Book title: “Business

Development - A market
oriented perspective”
Author: Hans Eibe Sorensen
Edition Year: 2012
Publication: John Wiley
Introduction to Business Development

• Introduction to Business Development

MODULE 1: Business developer’s mindset
• Business development
• Market orientation
• Innovation and Entrepreneurship
• Business models and plans
MODULE 2: Business developer’s toolbox
• Strategy and Strategic management
• Business environment
Introduction to Business Development

• Resources and Organisation design

• Value appropriation and Property rights
MODULE 3: Crafting Business plans
• Marketing Plan
• Organisation Plan
• Finance Plan
• Implementing the business plan
 Introduction

Who are these people?

• Business owners

• Investors

• Entrepreneurs

• Innovators

• or Business developers
 Note :
Business is not an exact science ( unlike
Physics : gravity, electromagnetism, etc.)

because of complex actions of human beings

 Note
Business is not an exact science ( unlike
Physics : gravity, electromagnetism, etc.)

because of complex actions of human beings

However this does not mean that business activities are

entirely random and so defy any hope of analysis. This leaves
room for meaningful business development.
Introduction
 Introduction

What is Business development:

• It refers to the tasks and processes concerning analytical preparation
of potential growth opportunities and the support and monitoring of
the implementation of growth opportunities.
• but does not include – strategy, entrepreneurship, marketing or sales,
Innovation or R&D.
• It’s a function which integrates the above specializations at concept-
level (not detailing).
• Business development is identifying and developing the
products, services to be marketed and sold.
• Business development is about finding new possibilities for the
sales and marketing departments to generate revenue.
• In simple terms, business development is a market-oriented
function in an organisation with sole objective of finding new
growth options, planning & detailing, facilitate decision making
and supervise implementation.
• What does it take to develop a business idea to its actual
implementation and success ?
• Do not lose sight of overall business (Do not become a
specialist in only one area of expertise)
• A business developer should be aware of the constraints
placed upon business in the real world.
Introduction
 Difference between
Specialist and Generalist
R&D Prodn Fin Mktg.

Red line is the integrating generalist/ Business Developer

 Introduction

Business developer as an integrating generalist:

• Specialist – vs – Generalist
• Specialist: highly skilled and in-depth experienced professional in a specific or
technical or functional field.
• Generalist: jack of all master of none !
• Integrating generalist: professional with a specialised ability to understand &
oversee the business process by rising above the domains/silos with end-result in
focus and getting involved in each vital function.
• Therefore, the most important qualification of a good business developer is being
a good integrating generalist !
• Business Developers should have Integrating generalist
capabilities and multiple experiences with different business
functions.
(Master of one and jack of all)
• The business developer works closely with and integrates the
knowledge from the specialists of the organisation to create
and appropriate value to the owners of the firm.
 Introduction

Business developer as an integrating generalist:

1. An integrating generalist has wide array of knowledge across different fields –
strategic management, innovation, entrepreneurship, marketing, finance, etc.
2. Business developer’s task is to organise, synthesize and analyze all business
information both internal & external.
3. Therefore, as an integrating generalist, the business developer has to work
closely with specialists (inside and outside the company) and the top
management, to organise, analyze, facilitate decision-making and implement
business plans !
4. Most importantly, however, the fundamental qualities in a good business
developer – COMMON SENSE, OUT OF BOX THINKING & PRACTICAL
EXPERIENCE !!!
 Business development - approach

• The basic approach of the subject is to understand “how decisions are made”
rather than how they should be made.
• Three sections of the subject:
1. The business developer’s mindset (how do we think?)
2. The business developer’s toolbox (what are our tools?)
3. Crafting & implementing business plan (how do we work?)

• Most important: Business developer does not get lost in detail but maintains the
overview of the entire business venture and growth opportunity !
• Remember: Business developer is an integrating generalist and acts as an in-
house consultant.
 I. How does a
Business
Developer
think

Business
Development

III. How II. What

does he are his
work tools
 In this subject,
there are 3 main modules
I) How do market-oriented Business Developers think?
II) What are the business developer’s tools ?
( business model, business plan)
III) How does the business developer work ?
( Crafting and implementing a business plan)
 I) Business Developer’s mindset
(i) Firms with relatively higher levels of market orientation
have higher operational and financial performance.
Innovation, entrepreneurship, entrepreneurial orientation :
provides Business Developer insights about the critical
processes of getting from a business idea to a profitable
offering.
 II) Business Developer’s toolbox
• Tools for Strategic Management, value creation and
appropriation ( for daily operations, future investments and
dividends for owners/ shareholders).

