This study explores the entrepreneurial logic applied in the opportunity evaluation phase in a research-based startup company (RBSO) faced with multiple business opportunities recognized by external actors. Entrepreneurial logic, measured through the enactment of entrepreneurial behavior, is investigated from the theoretical perspectives of causation and effectuation. Making use of a qualitative, single embedded case study consisting of participant observations and interviews conducted during a seven-month period in a Swedish RBSO, this study contributes to research in the field of entrepreneurship by exploring the logic of opportunity evaluation in RBSOs. Our findings show that the combinations of causal and effectual logical patterns are applied in the opportunity evaluation process but that effectual logic prevails. The effectual logic is related to the operational aspect of the evaluation process and is applied internally while causal logic is related to the general strategic aspect and serves as a way to communicate with the company's stakeholders. The primary driver behind the prevalence of the effectual versus causal logic is uncertainty which in turn is related to the knowledge-intensive nature of the RBSO and the dynamic environment in which it operates. The causal logic is mainly found in the company’s acquisition of human resources aimed to support technology-related knowledge gain.

The aim of this thesis is to find out how start-ups or beginning entrepreneurs evaluate business opportunities. More specifically, the intention is to reveal whether their assessment of business opportunities differs in some way depending on the type of opportunity. It was then examined how the assessment of business opportunities differs from the perspective of beginning versus experienced entrepreneurs. This comparison used the research results of Laboutka (2010), who examined the assessment of the opportunities of experienced entrepreneurs. The research method used was a qualitative research using case studies that reflect business opportunities. Based on the investigation it was found that beginning entrepreneurs mostly reflect personal feelings related to that product or segment in evaluating opportunities and the type of opportunity does not play a major role. When comparing beginning and experienced entrepreneurs, there were not identified any significant differences in their assessments.

Recently, there has been a growth in digital technology use and an upward trend in the adoption and use of social media by individuals and corporations, changing the way people communicate and interact. Despite this evolution, little is known about how the adoption of online social interaction affects entrepreneurial processes, especially opportunity evaluation. This empirical study sought to fill the gap in the literature by investigating the effect of social interaction via social media on opportunity evaluation. In reviewing the studies done on opportunity evaluation as indicated in the paper by Wood and Mckelvie (2015), it would seem that the effect of online social interaction on opportunity evaluation has not been studied and hence, to the best of the researcher’s knowledge, there was no model in the literature to measure the effect. The study used a mixed-method approach. Survey questionnaires were used to collect data from a random sample of young entrepreneurs in Ghana. The questions were evaluated with SPSS and later exported to STATA for data analysis. Factor analysis and various normality tests were performed to ensure the accuracy of the data. A total of 383 questionnaires were analysed. This was then followed by key informant interviews with 13 entrepreneurs, and the analysis done using Nvivo 11. The main contribution of this research is the development of a model that measures the effect of online social interaction on opportunity evaluation. The study found that online social interaction helps entrepreneurs build networks which subsequently has an impact on opportunity evaluation either directly, or indirectly through mediation by resource availability. This study has made an important contribution to practice by showing the positive effect that basic tools that aid daily activities, like social media, has on entrepreneurial opportunity evaluation. ii It is recommended that future research understands other factors that may facilitate the opportunity evaluation process and the extent to which those factors facilitate the opportunity evaluation process, as this may lead to better insight with regards to targeting entrepreneurial training for optimum results. The use of the mediation analysis process was adopted for this study because of evidence from other disciplines that suggest the efficacy of targeting interventions at the intermediate process. Using this approach for future studies will help target interventions, taking into consideration mediation mechanisms for more impact. / Graduate School of Business Leadership / D.B. L.

