The 8th Indonesia International Conference on Innovation, Entrepreneurship,

and Small Business (IICIES 2016)

Entrepreneurial Spirit For The Growth of Start-Up : A Literature

Study
Sutarjo1
Student at Postgraduate Program, Business Administration Studies, Universitas Padjadjaran, Bandung

Abstract

Entrepreneurship plays an important role in the economic development of the country. This paper review the literature and the
working paper on the researches in terms of Entrepreneurial Spirit and its influence on the growth of start-up.

To define the Entreprenerial Spirit in supporting the development and growth of start-up it is required for research into the
development dan growth process of start-ups through internal factors of the founder. Entrepreneurial spirit is the propensity of
the manager or employee in knowledge-intensive enterprises to identify opportunities for innovation and organize various
resources, in order to create added value that meets a solvable demand.

Start-ups are becoming increasingly important in today's economy. Start-up companies are newly founded companies or
entrepreneurial ventures that are in the phase of development and market research. Start-up usually associated with high-tech
projects because their product is mostly software which can be easily produced and reproduced.

Founders attitudes and practical skills, can be expected to drive new ventures towards higher growth performance.
Transforming star-ups into noteworthy enterprises requires a radical cultural shift, from opportunistic adaptation in niche
markets to the pursuit of more ambitious strategies, require specific personal traits in the founding entrepreneur. The founders
individual are assumed important because individual traits of the founder able to shape the culture and behaviour of the start-
up, launching start-up is challenging process and external investor often assess the potential of start-up by evaluating
individual attributes of the founder.

Keywords: Entrepreneurial spirit; growth; start-up

1. Introduction

1.1 Background
Entrepreneurship (Entrepreneurship) plays an important role in the economic development of the country and
linked to economic growth and the welfare of all nation (Kochadai, 2011: 28). Entrepreneurship is central to the
functioning of market economies. Entrepreneurs are agents of change and growth and can act to accelerate the
generation, dissemination and application of innovative ideas. In doing so, they not only ensure that efficient use is
made of resources, but also expand the boundaries of economic activity (Bailey, 2007).
Entrepreneurship is closely associated with knowledge and flexibility, two factors that have gained new
significance as a source of competitiveness in an increasingly globalized world economy. The shift in industry
1
* Sutarjo Tel. +62 8111757615
E-mail address: [email protected]; [email protected]

2016 The 8th Indonesia International Conference on Innovation, Entrepreneurship, and Small Business.
2 Sutarjo
structure towards less concentration and more decentralization is one indicator of this development. With
technological change and the intensified global competition brought about by globalization and economic
liberalization, the assumption that fostering entrepreneurship means fostering a country's competitiveness (Sanyang
and Huang, 2010).
Start-ups are becoming increasingly important in today's economy: fast responsiveness, growth-oriented strategy
and high flexibility help these companies overcome financial crisis better than bigger firms with slower response
times (D'Avino, De Simone, Iannucci and Schiraldi, 2015). A successful business is a combination of three
elements namely the idea, financial resources and management team (Kubr et.al., 1998 : 18). A Start-up can not be
separated from the element of business founder(s) who has the idea, in which the idea is emerged from the
founders Entrepreneurial Spirit. There is a close relationship between overall economic development and
entrepreneurial activity, this has lead to a number of studies in the area of entrepreneurship (Kochadai, 2011: 1).
Despite the long-recognized value of studying serial entrepreneurs, existing research is descriptive, using
various sources of data to detect statistically significant differences between novice and experienced entrepreneurs
(Zhang, 2007). Entrepreneurial spirit is the propensity of the manager or employee in knowledge-intensive
enterprises to identify opportunities for innovation and organize various resources, in order to create added value
that meets a solvable demand. This definition of entrepreneurial spirit opens up the possibility of researching the
reasons why managers or employees in some companies can cope better with innovation than those others (Ulijn,
Drillon and Lasch, 2007:103). A research is required to discover factors underlying the development of business
growth, especially in terms of entrepreneurial spirit.

1.2 Purpose of The Study

By using the literature and working paper, this paper aimed for:

1. Exploring whether entrepreneurial spirit of the founder having in impact on the growth of start-up
2. Exploring the component of the entrepreneurial spirit
3. Exploring and reviewing how the entrepreneurial spirit help the start-up to grow