• SWOT
 III) Crafting and implementing
a business plan
• Business plan serves senior management ( prior to
executive decision) as a roadmap for the analysis and intended
implementation of a growth opportunity ( or business idea)
• Business plan is a manual for implementing the growth
opportunity
• Major components of the business plan are the marketing
plan, organisation plan and finance plan.
 Business development - approach
Business development tasks : before & after the decision to execute

With top management With specialist functions

Before decision on the Qualify and prioritize growth Collaborate with functional
new project opportunities specialists on intelligence
After GO-AHEAD on the Monitor and report on Support implementation
project implementation
 Definition: What is Business Development ?
• Business Development refers to the tasks and processes
concerning the analytical preparation of potential growth
opportunities and the support and monitoring of the
implementation of growth opportunities,
But
it does not include decisions on strategy or the
implementation of growth opportunities.
 Main tasks of Business Developer
• The Business Developer’s main tasks are generally divided into
tasks to be conducted in collaboration with senior
Management as well as business functions before and after
senior management’s decision to implement a potential
growth opportunity
• Prior to an executive decision to pursue a growth
opportunity, the business developer prepares a
business plan for senior management. This means
searching for and quantifying profitable growth
opportunities, compiling and synthesizing necessary
data and performing due diligence and drawing up
business plans as input for senior management. This
process usually involves close collaboration with
specialist business functions for the retrieval of
intelligence that must be integrated into the business
plan.
• If the growth opportunity is considered worth pursuing and
implemented, it is the business developer’s task to monitor and support
its implementation. Because of the in-depth knowledge about the
growth opportunity based on input from various business functions, the
business developer is better able to support, for example, the line
officers during its implementation to reduce the possible multiple errors
that implementation usually gives rise to.
• Furthermore the business developer monitors and reports
back to senior management on the progress and any need for
any additional resources, directions, etc.
 Organizational contexts
Business Development is generally found at three levels :
(i) A critical skill found on the good entrepreneurs skill set
(ii) An assigned job function to an employee with integrating
general knowledge
(iii) A separate (staff) function in an organisation.
 Business Development
in three stylized contexts

The Entrepreneur The Business Developer The Organization

one of many skills A designated position -One of many functions

-Senior Management - Business Development -Senior Management

- Business Development - Business Development
-R & D -R & D
-Production -Production
-Marketing -Marketing
-etc -etc
 Note :
Business Development is not entrepreneurship
but only one of the skills an entrepreneur
must master.

Business Development may be assigned to a

skilled integrating generalist.

Business development can be a staff function

(department)
 A good business developer
• In order to pursue the cross-functional tasks, a fundamental
quality of the good business developer is that of being an
integrating generalist. This means that a good business
developer is characterised by :
• Having practical knowledge about the technology, product,
customer values and industry dynamics
• Being able to think conceptually contd..
Business development - approach
 Business development - approach
Why Business development ?
• Each new business venture goes through Industry life-cycle (Porter M.E., 1980, Competitive
strategies)
• Detail of Strategy is a subject matter of  Strategic management Execution of
strategic process is a subject matter of  Business development
• Business development sole purpose is to facilitate/bring-back focus of the top-management
TOWARDS GROWTH !!!
• The objective of Business development is to :
1. Ensure rapid growth after the executive decision (or setup of the enterprise
in case of a start-up).
2. Achieve higher peak !
3. Extend maturity
4. Decelerate downfall
(Note: comparative graph for with & w/o BD approach)
Business development - approach
 Business development - approach
The good business developer :

• Of course, better the business developer more chances of success.

