Management Decision

Key factors for entrepreneurial success

Francisco Javier Maqueda Lafuente Anna Mara Gil Lafuente Vanesa F. Guzman-Parra Jaime Gil Lafuente
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MD
51,10 Key factors for entrepreneurial
success
Francisco Javier Maqueda Lafuente
1932 Department of Finance II, Faculty of Economic and Business Science,
University of the Basque Country, Bilbao, Spain
Anna Mara Gil Lafuente
Department of Economics and Business Administration,
Faculty of Economic and Business Science, University of Barcelona,
Barcelona, Spain
Vanesa F. Guzman-Parra
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Department of Economics and Business Administration, University of Malaga,

Malaga, Spain, and
Jaime Gil Lafuente
Department of Economics and Business Administration,
Faculty of Economic and Business Science, University of Barcelona,
Barcelona, Spain

Abstract
Purpose The purpose of this study is to explore the incidence between the actions to be taken by
business promoters and the degree or level of success in creating new businesses.
Design/methodology/approach The paper matches data from market research based on a
questionnaire sent to Spanish startups (years 2006-2010). The paper uses a methodology that is based
on the forgotten effects model.
Findings Results show the elements that make up the target objectives are financing needs,
marketing actions, continued innovation, and efforts in the areas of internationalization and
sustainability.
Originality/value Using the forgotten effects model approach, this research tries to analyze the
role that entrepreneurship actions play in the success of a projects objectives, taking into account not
only the direct effects but also the indirect objectives.
Keywords Entrepreneurship, Fuzzy logic
Paper type Research paper

Management Decision
Vol. 51 No. 10, 2013
pp. 1932-1944
q Emerald Group Publishing Limited
0025-1747
DOI 10.1108/MD-04-2013-0201
1. Introduction
There are four traditionally accepted phases of marketing management:
(1) Situation analysis (market, competition, and environment).
(2) Design strategies to achieve the objectives.
(3) The development and execution of strategies (action plan).
(4) The final inspection of the results.
In the first and last of the above-listed phases, commonly used market research
instruments of analysis and control are used to obtain relevant information. A
 marketing mix is often crucial when determining a product or a brand offering, and is Factors for
often synonymous with the four Ps: price, product, promotion, and place. entrepreneurial
Our initial approach has led us to focus on the first of these steps, directing our
interest towards the possible keys to success in the business creation process: finance, success
marketing, innovation, internationalization and sustainability.
Based on previous contributions (Salgado Beltran and Gil Lafuente, 2005; Gil
Lafuente and Luis Bassa, 2011), we employed methodology that is based on the fuzzy 1933
logic forgotten effects model set forth by Kaufmann and Gil-Aluja (1988), with whom
we have had the opportunity to collaborate.

2. Proposed theoretical structure

The model that we propose is derived from the ratio of incidence between the actions
that must be taken by business promoters and the degree of success that is achieved
when creating new businesses. Using this model, we seek to find the degree of impact
of each action of entrepreneurship with the degree of success of a projects objectives,
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taking into account not only the direct effects (or first-generation objectives) but also
the indirect effects (or second-generation objectives). The algorithm requires
consideration of the following phases:

2.1 The selection of the markets that a new company considers to be objective markets
The company takes various factors into account such as population, per capita income,
current development potential for the immediate future, fuel reserves and raw
materials, degree of economic liberalization, political stability, and level of competition.
We observe that while some of these issues allow for objective quantification, others
behave as valuations, namely as subjective numerical assignments. Fortunately,
nowadays, valuations can be satisfactorily solved using the theory of fuzzy subsets.
We are also able to establish an order of priority among the markets being
considered according to the relative importance of the above-mentioned factors. The
models and algorithms that have been created to establish an order of priority between
the different markets in question have amply demonstrated their effectiveness in many
other contexts.

