S0218495816500096

J. Enterprising Culture 2016.24:209-241. Downloaded from www.worldscientific.com Journal of Enterprising Culture by RYERSON UNIVERSITY on 01/30/17. For personal use only. Vol. 24, No. 3 (September 2016) 209–241 © World Scientific Publishing Company DOI: 10.1142/S0218495816500096 The Antecedents of Entrepreneurial Success: A Mixed Methods Approach Jeffrey Overall School of Business, Nipissing University North Bay, ON, Canada [email protected] Sean Wise Ted Rogers School of Management, Ryerson University Toronto, ON, Canada [email protected] The purpose of this research is to understand: (1) the main themes that appear to contribute to entrepreneurial success, (2) the various combinations of antecedents that can lead to entrepreneurial success, and; (3) the role that travel plays in entrepreneurial success. We first use a qualitative methodology to assess the themes that emerge in our conversations with 14 highly-successful Canadian entrepreneurs. The main categories that emerged from our interviews that con- tribute to entrepreneurial success involve: learning, travel, adversity quotient, and mentorship. From these results, we conduct a qualitative comparative analysis (QCA) and find that the input variables that were most important to entrepre- neurial success were: learning, experiencing failure, learning from mentors, and adversity quotient. The contributions to knowledge of this research are twofold. First, we show that travel is an important construct to entrepreneurial success, which is significant as travel has largely been omitted from the entrepreneurship literature. Second, we show that entrepreneurial success is dependent on a complex combination of variables of varying levels of importance. Keywords: Adversity quotient; entrepreneurial success; failure; learning; entrepreneurship; mentorship; QCA; travel. INTRODUCTION The importance of entrepreneurial learning in understanding the entrepre- neurial process has been well-documented in the extant literature (e.g., Wang and Chugh, 2014). It has been suggested that successful 209

J. Enterprising Culture 2016.24:209-241. Downloaded from www.worldscientific.com J. Overall & S. Wise by RYERSON UNIVERSITY on 01/30/17. For personal use only. entrepreneurs seem to be always trying to learn and enhance their personal experience either through their social networks, namely their close rela- tionships with founders, investors, and mentors (Fisher et al., 2014) or, through their own successes and failures (Cope, 2011; Shepherd, 2004). Importantly, when entrepreneurs fail, it is crucial that they not only attempt to learn from failure, but also remain positive and motivated through a strong adversity quotient (Markman and Baron, 2003; Nimalathansan, 2005). Adversity quotient has been shown to contribute to entrepreneurial success as it enables the entrepreneur to persevere in their business endeavours. Through their perseverance, entrepreneurs are able to learn from their failures (Huovinen and Tihula, 2008; King, 1985), which assists them in their subsequent enterprises. Although progress has been made in the entrepreneurial learning and entrepreneurial success research, limitations have been reported (Kumar, 2007; Wang and Chugh, 2014). Wang and Chugh (2014) noted gaps in knowledge surrounding the learning gained through exploration exist. According to their research, Townsend and Cairns (2003) contend that to be successful in an international context, managers need to be culturally competent and possess global management competencies, which are often gained through one’s exploratory travels. The relationship between travel and learning, in general, has been understudied (Falk, Ballantyne, and Packer, 2012; Stone and Petrick, 2013) whilst the effect that travel has on entrepreneurial learning and success, has not been introduced as an im- portant construct in the extant entrepreneurship literature. However, according to recent accounts by practitioners, travel appears to be impor- tant. Specifically, travel has not only been shown to have an enriching impact on one’s personal life, but it has also been suggested to have a profound effect on one’s career (Hendricks, 2015). For example, it can provide entrepreneurs with a fresh perspective on their businesses (Sned- den, 2015). As a result of its potential, Chris Sacca, an influential venture capitalist in Silicon Valley, suggested that to be hired within one of his companies, prospective employees needed to have, at some point, been: “lost, alone, in a place where you don’t speak the language and are de- pendent on the kindness of others.” (Morris, 2015, p. 4).” Finally, even though there has been work conducted in the field of entrepreneurial success, Kumar (2007) contends that the theories are not convincing and that there is more work to be done. To this end, we attempt to fill these gaps by seeking to understand: (1) the main themes that appear to contribute to entrepreneurial success, (2) the various combinations of antecedents that can lead to entrepreneurial success, and; (3) the role that 210

J. Enterprising Culture 2016.24:209-241. Downloaded from www.worldscientific.com The Antecedents of Entrepreneurial Success: A Mixed Methods Approach by RYERSON UNIVERSITY on 01/30/17. For personal use only. travel plays in entrepreneurial success. According to the latter, to under- stand more about travel within the context of entrepreneurship, in this research, we engage in theory-building by applying a qualitative research design. Specifically, we follow a mixed methods approach. First, we take an inductive approach to our qualitative research to assess the themes that emerge in our conversations with 14 highly-successful Canadian entre- preneurs. The main categories that came out from our interviews of these successful entrepreneurs involved the importance of learning, travel, learning from mentors, experiencing failure, and adversity quotient to en- trepreneurial success. With these results, we conduct a qualitative com- parative analysis (QCA) to assess the various combinations of antecedents that can lead to entrepreneurial success. In the first section of this paper, in the literature review, we discuss entrepreneurial success followed by outlining the main constructs, namely entrepreneurial learning and adversity quotient that emerge, a posteriori, from the interviews that we coded in Study 1. In other words, our interest in entrepreneurial learning and adversity quotient arose from the data. Next, we outline the methodology of Study 1 and present the findings. From these results, we outline the methods of Study 2 and present our findings. From this, we include a general discussion whilst concluding with the implica- tions for practice and suggestions for future research directions. LITERATURE REVIEW Entrepreneurial Success Several characteristics possessed by entrepreneurs have been shown to contribute to entrepreneurial success. These include: the need for achievement, independence, persistence, internal locus of control, personal capabilities, hard work, innovativeness, self-efficacy, and the willingness to take calculated risks (Obschonka, Silbereisen, and Schmitt-Rodermund, 2011; Rauch & Frese, 2000; Zafar & Khan, 2014). Beyond these traits, the ability of the entrepreneur to garner social capital through access to im- portant relationships has been shown to be important (Sarasvathy, Menon, & Kuechle, 2013). Indeed, the access to role models, and also family members that have entrepreneurial leanings, have been found to assist would-be entrepreneurs in developing competencies that can contribute to success (Obschonka et al., 2011; Sarasvathy et al., 2013). Indeed, these relationships provide the budding entrepreneur with access to important 211

