Inés Aude D'andria

Benjamin Gabarret

Vedel

Resilience and Effectuation for a Successful Business Takeover

Keywords: Entrepreneurial resilience, business takeover, effectuation, small and medium-sized enterprises

Resilience and effectuation for a successful business takeover

Aude d'Andria, Ines Gabarret, Benjamin

Introduction

In 1988, William Gartner, discussing the entrepreneurial process, wrote: "How do we know the dancer from the dance?" This critical question was intended to orient research on behavioural as opposed to trait-based approaches, considered by Gartner to be unfruitful. Instead, [START_REF] Gartner | Who is an entrepreneur? is the wrong question[END_REF] claimed that research in entrepreneurship should focus on what the entrepreneur does and not on who the entrepreneur is. As he explains, because entrepreneurship is complex, in a behavioural approach "we do not artificially separate dancer from dance" [START_REF] Gartner | Who is an entrepreneur? is the wrong question[END_REF]. Following this point of view, this study aims at understanding how resilience dimensions, at a psychological level, interact with logics of action (process level) to accomplish an entrepreneurial project in a context of high uncertainty.

There are different ways to become an entrepreneur, such as starting a new venture or taking over an existing business [START_REF] Block | Business takeover or new venture? Individual and environmental determinants from a cross-country study[END_REF]. This study analyses a process of search and takeover of a business by an entrepreneur. Business takeovers are mainly studied in the succession in family firms [START_REF] Block | Business takeover or new venture? Individual and environmental determinants from a cross-country study[END_REF]. However, sometimes the successor is an entrepreneur looking for a business opportunity, and not a family member. In such cases, identifying and evaluating the right organization to buy can take several months or even years. The opacity of the market of companies available for purchase presents a challenge [START_REF] Fayolle | Entrepreneuriat, apprendre à entreprendre[END_REF]. Successful companies do not want to openly communicate their intentions to be taken over for fear of creating uncertainty among their stakeholders. As market information is difficult to obtain, the entrepreneur seeking to take over an organization faces high uncertainty.

From a behavioural perspective, different theoretical approaches exist in entrepreneurship research. Among them are the theories of effectuation and causation (Fischer, 2012). The concept of effectuation, introduced by [START_REF] Sarasvathy | Causation and effectuation: Toward a theoretical shift from economic inevitability to entrepreneurial contingency[END_REF], consists in choosing means to create particular effects, while causation consists in choosing effects using specific means [START_REF] Sarasvathy | Causation and effectuation: Toward a theoretical shift from economic inevitability to entrepreneurial contingency[END_REF]. Even if those concepts seem to be in opposition, [START_REF] Sarasvathy | Causation and effectuation: Toward a theoretical shift from economic inevitability to entrepreneurial contingency[END_REF] explains that "both causation and effectuation are integral parts of human reasoning that can occur simultaneously" (Sarasvathy, 2001, p. 245). During an entrepreneurial process, both causal (planning) and effectual logics can be present in a complementary way [START_REF] Sarasvathy | Causation and effectuation: Toward a theoretical shift from economic inevitability to entrepreneurial contingency[END_REF][START_REF] Read | Marketing under Uncertainty: The Logic of Effectual Approach[END_REF]Fischer, 2012;[START_REF] Reymen | Understanding dynamics of strategic decision-making in venture creation: A process study of effectuation and causation[END_REF][START_REF] Smolka | Get It Together! Synergistic Effects of Causal and Effectual Decision-Making Logics on Venture Performance[END_REF] and the entrepreneur can navigate from one to the other.