2.2 The establishment of commercial actions that could enhance the elements that
facilitate the acceptance of a message
For this phase, it is necessary to establish two sets. The first set includes potential
commercial activities, such as the use of advertising media in the country where the
new business will be created, traveling to contact other potentially interested
companies, institutional meetings concerning the potential market, posting billboards
in cities, establishing scholarships for students, and bonuses for the sales force. The
second set consists of elements that shape the objectives. Such elements include
financing needs, the perceived exclusivity of the product or service being offered,
degree of innovation, quality, and price acceptance. Therefore, two sets can be
established: the set X of causes (selected target markets); and the set Y of effects
(actions that shape the desired objectives):

X fa1 ; a2 ; . . . ; an g
 MD Y fb1 ; b2 ; . . . ; bm g
51,10 The incidences of the elements of X on the elements of Yx; y ij, can be assigned a
value from the range [0, 1], where the closer the value is to unity, the more intense the
effect.
Thus:
1934  
mij [ 0; 1

i 1; 2; . . . ; n

i 1; 2; . . . ; n
We obtain the following fuzzy incidence matrix (see Figure 1).
Where mij, i 1, 2, . . . , n; j 1, 2, . . . , m represents the direct or first degree
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influence of ai (entrepreneurship actions) on achieving the desired objectives bj.

However, the direct impact is only part of the overall incidence, and on many occasions,
it is only a small part. Furthermore, as a result of the causal relationships between each
variable, direct impact causes effects on each variable. These relations show the
incidence of causes and effects. The effects can also be expressed by fuzzy relations as
shown in Figure 2.
Where:

 
; ai ; ak [ A
~ : aik [ 0; 1

i k : aii 1

Figure 1.
Fuzzy incidence matrix

Figure 2.
Fuzzy relations

 
~ : bjl [ 0; 1
; bj ; bl [ A
Factors for
entrepreneurial
j l : bjj 1 success
These expressions show that fuzzy relations [A] ~ and [B]~ are square and reflective. The
first property is a consequence of the characteristics of both matrices and shows the
relations between the elements of each set with themselves ([A] ~ , X x X; [B] ~ , Yx 1935
Y). The second property (reflectivity) means that the incidence of an element with itself
is total (aii 1, bjj 1).
From these basic elements, we can establish how the aggregation of direct and
indirect incidences occurs, a process which Jean Fourastie called the cumulative
effects of first and second generation. To do this, we must first recall some properties
of fuzzy incidence matrices.
Given three fuzzy relations, one rectangular [M]~ and two square [A] ~ and [B],
~ where
~ is nxn and that of [B]
~ is nxm, that of [A] ~ is mxm, by designating 8 as
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the degree of [M]

the convolution operator maxmin, we note the following:
~ 8 [M],
(1) [M] ~ is possible if n m.
~ ~
(2) [M] 8 [A] [A] ~ 8 [M],
~ [M] ~ is impossible.
~ 8 [A]
~ 8 [B]
(3) [M] ~ [B] ~ 8 [M],
~ [M]~ 8 [B]
~ is impossible.
~ ~ ~ ~ ~ ~
(4) ([A] 8 [M]) 8 [B] [A] 8 [M] 8 [B].

We can now find the cumulative effects of first and second generations. To do this, we
note that if we call the identity matrix U (1 on the main diagonal, 0 in other boxes), then:
   
~ 8U
M
M ~ ; if the degree of U
is m m

   
~ M
U
8 M ~ ; if the degree of U
is n n
~ 8 [M]
If we perform the convolution [A] ~ we find the following expression:
    
~ , A
M ~ 8 M~
~
where [U] , [A].
~ 8 [B]
Additionally, if the convolution [M] ~ is performed, we find the following
~ ~ ~
expression [M] , [M] 8 [B] because [U] , [B].~
Considering both expressions, we can write the following:
     
M~ , A ~ 8 M
~ + B~

because [U] , [A] ~

The convolution [A] ~ 8 [M]
~ 8 [B]
~ is used to write [M~ *] and is obtained as calculated on
the property that identified the three relations expressed above.
The fuzzy relation [M ~ *] expresses the cumulative effects of first and second
generation.
We obtain the cumulative effects of first and second generation by assuming
estimated fuzzy relations [M],~ [A]~ and [B].
~ We denote y (a1, b1) as the valuation for cell
(a1, b1) of the result. Similarly, we denote y (a1, b2) as the result of (a1, b2), and so forth.
 MD The fuzzy relation can be considered a global semi-convolution. To simplify the
51,10 notation, we substitute y (ai, bj) by yij, i 1, 2, . . . , n; j 1, 2, . . . , m (Figure 3).
Now, let us denote a new convolution, this time by the ratio obtained by [A] ~ 8 [M]
~
~ ~ ~ ~
with fuzzy relation [B] to yield [A] 8 [M] 8 [B]. Let us denote by v (a1, b1), . . . , v (an, bm)
the resulting relative valuations for cells (a1, b1), . . . , (an, bm):


