomes
• Demonstrateeffectivecommunication,persuasion,negotiationandleadership.
Thread FOUNDATION
Discover–Explore Relyingonsupport fromothers
Inspireandget inspired Getinspiredbyrole modelsandsuccess cases,andlearnfrom thesecaseswhatis relevanttomy circumstances.
Persuadeand negotiate
Persuadeothersby providingarguments andevidenceforthese arguments.
Communicate effectively Explainthemain metricsforeffective communication.
INTERMEDIATE
Experiment-Dare Buildingindependence
Inspireothersby exampleorby showingtheway forward.
Persuadeothersby appealingtotheir emotions.
Icancommunicate myideasclearlyto others,todifferent audienceswith simplicityand elegance.
Communicate imaginativedesign solutions.
ADVANCED
Improve-Reinforce Takingresponsibility
Inspireothers,evenin adverse,uncertainor challenging circumstances.
Createacalltoaction andgetstakeholders onboard.
Communicatemy ideasclearlytoothers inwrittenandoral forms,in avarietyof ways(posters,videos, role-plays)andtypes ofpresentations (pitches,peptalks, formalorinformal presentations).
Buildnarrativesand storiesthatprovide meaningandmotivate, persuadeandinspire.
EXPERT
Expand-Transform Drivingtransformation, innovationandgrowth
Maintainmomentumwith myteam,partnersand stakeholdersalongextended periodsoftime,evenwhen thegoinggetstough.
Prepareanddevelopagood negotiationstrategy (followingethicalrulesfor negotiation;e.g.,without manipulationnorcoercion).
Taketheleadofthesocial conversationinthe communitythatmyideais targetedatviahighimpact channels(press,trade journals,conferences, communityplatforms…)
Usemedia effectively Provideexamplesof inspiring communication campaignsandlearn fromthem.
Useofsocialmedia appropriately,with awarenessofmy audienceandpurpose.
Designeffective social-media campaignsto mobilise peopleinrelationto my(myteam’s)valuecreatingactivity.
Effectivelydesign communicationstrategiesto mobilizepeopleinrelationto myvalue-creatingactivity.
Definitions:
DIGITALCOMPETENCE
• Digitalcompetenceinvolvestheconfident,criticalandresponsibleuseof,andengagementwith,digitaltechnologies for learning, at work, and for participation in society. It includes information and data literacy, communication and collaboration, media literacy, digital content creation (including programming), safety (including digital well-being and competences related to cybersecurity), intellectual property related questions, problem solving and critical thinking.
Hint:
• Manageandusethedigitaltechnologiesnecessaryforthenewventure.
Descriptors:
• Usedigitaltechnologiesnecessaryatworkandlinkedtotheentrepreneurialactivity.
• Identify,collect,andanalysedatathatisrelevantfortheactivity.
• Beawareofthethreadsofprivacyandsafetyandforeseeprocessesto protecttheactivity
Threadin EICAA-CF FOUNDATION
Discover–Explore Relying on support from others
Generaldigital competencesat work
Icanidentifythekey digitalcompetences requiredforatask.
INTERMEDIATE
Experiment-Dare Buildingindependence
Useofgeneraldigital toolsforwork, collaboration,and digitalcontent creation.
ADVANCED
Improve-Reinforce Takingresponsibility
Developacritical capacityontheuseof technologiesforan entireprojectorteam.
EXPERT
Expand-Transform Driving transformation, innovationandgrowth
Setupan architectureofdigital toolsto efficiently organiseworkand collaborationfora multidisciplinaryteam andguidethemon howtousetheir intendeddigitaltools forwork.
Digital competences forthenew venture
Knowledgeofdigital toolsrelatedtothe newventure.
Useofdigitaltools (e.g.,CRM,web analytics,marketing, financialanalysis…) formanageday-to-day operationsefficiently.
Digitaltoolsthat supportcreativityand innovation.
Useofdigitaltools thatsupportnew venture’sgrowth (e.g.,cloud…)
Information anddata literacy
Searchinformationin valuablesourcesand evaluatethequalityof thesesources.
