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Saras Saravvathy

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Submitted By ronnie1972
Words 3894
Pages 16
An ongoing study of company builders gets to the heart of it: The most successful entrepreneurs move quickly, adjust frequently, and above all trust themselves.

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INC.

FEBRUARY2011

Does that sound like you?
By Leigh Buchanan ILLUSTRATIONS BY GEORGE BATES

FEBRUARY 2011

INC.

5 5

"I've never done consumer marketing, so I don't really know. I think probably...

I would...I wouldn't doall this, actually.

hat distinguishes great entrepreneurs? Discussions ot entrepreneurial psychology typically focus on creativity, tolerance for risk, and the desire for achievement—enviable traits that, unfortunately, are not very teachable. So Saras Sarasvathy, a professor at the University of Virginia's Darden School of Business, set out to determine how expert entrepreneurs think, with the goal of transferring that knowledge to aspiring founders. While still a graduate student at Carnegie Mellon, Sarasvathy—with the guidance of her thesis supervisor, the Nobel laureate Herbert Simon—embarked t)n an audacious project: to eavesdrop on the thinking of the country's most successful entrepreneurs as they grappled with business problems. She required that her subjects have at least 15 years of entrepreneurial experience, have started multiple companies— both successes and failures—and have taken at least one company public. Sarasvathy identified 245 U.S. entrepreneurs who met her criteria, and 45 of them agreed to participate. (Responses from 27 appeared in her conclusions; the rest were reserved for subsequent studies. Thirty more helped shape the questionnaire.) Revenue at the subjects' companies—all run by the founders at that time—ranged from $200 million to $6.5 billion, in industries as diverse as toys and railroads. Sarasvathy met personally with all of her subjects, including such luminaries as Dennis Bakke, founder of energy giant AES; F^irl

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