Even if studies aim at defining and comparing effectuation versus causation, and accept that they are complementary, it remains a lack of explanation about how the entrepreneur shifts from one logic to the other, and what are the individual processes that will allow the change of logic. In entrepreneurship, uncertainty diminishes the utility of causal approaches or planning [START_REF] Bird | Implementing entrepreneurial ideas: The case for intention[END_REF], and increases the need to adopt effectual methods [START_REF] Sarasvathy | Causation and effectuation: Toward a theoretical shift from economic inevitability to entrepreneurial contingency[END_REF]. At the individual level, literature shows that adversity and uncertainty are overcome by the development of resilience [START_REF] Bullough | Danger zone entrepreneurs: The importance of resilience and selfefficacy for entrepreneurial intentions[END_REF][START_REF] Sutcliffe | Organizing for resilience[END_REF]. Resilience helps entrepreneurs to adapt after adverse circumstances (Bullought et al., 2014). Resilience allows the individual to stabilize their emotions and broaden their scope of attention [START_REF] Fredrickson | What good are positive emotions in crises? A prospective study of resilience and emotions following the terrorist attacks on the United States on September 11th, 2001[END_REF]Waugh et al., 2008a;Waugh et al., 2008b). Therefore, and considering that the entrepreneur needs resilient attitudes and effectual behaviours to deal with uncertainty, the aim of this study is to understand the relationship between resilience and logics of action. How does the entrepreneur make a change of logic and what dimensions of psychological resilience appear during the process? More than a descriptive approach, the objective is to show how different dimensions of resilience are dynamically connected to different logics of actions allowing the development of a successful entrepreneurial project.

The paper is structured as follows. The first section develops a theoretical framework at the two mentioned levels (resilience and logics of action). The second section presents the research design based on the analysis of an internet blog by an entrepreneur seeking to take over an existing business. The third section highlights and analyses the results. Finally, a discussion of the findings and their implications is presented.

Theoretical Background

Psychological resilience as a dynamic process

Recent business and management research has begun to study the concept of resilience to understand why some organizations or individuals are more successful in overcoming unexpected, abrupt, and adverse events [START_REF] Linnenluecke | Resilience in business and management research: A review of influential publications and a research agenda[END_REF][START_REF] Dewald | Storm Clouds and Silver Linings: Responding to Disruptive Innovations Through Cognitive Resilience[END_REF][START_REF] Sutcliffe | Organizing for resilience[END_REF][START_REF] Masten | Ordinary magic: Resilience process in development[END_REF]. The subject has been studied both at the organization and the employee levels and encompasses different research streams from risk and disaster management, human resource management, supply chain management, and entrepreneurship [START_REF] Fisher | Does individual resilience influence entrepreneurial success?[END_REF][START_REF] Ayala | The resilience of the entrepreneur. Influence on the success of the business. A longitudinal analysis[END_REF].

Resilience is the ability to respond, adapt, and start again after adversity. It has first been considered a personal factor (such as gender or business experience) and understood to be a stable personality trait reflecting flexibility to adapt to emotional events [START_REF] Genet | Flexible control in processing affective and non-affective material predicts individual differences in trait resilience[END_REF]. In this way, a resilient individual is robust, resourceful, perseverant, with high motivation and optimism [START_REF] Coutu | How Resilience works[END_REF][START_REF] De Vries | Towards a theory of entrepreneurial resilience: an analysis of New Zealand SME owner-operators[END_REF][START_REF] Ayala | The resilience of the entrepreneur. Influence on the success of the business. A longitudinal analysis[END_REF][START_REF] Fisher | Does individual resilience influence entrepreneurial success?[END_REF]. However, beyond being considered a personality trait, resilience can be interpreted as a dynamic process to deal with uncertainty [START_REF] Sutcliffe | Organizing for resilience[END_REF]. In this viewpoint, resilience is a behavioural system in which "an entity (i.e., organization, unit, individual) interprets and responds to new challenges, depends on attitudes, expectations, feelings, and response possibilities derived from a history of prior experience (e.g., adaptation)." [START_REF] Sutcliffe | Organizing for resilience[END_REF]. Therefore, resilience can be a learned behaviour, developed over time [START_REF] De Vries | Towards a theory of entrepreneurial resilience: an analysis of New Zealand SME owner-operators[END_REF][START_REF] Luthans | Positive psychological capital: measurement and relationship with performance and satisfaction[END_REF].

Two psychological mechanisms appear when explaining resilience: the regulation of emotion (emotional resilience) and the flexibility of thought (cognitive resilience). Emotional and cognitive resilience are related to the emotional and cognitive adaptations the entrepreneur develops to overcome constraints. [START_REF] Fredrickson | What good are positive emotions?[END_REF][START_REF] Fredrickson | The role of positive emotions in positive psychology: the broaden-and-build theory of positive emotions[END_REF] grounded the study of resilience in the development of emotions. Even if emotions are transitory, they lead to action in different ways. For example, a negative affect damages the capacity to recover from adversity and generates specific action tendencies (e.g., survive during adverse situation). [START_REF] Fredrickson | What good are positive emotions in crises? A prospective study of resilience and emotions following the terrorist attacks on the United States on September 11th, 2001[END_REF] underline that positive emotions can undo the effects of negative emotions and allow the cognitive broadening of the individual. People exhibiting a lack or little resilience have difficulty overcoming adverse situations because they remain cognitively inflexible, developing depression and negative emotional states [START_REF] Genet | Flexible control in processing affective and non-affective material predicts individual differences in trait resilience[END_REF]. They will have difficulties to make sense of failure [START_REF] Byrne | Different Strokes for Different Folks: Entrepreneurial Narratives of Emotion, Cognition, and Making Sense of Business Failure[END_REF].