Useofthebasicsof dataanalytics: collectionofdataand basicanalytictools (e.g.,spreadsheets).
Getdataanalytics insightsandbuild reporting(writtenand invisualform) appropriatefora specificgoalor audience.
Generate,process, analyse,present meaningfulinformationfromdata anddevelop,use,and applyartificial intelligence(AI)and relatedalgorithmic toolsandstrategiesin ordertoguide informed,optimized, andcontextually relevantdecisionmakingprocesses.
Safety& cybersecurity Privacy management
Handlewithdiscretion allpersonal informationshared onlinetoprotectone’s andothers’privacy.
Safety and cibersecurity
Implementstrategies fordataprivacy principles(own’sand other’sdata,suchas personaldataon customers, stakeholders,etc.).
Identifyandcounter threatstoourdigital safety andbecomeless vulnerableto cyberattacks.
Recognize,plan,and implement organizationalcyber securitydefences.
3.3. Competence area “Into action”
TAKINGTHEINITIATIVE
Definitions:
• Takeresponsibility:assumingresponsibilityonagiventask(“Iaminchargeof…”).
• Accountability: Someonewhoisaccountableiscompletelyresponsibleforwhattheydoandmustbeabletogive asatisfactoryreasonforit(Cambridgedictionary)..(“Iamaccountablefortheoutcomesofagivenactivity”)
• Independencereferstotheabilitytodecideanddetermineforoneselfwhattodo.
• Needofautonomy:Representsone’sstrivetobeindependentandhavingcontrol. Avoidingrestrictions,rules,procedures andstrongneedforindependenceandautonomy(Moriano&Gorgievski,2007,p.88).
• Proactivity:Proactivedispositionisatendencytoinitiateandmaintainactionsthatdirectlyalterthesurrounding environment(Bateman&Crant,1993).
• Self-starting:theimpetusforactioncomingfromtheentrepreneurhim-orherself;theentrepreneur’sactionsareless drivenbyotherpeopleorimmediateexternaldemands(Frese&Gielnik,2014).
Hint:
• Goforit.
Descriptors:
• Initiateprocessesthatcreatevalue.
• Takeupchallenges.
• Actandworkindependentlytoachievegoals,sticktointentionsandcarryoutplannedtasks.
Thread FOUNDATION
Discover–Explore Relyingonsupport fromothers
Take responsibility CarryoutthetasksI amgivenresponsibly andinsharedactivities.
INTERMEDIATE Experiment-Dare Buildingindependence
Takeindividualand groupresponsibility invalue-creating activities.
Takeresponsibilityin seizingnew opportunitiesand whenfacing unprecedented challengeswhile implementingmy businessidea.
ADVANCED Improve-Reinforce Takingresponsibility
Delegateappropriately andprovidecontext andtrainingtoensure qualitywork.
EXPERT Expand-Transform Drivingtransformation, innovationandgrowth
Encourageotherstotake responsibilityinvaluecreatingactivities.
Work independently
“I can work alone”
Showindependencein carryoutoutsimple value-creatingtasks.
Icaninitiatesimple value-creating activities.
Icaninitiatevaluecreatingactivitiesthat involvecontributions from others
Praiseinitiativetakenby othersandrewardit appropriatelywithinmyteam andorganisation.
[intrapreneurship]
Strive to work with autonomy and independence beyond the organisational constraints, and if necessary, avoid restrictions or procedures to pursue opportunities in the organisation.
Takeaction
Showinitiativein dealingwithinitiatives thatalterthe surrounding environment.
Activelyface challenges,solve problems,andseize opportunitiesto create value.
Initiateaction (impetusforaction)on newideasand opportunities,which willaddvaluetoanew orexistingvaluecreatingventure.
Encourageotherstotakethe initiativeinsolvingproblems andcreatingvaluewithinmy teamandorganisation.