J. Enterprising Culture 2016.24:209-241. Downloaded from www.worldscientific.com J. Overall & S. Wise by RYERSON UNIVERSITY on 01/30/17. For personal use only. resources, such as start-up capital. Access to funding is crucial as this helps entrepreneurs in developing their ideas by taking them from the canvas to reality (Zafar & Khan, 2014). In the extant literature, it has been shown that entrepreneurial success tends to breed success (Sarasvathy et al., 2013). In this way, when an entrepreneur is successful with a venture, they have developed the knowledge, experience, confidence, and have accumulated the financial and social resources that are needed to foster future successes (Sarasvathy et al., 2013; Zafar & Khan, 2014). In the entrepreneurial literature, entrepreneurial success has been typi- cally defined in terms of economic factors, such as financial gain (Wach, Stephan, and Gorgievski, 2005). However, it is also important to ac- knowledge that other variables, such as independence, satisfaction, personal learning, work-life balance, workplace relationships, CSR, and subjective well-being, have also been used as indicators of entrepreneurial success (Wach, Stephan, and Gorgievski, 2015). In this research, considering that our data is comprised of TV interviews of successful entrepreneurs, en- trepreneurial success is taken as a given. In particular, each entrepreneur that we interviewed had accumulated significant wealth through their business endeavours and, as a result of this, we define entrepreneurial success using economic terms (Baron et al., 2016). Learning To be successful, entrepreneurs have to continuously learn and embrace the idea of ‘lifelong learning’. They do this through experiencing successes and failures. They also learn by gaining tacit knowledge, namely knowledge that can typically be gained through experience (Nonaka and Takeuchi, 1995), or being exposed to various decision-making scenarios in their business endeavours. It has been shown in the extant literature that learning leads to greater instances of success (Gompers et al., 2006). Cunningham and Lischeron (1991) have shown that entrepreneurial success is often de- pendent on the ability of the entrepreneur to develop knowledge over time. In specific reference to failures, entrepreneurs have been found to use their previous negative experiences to their advantage by taking the knowledge that they have learned from these into their future endeavours (Huovinen and Tihula, 2008; King, 1985). Many entrepreneurs and, spe- cifically, nearly 80% of entrepreneurs from the extant literature were found to claim that learning from failures was an extremely important factor in their successes (Wadhwa et al., 2009). Once entrepreneurs have experi- enced the misgivings associated with failure, they often use these negative 212

J. Enterprising Culture 2016.24:209-241. Downloaded from www.worldscientific.com The Antecedents of Entrepreneurial Success: A Mixed Methods Approach by RYERSON UNIVERSITY on 01/30/17. For personal use only. experiences coupled with their high need for achievement as motivators to strive for success and, ultimately, attempt to avoid failure (Cope, 2011; White et al., 1997). However, Politis (2005) noted that entrepreneurs typically learn from ‘intelligent failures’, which are those failures that provide a basis for al- tering future behaviour. Put differently, not all failures can provide oppor- tunities for entrepreneurs to learn. For example, as a result of their cognitive biases, which are decision-making limitations that entrepreneurs often ex- perience in their inability to perceive the risks of their ventures (Fleisch- mann et al., 2014), they might not believe that they have made a mistake (Baron, 2004). As opposed to acknowledging their own misgivings, they might blame their failure on an exogenous factor (Sykes and Matza, 1957), which might prevent them from learning that their actions were the cause of the failure. As a result, they might repeat the same mistake and, subse- quently, fail anew. Beyond this, social capital has been shown to be important to entrepre- neurial success (Makhbul and Hasun, 2011). Adler and Kwon (2002, p. 23) define social capital as: “. . . the goodwill available to individuals or groups. Its source lies in the structure and content of the actor’s social relations. Its effects flow from the information, influence, and solidarity it makes avail- able to the actor.” In the social capital literature, it is contended that the breadth of social capital can be used for various purposes, such as organi- zational, economic, or political (Adler and Kwon, 2002). It can be said that when individuals invest in developing their social networks, they often ex- perience benefits, such as information, access to resources, knowledge, and power (Adler and Kwon, 2002). In the entrepreneurship literature, clusters of entrepreneurs, the proximity to investors, network support, and the quality of the individual networks of the entrepreneur, have been found to be vital contributors to success (Alam et al., 2011; Gordon and Jack, 2010; Wadhwa et al., 2009). Specifically, when entrepreneurs work within proximity, they are able to share experiences, learn from each other, and share both physical and technological infrastructures (Besser and Miller, 2013). If entrepreneurs surround themselves and are interacting with successful entrepreneurs, the collective experience of these role models and mentors in their networks can offer them sound advice that might assist them in circumventing failures or capitalizing on successes (Preston, 2001). Indeed, mentors appear to play an important role in assisting entrepreneurs in succeeding. Beyond learning from failure and, also, mentors, the knowledge that has been gained from international travel has been argued to be an important factor in one’s development. The relationship between travel and learning 213

J. Enterprising Culture 2016.24:209-241. Downloaded from www.worldscientific.com J. Overall & S. Wise by RYERSON UNIVERSITY on 01/30/17. For personal use only. has been known for centuries. In particular, through the Grand Tour of Europe in the 17th to 19th centuries whereby young noblemen from Britain would travel throughout Europe as part of their education (Stone and Petrick, 2013). Travel has been shown to build character and those that experience the advantages of international travel, return with a different perspective of the world (Scarinci and Pearce, 2012; Shannon, 2013). People find that travel helps in opening one’s mind, which helps in the learning process (Formosa, 2010). Shannon (2013) noted that the students who participated in study abroad programs experienced dramatic changes in the way they address problems and make decisions. Over time, students in these programs tend to absorb the local culture and, eventually, become similar, culturally, to their hosts (Townsend and Cairns, 2003). This enables the student to perceive the world through various cultural lenses. As a result of the learning that takes place, often more tacit than explicit, travel has been referred to as the University of Travel (Pearce and Foster, 2007). In other words, travel might be as useful as a university education in helping people learn and develop through an experiential mode. In fact, Stone and Petrick (2013) demonstrated that students often found that they learned more from their travels than they did from attending university courses. In general, it can be said that in a globalized environment, travel is vital to learning and, subsequently, success (Simon and Ainsworth, 2012; Townsend and Cairns, 2003). Entrepreneurial learning, on the other hand, takes place when the en- trepreneur experiences an event in their life or career where they learn a lesson. This might involve an instance that has a profound impact on them, such as through a success or a failure. With this experience, the entrepre- neur is able to extract this knowledge from their arsenal and use it at some point in the future when encountering a challenge, which might lead to the right decision being implemented, ultimately resulting in a greater chance of success.1 Entrepreneurial learning might occur when individuals are exposed to the various circumstances that they may encounter whilst travelling, such as: (1) communicating with others that do not speak the same language, (2) building better networks because when we travel, we are often forced to emerge from our comfort zones and interact with others, (3) developing cultural awareness, (4) improving time management skills as travelling 1 Importantly, it is imperative to mention that entrepreneurial learning and learning, in general, are essentially the same process. In the case of entrepreneurial learning, learning simply occurs within the context of entre- preneurship and within the entrepreneurial process. 214