Background: Entrepreneurship plays an indispensable role in today’s society. Especially, the creation of new ventures promotes economic growth and new opportunities. Hereof, Sweden is viewed as a role-model, since it is one of the most innovative and entrepreneurial active countries in the world. Almost 6% of Sweden’s inhabitants are currently characterized as nascent entrepreneurs and thus, are engaged in early entrepreneurial activities without having started an official venture yet. Considering the fact that nascent entrepreneurs have no prior entrepreneurial experience while facing uncertain environments, they have to evaluate the attractiveness of new venture ideas and decide whether they are worth to pursue or to drop them. Purpose: The purpose of this thesis is to explore the evaluation approach of nascent entrepreneurs in the light of new venture ideas. More precisely, we want to investigate what kind of approaches they make use of when evaluating the attractiveness of those ideas and their motives behind the approaches. Method: This thesis is of qualitative nature while following an inductive approach and conducting a multiple case study with ten cases of different nascent entrepreneurs. The data is collected through semi-structured interviews, which were conducted in personal face-to-face meetings. For analysing the empirical findings, we engaged in within-case and cross-case analyses, where we identified and analysed common patterns and differences across the cases. Conclusion: All of the research respondents apply a variety of evaluation approaches, where they make use of their cognition as a means of judging and assessing the attractiveness of new venture ideas. Besides utilizing their social network, existing knowledge and future estimations, all nascent entrepreneurs are using heuristic rules-of-thumb for evaluating the idea attractiveness. Thereby, we identified Passion, Monetary Incentives, Resources and Market Potential as the most outstanding rules-of-thumb in the clear majority of the cases.

Heuristics are mental shortcuts applied, consciously, subconsciously or both, to save time and efforts at the expense of risking the accuracy of the outcome. Therefore, one might argue that it is just an accuracy-effort trade-off. Nonetheless, we ought to recognize the distinction between the circumstances of risk, where all choices, outcomes, and probabilities might be generally known, and the circumstances of uncertainty, where, at least some, are not. Traditional models like the Subjective Expected Utility (SEU) work best for decisions under risk but not under uncertainty, which portrays most situations people need to tackle. Uncertainty requires simple heuristics that are sufficient instead of perfect. In this dissertation, the notion of heuristics was researched through a comprehensive historical review that unfolded the heuristics-linked ideas of significant scholars. An explicit distinction between the deliberate and the automatic heuristics was stated with chronological categories of pre and post-introduction of the SEU theory; providing a new perspective and opening a discussion for future research to consider. Additionally, qualitative and quantitative studies were applied that produced an unsophisticated heuristic set that was used by entrepreneurs in the Middle East and Germany. Perhaps entrepreneurs, and people in general, do not always know or acknowledge their use of heuristics. But still, they use it extensively and may exchange heuristics among others. That may lead us to think that in a world where uncertainty prevails, the Homo heuristicus might become a real threat to the Homo economicus.

The concept of open banking is on the rise in the financial industry. Not only are banks taking an interest in this topic, but many financial technology start-ups are developing as well. One particular player can be considered challenger banks; they have gained a high degree of digital competence and agility to adapt to changes in the industry. As a result of this trend, these financial players raise the question of what the opportunities are. This study aims to identify potential opportunities for challenger banks and to provide a practical model for companies to assess the opportunities. The results of the study show that the opportunities can be divided into three segments: personalized banking services; modularity; as well as embedded finance. Finally, an opportunity evaluation canvas was developed, providing banks a systematic and comprehensive model to evaluate an opportunity. / Begreppet open banking är på frammarsch inom finansbranschen. Ämnet intresserar därmed såväl bankerna som många nystartade företag inom finansteknologi. En aktör är så kallade utmanarbankerna; de sitter på en hög grad av digital kompetens och flexibilitet vad gäller förändringar i branschen. Som ett resultat av denna trend väcker dessa finansiella aktörer frågan om vilka möjligheter som finns. Den här studien syftar till att identifiera potentiella möjligheter för utmanarbanker, samt att tillhandahålla ett praktisk ramverk inom vilket företag kan bedöma dessa möjligheter. Resultaten visar att möjligheterna kan delas in i tre kategorier: personliga banktjänster; modularitet; samt plattformar och ekosystem. Slutligen utvecklades en utvärderingsmall för möjligheter, som ger bankerna en systematisk och omfattande modell för att utvärdera en möjlighet.