Definitions:
PLANNINGANDMANAGEMENT
• Planningandmanagement:itrefersto thesetofskillstoorganisetheresources(material,human,financial,technological orknowledge)associatedwithbusinessaction.
Hint:Prioritise,organiseandfollowup.
Descriptors:
• Setlong-,medium-andshort-termgoals.
• Defineprioritiesandactionplans.
• Adapttounforeseen Thread FOUNDATION
Discover–Explore Relyingonsupport fromothers
INTERMEDIATE Experiment-Dare Buildingindependence
ADVANCED Improve-Reinforce Takingresponsibility
EXPERT Expand-Transform Drivingtransformation, innovationandgrowth
Definegoals (own’s goals and goals related to the value-creating activity).
Beabletodefineclear andachievablegoals relatedtoasimple value-creatingactivity.
BeabletosetshorttermgoalsIcanact on.
Beabletodefine short-term,mid-term andlong-term goals accordingtothevision ofmy(ormyteam's) value-creatingactivity.
(intrapreneurship)
I can adapt goals according to the planned available resources in the company.
Managetheneedfor creativityandtheneedfor controlsothatmy organisation’scapacityto achieveitsgoalsisprotected andnurtured.
Planand organise conscientiously.
Carryoutasimpleplan forvalue-creating activities.
Createanactionplan withthedifferent stepstoachievemy goals.
Applythebasicsof projectmanagement inmanagingavaluecreatingactivity.
Designmanagerial proceduresto effectively delivervalueinchallenging circumstances,adaptingto changeswherenecessary.
Define priorities
Abletoexplainthe differencebetween urgentandimportant goalswhenstatingthe priorityofgiventasks.
Abletosetmyown prioritiesanddefine andprioritisethetasks accordingly.
Abletoprioritisethe relevantsteps accordingtothevaluecreatingactivity (newventure).
Definetheprioritiesin complexanduncertain circumstances,withpartialor ambiguousinformation,to achievethegoalsandvision ofthenewventure.
(newventure)
Makethemost ofyourtime.
(Time management)
Defineand develop sustainable businessplans.
Valuetime(mineand theothers’)asascarce andvaluableresource
Explaintheelementsof abusinessmodel (competitors’analysis, marketingplan, operations,etc.)and knowthetemplatesto defineone.
Managemytime(and theothers’)effectively usingtechniquesand toolstobeproductive.
Defineabusiness modelthathasallthe elementsto deliverthe valueIhaveidentified: identificationofusers, valueprovided, competitors’analysis, strategicpartnerships, etc.
Helpothersmanage theirtimeefficiently.
Developabusiness planbasedonthe model,describinghow toachievethevalue identifiedwithaspects suchasmarketing plans,operations, financeplan,etc.
Beawareofthe elementsofthe businessplanto convincedifferent stakeholders (investors,banks, clients)andcancurate thosebasedonthe needandaudience.
Developeffectivetimemanagementtechniques thatmeetthespecificneeds ofvalue-creatingactivity.
Keepandbusinessmodeland businessplanupdated; Adapttochangesinthe marketorthetechnologyto facenewchallengesand unexpectedoutcomeand mobiliseothersforbuying intoopportunitiesarising fromthem.
Definitions:
PROCESSMANAGEMENT
• Transitionmanagement:abilitytomanagethetransitionsfromthecreationtothegrowthofthenewventure,e.g.,role transitionsoftheentrepreneur(skillsadaptationandidentity change)androletransitionsofthemembersoftheteams.
• Redirectionpower:entrepreneurs’agencyovertheentrepreneurialprocess,especiallyinrelationtonewinformation, failuresandsurprises(Mansoori&Lackéus,2020).
Hint:
• Descriptors:
• Establishmechanismstomonitorprogressofthenewventure.
• Adapttochangesandbeabletodecidewhethertopersevereorredirectthestrategy.
• Managetransitionsofthenewventure.
• Workagiletoadapttochangesofthenewventure.
Thread FOUNDATION
Discover–Explore Relyingonsupportfromothers
Monitor progress Monitormyownprogress inataskinanobjective way.Understandthe differencebetweentime investedandprogressmade towardstheachievementof agivengoal.
