Thesis (MBA)--Stellenbosch University, 2015. / ENGLISH ABSTRACT: This research focused on how entrepreneurs (1) think; (2) see business opportunities; (3) convert an idea into a successful business; (4) observe and tap into consumer behaviour; and (5) how they use the information that they have gathered to their own best advantage. Various researchers and authors attempted (and will attempt) to define an entrepreneur, entrepreneurial traits, opportunity recognition and consumer behaviour. Literature focusses on each individual aspect of an entrepreneur, but no comprehensive literature is available on how entrepreneurs’ minds work ‘prowling’ for opportunities, implementing the opportunity they saw into practice and how they deal with failure. The researcher interviewed six entrepreneurs from his community in the North Coast of Kwa-Zulu Natal. A questionnaire of 27 specific questions was compiled to direct the discussions, but the candidates were given freedom to relay their stories. The questions were designed not only to cover the 5 issues mentioned in paragraph 1, but also to cover softer issues such as: how they handle failure and difficult situations; why they have beaten the statistics in being a successful entrepreneur and who and what their supporting structures are. All the interviews were recorded, then transcribed for analysis and coding. Once all the data was ‘given a label’, the data was grouped by using axial coding that resulted in the data being grouped into themes. The researcher then looked for core themes emanating from the answers given by the participants. Financial success is usually driven by commercial values, where the primary goal is to achieve the maximum profit by outwitting and outperforming the competition. On the other hand, the entrepreneurial spirit is driven by other values and entrepreneurs are at times totally oblivious of the competition in the market. Entrepreneurs have a tendency to tenaciously listen to themselves with an unflinching trust that success will follow the implementation of their ideas. This research found that the entrepreneurial spirit could not be bottled, labelled, or sold. The entrepreneurial spirit is a natural phenomenon that does not suit everyone. Entrepreneurs have a propensity towards risk-taking, but they take calculated risks. They see risk as a calculated even and not a gamble. The research further found that ‘to see opportunities you have to be in the game’. Opportunities seldom come by sitting on the side-line. A key word that was uncovered was ‘pivoting’ – one idea leads to the next and the new idea and opportunity ‘pivots’ further, causing an idea chain reaction into other business opportunities and diversification. The research finally uncovered that entrepreneurs rely heavily on their support structure, they can see the ‘wood for the trees’ when it comes to failure (not making it a personal failure) and they are quasi-philanthropists, investing in their communities and other emerging companies.

Entrepreneurs have to constantly make decisions about the various opportunities available to them. Bad decisions can lead to the failure of a business while good decisions will enable the business to grow and make a positive contribution to society and the economy. Understanding how successful entrepreneurs make decisions about business opportunities will assist other entrepreneurs because this knowledge will equip them to run their own businesses more successfully. In this particular research study, twelve successful entrepreneurs were interviewed and asked about the way in which they make decisions about business opportunities. Through a process of thematic analysis, the data collected was woven into an innovative Grounded Theory that identified and explained the heuristics entrepreneurs use when making decisions about opportunities. Seven heuristics emerged from the data and were ordered according to the frequency of observation. The two most common heuristics included inputs required/outcomes desired and formal/emotional processes. The five less frequent heuristics were classified as influence, environmental factors, risk and control, commitment and balance. An additional insight that was gained through the research process was that the entrepreneurial idea itself contributes little to the overall success of the business and an “action-orientated” focus was a far better contributor to ultimate success / Dissertation (MBA)--University of Pretoria, 2013. / zkgibs2014 / Gordon Institute of Business Science (GIBS) / MBA / Unrestricted