• However, its important to have a good business developer than to have the best
idea !
• Characteristics of the good business developer:
1. Practical knowledge about technology, product, customer values,
industry dynamics.
2. Market-oriented approach ! (details in next session)
3. Conceptual & out-of-box thinking, problem solving attitude.
4. Specialist knowledge from vital business functions.
5. Experience with both top-management and line-functions.
• Indeed, the good business developer is a rare breed.
 Business development - process

1. Generation of growth opportunities

2. Analysis
– External (Opportunity & Threat)
– Internal (Strength & Weakness)
3. Prepare business plan
4. Implementation
Business development - process
 Business development - process
Growth Opportunities
• Organic growth options, Product-vs-Market (Ansoff matrix). Business developer must
identify & analyse:
1. New markets
2. New segments
3. New customers

• Business developer must identify options for other strategic proposals made by
Strategic management team!
1. Inorganic growth options like Integration, Diversification.
2. Strategic alliances, JVs, M&As.

Note: detail in later sessions.

Business development - process
Growth Opportunities : Organic growth (Igor Ansoff’s matrix, 1965)
 Business development - process
The external & internal analysis :

• External analysis (O&T)  identify a growth opportunity by continuous study of

the entire environment
• Internal analysis (S&W) assessment of the capability of organisation to realise
the opportunity within the ‘window of opportunity’
• Business developer must ascertain “fit” between business venture’s S&W and
the market’s O&T !!!
• This is done through a potent tool SWOT analysis. (details in later session)

• VRIO: Valuable, Rare, Inimitable, Organization.

• PESTEL: Political, Economic, Socio-cultural, Technology, Environmental, Legal.
• P5F: Porter’s 5Force model
Business development - process
The external & internal analysis :
 Business development - process
Crafting a business plan:

• Business model: simple note on how would the venture make money.
• Business plan is a roadmap for a proposed new venture.
• Written document with detailed information needed to setup and grow new
business alongwith time schedule and parameters of achievement & tracking.
• Business plan also includes implementation detail like – finance sources, working
capital requirement, resources allocation, organisation restructuring,
responsibility-authority.
• Major functional parts : Marketing, Operations, Finance.
• Business plans serves as : Feasibility study, Detailed financial projection, Viability,
Due diligence and Approval document.
 Business development - process
Implementation:

• Business developer is not directly involved in the implementation; specialists of

the respective function are responsible.
• However the business developer is available for support/involvement as and
when required.
• Main role of the business developer during implementation is performance
monitoring, variance analysis, corrective action and course correction.
• Other functions of business developer are: Intra-department issues, identifying
best practices, Learning for the future new ventures, reporting to the top
management.
 Business development – organisational aspect

• Degree of business development : whether business development activities

prevalent in the organisation? And to what extent?
1. No activity
2. Non-planned or need based
3. Activity undertaken by top management & specialists
4. Full fledged functional dept of business development

• Effectiveness of business development : whether ‘line’ or ‘staff’ function?

– Basic difference between line & staff functions
– Business development is much more effective when deployed in
staff structure
Business development –
organisational aspect
Business development – organisational aspect
Business development – organisational aspect
 Market orientation

What is Market orientation ?

• In simple terms, it is “aligning all activities in the business keeping focus on
market & customer”.
• Notion of market orientation is a very fundamental, logical & intuitive to
business people, entrepreneurs and business developers  however its easier
said than done!
• Market orientation: it is an organizational phenomenon that permeates all
business activities and take the customer’s perceived value and satisfaction with
a given offering as a starting point for any business endeavour.
• Most important factor is what the product/service does for the customer from
the perspective of the customer !!!
 Introduction

Market-orientation is a superior practice because it leads to long-term profitability.

And that’s the reason why it is embraced by the good business developers !

It consists of the following activities :

1. To acquire valid market information about customers, competitors and the
forces influencing them.
2. To disseminate the information to the decision maker.
3. To ensure a timely response to the market within a given ‘window of
opportunity’.
 Business orientation – types

• First, the basic question; what is an orientation?

Its one’s perspective and belief with respect to the reality or it is response to
the stimuli.

• Business orientation: It is a firm’s perspective & belief of the worldview & reality.
• Business orientations are the collective set of orientations that firms have, like –
customer orientation, technology orientation, production orientation etc.
• Business orientation drives the firm’s approach of doing business.
• There is a dominant business orientation which has the most influence on the
firm’s activities.
• Business orientation categories: external, internal and cognitive.
 Business orientation – types

• It is imperative that the business developer understands the firm’s business

orientation.
• The dominant business orientation shall influence the set of broad strategic
choices the firm selects & implements in its pursuit of superior performance.
• It requires certain assessment skills to know the firm’s dominant business
orientation among other business orientation!
• Most common dominant business orientations are:
1. Product and process
2. Technology
3. Sales and marketing
4. Marketing
 Business orientation – types
Product and process

