1. Frauke Schorr, Ph.D.
MINDSETS OF SUCCESSFUL ENTREPRENEURS –
AN EXPLORATORY STUDY
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2. Frauke Schorr, Ph.D.
MINDSETS OF SUCCESSFUL ENTREPRENEURS –
AN EXPLORATORY STUDY
ABSTRACT
Learning from the experience of accomplished entrepreneurs helps aspiring entrepreneurs
and researchers alike to gain new insights into successful entrepreneurship factors. In a two-fold
research process we first explored the experience of becoming successful in entrepreneurship,
interviewing accomplished entrepreneurs on their journey of becoming successful. “What is the
experience of becoming a successful entrepreneur?” was the leading question of the first portion
of this study. This led to a second step, in which new insights emerged about how successful
entrepreneurs perceive, interpret, and make sense of situations and experiences. The main
question here was “What are some essential thinking and behavior patterns that accompanied
these entrepreneurs in becoming successful?” We categorized the mindsets of the research
participants into four distinct different groups: The Satisfied and Dissatisfied Grower mindsets
and the Satisfied and Dissatisfied Maintainer mindsets. In this paper, we introduce these
research-based mindset categories and suggest ways these can be used by the entrepreneurial
community.
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3. Frauke Schorr, Ph.D.
If one lives in Silicon Valley, Boston, Hong Kong, or Tel Aviv, one is surrounded by
people whose lives are implicitly or explicitly touched by entrepreneurs. Many have started a
company, been part of a start-up, or are thinking about pursuing an entrepreneurial career in the
future. Researchers agree that entrepreneurship plays a significant role in economic
development both locally and globally (Dobrev & Barnett, 2005; Farrell, 2001; Gakiya, 2004). It
is often viewed as the driver of the Unites States economy since “our economy is actually based
upon entrepreneurship, and history has proven that with each economic downturn, it is the
entrepreneurial drive and persistence that brings us back” (Kuratko, 2006: 483). This is in large
part the case because “entrepreneurs continue to spur new innovation and create employment”
(Small Business Administration, 2009: 8).
However, most entrepreneurs do not succeed in building businesses that create
sustainable growth. In 2008, the Small Business Administration estimated that while 627,200
new firms were established, 585,600 firms closed down their business the same year (Small
Business Administration, 2009).
Considering the significant impact entrepreneurship has on the well-being of the
economy, the need to understand entrepreneurial success factors is vital. It is particularly
valuable to study the entrepreneurial journey, including the development and growth of
entrepreneurs, because “studying a successful entrepreneurial process as such allows for a better
understanding of actual successful venturing processes” (Bouchikhi, 1993: 567). The
psychological make-up of entrepreneurs often takes center stage in such research since
“individuals are, after all, the energizers of the entrepreneurial process” (Johnson, 1990: 48).
Thus, understanding the mindsets of successful entrepreneurs, including the “distinctive
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viewpoints, needs, and agendas that determine how an individual views and engages categories
of events at work” (Culbert, 1996: 330) is a key to supporting entrepreneurs on their path so they
can create sustainable success.
Previous research exploring such aspects included the evolution of entrepreneurs from
novice to expert entrepreneurs (Ericsson & Charness, 1994; Krueger, 2007), noting that while
some individuals move from novice to expert, others do not. Those who evolved were able to
“connect the dots” in a more effective manner (Baron, 2006; Baron & Ensley, 2006) as their
experience increased. Other researchers investigated the influence of values, beliefs, attitudes,
and leadership during the entrepreneurial journey (Bann, 2007), or focused on how entrepreneurs
recognize opportunities, the role passion and obsession plays, how they use intuition and
improvisational behavior, and how they address inner development (Herriott, 2000; Hmieleski &
Corbett, 2008; Lander, 1999; Langenfeld, 1999; Taylor, 1999).
As Wadhwa, Aggarwal, Holly, and Salkever (2009: 4) wrote: “By understanding what
entrepreneurs think and believe, we hope to provide more insights into how to better support
entrepreneurs and create societal, political, and economic conditions that can more efficiently
foster entrepreneurship.” Focusing on the developmental and growth aspects of entrepreneurs
and investigating entrepreneurs’ essential mindset, including their attitude, beliefs, and
perceptions, is still a relatively new approach for research.