Thesis (MComm)--Stellenbosch University, 2012. / ENGLISH ABSTRACT: The purpose of this study was to determine the type of decision-making approaches used by businesswomen, both intrapreneurs and entrepreneurs, under conditions of uncertainty, and how the human and social capital they possess influence their strategic entrepreneurial behaviour (SEB). Entrepreneurial decision making often takes place under uncertain conditions, in which rational models provide little guidance for decision makers. Effectuation is proposed as an alternative decision model to rationality, particularly for emerging opportunities. Although some exploratory work has been conducted on this school of thought, research gaps remain. Particularly, there is a lack of research on businesswomen, despite the fact that they are an important group of entrepreneurs within the economy with great potential to contribute to economic growth, development and employment generation. The study population was South African businesswomen, and the membership register of the South African Businesswomen's Association (BWA) was used as a sampling frame. An online survey was sent to all members and a total of 269 usable responses were obtained. Data were analysed with SPSS using descriptive and inferential statistical techniques. The findings indicate there are no significant differences between the decisionmaking approaches of intrapreneurs and entrepreneurs, and that they use both effectuation and causation when shaping and implementing new initiatives, while the literature argues that these two approaches are distinct and dichotomous. In using a causal approach, the respondents value planning and a systematic approach to new, uncertain projects, although they realise the benefit of flexibility and of limiting the downside loss to their decisions; therefore they also incorporate elements of effectual logic. Furthermore, businesswomen's ability to cultivate relationships plays an integral role in the SEB process for both effectuation and causation, with businesswomen emphasising their relationships with key stakeholders. Concerning businesswomen's human capital, the study finds that self-efficacy plays an important role in terms of businesswomen's confidence, and that it has an impact on both SEB decision-making approaches. Several theoretical, practical and educational implications arise from these findings. Theoretically, this study contributes to the decision-making literature by showing that businesswomen utilise both decision-making styles and do not merely rely on one or the other. Furthermore, it also shows that relationship cultivation and self-efficacy are significantly related to both SEB approaches. Practically, both businesswomen and other stakeholders, such as financial institutions, should recognise the relevance and importance of using both styles and not stress causation above effectuation, as is the case currently. Furthermore, entrepreneurial self-efficacy, which is relevant for both approaches to SEB, can be raised through investing in targeted training and education in female entrepreneurship. For entrepreneurship educators, these findings emphasise that courses should incorporate both decision-making styles and that these skills should be developed in students. Business management students should be taught that, while logical, planned and prediction-based causal approaches are appropriate under stable conditions, effectuation provides resources to approach uncertain conditions more effectively. In addition, entrepreneurial initiatives with a low degree of innovativeness also would be more suited to a predictive, casual approach, while initiatives with a higher degree of innovativeness would benefit from using effectual principles. / AFRIKAANSE OPSOMMING: Die doel van hierdie studie was om die besluitnemingsmetodes van sakevroue, beide intrapreneurs en entrepreneurs, onder omstandighede van onsekerheid te bepaal en te bestudeer hoe die menslike en sosiale kapitaal wat hulle besit hul strategiese entrepreneuriese gedrag (SEG) beïnvloed. Entrepreneuriese besluitneming vind dikwels onder onsekere omstandighede plaas waar rasionele modelle min leiding aan besluitnemers verskaf. Effektuasie ("effectuation") word voorgestel as 'n alternatiewe besluitnemingsmodel tot rasionaliteit, spesifiek vir ontluikende geleenthede. Hoewel daar reeds verkennende navorsing in die veld gedoen is, is daar steeds navorsingsgapings. Daar is veral 'n tekort aan navorsing oor sakevroue ten spyte van die feit dat hulle een van die belangrikste groepe entrepreneurs binne die ekonomie is, met groot potensiaal om 'n bydrae tot ekonomiese groei, ontwikkeling en werkskepping te lewer. Die studiebevolking was Suid-Afrikaanse sakevroue, en die lederegister van die Suid-Afrikaanse Sakevrouevereniging (BWA) is as steekproefraamwerk gebruik. 