Beflexible andadaptto changes.
Beopentochanges Confrontanddealwith changesinaconstructive way.
INTERMEDIATE
Experiment-Dare Buildingindependence
Setmeasurable indicatorsthatare relevanttomonitor theprogressofmy value-creating activity.
Changemyplansto achievegoalsinlight ofchangesthatare outsidemycontrol.
ADVANCED Improve-Reinforce Takingresponsibility
Defineandimplement systematicdata collectionprocedures tomeasurethedefined indicatorstomonitor howeffectivemyvaluecreatingactivitiesare.
Beabletoaccept changeasa fundamentalelementof thevalue-creating activity. Anticipateandinclude changealongthevaluecreatingprocess.
EXPERT
Expand-Transform Driving transformation, innovationandgrowth
Abletomakesenseofdatain relationtothemeasurable indicatorsandextract meaningfulinsightsthat informabouttheprogress madeonthecreating-value activity.
Whenchangespresent themselves,Iamableto eithercapturetheopportunity init,mitigatingnegative impacts,orknowwhennotto adapt.
Redirect your strategy
Understandthe importanceofmaking changestothenewventure accordingtothelearning acquiredalongtheprocess ininformationgathering activities.
Understandtheneed tobeableto assertivelyfollow throughonmy chosenstrategyat times,andmayneed tobereceptiveof otherstakeholders’ expectationsatother times.
Beabletoacceptnew directionsofthevalue creatingactivityasnew stakeholdersgeton boardofthevalue creatingactivity (effectuation).
Redirectionpower:Revise theassumptionsofthenewventurebasedoninformation gatheredfromrepeated testing.
Beabletobalancetheneedof persevereversustheneedof changingtheorientationof thevalue-creatingidea
Manage transitions
Ownership of the process
Explainthelifecycleofa newventureandthe differenttransitionsinmy roleandmyteammembers’ role,aswellasthedifferent competencesthatare requiredineachphase.
Abletouseand developdifferent competencesasthey arerequiredalongthe differentphasesof thenewventure.
Abletomanagethe roletransitionsof myself(andmyteam’s) asthenewventure develops.Identifythe needfortraining, mentoringorcoaching tomanagethetransition betweenrolesto effectivelymanagethe newventureandachieve theintendedgoals.
Helpmyteammembers transitionthroughtheir respectiverolesinrelationto thedifferentrequirementsof thenewventureandtothe others’roletransitions.
Beawareoftheexpectations ofdifferentstakeholdersat eachstageofthebusiness life-cycle.
Workagile Explainthedifference betweenclassical managementandagile management methodologies.Explainthe basicsofagilemanagement ofwork:smallincrements, fastcycles,etc.
Useagile methodologiesto workinshortcycles andgetfeedback fromstakeholders thathelpvalidatethe valuecreatingidea alongtheprocess.
Designagile methodologiesthatare appropriatetonew challengesinthe venture’sdevelopment.
Beabletobalancetheneed foranalysisandtheneedfor quickdecisionmakingand quickactiontorespondfast tothechangesofthe environment.
Definitions:
COPINGWITHUNCERTAINTY,AMBIGUITYANDRISK
• Uncertaintyreferstotheperceptionthatisgivenbytheimpossibilityofassigningaprobabilitytoanevent(Hoskisson& Busenitz,2002).
• Riskcorrespondstosituationswherethedecision-makercandrawthedistributionsoftheoutcomesofasetofevents, whereasuncertaintyreferstosituationswhereitisimpossibletoestimateobjectiveprobabilitiestotheoutcomesofevents oritisevenimpossibletopredictwhethertheseeventswilloccur.(Knight,1921).Ineconomics,riskisdefinedasa measureoftheprobabilitythataninvestmentwillofferadifferentreturnthanexpected.Riskisthereforeanestimation whileuncertaintyisaperception.