2. Literature Review

2.1 Entrepreneurial Spirit (ES)

The word of entrepreneur comes from the French 'entreprendre', which means "do some things", originally
used in the Middle Ages to mean "people" were active, which makes things successful (Kochadai, 2011: 27). The
term of entrepreneur was first used by Richard Cantillon in his essay on "Nature of Commerce" in 1755.
According to Cantillon an entrepreneur is a person who buys factors services at a certain price and then combine
them to produce a product and sell it at a price that is uncertain when he did it the cost of issuance. According to
Saucier (2010: 5-6), Cantillon was a businessman and banker, his approach reflected the concerns of practical men
who set about making a living. In Cantillons view the most active and central participant was the entrepreneur,
who motivates the entire economic system. Cantillon explicated the vital role of the entrepreneur with perception
and vigor. However Cantillions description on the activities of entrepreneurs to assume the risk of emphasis on the
activities of production, distribution and consumption. Thus at the time Cantillon see the entrepreneur on the
supply side and ignore the demand side (demand).
Entrepreneurs are those persons (business owners) who seek to generate value, through the creation or
expansion of economic activity, by identifying and exploiting new products, processes or markets. Entrepreneurial
activity is the enterprising human action in pursuit of the generation of value, through the creation or expansion of
economic activity, by identifying and exploiting new products, processes or markets. Entrepreneurship is the
phenomenon associated with entrepreneurial activity (Ahmad and Seymour, 2008).
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Personal traits have received strong supporting evidence and been applied as factors to predict entrepreneurial
intention by many research experts, there is existent link between personality features and entrepreneurial activity
which differentiates the person with entrepreneurial propensity from non-entrepreneurial propensity ones (Khuong
and An, 2016)
Frugier, Verzat, Bachelet and Hannachi (2003) described the component of entrepreneurial spirit as follows:
(1) Attitudes (Autonomy, Needs for fulfilment, dynamism, risk taking, initiative taking, responsibility,
innovation and will/determination),
(2) Normative beliefs (Reference professional/other models),
(3) The feeling of being skilled:
(a) Control locus-internal locus (effort and ability) and external locus (other omnipotence, luck and chance)
(b) Self-efficacy : seizing opportunities, working with a team, developing and maintaining a network,
technological skills, working intensely, organizational skills, projecting oneself into the future and making
decisions.
Entrepreneurial Spirit is progressively built up through a dual elaboration: of professional identity and of
specific attitudes, behaviours and competence feelings. Entrepreneurial Spirit consists for business as well as for
all human activities, in identifying opportunities, in gathering resources of various natures, in order to create a
wealth that meets a solvable demand (Verzat and Bachelet, 2006).

2.2 Start-Up
Entrepreneurship originates at the individual level, realization is achieved at the firm level. Start-ups or
innovations are vehicles for transforming personal entrepreneurial qualities and ambitions into actions (UNCTAD,
2004).
Start-up companies are newly founded companies or entrepreneurial ventures that are in the phase of
development and market research. They are usually, but not necessarily, associated with high-tech projects because
their product is mostly software which can be easily produced and reproduced. Additionally, technology-oriented
projects, by their very nature, have the greatest potential for growth. Technology-oriented start-ups are typically
located in major urban centres. The reason is attributed to the need for a market that exceeds the local level
(Klamer alopa, Horvat and Lali, 2014)
Start-ups identifying small opportunities in the market that are often not found by big and or established firms.
Large companies usually focus on the big picture and on the profitable segments, but start-ups able to recognize
niches market which do not seem to be an opportunity at first sight. Start-ups are experiencing and living the
whole entrepreneurial spirit. The typical Start-up founders are highly qualified, because 75% of them obtain a
university degree and employ 3.6 employees. (Brggemann, 2014). Studies often refer to serial entrepreneurship,
defined as the propensity to start up more than one company in ones life before launching a successful business
(Onetti, Pepponi and Pisoni, 2015)

2.3 Start-Up Growth

The objective of entrepreneurship is new firm creation. Expectations for growth may vary substantially over a
new firms life cycle . Growth is widely considered an impelling objective for new ventures (Balboni et al., 2014).
The growth of a new firm needs involvement of strategic activities, which have been labeled strategic
entrepreneurship (Kreutz and Henrichs, 2015).
Founders capabilities and knowledge are a key driver for startups growth. Innovative firms, founded by
individuals who have a higher level of work experience, show superior growth, with everything else equally
contributing . Startups established by such individuals are more likely to obtain venture capital financing, which
has a sizeable positive effect on their growth. Successful high-growth firms are usually built around a team.
Extensive research reported that team-founded firms have higher success rates, if compared to firms started by
single founders. (Onetti, Pepponi and Pisoni, 2015). According to Balbomi et al. (2014), different growth factors
4 Sutarjo
are emphasised by each approach such as (1) Entrepreneurial factors; (2) Contextual factors; and (3) Strategic
factors and access to resources and capabilities.

3. Method

The method used in this paper is done by conducting a non-survey method through literature study. According
to Cooper and Schindler (2001), encyclopedias, textbooks, handbooks, magazine and newspaper articles, and most
newscast are considered secondary information sources. In accordance with the purpose of the study to explore the
entrepreneurial spirit, the method used in this paper is secondary data analysis.
Within secondary data exploration, the steps done by researcher is finding and reviewing the literature,
organize data archives, arrange the empirical study based on the category, select relevant index, then write the
paper to review based on the research report, working paper and relevant theory on the entrepreneurial spirit and its
influence to the growth of start-up.