'n Aanlynopname is aan al die lede gestuur en 'n totaal van 269 bruikbare antwoorde is ontvang. Data is ontleed met behulp van SPSS deur gebruik te maak van beskrywende en inferensiële statistiese tegnieke. Die bevindinge dui aan dat daar geen betekenisvolle verskil tussen die besluitnemingsbenaderings van intrapreneurs en entrepreneurs is nie en dat beide effektuasie ("effectuation") en kousaliteit ("causation") in die vorming en implementering van nuwe inisiatiewe gebruik word. Volgens die literatuur is hierdie twee besluitnemingsbenaderings egter duidelik onderskeibaar. In die gebruik van 'n kousale ("causal") benadering heg die respondente waarde aan beplanning en 'n sistematiese benadering tot nuwe, onseker projekte. Hulle besef egter die voordeel van buigsaamheid en die beperking van besluite wat met kousaliteit gepaard gaan; hulle neem dus ook elemente van effektuasie-logika in ag. Verder speel sakevroue se vermoë om verhoudings te kweek 'n integrale rol in die SEG-proses vir beide effektuasie ("effectuation") en kousaliteit ("causation"), met sakevroue wat hulle verhoudings met sleutel rolspelers beklemtoon. Met betrekking tot sakevroue se menslike kapitaal het die studie gevind dat self-doeltreffendheid 'n belangrike rol in terme van sakevroue se vertroue speel en dat dit 'n impak op beide SEGbesluitnemingsbenaderings het. Verskeie teoretiese, praktiese en opvoedkundige implikasies ontstaan uit hierdie bevindinge. Teoreties het hierdie studie bygedra tot besluitnemings-literatuur deur aan te toon dat sakevroue gebruik maak van albei besluitnemingstyle en nie net op een staatmaak nie. Die studie het ook gevind dat die kweek van verhoudings, asook selfdoeltreffendheid, beduidend verband hou met beide SEG-benaderings. Prakties moet sakevroue en ander belanghebbendes, soos finansiële instellings, die toepaslikheid en belangrikheid van die gebruik van beide style herken, en nie op kousaliteit klem lê bo effektuasie nie. Verder kan entrepreneuriese selfdoeltreffendheid, wat vir beide benaderings tot SEG relevant is, verhoog word deur in geteikende opleiding en onderrig oor vroulike entrepreneurskap te belê. Vir entrepreneurskapopvoeders beklemtoon hierdie bevindinge dat kursusse beide besluitnemingstyle in ag moet neem en dat hierdie vaardighede in studente ontwikkel moet word. Ondernemingsbestuurstudente moet leer dat hoewel logiese, beplande en voorspellingsgebaseerde kousaliteitsbenaderings onder stabiele omstandighede toepaslik is, effektuasie maniere bied om onsekere situasies meer effektief te benader. Entrepreneuriese inisiatiewe met 'n lae graad van innovasie is meer geskik vir 'n voorspellende, kousale benadering, terwyl inisiatiewe met 'n hoër mate van innovasie voordeel sal trek uit die gebruik van effektuasiebeginsels.

L'obiettivo di questa tesi è di estendere la teoria di effectuation guardando attraverso la lente di un contesto piuttosto nuovo come l'Africa. In questo modo, possiamo ampliare il nostro comprensione dell'effectuation delle dinamiche promettenti - in particolare - della pluralità istituzionale, della scarsità di risorse e delle attività imprenditoriali nell'economia informale. Nei seguenti capitoli presenteremo tre articoli che raccoglieranno gli argomenti delineati e quindi, essi dimostrare la fertilità del territorio africano per la ricerca imprenditoriale. / The objective of this thesis is to extend effectuation theory by looking at it through the lens of a rather new context such as Africa. By doing this, we can broaden our understanding of effectuation to promising dynamics – namely - to institutional plurality, resource scarcity, and entrepreneurial activities in the informal economy. In the following chapters we will present three papers which will pick up the outlined topics and hence, they demonstrate the fertility of the African territory for entrepreneurship research.