• Toleranceofambiguity:describesone’sabilitytomakedecisionwithincompleteinformation.Makingdecisioninthe situationofhighuncertainty(Moriano&Gorgievski,2007,p.88).
Hint:Makedecisionsdealingwithuncertainty,ambiguityandrisk.
Descriptors:
• Makedecisionswhentheresultofthatdecisionisuncertain,whentheinformationavailableispartialorambiguous,or whenthereisariskofunintendedoutcomes.
• Withinthevalue-creatingprocess,includestructuredwaysoftestingideasandproto-typesfromtheearlystages,toreduce risksoffailing.
• Handlefast-movingsituationspromptlyandflexibly.
Thread FOUNDATION
Discover–Explore Relyingonsupport fromothers
INTERMEDIATE Experiment-Dare Buildingindependence
ADVANCED Improve-Reinforce Takingresponsibility
EXPERT Expand-Transform Drivingtransformation, innovationandgrowth
Copewith uncertainty andambiguity.
Notafraidofmaking mistakeswhiletrying newthings.
Exploremyownways toachievethings.
Calculaterisk. Identifyexamplesof risksin my surroundings.
Describerisksrelatedto asimplevalue-creating activity inwhichItake part.
Managerisk Identifyanddescribe currentandpotential risksandwaysto managethem.
Beabletodiscussthe rolethatinformation playsinreducing uncertainty, ambiguityandrisk.
Icanactivelylookfor, compareandcontrast differentsourcesof informationthathelp mereduceambiguity, uncertainty,andrisks inmakingdecisions.
tellthedifference betweenacceptable andunacceptable risks
Weighuptherisks andbenefitsofselfemploymentwith alternativecareer options,andmake choicesthatreflectmy preferences.
Criticallyevaluatethe risksassociatedwith anideathatcreates value,takinginto accountavarietyof factors
Criticallyevaluatethe risksrelatedtothe formalset-upofa value-creatingventure intheareainwhichI work.
Findwaysofmaking decisionswhenthe informationis incomplete.
Pulltogetherdifferent viewpointstotake informeddecisions whenthedegreeof uncertaintyishigh
Makedecisionsevaluating thedifferentelementsin a situationthatisuncertainand ambiguous.
Setupappropriatestrategies forcollectingandmonitoring data,whichhelpmetake decisionsbasedonsound evidence.
Applytheconceptof affordablelossesto makedecisionswhen creating value.
Comparevaluecreatingactivities basedonarisk assessment.
DemonstratethatIcan makedecisionsby weighingupboththe risksandthe expectedbenefitsofa value-creatingactivity.
Outlinearisk managementplanfor guidingmy(ormy team's)choiceswhile developingmyvaluecreatingactivity.
Assesstherisksmyventure isexposedtoasconditions change.
Evaluatehigh-risklong-term investmentsusinga structuredapproach.
Usestrategiesto reducethe risksthatmayariseduring thevalue-creatingprocess.
Comeupwithstrategiesto reducetheriskofmyvaluecreatinginitiativebecoming obsolete.
DESIGNVALIDATIONANDCO-CREATION
Definition:
Implementing strategies to prototype, test and experiment with the users, including strategies to include the usersinthedesignprocesses(usersasco-creators).
Hint:
Co-create,prototypeandtestwiththeusers.
Descriptors:
• Designprototypesthatcontaintheessentialfunctionsoftheoffer.
• Testandexperimentwithusers.
• Co-createwithusers, customersandotherstakeholders.
THREAD FOUNDATION
Discover–Explore Relyingonsupportfrom others
Prototype Explainthevalueof prototypingtotestthe valueoftheideas.
INTERMEDIATE Experiment-Dare Buildingindependence
Identifythebasic functionsthata prototypeshouldhave toillustratethevalueof theidea.
ADVANCED Improve-Reinforce Takingresponsibility
Developanddeliver valueinstages, launchingwiththecore featuresofmy(ormy team’s)ideaand progressivelyadding more(e.g.,MVP).