To contribute to the understanding of the process of successful entrepreneurship, we
explored entrepreneurial development in a two-fold research process. In the following section,
we provide an overview to the first part of the process, a phenomenological investigation of the
experience of becoming a successful entrepreneur, using as a core question: “What is the
experience of becoming a successful entrepreneur?” The main focus of this paper is the second
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5. Frauke Schorr, Ph.D.
portion of our research effort, which involved developing a new entrepreneurial mindset matrix
based on a heuristic research methodology that used as its core question: “What are some
essential thinking and behavior patterns that accompanied these entrepreneurs in becoming
successful?”
THE RESEARCH METHODOLOGIES
In this section we discuss the participant sample, selection criteria, age range, industries
the entrepreneurs worked in, and interview participation. We continue with an overview of the
transcendental phenomenological research process used for the first part of the research and
introduce the research findings. We then move to the second part of the research process to
discuss the heuristic research methodology we used and present the new entrepreneurial mindset
matrix that emerged as a result of the study.
Participant Selection and Sample
Our interest lay in interviewing individuals who had founded multiple businesses, of
which at least one survived the startup stage. Thus, our research focuses only on successful
entrepreneurs. Successful entrepreneurship was defined as being owner or co-owner of at least
one business at the time of the interview. Ownership was demonstrated by owning a significant
percentage of the business. Furthermore, several of the participants had businesses which had
shown consistent growth for at least 3 years, either in terms of revenue, profit, and/or in the
number of employees.
Participants were selected via convenience and snowball sampling. Ten successful
entrepreneurs (according to our definition of “success”) agreed to spend at least one hour
participating in semi-structured interviews. They also agreed to review and approve the verbatim
transcriptions of the interviews, as well as to participate in possible follow-up interviews. The
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interviews lasted between one and four hours. Most participants were interviewed face-to-face.
One was interviewed by phone.
Nine male and one female entrepreneur participated in this study. The age range was
diverse, as the youngest participant was 23 years old, and the oldest was 67. All participants
were serial entrepreneurs and founders of their entrepreneurial ventures. The number of
businesses owned by the 10 participants over the course of their professional lives ranged from 2
to 42. Participants pointed to an increase in employees and revenues during ownership of their
companies as the measurement of their entrepreneurial success.
The types of businesses represented were quite diverse, including business consulting,
communication training and seminar businesses, a capital investment company, a web
technology appliances venture, a technology appliances company, a photography business, a
telecommunications company, a biometric services company, a boutique hotel chain, and a
biotechnology company.
Transcendental Phenomenological Process
We selected Moustakes (1994) transcendental phenomenological approach, which
allowed us to investigate the experience of becoming a successful entrepreneur through the
subjective lenses of the participants. We assumed that the unique perspectives of the
entrepreneurs would shed new light on the evolution of successful entrepreneurship. Moustakas’
approach was compelling, because of the way it established conditions for “disciplined and
systematic efforts to set aside prejudgments regarding the phenomenon being investigated… to
launch the study as far as possible free of preconception, beliefs and knowledge of the
phenomenon from prior experience and professional studies” (Moustakas, 1994: 22). Using the
transcendental frame helped us uncover the meaning and essence of the lived experience of
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becoming a successful entrepreneur. Moustakas’ modified version of van Kaam's (1966) seven-
step analysis process provided the guiding frame for conducting the data collection and analysis.
The final themes that emerged from the participant group as a whole provided new perspectives
for understanding the experience and meaning of becoming a successful entrepreneur. Table 1
provides a visual representation of these final themes.
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The research process began with self-search, self-dialogue, and self-discovery, focused
on consciously receiving, accepting, and supporting what comes to the researcher as
“fundamental awareness” at this stage of reflection. The second phase of immersion draws from
experiences surrounding the core question of the phenomenological research: “What is the
experience of becoming a successful entrepreneur?” Based on the insights drawn from the first
core question, we wanted to explore the question: “What are some essential thinking and
behavior patterns that accompanied these entrepreneurs in becoming successful?”