J. Enterprising Culture 2016.24:209-241. Downloaded from www.worldscientific.com The Antecedents of Entrepreneurial Success: A Mixed Methods Approach by RYERSON UNIVERSITY on 01/30/17. For personal use only. requires people to develop schedules and maintain them, (5) learning to function with limited financial resources, (6) becoming more creative, and; (7) solving problems in a dynamic environment (Hendricks, 2015; Kline, 2015). Abstractly, these experiences implicitly assist entrepreneurs in de- veloping important skills, such as: problem solving, adaptability, strong communication skills, resource management, self-confidence, tolerance, independence, dealing with pressure, improved awareness of global issues, and managing resources (Falk, Ballantyne, and Packer, 2012; Pearce and Foster, 2007). By developing these skills, in turn, individuals become more competitive (Long et al., 2010; Pearce and Foster, 2007), which can later be applied to their enterprises. In this way, entrepreneurs have suggested that travel is quite similar to entrepreneurship as they both involve: leaving their comfort zones through exploration, facing considerable challenges, and navigating uncertainty (Sharma, 2016). Although potentially important, the significance of travel and learning from the experiences of travel has not been investigated within the context of entrepreneurial success. Adversity Quotient Beyond the contribution of learning from mentors and travel to success, we also investigate how adversity quotient influences entrepreneurial success. Although entrepreneurs often experience failure in their business activities, it is prudent that entrepreneurs do not become afraid to fail or intolerant of failure (Preston, 2001) as failure has been shown to be important to not only success (Fisher et al., 2014), but also in developing knowledge. Indeed, it is vitally important that entrepreneurs remain positive by sustaining an opti- mistic outlook on their abilities, their experiences, and their future endea- vours. Adversity quotient, which is “. . . our ability to handle adversity determines our success” (Markman and Baron, 2003, p. 291), has been argued to be important to the entrepreneurial process. This positive outlook often occurs through positive self-efficacy in one’s abilities and maintaining high-levels of confidence in one’s endeavours and not dwelling on one’s failures (Reavley and Lituchy, 2008). METHODOLOGY Study 1 To develop a deeper understanding of the variables that contribute to entrepreneurial success, in the first study of this research, a general 215

J. Enterprising Culture 2016.24:209-241. Downloaded from www.worldscientific.com J. Overall & S. Wise by RYERSON UNIVERSITY on 01/30/17. For personal use only. interpretivist approach using grounded theory techniques is used to analyze our interview data. Divergent from a grounded theory approach, in this research, data collection and analysis did not proceed in tandem whereby data is collected, analyzed, coded, and new data is collected (Bryman and Teevan, 2005). In other words, constant comparison (Suddaby, 2006) was not used. On the contrary, we had a clean separation between data col- lection and analysis (Suddaby, 2006). In this research, we did not analyze any of our data until the last interview was conducted. Once our last in- terview was conducted, we analyzed the data using open coding and axial coding techniques (Strauss and Corbin, 1990). In our analysis, we were most interested in discovering regularities in our interviews (Tesch, 1990). Consistent with the literature, we followed elaborate coding procedures by breaking the data down into themes (Ojastu et al., 2011). To facilitate with the coding process, we leveraged the Microsoft Word program through the use of the colour-coded comments feature. Through this approach, we were able to create codes, combine them, and remove them as we saw fit. By doing this, we were able to group similar concepts that shared com- parable meaning among the entrepreneurs in our study (Ojastu et al., 2011). From our assessment, we found that learning from mentors, travel, and failure through facing adversity (i.e., adversity quotient), contributed to entrepreneurial success. Data Analysis The first stage of the data analysis involved reviewing each of our 14 interview transcripts thoroughly that were collected from an on-campus university television series that is currently aired on the Oprah Winfrey Network. Specifically, 14 highly successful Canadian entrepreneurs were interviewed individually on their upbringing, career, business ventures, and ambitions. The interviews were semi-structured with an average length of 47 minutes. The entrepreneurs were all successful, multimillionaires. Each interviewee was selected as he or she was a personal colleague or associate of the second author who is the host of the television series. These entre- preneurs had started companies in various industries that include: travel and tourism, cosmetics, media, technology, investment, beverage alcohol, venture capital, and consumer products. Given the background of these entrepreneurs in various industries and contexts, we feel that they are representative of successful entrepreneurs, in general. In each interview on the television show, the interviewer follows the same format by asking each entrepreneur the same broad questions. 216

J. Enterprising Culture 2016.24:209-241. Downloaded from www.worldscientific.com The Antecedents of Entrepreneurial Success: A Mixed Methods Approach by RYERSON UNIVERSITY on 01/30/17. For personal use only. Specifically, the interviewer asks questions about the beginning of the entrepreneur’s career and how they selected entrepreneurship as a career option. The interviewer then asks questions about the trials and tribulations that they encountered in their career. In this line of questioning, the inter- viewer probes for details on both the positive and negative aspects of their business endeavours.2 Although there were no specific questions associated with travel in the interviews — this information emerged from the con- versations and often surfaced in the discussions where the entrepreneur described how they selected entrepreneurship as a career and also the trials and tribulations of their career. During the first review of the transcripts, every line in the interviews was coded (Silverman, 2008). This method of open-coding resulted in a total of 642 codes across the 14 transcripts. A descriptive analysis of these codes was conducted by analyzing the frequency each code appeared in the interviews. This word repetition process resulted in the most important themes emerging from the data (D’Andrade, 1995). In reference to the open-coding examples, defined as “the process of breaking down, exam- ining, comparing, conceptualizing, and categorizing data (Strauss and Corbin, 1990, p. 61)”, in Table 1, various codes emerged that seemed to be important in relation to success. Specifically, the motivation to learn, experiencing failure, the attraction to travel, and the importance of men- torship appeared to be salient. These themes seemed to be important as they allowed the entrepreneur to progress and improve in their careers. In some way, each of these themes, namely experiencing failure, attraction to travel, and the importance of mentorship appeared to contribute to the growth and knowledge gained by the entrepreneur, both professionally and personally. In specific reference to travel, the importance of travel began to emerge as particularly salient in the development of entrepreneurial learning as it provided the entrepreneur with a new perspective. This subsequently appeared to assist the entrepreneurs with opportunity recognition. A code that appeared to be an important phenomenon involved men- torship. Mentors came in the form of founders, partners, or investors. Al- though these social networks seem to be important to entrepreneurial success, it was only the interactions with mentors that seemed to be im- portant to entrepreneurial success. This code emerged into the theme of 2 Considering that the television series is an on-campus university television series that is used as a teaching tool, these questions are helpful in showing students that there are disadvantages associated with entrepreneurship. In other words, entrepreneurship is often not the high-paying occupation that highly successful entrepreneurship stories, such as Bill Gates, Jeff Bezos, or Richard Branson, often portray it to be. 217

