Walking around Melbourne city one afternoon I decided to have some chips for lunch and ended up in a trendy chippery in Elizabeth Street, munching away on some deep fried potatoes and mayo. The man serving me was the owner, an entrepreneur experienced in the fast food business. He, lets call him Brad, spoke openly and explained how he tries to make a buck in the hyper-competitive world of fast food.
Brad celebrated big successes in this market in the past but emphasised that he had only completed high school and has no formal business qualifications whatsoever.
Some time ago, Brad attended a post graduate management lecture at a local university. First Brad thought that the lecturer was talking gobbledygook, but after a while recognised that the theories presented in this lecture actually match what he does intuitively to run his business.
I told Brad that I occasionally teach marketing at La Trobe university. What management scientist do, I continued, is to study entrepreneurs like Brad to figure out how they do business and present this back to students in theories, formulas and diagrams. One of the aims of business studies is to unlock the intuitive knowledge of entrepreneurs such as Brad so that other, less gifted and more risk averse budding entrepreneurs, can replicate their success.
The entrepreneur is the hero of contemporary capitalism and has been idealised and studied in great detail by scholars around the world, each looking for the holy grail of entrepreneurship. Researchers study entrepreneurs like etymologists study insects. They dissect them, analyse them, observe their behaviour in order to extract the essence of what it is that makes them successful.
Entrepreneurial biographies are, however, always incomplete and sanitised versions of reality. The essence of entrepreneurship is a mythical concept in business studies that can only be known through experiencing what it is to be in business, not by studying it
Further reading:
- Peter Prevos, The Essence of Entrepreneurship
- Ian Watson, Entrepreneurs: Walking Through the Valley of Darkness



We all use it, we all need it and we all buy it every week: toilet paper.
The release of a new iPhone model or other Apple gadget always seems to be accompanied by long queues of people. Even though customers can pre-order their desired gadgets, stocks always seem to run low quickly and there are always lines of people in front of the iconic Apple stores come release date. Just like fast food companies have limited time offers on themed burgers, Apple simulates scarcity to stimulate demand.
Every manager would love to have a wand and make things happen magically. Although this vision is only a dream, managers do have a lot in common with magicians. Both the manager and the magician aim to create a world different from the one we know. Both the manager and the magician construct a new reality – the magician using the stage and the manager using the workplace. Another similarity is that many magicians carved out a market in the corporate sector by providing entertainment at Christmas parties and similar occasions. But the similarities don’t stop here.
Management is a complicated activity, filled with simplifications. Formulas, diagrams,