Narratives help entrepreneurs and potential venture supporters to make sense of new ventures and to frame entrepreneurial journeys. Despite current understanding of how narratives shape entrepreneurial outcomes, however, there is limited guidance about how entrepreneurs might craft their own narratives in practice. In this article, we identify six types of entrepreneurial narratives-(1) an identity narrative, (2) an opportunity narrative, (3) a projective narrative, (4) a failure narrative, (5) a pivot narrative, and (6) a resourcefulness narrative-and we detail practical storytelling strategies entrepreneurs can use to shape each of these narrative types. We then propose that entrepreneurs can combine, sequence, and revise these narratives as the entrepreneurial journey unfolds. Knowledge of how to strategically manage the full entrepreneurial narrative repertoire enables entrepreneurs to create meaning and value where there once was none and to capture that value over time as a venture grows.
Success as an entrepreneur requires boldness, creativity, and action in the face of uncertain opportunities and idiosyncratic setbacks. Our recent research elevated and defined the concept of entrepreneurial hustle: an entrepreneur's urgent, unorthodox actions intended to be useful in addressing immediate challenges and opportunities under conditions of uncertainty. We argue this foundational construct is useful for explaining how successful entrepreneurs behave. Early scholarly research on entrepreneurial hustle has generated meaningful theoretical insights into the concept. In this article, we extend those insights into practical prescriptions for entrepreneurs, corporative innovators, and innovative changemakers, identifying what they might do and how they might use the hustle concept to effectively manage uncertain and ambiguous business scenarios. Furthermore, we examine the potential downsides of hustle and provide practical steps that can be taken to mitigate such risks.
Mentorship from other experienced individuals has become essential to entrepreneurs and their fledgling ventures, particularly in today's accelerators. However, even with the acknowledgment that mentoring and coaching improve an entrepreneur's likelihood of success, we know very little about the nuances of mentor-mentee relationships or the individual characteristics important to an entrepreneur's coachability. Therefore, we examined mentors and founders across entrepreneurial support organizations to investigate the factors that influence an entrepreneur's coachability, how coachability translates to venture outcomes, and whether or not the mentor-mentee relationship met the entrepreneur's expectations. We found that entrepreneurs that are more coachable are ultimately more successful during their time in these programs and are more satisfied with their mentorship experience. This article provides insights for the leaders of accelerators to improve mentorship opportunities and suggestions for entrepreneurs to improve their coachability.
Today's disruptive innovations are driving the creation of numerous billion-dollar startups. Venture capitalists focus on these potentially disruptive technology startups and fund them furiously, advancing their speed of growth. The idea is to scale fast and seek huge returns for investors. Terms that define this type of aggressive scaling have recently developed in Silicon Valley. Unicorn is defined as a venture with a value of $1 billion while a decacorn describes startups with a value of $10 billion. Another recent term is blitzscaling: funding a venture for extremely fast growth and prioritizing speed over efficiency in an environment of uncertainty. While blitzscaling is being used heavily by investors in Silicon Valley, we look at exactly what comprises this new phenomenon and how it is used in practice. We examine the concept, its stages, and its prevalence before reviewing the different examples of how the strategy has been implemented for success (the good), cases of its failure in practice (the bad), and the extreme cases of ethical compromise by ventures (the ugly). From these cases, we draw specific lessons that if understood and appropriately addressed would help new ventures effectively implement the strategy.