EXPERT Expand-Transform Driving transformation, innovationandgrowth
Designeffective processesof interactionwith users,prototyping andtestingbasedon theexperience gatheredduringthese processes.
Experimentand test Understandthe mechanismsoftesting hypothesesand assumptionsrelatedto thenewventure(e.g., regardingtheneed identified,thetarget value,thedesigned idea…).
Co-create Explainthevalueof co-creationtodifferent stakeholders.
Understandthe differencebetween empathisingwith users(e.g.,design thinking)andcocreationwithusers.
Identifykey assumptionsofthe value-creatingideathat needtobetestedand refinedalongthevaluecreatingprocess.
Facilitateco-creation processeswith end-users andotherstakeholders todesignandtest productsandservices thatsatisfytheirneeds.
Identifyinsightsfrom co-creationsessionsthat aremeaningfultothe designofvalue.
Designrepeated “experiments”ortests togatherrelevant informationthatcheck andrevisethe assumptionsinany aspectofthenew venture(customers, needs,valueprovided..).
Designco-creation processes,by identifyingthetarget groupsparticipatingin theprocess,thegoalsof theco-creation,andthe deploymentofcocreationinseveral sessionsandactivities persession. Keepparticipants motivatedand engagedinco-creation processes.
Useeffective strategiestoevaluate resultsof experiments,accept orrejecthypotheses, andifnecessary,test andmakeanew hypothesis.
Reflectonco-creation processesandlearn fromit. Helpimprovethe capabilitiesof stakeholdersand usersin contributing totheco-creation process.
Definitions:
WORKINGWITHOTHERS
• Humancompetenceistheabilitytoworkwith,understand,andmotivateotherpeople,bothindividuallyandingroups (Pavett&Lau1983;citedinChandler&Jansen,1992).
• Entrepreneurialteam:groupofentrepreneurswithacommongoalwhichcanonlybeachievedby appropriate combinationsofindividualentrepreneurialactions(Harper,2008).
• Leadershipinentrepreneurshipreferstotheabilitytoinfluenceothersto strategicallymanageresourcessothatthebest problem-solutionfitisachievedinthesearchfortheopportunityandthebestsupply-demandmatchisreachedinthesearch ofacompetitiveadvantage(Covin&Slevin,2002;citedin Irelandetal.,2003).
• Entrepreneurialbonding:creationandrestructuringofrelationships;creationofemotionallypositiveinstrumental relationshipswithpartners,employeesandfamilymembers;managingthetransitionsintheserelationships(Bird 1995/2019).
• Thenetworkingcompetenceisdefinedas“theabilityofentrepreneurstodevelopandmaintainlong-termrelationships withcustomers,suppliers,andotherinterestedstakeholders”(Sajilan&Tehseen,2019:p.192;citedinMejri&Zouaoui, 2020).
• Buildingandusingnetworks:socialinteractionskillsthatenableanindividualtoestablish,develop,andmaintainsetsof relationshipswithotherswhoassisttheminadvancingtheirworkorcareer(Gianesinietal.,2018).
Hint:
• Teamup,worktogether,andnetwork.
Descriptors:
• Worktogetherandcooperatewithotherstodevelopideasandturnthemintoaction.
• Network.
• Solveconflictsandfaceuptocompetitionpositivelywhennecessary.
• Manageinstrumentalrelationships.
Thread FOUNDATION
Discover–Explore Relyingonsupport fromothers
INTERMEDIATE
Experiment-Dare Building independence
ADVANCED
Improve-Reinforce
Takingresponsibility
EXPERT
Expand-Transform Drivingtransformation, innovationandgrowth
Acceptdiversity (people’s differences).
Accept differences inside and outside of the team and enrich the value creating activity
Showrespectfor others,their background,and situations.Respect differentsocialand culturalnorms.
Valueanduse diversityasasource ofideasand opportunitiesandasa sourceoflearning.
Supportdiversitywithin myteamororganisation.
Developstrategiesto enrichmyteam’s workwithdiverse ideasfromoutsidethe organisationandturn themintovaluablenew solutionsorproducts. Effectiveatgettingthe mostoutofthe diversityinateam, whilealsomanaging theculturalbarriersand risks.