During the initial portion of the research process, Author1 (who conducted the
interviews) noticed that the entrepreneurs seemed to employ several distinctly different thinking
and behavior patterns – an insight that did not fit neatly into the phenomenological research
paradigm.
The notion that there might be distinctly different mindsets among the successful
entrepreneurs of this group presented a perspective on entrepreneurial success that was not found
in previous studies. In order to capture these new insights, the original phenomenological
research method was enriched with an additional frame that provided the methodological
foundation for the second part of the study: a heuristic research analysis as suggested by
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Moustakas (1990, 2001) in order to explore and describe the mindset patterns perceived among
the participants.
Heuristic research process
Moustakas’ heuristic analysis process is comprised of the following seven phases that
unfold in an informal, intuitive manner: 1) Initial engagement; 2) Immersion; 3) Incubation; 4)
Illumination; 5) Explication; 6) Creative synthesis; and 7) Validation of heuristic research.
In alignment with Moustakas (1990), this second step should include interactions with
people, hunches, dreams, intuition, and a self-dialogue. Following this phase, when no further
significant new information emerges, the third phase of incubation takes place. In this phase,
Author1 utilized intuition and tacit knowledge, defined as “the deep structure that contains the
unique perceptions, feelings, intuitions, beliefs, and judgments housed in the internal frame of
reference of a person that governs behavior and determines how we interpret experience”
(Moustakas, 1990: 32) to make connections between the data derived from the
phenomenological analysis process and the main research question of “What is the experience of
becoming a successful entrepreneur?”
This led to the next stage: illumination. In this stage, new understandings of the
phenomenon emerged, which were then envisioned as holistically as possible in the explication
stage. The final portion involved expressing insights in a creative synthesis of the data, which
led to the distinctions that we labeled the Grower and Maintainer mindsets. We approached the
data using Moustakas (1990: 24) notion of indwelling, described as “conscious and deliberate,
yet it is not lineal or logical. It follows clues wherever they appear; one dwells inside them and
expands their meanings and associations until a fundamental insight is achieved.”
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In the next section, we introduce a matrix that characterizes four distinct mindsets that
emerged from the patterns we observed. We conclude with suggestions for future research.
FOUR MINDSETS OF SUCCESSFUL ENTREPRENEURS
As we analyzed the interview data, we began to perceive distinct patterns among the
entrepreneurs’ reflections on their paths. The best term for describing what we saw is that of a
mindset, defined as “distinctive viewpoints, needs, and agendas that determine how an individual
views and engages categories of events at work” (Culbert, 1996: 330). We found that there
seemed to be common mindset themes according to which the entrepreneurs perceived,
interpreted, and responded to situations and experiences.
We coined the term Growers for those entrepreneurs who perceived their path as an ever-
evolving, continuous process. In their reflections on their entrepreneurial path, these
entrepreneurs described how they utilized achievements as stepping stones for new endeavors.
As they explained it, reaching certain success “plateaus” allowed them to access “more possible
resources” and “more foundation” from which they could “widen the bandwidth” and grow and
involve to the next level. They accepted and actively sought new roles, most often in leadership,
and evolved in their current roles, always seeking a new level.
On the other hand, Maintainers described their achievements as plateaus that they sought
to preserve. Through their reflections of their entrepreneurial journey it became apparent that
they were mainly concerned with sustaining a certain level of success. Their businesses might
have shown growth comparable to those of the Growers, but the concern of these entrepreneurs
was to maintain the already achieved success rather than to expand their business. For example,
one entrepreneur in the Maintainer mindset recalled a situation where the current success level
was threatened by someone trying to steal intellectual property. This entrepreneur put
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considerable energy into preserving and protecting the existing achievements to maintain the
current level of success.