1936 v a1 ; b1 y 11 ^ b11 _ y 12 ^ b21 _ . . . _ y 1n ^ bn1

v a1 ; b2 y 11 ^ b12 _ y 12 ^ b22 _ . . . _ y 1n ^ bn2

v ai ; bj y i1 ^ b1j _ y i2 ^ b2j _ . . . _ y in ^ bnj

v an ; bm y n1 ^ b1m _ y n2 ^ b2m _ . . . _ y nm ^ mnm
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These results provide the overall convolution. If, for the purposes of simplification, v
(i.e. v(a1, b1), v (a1, b2), . . . , v (an, bm)) are replaced by v11, v12, . . . , vnm, respectively
then we can represent these results in a matrix as shown in Figure 4.
A simple look at the matrix [M ~ *] yields that each of the columns b1, b2, . . . , bm is an
element representing the achievement of the goals that were set in the considered
target market population, while rows a1, a2, . . . , an express the action that is required to
achieve it. However, each of the values vij, i 1, 2, . . . , n; j 1, 2, . . . m of the matrix
represents the degree to which each action impels each representative elements
achievement. These valuations, vij, are obviously values between 0 and 1, with the
closer to unity, the greater the effectiveness of the commercial action in the element
that represents acceptance. Thus, if we want to promote one or more of the target
constitutors objectives, we will search in their corresponding columns for that or those
values greater than or equal to vij, which will be those that give the most effective
results in enhancing the desired effect. This model yields an interesting selection
criterion for success in start-up companies.

Figure 3.
The fuzzy relation can be
considered a global
semi-convolution

Figure 4.
Results in a matrix
 3. Practical applications Factors for
This algorithm, which we consider to be impeccable from a theoretical viewpoint, is
more immediately useful in terms of making decisions in the context of new business
entrepreneurial
creation. success
We first matched data from market research based on a questionnaire sent to the
heads of Spanish start-ups (in the years 2006 to 2010). A total of 500 completed
questionnaires were obtained. The results show that the elements that make up the 1937
target objectives are financing needs, marketing actions, continued innovation, and
efforts in the areas of internationalization and sustainability.
Next, we conducted a reworking that reduces the number of rows and columns in
the matrix, which is equivalent to considering a selection of the representative items
that have actually been used.
We first considered the possible actions that are to be taken to enhance the elements
that define acceptance of the products or services that might be offered to the new
company. We refer to the set X {a1, a2, . . . , an}, whose elements include:
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.
a1 information through the media.
.
a2 participation in fairs and other events.
.
a3 premiums or other vendors or brokers promotions.
.
a4 advertising billboards.
.
a5 PR by way of establishing scholarships for students.
.
a6 commercial and institutional meetings in the new business environment.
As for the main objective elements, including recognition, the acceptance of products
and first purchases (i.e. the set Y {b1, b2, . . . , bm}) we consider the following:
. b1 perceived quality of the products or services offered.
. b2 perception of the exclusivity of the products or services offered.
.
b3 knowledge of the properties of the products or services offered.
.
b4 acceptance of the price levels of the products or services offered.
We must note the informative and didactic purpose of this algorithm, shown by our
voluntary limitation on the number of elements that are considered in the sets X and Y,
which in this case are:
.
X {a1, a2, a3, a4, a5, a6}.
.
Y {b1, b2, b3, b4}.
The following matrices show the answers that were given by a group of entrepreneurs
from different provinces of Spain for all elements of fuzzy matrices [M], ~ [B].
~ [A], ~ An
aggregation of different views was performed using the method expertones, and we
combined the responses, thus enabling us to construct the following matrices (see
Figure 5).
Once we obtained these relations, the convolution operator maxmin allowed us to
proceed to the calculations. We first calculated the semi-convolution [A] ~ 8 [M],~
obtaining Figure 6.
To understand the mechanism that yields these semi-convolutions, we study the
example of how the valuation 0.6 was obtained for the element (a2, b2). Note that in the
 MD ~ the rating was 0.2, which, in theory, should reflect the direct effect,
original matrix [M],
which is also called first generation, while in the semi-convoluted [A]~ 8 [M]
~ this is 0.6.
51,10 To obtain this value, we took the row a2 of matrix [A]~ and the column b2 of the matrix
~ (Figure 7).
[M]
Of these smaller values, the maximum of the set of minimum values is chosen,
which in this case equates to 0.6. It is easier to visualize these values using Figure 8.
1938 We believe that we can thus clearly see that the element acting as an intermediary
is a5 (public relations by way of establishing scholarships for students). Thus, the
element a2 (participation in fairs and other events affects) the perception of the
uniqueness of the products to only a small degree (0.2). However, as holding such fairs
and other events has an effect of 0.6 on attracting students for scholarships, student
interns in the new company can identify and disseminate their views on the excellence
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Figure 5.
An aggregation of
different views

