M EETING THE RESEARCH OBJECTIVES

The analysis of the narrative recorded and transcribed from the RP process investigated the unpredictable nature of the events – whether they fell into the category of a BSTE. The causal relationship between the events and the actions resulting from the events were considered in the context of a developed absorptive capacity framework. More details as to the method of this analysis and the software used in the process has been covered in a previous chapter (section 3.7). Events cause things to happen, which reflects the growth narratives and the unpredictability of the events - (Johansson, 2012). The thesis considers, in the context of the aim of the research, what does the event lead to and what were its growth consequences (Gladwell, 2000). The aim of this research is to consider and investigate the role played by Black Swan Trigger Events in the process of growth in High Growth Small Firms. The aim recognises the importance of HGSFs in the context of addressing the regional disparities

experienced by slow growth regions such as the North East of England. Being consistent with the ontological and epistemological perspectives, “events or outcomes are what critical realists investigate” (Easton, 2010a). The phenomenological perspectives from the case study narratives have been considered. The methodology was designed to produces causal explanations which were evident in the case studies experiential growth stories (Bessant et al., 2007). Having collected the data, the issue of its interpretation and analyses was consistent with the described methodology.

The RPs and subsequent narratives from the RPs were considered in the context of the research question and the objectives. These being:

“An exploration of how BSTEs impact HGSFs?”

The research addresses three major objectives:

1. To capture of the phenomena of the growth story through the perspective of the entrepreneurs/business owners of defined HGSF case studies. Using Rich Pictures to capture the rapid growth story through the recorded narrative of the entrepreneurs of 5 case studies based in the NE the process of high growth stimulated by unpredictable events are explored.

This exploration is detailed in its disclosure of the issues, actions and decisions addressed by the case studies in their rapid growth.

2. To consider and explore the unpredictable nature of the BSTEs and identify and analyse the relationship between BSTEs and actions and decisions transitioning a firm post BSTEs.

Through an in-depth analysis of the evidence from the growth story narratives using a causal mapping process a theoretical framework was developed. This framework was an adaptation of the absorptive capacity model (Bessant, et al, 2007). The modifications to the model framed more detailed perspectives of the capacity, capability and knowledge development of the firms

3. To examine, through a broader framework of absorptive capacity, the actions taken by entrepreneurs and entrepreneurial teams during the process of high growth. By analysing the data through the modified absorptive capacity framework, the actions and decisions post the BSTEs were categorised and analysed. The words of the entrepreneurs are used to illustrate

the dynamic and the intensity of these actions and decisions. More importantly the impact they had upon the rapid growth of the firm.

Each of the case study findings was analysed and then an exploration provided across the case studies. The benefit of this being that each case study emphasises the heterogeneity of the HGSFs (Nightingale & Coad, 2016). Collectively the findings establish a theoretical framework, which is reflected in Figure 44, for the recognition of the impact and importance of BSTEs in the growth story of the case study HGSFs and although all different, the case studies experienced a similar post BSTE learning process. There is a recognition of the complexity of the growth process and the evidence claims its legitimacy from the disclosure and openness evident in the narratives. The narrative data indicates in each of the HGSFs that they went through a cycle of the conscious competence. Figure 44 details the conscious competence model. In key capabilities and knowledge (ACDs) domains each firm went from unconscious incompetence, they did not know what they did not know, through the cycle, to unconscious competence, it became a natural part of the process of managing growth (Reynolds, 1965).

Figure 44: The Modified Conscious Competence Model

Derived from: (Bessant et al., 2007; Brown & Mawson, 2013; Reynolds, 1965)

BSTE

What this conscious competence model indicates is the learning cycle and the increase in knowledge maturity that each of the HGSFs experienced. Each BSTE experienced by the HGSFs offered an opportunity to stimulate their rapid growth process. Figure 45 represents the development of the models starting with the original Bessant model of absorptive capacity. This was modified to encapsulate the impact of the BSTE and the expanded ACD definitions (section 4.4.1): People; Recruitment and Development (ACD1), Market;

Customers and Sales (ACD2), Strategy and Entrepreneurial Orientation (ACD3), Operations and Formal Systems (ACD4), Innovation; Product and Process (ACD5), Networking and Mentoring (ACD6).

Figure 45: Modified Absorptive Capacity Model

This model was then further modified as in Figure 46 to reflect the conscious competence model (Reynolds, 1965). This conscious competence model reflects the four stages of learning from ignorance through to an unconscious capability, being able to do a task without really thinking about it. These stages are reflected in the way that the case studies dealt with BSTEs and the stages each went through to take the opportunity that was presented and to develop the capabilities necessary to manage the rapid growth of the firm.

BSTE

Figure 46: From Modified ACM to ACM Conscious Competence Model

The modified models emerged from the empirical evidence of the RP narratives as outlined in chapter 4. They reflect the processes consequent to the BSTEs experienced by the case studies. The models are a way of understanding the domains of actions and decisions that each case study went through in order to take advantage of the rapid growth opportunity presented by the BSTE.