J. Overall & S. Wise Table 1. Open-Coding Examples. Number of Percentage of Theme Entrepreneurs Entrepreneurs (%) J. Enterprising Culture 2016.24:209-241. Downloaded from www.worldscientific.com Motivation to learn 12 85.7 by RYERSON UNIVERSITY on 01/30/17. For personal use only. Attracted to travelling 8 57.1 Don’t want to work for others 11 78.6 (independence) 10 66.6 Desire to create 13 92.9 Experienced failure 11 78.6 Importance of good mentorship 10 66.6 Tenacity 10 66.6 Passion 9 64.3 Strong work-ethic 10 66.6 Rollercoaster ride (success/failure) 7 50 Early successes 7 50 Entrepreneurial tendencies at a 8 57.1 young age Confidence learning from mentors. As a result of this, social capital disappeared as an important code in the research. Of the codes that emerged, the need for independence was a reoccurring phenomenon; however, this did not appear to be particularly salient to entrepreneurial success. It was, however, important in one’s desire to start working for oneself. The same can be said about confidence and en- trepreneurial tendencies experienced at a young age. A strong work-ethic and tenacity appeared to motivate the entrepreneurs to succeed, but other than an indirect facilitator of success, it did not directly contribute to suc- cess. The same could be said about passion. Entrepreneurs do not succeed from their passions, per se. Passion simply motivates them if they are in fact passionate about a particular topic, which is what we found in some of the entrepreneurs, namely Entrepreneur #1. From the aforementioned codes, concepts were developed by returning to the transcripts for an additional review of the data through axial coding (Silverman, 2008) whereby the data was “. . . put back together in new ways after open coding, by making connections between categories (Strauss and Corbin, 1990, p. 96)”. Through axial coding, relationships between themes within specific interviews were found, which were also apparent across other interviews. According to the axial codes in Table 2, we found two main categories and their respective themes that reappeared across the 14 218

The Antecedents of Entrepreneurial Success: A Mixed Methods Approach Table 2. Axial Codes. Category Themes Learning (i) Motivation to learn, (ii) Attracted to travelling, Adversity quotient (iii) Experienced failure, (iv) learning from mentors (i) Rollercoaster ride (success/failure) and (ii) Early successes J. Enterprising Culture 2016.24:209-241. Downloaded from www.worldscientific.com interviews, namely: learning (motivation to learn, attracted to travelling, by RYERSON UNIVERSITY on 01/30/17. For personal use only. experienced failure, and learning from mentors) and adversity quotient (rollercoaster ride of successes and failures and early successes). Each of these categories and their themes will be discussed, in detail, in the ensuing paragraphs, which will lead to our second study. Results Learning. From our interviews, learning appears to contain several themes, namely learning from failure, travel, and various experiences, in general. We found the desire for lifelong learning came through in much of the discourse of Entrepreneurs #1 and #12. Specifically, “I’m completely focused and intrigued by learning” Entrepreneur #1 “I wanted to learn as much as I possibly could” Entrepreneur #1 “. . . because as an entrepreneur you’re always doing different things. So you’re just learning all the time. One way that people have told me to think about it is that you’re either working to earn or working to learn.” Entre- preneur #12 From this, it appears that learning is just as vital to entrepreneurs as perhaps the monetary rewards. In this way, an entrepreneur may take on a roll in a start-up or launch a particular business, which might not be as financially-rewarding as other opportunities, to learn and, subsequently, gain valuable knowledge and experience. In other words, this type of learning can be categorized as experiential learning, which has been argued to be an important phenomenon in the extant literature (Kickul, Griffiths, and Bacq, 2010). Entrepreneurs #8 and #11 talked about the importance of experiential learning: “Continue to learn no matter where you are. Even if it is your part-time job. Everywhere you are is a scrap of knowledge. . . please look at every opportunity no matter where you are as a learning opportunity as a part of your education” Entrepreneur #8 219

J. Enterprising Culture 2016.24:209-241. Downloaded from www.worldscientific.com J. Overall & S. Wise by RYERSON UNIVERSITY on 01/30/17. For personal use only. “Hands-on education is just as important as the letters [academic cre- dentials] by your name.” Entrepreneur #11 “You learn from other bosses. You learn how to do things right and how to do things wrong.” Entrepreneur #11 Hitting on this theme of learning when you succeed and fail, it shows that entrepreneurs need to embrace failure as an important element of the entrepreneurial process. It appears that failures should not be perceived negatively or feared, but rather they should be perceived as an opportunity to learn. Indeed, many of the entrepreneurs noted that their successes were the result of their failures and how they learned from them. “The greatest wealth that I have accumulated. . . is investing in people who have made mistakes, who have acknowledged it and who have learnt from those mistakes.” Entrepreneur #7 “We scaled up the business and in June we lost about $10,000. . . And in July we lost about $8000. We lost almost the whole $20,000 in those two months and we realized we couldn’t keep doing that. That wasn’t an ef- fective strategy. . . We fired everybody, got out of the office lease and we retrenched. And from that point forward, for seven years, the company made money every month.” Entrepreneur #1 “It is the failures or the challenges that actually make you who you are. You know they are the ones that you go alright next time; I will do it this way. . . Sometimes it could take you a year to bounce back. Sometimes it takes you a week. Sometimes it might take you a lifetime. If you make it once, you will always make it. If you’re a great salesmen, you can sell anything. . . You have to get back to reality and get back up there.” Entrepreneur #11 Entrepreneur #11 appears to make an important point in that it is vital that entrepreneurs remain positive when encountering failure. When facing failure, attempting to see the positive aspects of the failure can lead entrepreneurs to overcome them, quicker, and exploit new opportunities. Entrepreneur #13 alludes to the importance of being prepared and aware of failure. In other words, success can be fleeting and that failure is part of entrepreneurial learning as it teaches the entrepreneur how to persevere. In this way, entrepreneurs should not only be prepared to fail, but they should also expect to fail. From this, it appears that entrepreneurial learning, in general and learning from failure are important to adversity quotient. “. . . it doesn’t take very long to go from a success to a failure. When I opened the brewery back in 1988, I over-extended my credit. I was using credit cards and cash advances and anything else I could do — check kiting. . . Trying to keep the doors open. . . And it was tough because I really 220