Figure 6.
The semi-convolution

Figure 7.
Example of the
convolution operator
maxmin for the element
(a2, b2)
 Factors for
entrepreneurial
success

1939

Figure 8.
Values for the element
(a2, b2)
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and exclusivity of products or services. In other words, these services can be obtained
at a level of 0.6 degrees directly and indirectly, which makes the perception level 0.6.
The accumulation is therefore higher than 0.6 (Figure 9).
Now, we can obtain the second part of the overall convolution, again by using the
maxmin operator, but now convolving [A] ~ 8 [M]~ with the array [B],~ as shown above. We
then proceed as follows:
The obtained fuzzy relation [M ~ *] shows the effects of the first and second
generation of all causes ai, i 1, 2, 3, 4, 5, 6 in all respects bj, j 1, 2, 3, 4. We believe
that it may be interesting to show the path that is followed by a particular cell, for
example (a5, b6), to find the valuation representing the aggregate effects of the first and
second generations. The direct effect is 0.1, shown in the cell corresponding to matrix
~ and the cumulative effect in this same square is 0.6, as shown in matrix [M
[M] ~ *]. Note
that there are some incidents, which are summarized in the following list:
.
a5 on one ai, i 1, 2, 3, 4, 5, 6;
.
from previous ai on one bj, j 1, 2, 3, 4; and
.
from previous bj on b4.

These paths can be visualized via a series of sagittal representations (see Figure 10). If
we consolidate these four graphs into one, we obtain the following graph (see
Figure 11).

Figure 9.
The accumulation
 MD
51,10

1940
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Figure 10.
Sagittal representations