• Here the firms believe that production efficiencies, cost minimization and mass
distribution are prerequisites for delivering quality products/services at
affordable prices to customers.
• The firm offers a product/service that satisfactorily serves a need and want and
is produced in an affordable way.  and creates value for the customers.
• However, the firm makes a trade-off between customer satisfaction and product
quality for cost minimization and the subsequently relatively cheaper product.
• Eg. in construction industry: Cement, steel, etc.
• Drawback/threat which the business developer must look into:
1. Competitor offers extra feature with reasonable increase in price.
2. Easy replication.
 Business orientation – types
Technology

• Here the firms are preoccupied with R&D and acquiring and implementing new
technologies for its product upgradations/new products.
• The focus is to use technical knowledge to create new technical solutions in the
market (like Computer, Cell phone, etc.)  and create value for the customer.
• Eg. in Construction industry: high-end building material like Zn/Cu claddings; high-end
bathroom fittings / electrical fittings!!
• Drawback/threat which the business developer must look into:
1. Customer may not perceive the technical advances as value-creating!
2. Customer do not demand additional features but end-up paying for
it!!
3. Typically start-ups utilize Technology orientation and are well funded,
however majority of them fail due to lack of understanding of market,
customers, distribution, etc.
 Business orientation – types
Sales and marketing orientation

• Here the firms’ activities are based on the idea that the customers will buy more if
the firm applies aggressive sales and advertising methods.
• The focus is on short-term sales maximization; all though at the expense of long-term
customer relationships.
• This has become a trend in many industries (like banks, insurance, FMCG, etc.) due to
cut-throat competition.
• Eg. in construction industry: Paints; Steel torr-rod (i.e. ‘sariya’), White-cement putty !!
• Drawback/threat which the business developer must look into:
1. Value creation halts!  because marketing expenses do not add
value to customer benefits and satisfaction.
2. Long-term profitability may be jeopardised  because customer
loyalty is not achieved.
 Market orientation – the superior orientation!
• In simple terms, it is “aligning all activities in the business keeping focus on
market & customer”.
• Market orientation permeates all business activities and take the customer’s
perceived value and satisfaction with a given offering as a starting point for any
business endeavour.
• Basic thought process  what the product/service does for the customer from
the perspective of the customer !!!
• Market-orientation is a superior practice because it leads to long-term
profitability.
• Empirical studies have shown that companies having market orientation as their
dominant orientation enjoy increase in customer loyalty and perform better than
their competitors. (Pelham, 2000; Ellis, 2005; Grinstein, 2008)
 Market orientation – the superior orientation!
Market orientation leads to superior performance due to:
1. Market-sensing capabilities : refers to market information processing activities
that firms use to learn about their markets.
2. Customer-linking capabilities : refers to firms’ ability to create and manage
close customer relationships in a profitable manner.
3. Market responsiveness : both the above resulting in improved market
responsiveness
4. Break the vicious circle of competition ! (increased competition  loosing customers 
drop in price & margin  cost cutting  drop in marketing activities  disconnect from the
customers  reduced development  drop in value to the customer)
5. Increased value to the customer  Increased customer loyalty  Long-term
profitability
Market orientation
– the superior
orientation!
 Market orientation – the superior orientation!
Components of market orientation : Customer and competitor orientation

Customer orientation Competitor orientation

Focus on customers Focus on competitors
Understand need & want of customers Understand the substitutes
Preferred in start-ups and uncertain Preferred in predictable market where
markets where the customer demand is industry is matured and competition
unpredictable increases
Leaders usually adopt customer orientation Challengers & Followers adopt competitor
orientation
 Innovation, Entrepreneurship &
Entrepreneurial orientation
• Introduction
• Implications for the market-oriented business developer
• Innovation and inventions
• Innovation management
• The entrepreneur & their success
• Entrepreneurial orientation
 Introduction

• Innovation & entrepreneur are very common words!

