June'20
The IUP Journal of Entrepreneurship Development
Focus
The success of an enterprise could be attributed to the entrepreneur's vision for the enterprise. Hence, developing the capabilities of entrepreneurs is important, and a systematic approach to developing these capabilities can yield better results. An entrepreneur is also responsible for the vision of the enterprise which defines the road map for the organization. Once the visioning is done, the critical success factors are planning and execution of various strategic decisions.
The first paper, "Expertise and Cognitive Development of Entrepreneurs" by Lehlohonolo Dongo and Brian Barnard, tries to evaluate the cognitive development and expertise of entrepreneurs to understand their impact on the success of entrepreneurship. A qualitative research in the form of semi-structured interviews with experienced entrepreneurs is conducted. The data collected is analyzed using thematic analysis with an intent to preserve the innate representation of complex data, while ensuring a detailed and meaningful explanation. The datasets are analyzed for patterns, themes and narratives and are interpreted in the form of results. The results reveal that experienced entrepreneurs are characterized by enhanced quality of thinking and depth of processing information, and that experience is compulsory for novices to develop into experts. Consequently, a prolonged duration of exposure is required for novices to develop expertise. The study seeks to contribute to entrepreneurship and entrepreneurship development literature as well as entrepreneurship policy literature. Furthermore, it delineates the development of entrepreneurs and potential obstacles in this regard.
The second paper, "Visionary Leadership and Entrepreneurial Vision Within Entrepreneurship" by Muziwandile Sibusiso Sibeko and Brian Barnard, tries to study the aspects of entrepreneurial vision with regard to visionary leadership. The aim of the study is to contribute to entrepreneurship, leadership and strategy theory. The authors adopt a qualitative approach wherein interviews are carried out with a sample of experienced entrepreneurs of South Africa. The data is analyzed using thematic analysis. The findings reveal that entrepreneurs generally have visions regarding their business ventures and opportunities. Entrepreneurs regard the visioning process as crucial for their success, and the consensus among the entrepreneurs interviewed is that visioning as a core competency can be developed.
Consulting Editor
Expertise and Cognitive Development of Entrepreneurs
The purpose of this study is to evaluate the cognitive development and expertise of entrepreneurs and the impact thereof on the success of entrepreneurship. The existing theory on success factors for entrepreneurs is lacking in relation to the cognitive development and expertise of entrepreneurs. A qualitative research in the form of semi-structured interviews with experienced entrepreneurs was conducted. Data analysis and interpretation were undertaken using thematic analysis. The findings revealed that experienced entrepreneurs are characterized by enhanced quality of thinking and depth of processing information. This gives them the capability to schematically map interconnections by identifying problems and designing solutions for complex opportunities. In addition, it appears that experience is compulsory for novices to develop into experts. Consequently, a prolonged duration of exposure is required for novices to develop expertise. An evaluation of faster and effective methods of transferring entrepreneurship experience is necessary to expedite expertise.
Visionary Leadership and Entrepreneurial Vision Within Entrepreneurship
This study investigates how entrepreneurs and visionary leaders formulate a vision, how they think about vision, how visions arise and what should constitute a sound vision. The literature emphasizes the importance of visions or visioning as a core component of entrepreneurship, leadership, and strategy, and it showed a strong link between vision(ing) and innovation. The literature also suggests that there are several attributes of visions, as well as many vision types that may potentially segment the entrepreneurs' visions. A qualitative approach was used for this study and interviews were carried out with experienced entrepreneurs. The study found that entrepreneurs generally have visions regarding their business ventures and opportunities. Most visions are structured, even though there are certain instances where visions are unstructured and spontaneous. Entrepreneurs regard the visioning process as crucial for their success and the consensus among the entrepreneurs interviewed is that visioning as a core competency can be developed.