Analyzing Entrepreneurial Mindsets using Burns' Framework
Explore how entrepreneurs Lucie Macleod and Adam Guild used Burns' New Venture Creation Framework to build successful businesses from their original ideas.
Entrepreneurship Behaviour, Mindset & New Venture Creation
Analysis of Hair Syrup & Owner.com
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Burns (2022) New Venture Creation Framework
Presentation Overview
Burns' (2022) New Venture Creation Framework
Analysis of two entrepreneurs: Lucie Macleod (Hair Syrup) & Adam Guild (Owner.com)
Comparison of their idea-identification approaches
Key personal attributes
Reflection on my entrepreneurial mindset
Burns' Framework: Phase 1 — Research & Idea Generation
Phase 1 of 3
Self-assessment (skills, passions, experience)
Identifying problems or unmet needs
Market research
Screening and evaluating ideas
Understanding yourself and the market before launching
Burns' Framework: Phase 2 & 3
Value proposition
Customer segments
Branding & marketing
Operations & resources
Entering the market
Scaling the business
Managing risk
Building resilience
Entrepreneur 1: Lucie Macleod
Hair Syrup
How She Identified Her Business Idea
hair damage from bleaching
Experimented with homemade oil treatments
strong interest from others
pre-wash hair oils
Validated demand through social media engagement
Link to Burns' Phase 1
Self-Assessment
Passion for haircare
Idea Generation
Solving her own problem
Market Research
Online feedback
Screening
Tested products before selling
Entrepreneur 2: Adam Guild
Owner.com
How He Identified His Business Idea
Observed his mother's restaurant struggling to attract customers
Used digital tools to help her grow sales
Realised many small restaurants lacked online marketing support
Identified a gap: simple digital tools for local restaurants
Validated idea by helping other local businesses
Link to Burns' Phase 1
Self-Assessment
Tech skills + problem-solving
Idea Generation
Solving a real business challenge
Market Research
Talking to restaurant owners
Screening
Early success with local clients
Both solved personal or observed problems
Both validated ideas through real-world feedback
Both started small and scaled gradually
Both used digital platforms to reach customers
Personal experience
Family business observation
Product creation
Technology & services
Beauty consumers
Small business owners
Key Personal Attributes
Creativity
Developed unique hair oil formulas
Used creative branding and social media marketing
Helped her stand out in a crowded beauty market
Created colourful, themed oils that attracted viral attention on TikTok and Instagram
Problem-Solving
Built digital tools to solve real restaurant challenges
Adapted solutions based on customer feedback
Developed Owner.com to help restaurants increase online orders and reduce reliance on third-party apps
My Entrepreneurial Mindset
CURIOSITY
Helps me explore new ideas and understand customer needs
RESILIENCE
Enables me to handle setbacks and keep improving
INITIATIVE
Drives me to take action rather than wait for opportunities
These traits support innovation, persistence, and proactive problem-solving — essential for entrepreneurial success.
References
Burns, P. (2022) Entrepreneurship and Small Business. 5th edn. Red Globe Press.
Hair Syrup (2024) About the Brand. Available at: https://hairsyrup.co.uk/pages/about-the-brand
Owner.com (2024) Our Story. Available at: https://www.owner.com/our-story
Additional references may be added as required.
Thank you for listening.
- entrepreneurship
- business-analysis
- startup-framework
- mindset
- venture-creation
- case-study
- marketing-strategy