In particular, emotional resilience is linked to emotional flexibility [START_REF] Genet | Flexible control in processing affective and non-affective material predicts individual differences in trait resilience[END_REF][START_REF] Gross | Handbook of emotion regulation[END_REF][START_REF] Ong | Psychological resilience, positive emotions, and successful adaptation to stress in later life[END_REF] and can be considered as a positive behavioural adaptation after a negative event [START_REF] Hayward | Beyond hubris: How highly confident entrepreneurs rebound to venture again[END_REF][START_REF] Ong | Psychological resilience, positive emotions, and successful adaptation to stress in later life[END_REF]. In fact, resilient individuals can adjust their emotions in the face of a stressful situation (Waugh et al., 2008a;Waugh et al., 2008b). Resilient individuals use their emotional resources only when it is necessary (when a negative emotion arises). Once stress is overcome, negative emotions no longer persist (Waugh et al., 2008b;[START_REF] Ong | Psychological resilience, positive emotions, and successful adaptation to stress in later life[END_REF][START_REF] Tugade | Resilient individuals use positive emotions to bounce back from negative emotional experiences[END_REF].

Cognitive resilience [START_REF] Dewald | Storm Clouds and Silver Linings: Responding to Disruptive Innovations Through Cognitive Resilience[END_REF][START_REF] Genet | Flexible control in processing affective and non-affective material predicts individual differences in trait resilience[END_REF] is based on [START_REF] Fredrickson | What good are positive emotions?[END_REF][START_REF] Fredrickson | The role of positive emotions in positive psychology: the broaden-and-build theory of positive emotions[END_REF] broaden-and-build theory of positive emotion. Positive emotions allow cognitive broadening, access to information and the exploration of other possibilities [START_REF] Fredrickson | What good are positive emotions?[END_REF][START_REF] Isen | Missing in action in the AIM: Positive affect's facilitation of cognitive flexibility, innovation, and problem solving[END_REF][START_REF] Fredrickson | Positive emotions broaden the scope of attention and thought-action repertoires[END_REF][START_REF] Genet | Flexible control in processing affective and non-affective material predicts individual differences in trait resilience[END_REF]. It improves resilience in a virtuous circle [START_REF] Sutcliffe | Organizing for resilience[END_REF], expanding learning in the long term and wellbeing [START_REF] Fredrickson | What good are positive emotions in crises? A prospective study of resilience and emotions following the terrorist attacks on the United States on September 11th, 2001[END_REF][START_REF] Nath | Influence of Positive Affect on Physical Health and Psychological Well-Being: Examining the Mediating Role of Psychological Resilience[END_REF]Byrne and Sheperd, 2015). According to [START_REF] Genet | Flexible control in processing affective and non-affective material predicts individual differences in trait resilience[END_REF], cognitive flexibility allows people to distinguish important information and to adapt to a changing environment. It broadens the scope of attention and action repertoire to analyse the situation [START_REF] Fredrickson | Positive emotions broaden the scope of attention and thought-action repertoires[END_REF]. For example, [START_REF] Genet | Flexible control in processing affective and non-affective material predicts individual differences in trait resilience[END_REF] indicate that cognitive flexibility enhances the size and range of the consideration set for a choice and helps the entrepreneurs to select, reject, and put in perspective relevant information and materials. [START_REF] Isen | An Influence of Positive Affect on Decision Making in Complex Situations: Theoretical Issues With Practical Implications[END_REF] indicates that cognitive flexibility allows "to switch perspectives and see things in multiple ways and come up with viable solutions (…) to cope with potential problems and avoid conflict". [START_REF] Isen | An Influence of Positive Affect on Decision Making in Complex Situations: Theoretical Issues With Practical Implications[END_REF] adds that people with positive affect tend to be more creative, flexible and altruistic in the way they solve problems and negotiate (i.e., try to obtain "the most of both sides"). They also decide in an "efficient, effective and careful" way and tend to avoid risk due to a higher sensibility to loss [START_REF] Isen | An Influence of Positive Affect on Decision Making in Complex Situations: Theoretical Issues With Practical Implications[END_REF]. According to [START_REF] Genet | Flexible control in processing affective and non-affective material predicts individual differences in trait resilience[END_REF], two cognitive processes are at stake: inhibition and shifting. Inhibition is about deliberately eliminating dominant or irrelevant information [START_REF] Miyake | The unity and diversity of executive functions and their contributions to complex ''frontal lobe'' tasks: A latent variable analysis[END_REF]. Shifting is a process of "switching back and forth between multiple tasks, operations, or mental sets and implicate the ability to accomplish a new operation in the face of proactive interference" [START_REF] Miyake | The unity and diversity of executive functions and their contributions to complex ''frontal lobe'' tasks: A latent variable analysis[END_REF].