J. Enterprising Culture 2016.24:209-241. Downloaded from www.worldscientific.com The Antecedents of Entrepreneurial Success: A Mixed Methods Approach by RYERSON UNIVERSITY on 01/30/17. For personal use only. believed in the project and not a whole lot of other people did and it was pretty close to having padlocks put on the doors. . . I just dreamt too big and couldn’t pay for it. . . Plus I had 50-60 employees with mortgages they had to pay for that had faith in me to pull a rabbit out-of-a hat and I owed it to them. Plus you don’t want to fail in front of your family.” Entrepreneur #13 After selling his first company and becoming wealthy, Entrepreneur #2 decided to start another enterprise. However, the result did not go as expected. This experience taught the entrepreneur that just because you were successful at one point in your career; it does not necessarily preclude that failures will not occur in subsequent endeavours. “Made me start another company. . . we went through a bunch of ideas and. . . that was my failure experience as an entrepreneur, which is very valuable. But it is what you do. You build companies and you try things.” Entrepreneur #3 had a similar experience. This tells us that entrepreneurs need some humility when they approach entrepreneurial activities because; failures as well as successes are both very real possibilities. “It was a huge failure. . . People are going to love it and. . . the initial users said ‘hey this is really cool’ and then the usage went up and then it went down. And what we learned was that the product wasn’t inherently sticky. Although all the kids told us they loved it and gave us all the right answers, they didn’t keep using it.” Entrepreneur #3 From this discourse, learning was found to be vitally important to entrepreneurs. Failure was perceived as an opportunity for learning and, also, growth. Failure appears to teach entrepreneurs how to persevere through their failures. In this way, entrepreneurs also learned that success is fleeting whilst also teaching them the lesson that success does not breed success. Failures can occur throughout all stages of one’s career. Interestingly, entrepreneurs were motivated to travel and learned heavily from their travel experiences. Specifically, they learned from their sur- roundings, the context, and the people that they interacted with. In the case of Entrepreneur #8, this appears to have assisted her with learning to find a work-life balance and focus on the importance of family. “I wanted to travel. I wanted to see the world. I loved going to Mexico and hitting the beach and watching people. I remember going to Mexico and sitting there waiting for a bus and looking over and this family was selling Chicklets in this little hut, but they were giving their baby a bath and they were all laughing. Everyone was having a really great time. They were all together and I thought in North America we are not with our kids and we sit back and think poor them. . . They are actually happier, they’re together and that influenced me.” Entrepreneur #8 221

J. Enterprising Culture 2016.24:209-241. Downloaded from www.worldscientific.com J. Overall & S. Wise by RYERSON UNIVERSITY on 01/30/17. For personal use only. “. . . travelling and watching these people live with their children and be filled with joy that they were together.” Entrepreneur #8 In his discourse, Entrepreneur #9 appears to have used travel as a vehicle for inspiration and knowledge. “Natural curiosity for other cultures in the world. I’m an immigrant to Canada so I travelled early to get here. It was always an interest of mine to see other places and learn about other people and travel is a vehicle for that.” Entrepreneur #9 Similarly, Entrepreneur #1 appears to use travel to not only disseminate knowledge, but also to learn from the people that he interacts with. “A lot of the travelling that I’m doing around the start-up communities is not just to spread the thoughts that I have but to actually learn about different places. . .” Entrepreneur #1 On a slightly different tangent, Entrepreneurs #3 and #6 learned to adapt from their travelling experiences. Considering that they travelled and moved to many different environments throughout their lives, they learned to quickly adapt to their surroundings. This learning experience translated into their entrepreneurial careers as it prepared them for the constant change that they experience in their enterprises. These experiences taught them the importance of pivoting, when needed. “I’m not entirely sure why we moved so much. . . we found ourselves moving all over Canada and as far as the impact that it had on me, I learned to enter new environments with confidence and I learned to make friends very quickly” Entrepreneur #3 “Growing up and being in a state of constant relocation it certainly made it easier for me to enjoy that lifestyle [of entrepreneurship].” Entre- preneur #3 “Travel the main thing about it was that it taught me to really expect change. . . There is not a place that I have lived in for more than four years. . . My parents would change jobs, sometimes they would change countries. . . So it was just constant change and it was nice you learned to make friends quickly.” Entrepreneur #6 Entrepreneur #13 used his travel experiences to fuel his entrepreneurial pursuits. Specifically, he learned about a successful business idea from his travels in Britain and, as a result of his intuition, he exploited the oppor- tunity in his native Canada. Indeed, it appears that travel can assist with stimulating the entrepreneurial process through opportunity recognition and exploitation. “I went to England because I wanted to experience another type of life- style. . . I got nothing to lose so this is the right time to do it. . . When I was in 222

