A comparison between the mental models of entrepreneurs involved in successful and unsuccessful entrepreneurial activity

Abstract:Orientation As an entrepreneur/mentor, I am fascinated by the issue of why some start-up businesses flourish and others struggle to survive. In line with this and in order to increase understanding of entrepreneurial success, there is, as Bakker, Curşeu, and Vermeulen (2007) state, a need for empirical research to be conducted into the thought processes of entrepreneurs during strategic decision-making. In this study I endeavoured to discover why so many businesses fail and, subsequently, find a way to improve the success rate of novice entrepreneurs by exploring the mental models that support their decision-making. Research question The research question that guided the study investigated the differences between the mental models of entrepreneurs involved in successful businesses and those involved in unsuccessful entrepreneurial activity. Research aim and objectives The aim of the study was to explore and describe the concrete experiences and mental models of a small group of entrepreneurs, of which I was one. The following key objectives were identified for the study: To identify the critical elements of the mental models of entrepreneurs involved in successful entrepreneurial activity To ascertain the way in which the mental models of entrepreneurs involved in successful entrepreneurial activity differ from those involved in unsuccessful entrepreneurial activity To suggest interventions that would be appropriate for altering the mental models of entrepreneurs involved in unsuccessful activity so that they resemble the mental models of those involved in successful entrepreneurial activity...D.Phil