An entrepreneur looking for a company to take over will certainly face adversity and frustration because of the high level of uncertainty of the market. To continue with the project, the entrepreneur will need to develop resilient attitudes of two kinds: emotional and cognitive. However, in parallel, the entrepreneur will need to navigate between effectual and causal logics to adapt to uncertainty.

Effectuation and Causation

To understand how some entrepreneurs cope with the high uncertainty that characterises business start-ups, [START_REF] Sarasvathy | Causation and effectuation: Toward a theoretical shift from economic inevitability to entrepreneurial contingency[END_REF] introduced the concept of effectuation in the early 2000s in opposition to the causal view of business creation based on opportunity discovery and planning. The concept is defined as a logic of action that begins with what is at hand, takes advantage of the unexpected, and develops action-oriented decision making [START_REF] Sarasvathy | Effectuation of Entrepreneurial Expertise[END_REF][START_REF] Sarasvathy | An effectual approach to international entrepreneurship: Overlaps, challenges, and provocative possibilities[END_REF]. Effectuation assumes that under conditions of uncertainty, entrepreneurs adopt a different operating logic. The opportunity initially perceived is not a clear goal and can change during the business start-up process. The underlying idea is that entrepreneurial behaviour will be based on the availability of resources rather than on predetermined objectives. Instead of seeking optimization, the effectual entrepreneur attempts to minimize costs (acceptable losses) and securing resources involves the establishment of strategic alliances and the pre-engagement of stakeholders [START_REF] Chandler | Causation and Effectuation Processes: A Validation Study[END_REF][START_REF] Bhowmick | Effectuation and the dialectic of control[END_REF]. [START_REF] Sarasvathy | Causation and effectuation: Toward a theoretical shift from economic inevitability to entrepreneurial contingency[END_REF] indicates that neither the causal nor the effectual logic is better, but one is more suitable than the other depending on the context. Effectual logic is most appropriate and efficient under uncertainty and limited resources (such as during the creation of activity). Causal logic is most adapted when the environment is stable, and the expected outcomes are known in advance. It is better suited for mature markets. Moreover, according to Fischer (2012), effectual and causal principles can work in a complementary way and the entrepreneur can navigate between both. It is then important to understand in which circumstances the entrepreneur develops a causal or an effectual logic [START_REF] Sarasvathy | Causation and effectuation: Toward a theoretical shift from economic inevitability to entrepreneurial contingency[END_REF][START_REF] Read | Knowing What to Do and Doing What You Know: Effectuation as a Form of Entrepreneurial Expertise[END_REF]Fischer, 2012). Several reasons explain that change [START_REF] Harms | Antecedents and consequences of effectuation and causation in the international new venture creation process[END_REF], such as the environment perception (uncertainty perception) or the expertise of the individual (control perception). Indeed, the entrepreneurs who have perceived that they can control what they have in hand and believe in their ability to transform their environment are those who can easily adopt an effectual behaviour [START_REF] Sarasvathy | Causation and effectuation: Toward a theoretical shift from economic inevitability to entrepreneurial contingency[END_REF][START_REF] Gabrielsson | Career motives and entrepreneurial decision-making: examining preferences for causal and effectual logics in the early stage of new ventures[END_REF].