Develop emotional intelligence.
Empathy, assertiveness, conflict resolution
Listenactively (toothers’ideas andtothe customers)
Includes managing customers
Showanddevelop empathytowards others.
Expressmy(my team’s)value-creating ideasassertively.
Helpothersdevelop empathyandassertivity
Effectivelydealwithnonassertivebehavior.
Effectivelymanage teamdynamicsand conflictseffectively.
Discussthebenefitsof listening toother people’sideasfor achievingmy(ormy team’s)goals. Explainstrategiesto listentoother stakeholders.
Describedifferent techniquesfor listeningand managing relationshipswithend users.
Icanputinplace strategiestoactivelylisten tomyendusersandacton their(implicitandexplicit) needs.
Icanpulltogether informationfroma widerangeofsources tounderstandmyend users’needs,and(re-) interprettheirneeds accordingto meaningfulinsights. Thisisrelatedto listeningbeyondthe wordsoftheusers(to emotionsandfeelings) andtheywillingnessto saywhatyouwant,and
Team up. Build a team
Open opentowork aloneaswellaswith others,playing differentrolesand takingsome responsibility.
Workwitharangeof individualsand teamsandknow whichrolefitsmebest inateam.
Icancomposethebest teamforaprojectbasedon theindividualknowledge, skills,andattitudesofeach membersothattheteamis balanced(has complementaryskills)for thevalue-creatingactivity.
delveintothereal needs.
Abletocommunicate theteam’spotentialto developthevaluecreatingideatogetthe necessarysupportfrom investorsandother stakeholders.
(intrapreneurship)
Build an organisation’s capacity to create value by encouraging and fostering people to work together.
Worktogether
Involveothersin my value-creating activities(peers,and stakeholders).
Selectateamof peoplewhocanwork togetherin implementinga businessidea.
Structureateamby identifyingrolesandtasks toachievethegoalsofthe businessidea.
Designworking methodsand incentivesthatenable teammemberstowork welltogether.
Manage instrumental relationships
(Entrepreneurial bonding)
Explainandidentify instrumental relationshipsthat providevalueina value-creatingactivity. Explainthemeaning andformsof association:cooperationandpeer-topeersupport(for example,familyand othercommunities).
Creationof emotionallypositive instrumental relationshipsthat supportthevaluecreatingactivity.
Manageemotionally positiveinstrumental relationships,including investors,partners,peers andfamilymembers.
Managingthe transitionsofthe instrumental relationshipsalongthe process(dissolving partnerships, successionplanning…)
Getsupport& buildanetwork
Searchfor help(find support)whenneededfor myvalue-creatingactivity (forexample,teachers, peers,mentors,advisoror consultancyservices).
Expandyour network.
Opentoestablishing newcontactsand cooperationwithothers (individualsand groups).
Identifypublicand privateservicesto supportmyvaluecreatingactivity(for example,incubator, socialenterpriseadvisors, start-upangels,chamber ofcommerce).
Establishnew relationshipstoget thesupportneededto turnideasintoaction, includingemotional support(forexample, joiningamentor network).
Beeffectiveat networkingwithnew contactsaswellas buildingstrongties withexistingcontacts.
Icaneffectivelydelegatetasks totherightactorswithinand outsidemyorganisationto makethemostvalue(for example,outsourcing, partnering,acquisitions, crowdsourcing).
Proactivelyandregularly makecontactwiththe rightpeopleinsideand outsidemyorganisationto supportmy(ormyteam's) value-creatingactivity(for example,atconferencesor onsocialmedia).
Icandevelopanetwork andmobiliseanetwork offlexibleandresponsive providersfromoutside theorganisationwho supportmyvalue-creating activity.
Usemynetworkto bringtogetherdifferent perspectivesto accelerateandenrich myvalue-creating process. Designeffective processestobuildand managenetworksof differentornew stakeholders,assign themrolesandkeep themengaged.
