Can you learn to be an entrepreneur? A new in-depth study offers an insight into how top business players teach themselves to become successful.
Research by The University of Nottingham Ningbo China’s (UNNC) business school focused on developing a model of entrepreneurial learning, based on 12 successful Hong Kong entrepreneurs. Most had built businesses from scratch into organisations with at least 500 employees. At least one-third had more than 1,500 people working for them and one had 5,000 employees. One entrepreneur is head of a company that recently listed on Hong Kong’s stock exchange.
The research, conducted by entrepreneurship and business education specialist Dr Thomas Wing Yan Man, lends weight to theories that entrepreneurs do learn to become entrepreneurs and are continually working on improving their entrepreneurial prowess through an active process of learning and reflection.
“Learning is a key characteristic of a successful entrepreneur. They are highly motivated in seeking learning opportunities. They learn selectively and purposely and they learn in depth,” said Dr Man.
“Successful entrepreneurs involved in our research actively participate in training courses and look for management practices and ideas from others and from text books. They analyse how to apply certain management theories in their own businesses,” said Dr Man, Associate Professor of Entrepreneurship and Innovation. “First-hand experience is critical in the learning process.
“They participate in daily management and acquire hands-on experience about the business operations, rather than taking an investor’s perspective,” said Dr Man, head of the Master of Science in Entrepreneurship programme.
“Entrepreneurs were continuously improving their business activities by actively learning from their past actions as well as competitors.”
Top Chinese entrepreneurs also listened to customers and staff, including those who have left the business. The average age of those included in the study was 45; about a third were women and most were graduates. Hong Kong was chosen because entrepreneurs there are seen as better educated with higher expectations for growth.
Dr Man said his research objective was to develop an empirically based model of entrepreneurial learning focusing on learning behaviours. He identified six main patterns of learning common to Chinese entrepreneurs: they actively seek learning opportunities; they learn selectively and purposely; they learn in depth; they learn continuously; they improve and reflect on their experiences; and they transfer their learning outcomes to current practices.
The practical implications of Dr Man’s findings include that training for entrepreneurs should be situated at work or within simulated contexts that provide them with opportunities to apply their new knowledge.