Many entrepreneurs in the Maintainer mindset refrained from taking on new roles or
considering other people’s opinions for business advice. One entrepreneur with this mindset
stated: “I do not take the expert opinion” in order to remain “in charge of what I do with nobody
telling me what to do.” Another added that being in the role of an industry expert allowed him to
stay in complete control of interaction with clients, ensuring that business was conducted exactly
how he envisioned it. Instead of seeking new challenges, entrepreneurs in the Maintainer
mindset preserved their original roles of industry expert and entrepreneur.
Table 2 highlights the insights of these Grower and Maintainer mindset categories.
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Insert Table 2 about here
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We perceived sub-categories within the Grower and Maintainer mindsets as well. An
attitude of satisfaction versus dissatisfaction appeared to impact how these entrepreneurs
experienced becoming successful, especially regarding their own role, perception of control on
their business, and motivation. Some entrepreneurs felt satisfied and content with their
entrepreneurial journey. The satisfied Growers and Maintainers seemed somewhat detached
from success, per se, not experiencing the achievement of success as a main focus of their
actions or part of their identity. While acknowledging previous achievements, entrepreneurs
with this attitude seemed either to enjoy challenging themselves continuously with further
growth, focused mainly on the present moment (Growers), or they enjoyed maintaining their
current level of achievement (Maintainers). As they reflected on their journey, their focus was
predominantly on the present time. For example, one entrepreneur in the satisfied mindset
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recalled that he was driven by “being challenged and finding solutions to challenges and being
passionate and happy and satisfied.” Another said that his achievements made him feel like he
did “something useful.”
The dissatisfied Growers and Maintainers on the other hand seemed more attached to
achieving success. They often had difficulty acknowledging their existing achievements as
successes and pointed out things they still needed to achieve. Dissatisfied Growers talked about
needing to challenge themselves towards further success by continuously staying “on the edge”
and focusing on future steps, outlining the urgency of continuous self-challenge: “I think that if I
stop taking risks then I start to die.” Dissatisfied Maintainers focused on past achievements with
a desire to either gain back such success levels or maintain the level of achievement. In neither
case did they focus on the present in the same way as the satisfied Growers and Maintainers.
The process of intuitive heuristic analysis enabled us to develop these distinctions which
in turn helped us to perceive key differences among the participants with regard to how they
attributed meaning to success. The Entrepreneurial Mindset Matrix highlights how entrepreneurs
with a Grower and a Maintainer mindset were split into subgroups of satisfied and dissatisfied
attitudes, based on the focus of their attention and appreciation of their achievements. Table 3
provides a visual representation of this phenomenon.
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Insert Table 3 about here
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The most successful entrepreneurs tended to be Satisfied Growers. A distinct “in-the-
moment” focus became apparent as they reflected on different situations, learnings, and
experiences of their entrepreneurial path. This seemed to be paired with general contentment
with their entrepreneurial past and present, combined with continuous curiosity and drive to find
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positive challenges to grow and develop themselves and their companies in new and meaningful
ways in the future. Satisfied Growers generally had the most successful entrepreneurial careers
in terms of business growth and number of businesses owned out of the entire participant group.
It is interesting to note that age did not seem to be an indicator for any of the mindset
categories. For instance, some younger as well as older participants displayed Maintainer
characteristics (satisfied as well as dissatisfied), while others were found in the Grower
categories.
IMPLICATIONS AND FUTURE RESEARCH
More research is needed to understand the journey of successful entrepreneurs and in
particular their mindset – how they perceive, interpret, and make sense of situations and
experiences as they grow and expand their businesses. We are interested in further developing
the initial insights presented in this paper on the Grower and Maintainer mindsets and their sub-
categories of satisfied and dissatisfied attitudes. Further exploration using a larger group is a
natural first step. Exploring the mindset themes in more depth could help both scholars and
entrepreneurs to better understand what is involved in becoming successful in entrepreneurship.
It would be useful to explore the level of success entrepreneurs reached within the
different mindsets, since there was a tendency for the most successful in terms of asset growth to
be Satisfied Growers. This would provide valuable knowledge for researchers and aspiring
entrepreneurs alike. Utilizing research methodologies such as grounded theory, portraiture, case
studies, or ethnography could bring different perspectives to the topic, focusing on alternate
aspects of the entrepreneurial experience.