At an individual level, [START_REF] Alsos | Entrepreneurs' social identity and the preference of causal and effectual behaviours in start-up processes[END_REF] and [START_REF] York | Exploring environmental entrepreneurship: identity coupling, venture goals, and stakeholder incentives[END_REF] show that the choice between effectuation and causation comes from the preferences of the entrepreneur or their way of living (i.e., their social identity). [START_REF] Engel | Uncertain but able: Entrepreneurial self-efficacy and novices' use of expert decision-logic under uncertainty[END_REF] indicate that those with more entrepreneurial selfefficacy will be more effectual. In this case, entrepreneurial self-efficacy reinforces the perception of control over opportunities. Effectuation is related to the entrepreneurial expertise of the individual [START_REF] Dew | Effectual versus predictive logics in entrepreneurial decision-making: Differences between experts and novices[END_REF][START_REF] Read | Marketing under Uncertainty: The Logic of Effectual Approach[END_REF][START_REF] Sarasvathy | Causation and effectuation: Toward a theoretical shift from economic inevitability to entrepreneurial contingency[END_REF]. The entrepreneurial expertise allows the use of heuristics (psychological shortcuts). The entrepreneur is a central agent capable of creating and transforming his/her environment [START_REF] Alvarez | Discovery and creation: alternative theories of entrepreneurial action[END_REF]. Effectuation is then used as a means to control the environment and causation as a predictive instrument [START_REF] Read | Knowing What to Do and Doing What You Know: Effectuation as a Form of Entrepreneurial Expertise[END_REF][START_REF] Smolka | Get It Together! Synergistic Effects of Causal and Effectual Decision-Making Logics on Venture Performance[END_REF]. [START_REF] Dew | Effectual versus predictive logics in entrepreneurial decision-making: Differences between experts and novices[END_REF] show that the expert entrepreneur uses effectuation through analogical reasoning, he solves the problems by using previous experience and by diminishing the importance of predictive information [START_REF] Read | Knowing What to Do and Doing What You Know: Effectuation as a Form of Entrepreneurial Expertise[END_REF]Read et al., 2009;[START_REF] Harms | Antecedents and consequences of effectuation and causation in the international new venture creation process[END_REF].

In an entrepreneurial takeover, adopting effectual logic could help entrepreneurs face the uncertainty caused by the perceived opacity of the business takeover market. The entrepreneurial takeover also supposes the choice of an organization in an existent market which will facilitate a causal approach. The context of this field allows then to study the shift of causal and effectual logics and to observe the conditions and circumstances of their development.

Our study shows that in uncertain environments, the shift to an effectual behaviour and the use of heuristics is possible when the entrepreneur is capable of controlling his/her emotions. To the authors' knowledge, there is a lack of information about the role of psychological variables, and especially resilience, in this change of behavior (shift between causal and effectual). Therefore, this study aims at filling this gap.

Research Method

The objective of this research is to understand the roles that entrepreneurial resilience plays in the effectuation/causation change. In the next section we present the context of the research and the methodology developed.

Research design and context

This study used a qualitative design. Many researchers promote qualitative research because it facilitates exploration of the potential antecedents and factors for which little is known or has been explored [START_REF] Corbin | Basics of Qualitative Research[END_REF]. Qualitative research provides deep descriptions of processes [START_REF] Richards | Handling Qualitative Data[END_REF], appears amenable to further quantitative research (Eisenhardt and Graebner, 2007;[START_REF] Yin | Case Study Research: Design and Methods[END_REF] and helps to answer new questions, particularly in a field such as entrepreneurship research [START_REF] Cope | Toward a dynamic learning perspective of entrepreneurship[END_REF][START_REF] Hindle | Choosing qualitative methods for entrepreneurial cognition research: A canonical development approach[END_REF].