J. Enterprising Culture 2016.24:209-241. Downloaded from www.worldscientific.com The Antecedents of Entrepreneurial Success: A Mixed Methods Approach by RYERSON UNIVERSITY on 01/30/17. For personal use only. England that’s how I started my love affair with beverage alcohol. I went to the pubs, sure I enjoyed having a pint of beer, but I started to see that there was a business opportunity here. People liked it. We didn’t have that I kind of thing in Canada at the time. So I came back to Canada with the idea of bringing something that was successful in one culture and I thought that it could be successful here, but nobody was really doing it.” Entrepreneur #13 From this narrative, it can be seen that travel appears to have had an impact on the entrepreneurial process whereby ventures were created. In particular, travel appears to have inspired the entrepreneurs to develop a vehicle for inspiration and a new perspective. Travel was important for the dissemination and development of learning. It also seems to help in pre- paring entrepreneurs for constant change and the need to adapt to said change. Travel further helped with opportunity identification whereby one idea that was successful in one cultural context was imported to another. Beyond the importance of travel, we found that successful entrepreneurs were most concerned with collaborating with good founders and having access to mentors, which they believed contributed to their learning. Some of the entrepreneurs discussed the importance of mentors in their entrepre- neurial successes. Specifically, Entrepreneur #2 noted not only the impor- tance of surrounding himself with good people in the pursuit of success in that it can minimize costly errors, but this was also vital to learning. “The number one lesson that I teach entrepreneurs today is surround yourself with experienced people who have been there and done that in whatever situation you are in.” Entrepreneur #2 “We had no mentors at the time. So we built this company with no real mentors helping us. We sold it idiotically with no real mentors helping us. And there were two huge, huge accounts of that. One was the four year lock-up, which we had no idea was way too long. . . The other big lesson I learned about mentors much later was that about five or six years later, the CEO of the acquiring company said: ‘you guys know that you left half the money on the table? We were willing to pay twice as much. . . If you had someone on your side of the table that really understood these deals, you would have doubled your exit value. . .’ I’ve seen exit values double con- sistently by a mentor. So, what is a mentor worth? In five minutes, on a phone call, millions of dollars quite often.” Entrepreneur #2 Entrepreneurs #5 and #8 discuss the importance of using their mentors for strategic guidance. This guidance and knowledge was considered as, if not more, important as monetary gain. This narrative further emphasizes the point that entrepreneurs often perceive learning as vital as financial rewards. 223

J. Enterprising Culture 2016.24:209-241. Downloaded from www.worldscientific.com J. Overall & S. Wise by RYERSON UNIVERSITY on 01/30/17. For personal use only. “I think you have to find the right mentor. The one that fits your en- trepreneurial needs or entrepreneurial style and your personal style. Someone who can provide strategic and valuable council and context. . . The other thing is to listen as much as you talk and to accept the fact that what they got on you despite the fact that you might be really smart is they got experience and perspective. . . and allow yourself to be guided” Entrepreneur #5 “It was more than money. It was mentorship I wanted. At the end, when they said, ‘do we have a deal’, I said, ‘do I get your wisdom and your council?’. . . He became my mentor right away. Mentorship is huge.” En- trepreneurship #8 Adversity quotient. As a result of the constant challenges that entrepre- neurs experience in their careers, we found that there were important themes associated with adversity quotient and how entrepreneurs learn from them, namely understanding the likelihood of successes and failures, learning to adapt to the challenges associated with both success and failure, and learning to build on early successes in their careers. When addressing problems, Entrepreneur #7 looked at his problems in the context of cata- strophes and would reflect on how bad the problem was in comparison to other, more severe problems. “When you hit a dark moment, go darker because it’s usually not that bad. . . is it holocaust bad?” Entrepreneur #7 After being involved with 10 failing companies in a year, Entrepreneur #1 learned to stay positive and understood that entrepreneurship has many high and low points. This proved to be a valuable learning experience for him. “. . . All of a sudden you had to be profitable. We had no way to get there quickly and so the equity value of the company declined, ultimately the company went bankrupt. . . Our stock as founders was linked to the stock of the private equity firm. So we weren’t able to sell our stock unless they sold their stock. Then when they sold their stock, we could only sell propor- tionally to their stock. They had a $40 million investment. At the peak, they had a billion dollar gain. They didn’t sell a single share of stock. . . So, I had this experience as an entrepreneur now of this company that went from nothing to this extraordinary value to nothing, which was pretty power- ful. . . During this period, I started a venture capital firm. . . did a bunch of investments and I had a bunch of successful companies.” Entrepreneur #1 From this adversity, Entrepreneur #1 learned to put his career into per- spective in that it is a series of high and low points. These experiences taught him to accept the reality of the situation and to live within it. Less abstractly, this taught him the lesson to confront issues that are bothering 224

J. Enterprising Culture 2016.24:209-241. Downloaded from www.worldscientific.com The Antecedents of Entrepreneurial Success: A Mixed Methods Approach by RYERSON UNIVERSITY on 01/30/17. For personal use only. him as opposed to pretending that they do not exist. By doing this, issues can be confronted as opposed to festering and, potentially, getting worse. “Recognize the journey is a complicated one, lots of ups and downs. I had two very difficult years personally in my mid-20s when my business was going fine, I had money, I was comfortable, but emotionally in terms of the fabric of what I was doing and how I was thinking about things was very difficult. Don’t deny that, it’s part of being human. . . Recognize that its part of the experience. You cannot deny reality and when you see it, deal with it. . . When you have something that is bothering you, confront it. . . Don’t defer it. And even if you decide after you confront it that you are not going to do anything about it. That’s OK. At least you have looked at it.” Entrepreneur #1 Through this outlook on life, Entrepreneur #1 was able to learn not to dwell in failure, but to remain positive. “. . . tomorrow is going to be a new day and I’m going to start over.” Entrepreneur #1 Entrepreneurs #3 and #11 experienced similar views on failure: “. . . You will have many bad days and when you have those bad days, remember that you are going to have great days, too. That there will be more good ones in the future. Don’t quit. . . The entrepreneurs who succeed go through devastating low times, but they don’t quit.” Entrepreneur #3 “And I think we are so intimidated, we are so brought up of being told don’t make mistakes, get it right. You know, don’t be a loser. But being a loser is sometimes part of the whole picture. And you cry, you pick up yourself and you go out and try again.” Entrepreneur #11 To stay positive, many entrepreneurs had early successes to help them keep the failures into perspective and remain balanced. This also allowed the entrepreneurs to develop confidence in their abilities. “This notion that you can create something out of nothing. That the path of creating something out of nothing is not easy and it’s often very un- predictable even when you have steep success and that success is fleeting. Just because you have some success for some period of time doesn’t necessarily mean that you have sustainable phenomenon as a business and all of those things happened to me when I was 18-19 years old.” Entre- preneur #1 “[Early success] forced me to work harder more than anything.” Entre- preneur #6 “I had every kid in my neighbourhood making bookmarks in my parents’ basement. And we must have sold about 10,000 bookmarks. Then I won a gold medal from Junior Achievement that year. . . I was successful at what 225