A further study of thinking and behavioral patterns of successful entrepreneurs with a
Satisfied Grower mindset could provide new insights to questions that are valuable in
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understanding the journey of successful entrepreneurs better: With what kind of attitude did
these entrepreneurs start their journey? How did the attitude shift over time? Did some
entrepreneurs always have a Satisfied Grower mindset? If they adopted it over time – how did
they experience the shift? What are entrepreneurs’ beliefs about their mindset and attitude
towards their entrepreneurial success? Do entrepreneurs themselves perceive their mindset as a
crucial support to becoming successful?
A research study that focuses on the thinking and behavioral patterns of successful
entrepreneurs in a Satisfied Grower mindset could help to develop a modeling process based on
people who possess such a mindset. Such insights could support aspiring entrepreneurs to
transfer distinct elements into their own situation, adopting a Satisfied Grower mindset
themselves. Investors may also find it useful to learn more about the Satisfied Grower mindset
given that the Satisfied Grower entrepreneurs in this study were financially more successful than
entrepreneurs with other mindsets. This might contribute to decisions as to which entrepreneurs
to support financially.
CONCLUDING REMARKS
Previous researchers have provided considerable information about the behavioral
aspects of successful entrepreneurs: skill sets that matched specific market needs (Slaughter,
1996); a need for achievement (McClelland, 1987; Stewart, Carland, Carland, Watson, & Sweo,
2003); a desire to take risks (McClelland, 1987; Stewart, Carland, Carland, Watson, & Sweo,
2003) for establishing, sustaining, and growing a business based on opportunistic (Baron, 2006;
Berglund, 2006; Slaughter, 1996; Timmons, 1994), innovative ideas (Stewart, Carland, Carland,
Watson, & Sweo, 2003; Monaughan, 2000); and the goal of striving for maximum profit
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(Schutjens & Wever, 2000). As a result we have gained an understanding of what behavioral
patterns comprise a successful entrepreneur.
We suggest that an exploration of the mindset patterns of entrepreneurs on the journey of
becoming successful provides additional insights that can be linked with such behavioral
information. When we learn about the internal processing of successful entrepreneurs, how they
view and think about behavioral aspects such as decision-making or risk-taking, we gain new
knowledge about what precedes the actions that lead to success in entrepreneurship. In other
words, by investigating the mindset of successful entrepreneurs we are eventually able to get to
the source of what translates into the measurable and observable aspects that are identified as
successful entrepreneurs’ behavioral patterns.
When we began to distinguish what we call the Grower and Maintainer mindsets, we
were able to identify what made some entrepreneurs in this study more successful than others.
Additional research applying these concepts may help to further decipher the complex process of
becoming a successful entrepreneur.
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TABLE 1
Main Themes among All 10 Successful Entrepreneurs
Item Description
1 Gaining direction and purpose through emotional connections with supporters
2 Creating commonly shared visions and values to align self, business, and
stakeholders
3 Embracing and fostering new roles, skills, and resources to develop the business
4 Active self-development through self-challenge and self-reflection
5 Making unique contributions by continuously linking entrepreneurial actions to
own values, beliefs, and interest areas
6 Achieving long-term goals by continuously identifying, reflecting, and
adjusting short-term goals
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TABLE 2
Grower and Maintainer Mindsets
Growers Maintainers
Success is perceived as a continuum Success is attributed to specific moments
in time
Becoming continues Becoming ends, being starts
Success evolves Success is attained
Achievements serve as stepping stone for Achievements are perceived as plateaus
new endeavors that need to be preserved
Evolve with new roles, grow into roles Stay within original roles, refrain from
new roles
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TABLE 3
Entrepreneurial Mindset Matrix:
Experiencing Satisfaction or Dissatisfaction as Growers and Maintainers
Satisfied Dissatisfied
Growers Focus on present Focus on the future
Somewhat detached from success, Attached to success, part of identity
not part of identity
Motivated by internal drive Motivated by internal pressure
Maintainers Focus on present Focus on the past
Somewhat detached from success, Attached to success, part of identity
not part of identity
Motivated by internal drive Motivated by internal need
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