Within this broader qualitative design, this study implemented an analysis of an internet blog of an entrepreneur looking to take over a business venture. A blog is a shortened version of the term "web log," with log meaning event log. According to [START_REF] Poynter | The Handbook of Online and Social Media Research: Tools and Techniques for Market Researchers[END_REF], a blog is a website organized as a set of chronological posts by an author or authors. Blogs were one of the first social media tools to be adopted by market researchers. This research focused on the set of posts with a narrative approach [START_REF] Elliot | Using Narrative in Social Research: Qualitative and Quantitative Approaches[END_REF]. A narrative is a discourse that provides insights into events and individuals' experiences to connect events in a meaningful way [START_REF] Hinchman | Memory, Identity, and Community: The Idea of Narrative in the Human Sciences[END_REF]. A narrative allows the registration of events chronologically by taking into consideration the temporal dimension and achieving the effect of coherence that [START_REF] Ricoeur | Le Seuil, trois tomes[END_REF] called a configuration effect. As Karl Weick asks in several of his works, "How can I know what I say and do?" a narrative is not simply a reference to the action envisaged, it also provides meaning to the action by incarnating the action. Therefore, discussing an entrepreneurial process is a way to clarify the process for others. Initially, this is a way to show and demonstrate the project before it really exists. During the process and the implementation of the necessary actions, providing such a narrative helps to link the first concrete elements and the strategic objectives. Entrepreneurship research notes the use of a narrative perspective as a suitable mode for producing local and contingent knowledge concerning the entrepreneurial process [START_REF] Venkataraman | Of narratives and artifacts[END_REF][START_REF] Gartner | Entrepreneurial narrative and a science of the imagination[END_REF][START_REF] Rae | Understanding Entrepreneurial Learning: A Question of How?[END_REF][START_REF] Steyaert | Telling stories of entrepreneurshiptowards a narrative-contextual epistemology for entrepreneurial studies[END_REF].

Data collection

This study is on a French entrepreneur, Sébastien Eloir, who intends to take over a business. His personal and entrepreneurial profile corresponds to the profile described by the French center of business takeover (CRA) in their 2017 rapport1 . Eloir is a 38-year-old man, married, and living with his wife and children (two girls) in a suburb of Paris. He has a significant upper management experience (14 years) as a managing director of an organization specializing in the distribution and rental of technical machines.

The authors selected the case from social media from the blogosphere. For [START_REF] Nardi | Blogging as social activity, or, would you let 900 million people read Your Diary?[END_REF], blogging is a social activity motivated by five social objectives: (1) to inform others of activities and whereabouts, (2) to express opinions to influence others, (3) to seek the comments and opinions of others, (4) to "think by writing," and (5) to express emotional tension.

Eloir's blog was found through a Google search using key words 2 . The blog can be easily accessed (http://objectif-reprise.blogspot.fr/). No registration was requested and information on the blog has been posted on a public domain for free and is available to researchers.

Data were collected from entries posted by the entrepreneur during the process from the initial search to the end of the takeover process. Each week, from April 2006 to September 2007, the entrepreneur posted an entry reporting on the progress of the business process and reported on other aspects related to this process such as problems, feelings, or alternatives. A total of 78 weekly entries were collected covering the entire business takeover period. Given that blog entries were written in real time and posted on a weekly basis, contemporaneously, there is no bias from retrospective analysis (ex-post rationalization). Because the objective of this research is to improve entrepreneurship knowledge, the age of the data (roughly 10 years) should not be an issue. It can be said that the writer is "in the thick of things" (Yanow et al., 2012, p. 352). This granted researchers full access to the opinions, comments, feelings and expressed emotional tensions of the author of the blog. At the end of the process, the entrepreneur stopped blogging and decided to create a second internet blog (http://objectif-entreprendre.blogspot.fr/). This second blog was analysed and contained 32 entries posted over the first three years following the business takeover. This blog enabled the study to assess the viability of the business takeover 3 .

Data analysis

For the data analysis, this study followed a qualitative content analysis based on an interpretative study. The content analysis is adapted to extract the presence or absence of specific concepts within texts or other material [START_REF] Corbin | Basics of Qualitative Research[END_REF].

The objective of the study is twofold. First, to identify the dimensions of entrepreneurial resilience and the ability to adopt effectual/causal logic during the process of a business takeover. Second, to highlight the role of dimensions of entrepreneurial resilience and how these dimensions connect with effectual or causal logics. The definition of concepts (causal and effectual logics of action, and emotional and cognitive resilience) and the exemples of verbatims identified for these concepts are represented in table 1 below.

Competitive analysis

Relationships are driven by competitive analyses and the desire to limit dilution of ownership as far as possible.

The initial objective was to work on green energies because it is a growing market and it is important to do something for the planet (Post 28)

Avoiding contingencies

Contingencies are obstacles to be avoided, based on accurate predictions and careful planning.