• However we need to delve deeper beyond their popular meaning  and
understand their implications for business developer.
• Innovation: it is an invention transformed into a business.
• Entrepreneur: person who starts a business based on the innovation.
• Few world’s greatest innovators :
– Thomas Alva Edison (Incandescent light bulb  General Electric)
– Alexander Graham Bell (Working telephone  AT&T)
– Karl Friedrich Benz (working automobile  Daimler Benz)
– Steve Jobs (PC revolution in early 1980s  Apple Macintosh, iPod,
iPhone)
– Mark Zuckerberg (network codes  Facebook)
 Implications for the market-oriented business developer

• The market-oriented business developer’s role is to provide analytical support

to the entrepreneurial organization’s innovation activities.
• Main activity of the business developer is commercial exploitation of the
innovation i.e. concerned with how to make money !!!
• The market-oriented business developer does the following:
1. Sensing the external environment suggest the R&D function of
the required direction of the innovation.
2. With the innovation in focus, make necessary changes in the
organization structure.
3. Navigate the organization from (technology+business idea) to
(stable operations with positive cash flow).
4. Establish entrepreneurial orientation with the organization to
take advantage of the next possible ‘good innovation’.
 Innovation and inventions
• “The best way to have a good idea is to have lots of ideas.” (Linus Pauling; Noble
Prize Chemistry 1954 & Noble prize peace 1962)
• Idea = most basic phenomenon in human brain.
• Invention = action or process of making or designing something for the first time
for the utility of mankind. Usually consists of multiple ideas.
• Innovation is invention with commercial potential.
Innovation = Invention + Commercial exploitation
• Typically we know only remember inventions/innovations which were
successfully exploited commercially  and we do not know hundreds of failed
trials and unsuccessful attempts !!!
 Innovation and inventions
Probability of success?

Successful Successful Successful

ideas invention innovation

Successful Successful
company start-up
 Innovation and inventions
How to identify ‘good invention’ ?
• What business developers are really interested in is any unique product of the
human intellect that may have commercial value !
• Not every invention ends up having commercial value for various reasons 
infact most inventions are rubbish !
• ‘Good invention’ has good chances of becoming ‘good innovation’.
• Business developers should look for:
1. Novelty: the invention should be new and different.
2. Utility: should be useful; through sales increase or cost reduction.
3. Non-obvious: competitor should not be able to understand or be
interested to imitate.
 Innovation and inventions
What is a ‘good innovation’ ?
• Its an innovation based on which a start-up firm/division is able to initiate
successful business activity.
• Few criterion of successful business start-up are as following:
1. The innovation is offered for first use
2. First product to hit the market
3. The product costs and revenue break-even
4. A reasonable level of ROI ! 
• Reasonable ROI meaning how much?
1. Bank FD, RBI bond ~ 6-7%
2. Larger matured businesses ~ 10-15%
3. Smaller businesses ~ 20-40%
 Innovation management

• A business developer must learn managing innovations in order to handle it more

effectively.
• Core job of innovation i.e. the R&D is of course handled by specialists, however it is
business developers responsibility to accord priorities and allocate resources.
• Effective innovation management includes:
1. Creating new knowledge
2. Generating market-oriented ideas to enhance products, processes,
services.
3. Develop those ideas into working prototypes
4. Transferring them into manufacturing, distribution and use.
• Upto step no.3 above, things are within the organization and ‘in control’ of
entrepreneur/innovator.
• Real test is step no.4, wherein innovation is used/tried by customer !!!
Innovation management
 Innovation management
• Eg. of forms of innovation :
S.no. Form of Banking Construction
innovation
1 Product ATM Pre-mixed Concrete, slurry
pumps, drills, dozers.
2 Service automated cash Design, drawings, 3-D view, walk-
handling through.
3 Process Computerisation Automation (reduction of
manpower), virtual meetings.
4 Management Camera, reporting, GPS based precision, camera for
authorisation viewing status, on-site tablets for
reporting & authorisation.
 Innovation management

Types of innovations :
• Incremental and radical : based on the degree of novelty of an invention and the
quantum of work/life change it shall make. Usually radical change is a big
CONCEPTUAL CHANGE.
• Modular and architectural : based on internal change in a product/service with
not much effect on the user.
• Closed and open innovation : refers to the degree to which the organization is
open to external parties in its advancement of innovations.
Innovation management
Innovation management
Innovation management
 Innovation management
• Eg. of types of innovation :
S.no. Type of innovation Construction industry
1 Incremental General application of automation (reduction of
manpower), Design, drawings.
2 Radical GPS based precision, Pre-mixed Concrete, slurry
pumps, 3-D view, walk-through.
3 Modular drills, dozers, virtual meetings.
4 Architectural camera for viewing status, on-site tablets for
reporting & authorisation.
5 Open 1)Large corporates in cement and steel
manufacturing doing R&D to support construction
companies.
2)Institutes like IITs doing research and testing.
 The entrepreneur & their success