J. Enterprising Culture 2016.24:209-241. Downloaded from www.worldscientific.com J. Overall & S. Wise by RYERSON UNIVERSITY on 01/30/17. For personal use only. I did. And the story continues because when I got my first job at 16 at Denny’s I got fired after two weeks.” Entrepreneur #9 Many entrepreneurs learned to accept that problems were a natural phenomenon in their careers. “As an entrepreneur, you run into problems. If there are no problems in a day, you wonder if your e-mail is not working. . . literally every day, something comes up and you go through cycles, it’s a rollercoaster. At times you are happy, at times you just want to quit.” Entrepreneur #6 “I have been told and I truly believe it’s never as good as it seems and it’s never as bad as it seems. So you can have a bad day and everybody will, you are going to have great days. . . There are always going to be peaks and valleys and they are going to disappear. So another day will come with more opportunities. How do you know when you are at the peak? How do you know when you are at the valley? I don’t actually think you can tell. I just think you need to have a level head and, overtime, you can look back at it with some more perspective.” Entrepreneur #12 According to this narrative, it can be seen that facing adversity and having the ability to persevere through this, entrepreneurs are able to learn about themselves, such as their limitations and abilities, and also their businesses. In particular, entrepreneurs were able to learn that there are high and low points in an entrepreneurial career, which taught them to remain balanced by putting their career into perspective. The importance of staying positive was a valuable lesson learned from this. This taught the entre- preneurs to understand the importance of confronting issues that arise as opposed to ignoring them. This perspective allowed the entrepreneurs to accept that problems and failures are normal. From this, it can be seen that adversity quotient is an important contributor to entrepreneurial success. Considering that it appears that learning, travel, experiencing failure, learning from mentors, and adversity quotient appear to be important variables to entrepreneurial success, we endeavoured to understand what combinations of these important variables lead to entrepreneurial success. To achieve this aim, we next conduct a QCA to understand the causal conditions that contribute to entrepreneurial success. Study 2 Analytical Method We built 14 case histories based on the narrative from each of the 14 interviewees. With this information we subsequently ran a QCA. QCA is a 226

J. Enterprising Culture 2016.24:209-241. Downloaded from www.worldscientific.com The Antecedents of Entrepreneurial Success: A Mixed Methods Approach by RYERSON UNIVERSITY on 01/30/17. For personal use only. hybrid methodology that enables researchers to retain the richness associ- ated with qualitative methods whilst providing some generalizability (Crilly, 2011; Overall, 2016). Using Boolean algebra, QCA is founded on the assumption that the social environment is inherently complex and a chosen outcome, namely entrepreneurial success in the case of this re- search, is influenced by various independent (or input) variables (Crilly, 2011). To accommodate this complexity, QCA enables researchers to un- derstand the various combinations and configurations of input variables that can lead to a desired outcome. In quantitative method terminology, such as structural equation modelling, the input variables would be similar to in- dependent variables whilst the output variable would be similar to a de- pendent variable. To conduct a QCA, four steps are followed in sequence. In the first, data is calibrated, manually using simple data entry techniques, through the use of binary measurements where there is either full membership (1) or non- membership (0) in a given set (Crilly et al., 2012). For example, inde- pendent of the other input variables, if an entrepreneur has experienced failure, the calibration score for failure would be full membership (1); however, if an entrepreneur had not experienced failure, the calibration score would be classified as non-membership (0). This calibration process occurs for each case (i.e., entrepreneur) and each input variable (e.g., travel, failure, and etc.) In the second step, the Quine-McCluskey truth table is calculated, using a software that enables QCA calculations, such as fs/QCA or R, to determine the various combinations of input variables that are sufficient for a chosen outcome (Schneider and Wagemann, 2010). By creating a truth table, one is able to assess the number of logically possible combinations that lead to entrepreneurial success (Crilly, 2011; Crilly et al., 2012.; Fiss, 2011), where, in the case of this research, because there are five input variables, there are 25 logically possible configurations. In the truth table, there are values attributed to each configuration (or combination of input variables that lead to the outcome) with some containing many cases, some with few, and some containing no empirical cases (Fiss, 2011). How- ever, in this research, all configurations that were not associated with any of the 14 entrepreneurs analyzed were deleted; thus, retaining the configurations with at least one observation (Crilly, 2011), which is common practice in the extant QCA literature (e.g., Crilly et al., 2012; Overall, 2016). In the third step, the truth table is simplified using Boolean algebraic logic, which can be calculated through the aforementioned QCA software. Boolean algebra is a technique that allows for the detection of combinations of various configurations, which are necessary and sufficient, that lead to a 227

J. Enterprising Culture 2016.24:209-241. Downloaded from www.worldscientific.com J. Overall & S. Wise by RYERSON UNIVERSITY on 01/30/17. For personal use only. specified outcome (Grandori and Furnari, 2008). By doing this, the various combinations of configurations, and the commonalities between them, that contribute to entrepreneurial success can be assessed (Fiss, 2007). In the final step, the results are interpreted by assessing the consistency and coverage, which are measures of fit (Crilly et al., 2012), accordingly. Consistency is known as the relationship between theory and practice that is within the range of 0 and 1. “Consistency measures the degree to which cases sharing a given condition agree in displaying an outcome, indicating how closely a subset relation is approximated. Cases with strong mem- bership in a configuration are the most relevant consistent and inconsistent cases (Greckhamer, 2011, p. 94).” The higher the consistency score, there is greater reliability in the results (Crilly, 2011). Importantly, scores between 0 and 0.75 are considered inconsistent with scores above 0.8 and, closer to 0.95 are more reliable (Crilly, 2011; Ragin, 2007; Overall, 2016). Coverage measures the extent that the solutions explain all cases leading to a particular outcome (Crilly et al., 2012). In other words, it represents the total coverage of the configuration — the greater the coverage, the stronger the findings are. Greckhamer (2011, p. 94) provides the fol- lowing description of the three types of coverage, namely raw, unique, and solution: Overall coverage of a combination that may overlap with other combinations is its raw coverage; coverage uniquely due to a combination is its unique coverage (the difference between raw and unique coverage is due to overlap between combinations); the combined coverage of all combinations leading to the outcome is the solution coverage. If there are more than one combination of configurations that lead to a particular outcome (Greckhamer, 2011), the first step in the interpretation of results is to assess, by using the unique coverage, the highest score (i.e., the score closest to 1). This provides the researcher with knowledge of the importance and unique contributions of various causal configurations (Fiss, 2007). Once this is achieved, the researcher interprets the causal condition with the highest empirical weighting, which is determined by assessing the overall solution consistency. Next, the overall solution coverage is ap- praised. The strongest model empirically is the one that has the highest overall solution coverage (i.e., the score closest to 1) (Overall, 2016). Al- though similar, but not identical to quantitative methods, consistency and coverage are comparable to the coefficient correlation and the coefficient of determination. 228

