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What is it about?

Previous studies demonstrate that novice entrepreneurs access fewer resources than experienced portfolio entrepreneurs. From an entrepreneurial learning perspective, the purpose of this paper is to investigate why they differ in terms of accessing critical resources. The authors studied entrepreneurs in the Norwegian offshore petroleum industry, which is conservative with strict regulatory regimes and overall high-entry barriers, and in which a good reputation is crucial. Hence, the authors argue that the industry is well suited for a study of the research questions. The novices’ mind-sets were anchored in technological ideas and they had problems in prioritizing the critical business relationships and market opportunities. They were also unwilling to compromise on ownership control and to disclose business secrets. Portfolio entrepreneurs, on the other hand, acknowledged that technology had had little value if they could not convince market actors. Therefore, they proactively aimed to establish business relations early in the process. They emphasized that a major lesson was to avoid developing excessive attachment to the product but to be willing to share the risks and profits with other industry and market actors.

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Why is it important?

The findings indicate that novices can learn from the willingness to compromise, in terms of ownership control and disclosure of confidential information to business partners, shown by experienced entrepreneurs. They should also be more willing to involve potential customers at an early stage to gain market knowledge and access.

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