4. Discussion

Motivation to be an entrepreneur is not only commercial motives, but rather a combination motive based on
personal and social considerations. This is clearly linked to youth work ethic, where the support of a person's
identity and social relationships play an important role. Young peoples motive become entrepreneurs is a social
position that able to provide support for personalization and able to contribute to society in many ways, including
not only hire young people, but also help the community to thrive (Kiilakoski (2010: 30). Kiilakoskis view is
interesting when linked with the phenomenon of many young people in Indonesia that start to do the business and
aim for a profitable business and to survive in the long term. This has encouraged other young people to transform
their entrepreneurial idea into a real business and switch from classic professions such as working at an established
company or civil servants.
Entrepreneurship is associated with certain characteristics and traits. These characteristics include the need for
an achievement, the tendency to take risks, and locus of control (Kochadai 2011: 28-31). According to Schumpeter
(1947) entrepreneur renew economic activities by introducing new ideas, new processes, new products and
services for the growth of the economic. Internationally, entrepreneurial knowledge involves cross-border business
activities and across countries (Jones, Coviello and Tang, 2011). Entrepreneurship is transforming new idea into a
business (Leon, Gorgievski, and Lukes, 2008: 22). According to Leon et al. to be a motivated entrepreneur, the
individual must be familiar with the concept of entrepreneurship. The person must be equipped with the right skills
to transform the ambition to be a successful enterprise.
Traits for entrepreneurial spirit evolved, in early stages of development, the rise in income generated an
evolutionary advantage to entrepreneurial, growth promoting traits and their increased representation accelerated
the pace of technological advancements and the process of economic development (Galor and Michalopoulos,
2006). Entrepreneurial spirit is multifaceted, it is not clear as to what contributes to the multidimensionality. The
distinguishing characteristics of entrepreneurial spirit have not been formally examined. It is not clear how
entrepreneurial spirit is triggered, nurtured and sustained in a firm, nor as to how this spirit spills over to
communities and regions (Thyil and Durden, 2006).
There are many factors which influence the initial stage of the start-up. When someone starts a new enterprise
or tries to get into entrepreneurship they face many problems like finance, land permissions ,environmental
clearance, foreign investment proposals, family support, team, marketing strategy, legal aspect, resource allocation,
mentorship, fear of failure, accurate advice and information (Dutta, 2016). Initiation of a start-up has always been
a hit-or-miss proposition (Blank, 2013). To build a firm, a start-up founder has to assemble a group of people with
various expertise, gain access to capital and other resources, and act as a manager to implement a business plan. A
person who can do this job effectively needs to have a wide range of skills (Zhang, 2007).
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According to Blank (2013), start-ups are not smaller versions of large companies. They do not unfold in
accordance with master plans. The ones that ultimately succeed go quickly from failure to failure, all the while
adapting, iterating on, and improving their initial ideas as they continually learn from customers. One of the critical
differences is that while existing companies execute a business model, start-ups look for one. This distinction is at
the heart of the lean start-up approach. It shapes the lean definition of a start-up: a temporary organization designed
to search for a repeatable and scalable business model.
Unlike established company, Start-Up is still lack of regulations and their development mainly depends on
entrepreneurs. Start-Up should build their formal management systems so that they can integrate as organic
organizations to engage in entrepreneurial activities (Fang, Yuli dan Hongzhi, 2009). Kreuts and Henrichs (2015)
explained that internal dynamic in facing external environment is not influence the growth of start-up, while study
by Zhou and de Wit (2009) was showing that environment determinant is not have an influence to the growth, but
individual with the motivation to grow and having technical capability have a significant influence to the growth.
Sipola (2015:83) argue that start-up need competent customers whose feedback able to be used to validates the
start-up in the markets and enables the business to grow. This process is spread over markets and hierarchies to
continuously filter and recognize the most promising ideas, innovations and startups and to organize the economic
actors (competence and other resources) for scaling the potential startups into desired winners (Sipola, 2015 :83)
An important subset of new firms is young high-growth firms which are often referred to as gazelles. Gazelles
are companies that are not older than five years, have ten or more employees at the beginning of the measuring
period and that have an average annual turnover and employment growth rate of more than 20% for a prolonged
period of time. These companies often account for less than one percent of all firms in countries all over the
world, but contribute a much larger share to job creation and economic growth (Grichnik, Vogel and Burkhard,
2015). Go-Jek in Indonesia is an example similar to gazelles mentioned by Grichnik et al. Go-Jek which is
established in 2011 is one of hottest start-up in Indonesia. 2 Go-Jek founder is Nadiem Makarim, an MBA graduate
from Harvard Business School (2009-2011) with working experience as an associate at McKinsey&Company,
Managing Director at Zalora and Chief Innovation Officer at Kartuku. 3 The startup's app has been downloaded
more than 11 million times and it has more than 200,000 motorbikes and Go-Jek is aiming for a valuation of $1
billion.4
Based on the studies mentioned above, there are many dimension of growth determinant that influence the
growing and sustainability of start-up. Zhou and de Wit (2009) findings that individual motivation to grow is
having influence to the growth need further studies on founders entrepreneurial spirit influence on the growth of
start-up.
It has been increasingly recognized that the understanding of the contemporary growth process would be fragile
and incomplete unless growth theory could be based on proper microfoundations that would reflect the various
qualitative aspects of the growth process and their central driving forces (Galor and Michalopoulos, 2009).
High-growth startup companies may fail because the business model that was the basis of their strategy does not
materialize. They may also fail because the market does not open up in the way and time anticipated. Such
negative outcomes come with the territory of start-up companies. High risk taking, often with radical innovations,
is more often rewarded with failure than success. However, start-ups often fail or do not achieve their full potential
because they get stuck in this entrepreneurial crisis. Even if the entrepreneur adopts a managers mindset and is
aware of the need for management systems, she/he may not have the capability to design and implement them on
her/his own. Another consistent findings in the study is that the design and implementation of management systems
requires specific knowledge about the systems themselves as well as experience in using them. In other words,
designing these systems is not something that can be done simply by following the instructions in a bookit is
not like a do-it-yourself bookshelf. (Davila, Foster and Jia, 2010).