Definitions:
LEARNINGTHROUGHEXPERIENCE
• Learningistheprocessofacquiringknowledge,skillsandattitudesaboutsomething,fromstudy,practice, example/observationorexperience.(Baron,2006)
• Experientiallearningstartsfromassumingthatexperienceprovokesknowledge(Kolb,1984).Bydoingsomething,one reflectsonhowonedoesitandisabletoreachgeneralizationsanddiscoverpatterns(Baron,2006).
• Humancapitalreferstothepotentialofpeopletodeliverresultsbasedontheirknowledge,experienceorskills(Becker, 1968).Skillsandcapacity thatresideinthepeople(Gianesinietal.,2018).Humancapitalisviewedtraditionally asa functionofeducationandexperience,thelatterreflectingbothtrainingandlearningbydoing.
• Acquisition:refersto thetransformationfromexperience(andnotknowledge)toskills,whiletransferistheapplicationof knowledgeacquireinonesituationtoanother(Ungeretal.2011).(Gianesinietal.,2018).
• Orientationtowardslearning:referstothefactthatsuccessfulentrepreneurssearchfornewknowledgeandskillsinorder todevelopthemselves.Itreferstoparticipatingintraininganddevelopmentactivities,followinguponnewdevelopments, knowingwheretofindrelevantinformationandbeinginterestedinnewmethodsandtechniquesthatarerelevantfortheir profession(Kyndt&Baert,2015).
Hint:
• Learn bydoing.
Descriptors:
• Useanyinitiativeforvaluecreationasalearningopportunity.
• Learnwithothers,includingpeersandmentors.
• Reflectandlearnfromboth successandfailure(yourownandotherpeople’s).
Thread FOUNDATION
Discover–Explore Relyingonsupport fromothers
Reflect
On failures, achievements.
Give and collect feedback
Learnto learn.
Understand the need of learning to learn.
Actively search opportunities to learn.
Help others to learn.
Learnfrom experience.
Findexamplesof failuresthathaveledto valuableachievements andthecreationof value.
Reflectonfailures andachievements (mineandothers’), theircauses,andlearn fromthem,sothatI improvemyabilityto providevalue.
Helpothersreflectontheir achievementsandtemporary failuresbyprovidinghonest andconstructivefeedback.
Icantakemyteamor theorganisationtoa higherlevelof performance,basedon thefeedbackcollected andbylearninglessons fromachievementsand failures.
Anticipatethatmy abilitiesand competencewillgrow withexperience, throughbothsuccesses andfailures.
Activelyengagingin opportunitiesto improvemystrengths andreduceor compensateformy weaknessesthrougha varietyoflearning opportunities (interactionwith others,training, mentoring,…)
Evenwhenopportunitiesfor learningarenotavailablein myorganisationornetwork, Iwillproactivelyseekthem outelsewhere.
Helpothersdeveloptheir strengthsandreduceor compensatefortheir weaknesses.
Reflectonmy competenceof learningtolearnand designstrategiesto improvemyfuture learningtolearn. (Metalearning)
RecognisewhatIhave learntfromprevious experiencesandin value-creating activities.
Explaintheprocessof learningfrom experienceandthe relevancetothe entrepreneurialactivity.
Learnfromthe interactionwith others(peers,mentors, stakeholders)andfrom theexperiences (positiveandnegative) ofthevalue-creating activity. Learnfrommyown thoughts,actionsand feelings.
Learnaboutthebusiness,but alsoaboutmyself,my relationships,thecustomers andotherstakeholders.
Helpothersreflectontheir experienceandinteraction withothers.
Helpothersspot barrierstolearning from experience(e.g., lackofreflection, closed-mindedness,…) anddevelopstrategies tobecomemore effectiveatit.
(intrapreneurship)
Fosteracultureof learninginthe organisation
INTERMEDIATE Experiment-Dare Buildingindependence ADVANCED Improve-Reinforce Takingresponsibility
Expand-Transform
transformation, innovationandgrowth
EXPERT
Driving
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