• We defined Entrepreneur as: person who starts a business based on the

innovation.
• As per Oxford English dictionary: “One who undertakes an enterprise, one who
owns and manages a business, a person who takes the risk of profit or loss”.
• As per Joseph Schumpeter, 1934: “fundamental phenomenon of economy is
development of new combinations of means of production; these new
combinations we call enterprise and the individuals who undertake them we call
entrepreneurs”.
• Further he added – being an entrepreneur is not a profession, and as a rule, not
a lasting condition.
• He also popularised the notion of creative destruction – which means
continuous change in economic structure, old elements are destroyed and new
elements are created.
The entrepreneur & their success
The entrepreneur & their success

The traits of the entrepreneur

Characteristics of the entrepreneur

1. They passionately seek new opportunities.
2. They pursue opportunities with enormously discipline.
3. They select best opportunities and then do not chase every option.
4. They focus on execution rather than analysing ideas.
5. They involve people, both internal and external, in the new venture.
The entrepreneur & their success
The traits of the entrepreneur
The entrepreneur & their success
How to find opportunity?

• The ability to discover business opportunities rests on our prior knowledge and
experience.
• Empirical studies confirm that business opportunities are discovered based on
prior knowledge of :
1. Markets
2. Ways to serve markets
3. Customer problems
• Entrepreneur, a new pattern recognizer, is able to perceive connection between
change in technologies, customer preferences, market conditions, relations, etc.
which is missed out by established businesses.
• Most important ability is to connect the dots !!!
The entrepreneur & their success
How to find opportunity?
The entrepreneur & their success
Attributes of entrepreneurial success?

• Standard age-old theory on qualities required: talent, personal traits, hard work,
environment, team.
• But studies report that usually these qualities are also possessed by the
entrepreneurs who failed!  so far no theory to conclusively establish the
attribute the entrepreneurial success!!
• Therefore attitude is extremely crucial; as Thomas Edison said – “I have not
failed. I have just found 10,000 ways that won’t work”.
• Is it ‘being at the right place on the right time’? OR ‘the chosen one’? OR
Karmayog in Bhaagvat Gita! “your control is on the work not on its result”
• However we could always learn from the failures of earlier entrepreneurs;
attempting not to repeat the reasons of their failure.
The entrepreneur & their success
Attributes of entrepreneurial success?
The entrepreneur & their success
Attributes of entrepreneurial success?
 Entrepreneurial orientation

• Entrepreneurial orientation: refers to processes, practices and decision-making

activities of an organization that lead to the introduction of new products or services.
• Basically it’s a culture and style which needs to be inculcated in the organization.
• The entrepreneurial organization is achieved through processes, management and
employee mindsets within the organizational structures.
• The top management/business developer would want to bring in entrepreneurial
orientation to increase the chances of innovation through:
1. Supporting and motivating employees
2. Integrating the dispersed competencies & resources to form a ‘solid
base’
3. Formally training key employees in specialist knowledge and building
mindset
 Entrepreneurial orientation

Characteristics of entrepreneurially oriented firm

1.Innovativeness: a firm’s innovativeness promotes new ideas, novelty,

experimentation and creative processes that may lead to inventions of improved
processed, products or services.

2.Risk-taking: top management should be willing to take risk of incurring resources.

Also involved are other risk like – financial, personal and psychological.

3.Proactiveness: Being visionary and taking the initiative in introducing new

technologies, management philosophies, products or services rather than react to.
 Entrepreneurial orientation

Characteristics of entrepreneurially oriented firm

4.Competitive aggressiveness: It is a posture adopted by entrepreneurial firms to

directly and intensely challenge its rivals and involve in confrontations with
competitors. The purpose is to defend its own terrain and target others’ customers.

5.Autonomy: It means the independent action of an individual/team in bringing

forth an idea or a vision and making a successful innovation out of it – from idea to
profitable completion. Need to allow our employees to be an innovative, proactive
and competitive risk-taker.