Figure 11.
Possible paths leading
from a5 to b4

This graph shows all of the possible paths leading from a5 to b4. These paths can take
the form of direct paths (a5-a5-b4-b4), as well as those that go via ai, i 1, 2, 3, 4, 5, 6
(causes) and bj, j 1, 2, 3, 4 (effects). We have marked with a thicker line the path
a5-b5-b3-b4, which provides the maximum of the minimum in both directions. Indeed,
the minimum min {1, 0.8, 0.6}, is equal to 0.6; a maximum value when comparing the
 minima of all paths. This fact can be verified simply by looking at the four partial Factors for
graphs above, in which all of the valuations are specified. entrepreneurial
success
4. Final step for the proposed FECECI model
Before concluding, we offer the following considerations.
1. We wish to highlight the importance of the fact that the above graph only 1941
expresses the connections that should be made mentally to take into account just the
direct and second generation relationships between a cause and an effect. In this case,
these connections link public relations establishing scholarships for students with
acceptance of the price levels of the products or services that are offered by the new
company, which, as noted, has very little direct impact (0.1). However, because there is
an indirect effect through knowledge of the properties, product or service, the overall
incidence rises to a notable 0.6. To establish all of the existing incidences of
representative relationships of first and second generation, it would be necessary to
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construct a new graph that would be 24 times greater than the one that is presented
above.
The example we present here contains only two sets, with a low number of elements
each (four and six). With the appropriate software, a computer can prove an invaluable
aid. A computers processing power enables calculations that would be outside the
scope of the human mind alone; combining human and IT resources guarantees
success.
The currently available method of processing information makes it possible to
perform a large number of complex operations in a short time. It is important to use
these types of methods as tools to enhance our own information-processing capacity.
Machines can do many things, but there is one capacity that, for the time being at least,
they do not possess: imagination.
2. The FECECI model presented above assists in the decision-making processes of
future entrepreneurs. The human imagination can be used to consider and analyze a
serious problem today, which can ultimately lead to the creation of a simple and
powerful algorithm. This constitutes the contribution of the human mind. However, the
human mind has also been able to develop and utilize technology to perform the
painfully repetitive, mechanical tasks that do not require the intervention of the
golden box that is the imagination. Through this process we are witnessing an
increase in the human performance of the tasks that cannot be performed by machines.
Successful entrepreneurs maintain an essential creative component, thus stressing the
value of the human imagination.
3. The exploitation of the results, even in the short summary format that we have
adopted as our example of the FECECI model, demonstrates the way in which the
results should be read. Indeed, if we take into account that the columns of the matrix
[M~ *], bj, j 1, 2, 3, 4, express the intensity of the impact of each action taken in the
elements that constitute acceptance of products or services, we can see that the elements
of the columns b1, perception of quality of products or services, and b4, acceptance of the
price levels of products or services, have valuations that are very high (from 0.8 to 1).
These high values imply that whatever action was undertaken, the results are good or
very good (obviously some more than others). However, this is not the case with the
columns b2, perception of the exclusivity of products or services, and b4, acceptance of
 MD the price levels of products or services, where the b2 valuations of incidence range
51,10 between 0.6 and 0.7, and those for b4 all take the same value of 0.6.
All of the aj, j 1, 2, 3, 4, 5, 6 taken to enhance the elements that define the
acceptance of the products or services (b2 and b4) have a high or a very high efficiency,
whereas those that are taken to promote the elements b1 and b3 achieve results that are
only slightly better than mediocre. There are two alternatives in these cases. The first
1942 is to settle for these modest effects (obviously acting on those causes with higher
valuations in the case of b2). The second, and the one that we would recommended, is to
choose other actions and incorporate them into the algorithm so that, in this case, the
number of elements in the set X would be more than 6.
The degree of the cumulative incidence of each cause on each effect is a powerful
source of information that can help us to gain an understanding of the relative value of
the action because the known valuation levels of matrix [M ~ *] can be obtained easily.
Success or failure in business creation processes can be identified by quantifying the
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actions of one party and the effects that are achieved through these actions on the other
party.
4. We hope the FECECI model can be of help to those individuals who are interested
in the exciting world of entrepreneurship. This model will be useful in the generation of
wealth and prosperity for society as a whole.
At this point, we pose the following question: would it not be sufficient to produce
the original matrix [M],~ reflecting outcomes and avoiding the cumbersome calculation
demanded by the algorithm? We hope that our demonstration of a practical
application, with the discussion of the results, will have been enough to dispel any
doubts. If this is not the case, it is sufficient to compare the same cells of matrix [M ~ *]
~
and matrix [M] to see the significant differences and inaccuracies that would have been
accepted if just the original matrix [M] ~ had been considered.
Indeed, in almost all cases, the valuations that are assigned to the causal
relationships that are presented in this matrix [M], ~ are considered by experts to be the
cumulative effects of first and second generation. Thus, the comparison between the
matrices [M ~ *] and [M]~ does not represent the effects of second-generation objectives,
but rather the more generally neglected effects.
If, in our example, we consider the subtraction operator to perform a comparison, we
obtain Figure 12.
Note here the important omissions in relations (a3, b3), (a5, b4), (a2, b2), (a2, b4), (a4,
b4), (a6, b1) and (a6, b4). In higher-order matrices, oversights tend to be larger and more
numerous.
5. Mistakes and oversights are inevitable when humans process information, and
are sometimes the result of forgetfulness or negligence. We present one of several ways
that current techniques can attenuate our limitations and our negligence. We must
address these imperfections and be aware that such limitations are unlikely to
disappear in the future. Moreover, if we add all of the components of uncertainty that
surround the process of creating a new company, the scenario is complicated even
further.
In the course of events and incidents, our minds are exposed to network inference
effects; we try one, two or, at most, three levels. However, this is not always easy, and
the process is rarely exhaustive.
 Factors for
entrepreneurial
success