2
https://www.techinasia.com/indonesia-sequoia-go-jek, accessed on 22 May 2016, 08.40 a.m
3
https://www.techinasia.com/indonesia-grabbike-go-jek-indonesia-infographic, accessed on 22 May 2016 : 08: 45 a.m.
4
http://www.bloomberg.com/news/articles/2016-03-23/friends-at-harvard-turn-rivals-over-ride-hailing-apps-in-asia, accessed on 22 May 2016,
08:48 am
6 Sutarjo
Referring to the variables used on the study carried by Verzat and Bachelet (2006) on entrepreneurial spirit,
according to Balboni et al (2014), individual traits such as founders attitudes and his/her experience and practical
skills, can be expected to drive new ventures towards higher growth performance. Transforming improvised star-
ups into noteworthy enterprises requires a radical cultural shift, from opportunistic adaptation in niche markets to
the pursuit of more ambitious strategies, which, in turn, require specific personal traits in the founding
entrepreneur. The founders individual are assumed important for some reasons. First, individual traits of the
founder able to shape the culture and behaviour of the start-up that he/she leads. Second, launching start-up is
challenging process, education and prior industry experience is critical to provide the start-up with appropriate
strategies. Third, external investor often assess the potential of start-up by evaluating individual attributes of the
founder.
A study by Orser (1997) in Cooney (2012) was showing that of the firms studied in her research, those firms
whose owners had stated five years previously that they wanted to grow the business were now more successful,
while the majority of firms owned by entrepreneurs who did not prioritise growth had either not grown or had
failed. Orser found that the growth intentions of an entrepreneur were influenced by their own attitudes, by the
views of other people (such as their spouse, business partner, accountant or banker), and by the perceived
feasibility of success. The attitudes of the entrepreneur were influenced by positive factors such as financial
implications, contribution to the community and recognition of the community but they were negatively influenced
by factors such as work-family balance, additional stress, and potential loss of control. The combination of these
influences contributed to the accumulation on an entrepreneurs growth intentions, which combined with
competitive advantage and managerial skills determined the growth outcome of the firm. This finding highlights
the importance of internal factors such as entrepreneurial spirit; that in contrast to popular opinion, a negative
economic environment does not necessarily mean that one cannot achieve high growth with ones business,
although it does reduce the opportunity for growth.

5. Conclusion

Motivation to be an entrepreneur is not only commercial motives, but rather a combination motive based on
personal and social considerations. Entrepreneurship is associated with certain characteristics and traits. These
characteristics include the need for an achievement, the tendency to take risks, and locus of control.
To be a motivated entrepreneur, the individual must be familiar with the concept of entrepreneurship. The
person must be equipped with the right skills to transform the ambition to be a successful enterprise.
Entrepreneurial Spirit is progressively built up through a dual elaboration: of professional identity and of
specific attitudes, behaviours and competence feelings individual with the motivation to grow and having technical
capability have a significant influence to the growth. The attitudes of the entrepreneur were influenced by positive
factors such as financial implications, contribution to the community and recognition of the community.
This finding highlights the importance of internal factors such as entrepreneurial spirit; that even in a negative
economic environment the venture is still able to achieve high growth.

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