J. Enterprising Culture 2016.24:209-241. Downloaded from www.worldscientific.com The Antecedents of Entrepreneurial Success: A Mixed Methods Approach by RYERSON UNIVERSITY on 01/30/17. For personal use only. Measures To measure each of the input variables in the QCA, namely: learning, defined as learning, in general, and, in particular, embracing lifelong learning, travel, experiencing failure, learning from mentors, and adversity quotient that appear to lead to entrepreneurial success, the data was cali- brated through the use of binary measurements. To calibrate the data, we returned to the transcripts of each of the 14 interviews and rated each of the aforementioned variables with (1) and (0). In this way, we conducted a crisp-set QCA analysis, which is different from a fuzzy-set QCA. In fuzzy- set QCA, it is believed that there are varying degrees of full membership (1) versus non-membership (0) associated with a given set. Fuzzy-set QCA is typically used for studies involving interval data, collected from ques- tionnaires that have used Likert-type scales. In this way, the data from a 7-point Likert-type, for example, would be converted through calibration to equal intervals between 0 and 1. Specifically, 0, 0.166, 0.332, 0.5, 0.664, 0.83, and 1 would be calibrated from 1, 2, 3, 4, 5, 6, and 7, respectively, with (1) representing full-membership and (0) representing non-member- ship in a given set (Crilly et al., 2012.; Overall, 2016). Considering that we did not use a questionnaire in this research, but rather interview data, we used the traditional crisp-set QCA method involving simply binary classi- fications. Considering that steps two through four mentioned above are identical, step one, namely calibration, is the only difference between crisp- set and fuzzy-set QCA. Therefore, full membership (1) was allocated to the entrepreneurs who demonstrated instances of: learning, travel, experiencing failure, learning from mentors, and adversity quotient and non-membership (0) to who did not exhibit these (Crilly et al., 2012.). Data Analysis To generate the array of possibilities that contribute to entrepreneurial success (Crilly, 2011), namely the second step mentioned above, the Boolean algebraic analysis could be conducted manually, but the use of a QCA software, such as fs/QCA or R, is more efficient and reliable. In this research, given the reliability, we relied on the fs/QCA software, which is most often used in the extent QCA literature (e.g., Crilly, 2011; Crilly et al., 2012; Fiss, 2011), to develop a truth table (Ragin et al. 2006). In this research, it is expected that each condition, namely: learning, travel, experiencing failure, learning from mentors, and adversity quotient, are core causal. Core causal means that each of these input variables are 229

J. Enterprising Culture 2016.24:209-241. Downloaded from www.worldscientific.com J. Overall & S. Wise by RYERSON UNIVERSITY on 01/30/17. For personal use only. essential for entrepreneurial success to occur (Fiss, 2011). Following the literature, all logical remainders, which are those were there is no case present of a particular configuration, were eliminated (Crilly et al., 2012); accordingly, retaining the configurations with at least one observation (Crilly, 2011). Following Crilly (2011), the consistency threshold, which is a measure of reliability, was set at 0.8 (Fiss, 2011). This threshold is used to not only minimize the outcomes in the truth table, but also to provide the most parsimonious solutions. At this point in the four-step approach out- lined above, the fs/QCA software calculates three levels of results, namely the complex, intermediate, and parsimonious solutions. It is argued that the parsimonious solution is too simplistic and does not account for the com- plexity of the social environment (Ragin, 2007). However, the complex solution is based on the underlying assumption that the social environment is considerably (or needlessly) complex, which tends to provide solutions that are unnecessarily complex (Ragin and Sonnett, 2007). Therefore, consistent with the extant literature, the intermediate solution, which is considered to be the most conservative solution (Crilly et al., 2012; Overall, 2016), is used to interpret the results of this research. Results As mentioned, in this research, calibration was conducted by manually classifying the binary results of each entrepreneur. The results for the cal- ibration of learning, travel, experiencing failure, learning from mentors, adversity quotient, and success are displayed in Table 3. From the configuration of causal conditions that lead to entrepreneurial success outlined in Table 4, which was created from the output of the fs/ QCA software (i.e., stage three mentioned above), it can be seen that there are five combinations (or models) that lead to entrepreneurial success. In Model 1, the core causal conditions that contribute to entrepreneurial success include the presence of travel and experiencing failure and the absence learning from mentors and adversity quotient. The core causal condition that were unnecessary was learning. The consistency, defined as the relationship between theory and data that is within the range of 0 and 1, was 1.00. The raw coverage, defined as the total coverage of the model, was 0.14. The unique coverage, defined as the coverage attributed to the con- figuration as a whole was 0.07, which is considered to be quite low. In Model 2, the core causal conditions that lead to entrepreneurial suc- cess involved the presence of travel and experiencing failure and the ab- sence of learning from mentors and learning. The core causal condition that 230

J. Enterprising Culture 2016.24:209-241. Downloaded from www.worldscientific.com The Antecedents of Entrepreneurial Success: A Mixed Methods Approach by RYERSON UNIVERSITY on 01/30/17. For personal use only. Table 3. Calibration Table for Qualitative Comparative Analysis. Entrepreneur Learning Travel Failure Mentors AQ Success 1 1 1 1 1 11 2 1 0 1 1 11 3 0 1 1 0 11 4 1 0 1 1 11 5 1 0 1 1 01 6 1 1 1 1 11 7 1 1 1 1 11 8 1 1 1 1 11 9 1 1 1 0 01 10 1 0 1 1 1 1 11 1 1 1 1 1 1 12 1 0 0 1 1 1 13 0 1 1 0 0 1 14 1 0 1 1 0 1 was unnecessary was adversity quotient. The consistency and raw coverage for Model 2 are 1.00 and 0.14, respectively, with a unique coverage of 0.07, which is quite low. In Model 3, the core causal conditions that contribute to entrepreneurial success involve the presence of experiencing failure, learning, learning Table 4. Configuration of Causal Conditions Leading to Entrepreneurial Success. Causal Conditions Configurations for Entrepreneurial Success 12345 Travel   Failure Learning   Mentors Adversity quotient (AQ)        Consistency 1.00 1.00 1.00 1.00 1.00 Raw coverage 0.14 0.14 0.36 0.29 0.57 Unique coverage 0.07 0.07 0.14 0.07 0.35 Overall solution consistency 1.00 Overall solution coverage 1.00 Key:  core causal condition (present); core causal condition (absent). Note: This format of presenting the results of the fuzzy-set analysis is based on Ragin and Fiss (2008). 231