This study investigates how habitual entrepreneurs (i.e. serial and portfolio entrepreneurs) discover and exploit opportunities, deal with risk and uncertainty, predict or control the future, and plan their businesses based on a causation and effectuation perspective. This study thereby uncovered the causation and effectuation logics applied by habitual entrepreneurs with regard to four dimensions of the venture creation: View of the future (VF), Opportunity Discovery (OD), Opportunity Exploitation (OE), and Dealing with Risk (DR). Six habitual entrepreneurs, who had to meet three strictly defined criteria, where sampled and case studies performed. The findings clearly indicate that habitual entrepreneurs mainly apply an effectual logic with regards to the four dimensions examined. Some of the more inexperienced habitual entrepreneurs tend to apply both logics, but almost exclusively become effectual more experienced they become. This study contributes to better understanding how and why entrepreneurs develop a causal or effectual frame through their previous entrepreneurial experience.
16th Nordic Conference on Small Business Research Proceedings, 2010