1943

Figure 12.
The subtraction operator
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These limitations are so because, as is foreseen to an even greater degree in the future,
todays society consists of different types of interconnected subsystems: relational,
economic, associative, and educational. We cannot pretend that the algorithm
presented here definitively resolves the issues that have been raised, but it is important
to continue progressing to decrease its imperfections.
We are aware that the relationships between the elements that make up the causes
and effects in the FECECI start-up model should be modified, which would no doubt
allow for new, profound changes and directions that have not yet been discovered.
We, as researchers, are convinced of one thing: the determinism underlying the
models and algorithms in the past does not fit with the human condition in its current
form. The mechanistic conception of the economy that has been bequeathed to us by
our predecessors was very useful in its original context, but it has a decreasing
relevance in the contemporary world. Every day, everywhere in the world, there are
new innovators with new ideas, and we must provide them with the care and support
that they deserve so that, with personal effort and hard work, we can help them to
cultivate solidarity, sustainability and, above all, a better and more humane world.

References
Gil Lafuente, A.M. and Luis Bassa, C. (2011), The forgotten effects model in CRM strategy,
Fuzzy Economic Review, Vol. 16 No. 1, pp. 3-19.
Kaufmann, A. and Gil-Aluja, J. (1988), Modelos para la investigacion de efectos olvidados, Vigo,
Milladoiro.
Salgado Beltran, L. and Gil Lafuente, A.M. (2005), Models for analyzing parchase decision in
consumer of ecologic products, Fuzzy Economic Review, Vol. 10 No. 1, pp. 47-61.

About the authors

Francisco Javier Maqueda Lafuente is a leading authority on Marketing and Entrepreneurship,
He is a Full Professor at the University of El Pas Vasco and he has been Senator Member of
Parliament of Spain. His research interests include marketing, entrepreneurship, tourism, and
family business. He is President of the Economic-financial Research Observatory, Associated
 MD Editor of the Revista de Empresa Familiar, Academician of the Royal Academy of Economics
and Finances Sciences of Spain, and the Royal Academy of Doctors of Spain.
51,10 Anna M. Gil-Lafuente is a Full Professor at the University of Barcelona. She holds a Master
and a PhD degree in Business Administration from the University of Barcelona. She has
published more than 450 publications in journals, books and conference proceedings, including
journals such as Information Sciences, International Journal of Uncertainty, Fuzziness and
Knowledge-Based Systems, Expert Systems with Applications, Kybernetes, Fuzzy Economic
1944 Review and The Journal of Financial Decision Making. She has also published several books
including two in the Book Series of Springer Studies in Fuzziness and Soft Computing (Fuzzy
Logic in Financial Analysis; Towards an Advanced Modelling of Complex Economic Phenomena).
She is Co-editor in Chief of eight international journals published by the AMSE organization and
the Journal of Computational Optimization in Economics and Finance. She has participated in a
wide range of scientific committees and as a reviewer in international journals. She is
academician of the Royal Academy of Economics and Finances Sciences of Spain, the Royal
Academy of Doctors of Spain and the Academy Delphinale of France.
Vanesa F. Guzman-Parra is Associate Professor of Management in the Faculty of Economics
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and Business Science at the University of Malaga (Spain). She is Co-editor of the journal Revista
de Empresa Familiar. Her research includes rural tourism, family business, innovation in
teaching methodology and corporate image of a destination. She has authored various books and
published in different journals including Small Business Economics, Cuadernos de Economa y
Direccion de Empresas, Revista Europea de Direccion y Economa de la Empresa and others.
Vanesa F. Guzman-Parra is the corresponding author and can be contacted at: vgp@uma.es
Jaime Gil-Lafuente is a Professor at the University of Barcelona and holds a PhD degree in
Business Administration from the same University. He has published more than 250
publications in journals, books and conference proceedings, including journals such as Advances
in Consumer Research or Annals of Operation Research. He has participated in a wide range of
scientific committees and as a reviewer in international journals. He is academician of the Royal
Academy of Doctors of Spain, the Academy Delphinale of France and the Illustrious
Iberoamerican Academy of Doctors of Mexico.

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