The objective is to keep control from A to Z (Post 12)

The qualitative data collected for the study correspond to 78 posts from the blog of an entrepreneur (from April 2006 to September 2007). Based on the volume of data, researchers opted for a manual analysis. The analysis started by a data simplification strategy through a data coding phase [START_REF] Miles | Qualitative Data Analysis: An Expanded Sourcebook[END_REF]. This phase was structured in three steps: data preparation (extraction of the posts from the blog and chronological ordering in an excel document), data organisation (first descriptive coding), and topic coding [START_REF] Miles | Qualitative Data Analysis: An Expanded Sourcebook[END_REF][START_REF] Bernard | Analyzing Qualitative Data: Systematic Approaches[END_REF]. Preparatory tasks before data coding consisted in highlighting relevant parts on the posts to discard data unrelated to the research questions [START_REF] Miles | Qualitative Data Analysis: An Expanded Sourcebook[END_REF]. For the descriptive coding, all 78 posts were analysed to understand the different steps along the entrepreneurial process. Double coding, as recommended by [START_REF] Miles | Qualitative Data Analysis: An Expanded Sourcebook[END_REF], was conducted to check the reliability and validity of descriptive coding. Two authors carefully and separately read through the text and the analysis was confirmed in detail with a general agreement, after several discussion meetings by all team members. The 78 posts were split into five phases following the approach presented by [START_REF] Reymen | Understanding dynamics of strategic decision-making in venture creation: A process study of effectuation and causation[END_REF]. The study of [START_REF] Reymen | Understanding dynamics of strategic decision-making in venture creation: A process study of effectuation and causation[END_REF] analyses the change between effectual and causal logics during a process of venture creation. To explain the shift, the authors focus on key decision events. Those events, to be considered, have to produce a significant effect on the development of the company and have to be connected to an intentional action or decision of the entrepreneur. The intentionality has to be strong and the decision has to be initiated by the entrepreneur. Moreover, the idea of separating the process into different phases of analysis follows the classification of [START_REF] Fayolle | Entrepreneuriat, apprendre à entreprendre[END_REF]. [START_REF] Fayolle | Entrepreneuriat, apprendre à entreprendre[END_REF] is one of the few authors to analyze the process of business takeover from the buyer's side. The author presents the process in several phases: (1) personal assessment and definition of the project; (2) identification of sources of information, construction of the network, and target selection; (3) diagnosis of the target company and drawing up of the business takeover plan; (4) negotiation and contracting, and finally (5) the actual transfer of ownership and control.

The analysis of the blog allowed the identification of five key decision events: (1) the decision to leave paid employment and to take over a business; (2) the selection of a project and the failure of the operation; (3) the decision to continue the search for a business to take over despite the failure of the first attempt; (4) target selection and diagnosis for a second project; and (5) the search for funding and drawing up of the business takeover plan.

The first phase is composed of two parts (Steps 1.a and 1.b) and the last phase was split into four steps (5.a, 5.b, 5.c, and 5.d). The decision to consider sub-steps is based on the observation of events disrupting the progress of the observed phase. In Phase 1, following the decision to take over a company, the entrepreneur realizes the opacity of the takeover market. This information will change the way he looks at the market. In Phase 5, the search for funding is troubled by several refusals and waiting periods before the takeover can be done. Table 2 presents a description of each phase with information about the corresponding blog posts. Succeeding the chronological understanding of the process, a second data coding was performed using meaning unit. In the literature, a meaning unit is also called an idea unit [START_REF] Kovach | Content analysis of reminiscences of elderly women[END_REF] or content unit [START_REF] Baxter | Content Analysis[END_REF]. In this study, we have adapted Graneheim and Lundman's (2004 p. 106) definition of meaning unit to include, "words, sentences or paragraphs containing aspects related to each other through their content and context." The data were then indexed according to our research objectives from the literature review on entrepreneurial resilience and effectuation/causation and linked with the phases of the process to understand the data in context.

The richness of the blog allowed the authors to find several dimensions of resilience. However, for the scope of this study two forms of resilience were identified and used, cognitive and emotional [START_REF] Sutcliffe | Organizing for resilience[END_REF]Waugh et al., 2008a;Waugh et al., 2008b;[START_REF] Dewald | Storm Clouds and Silver Linings: Responding to Disruptive Innovations Through Cognitive Resilience[END_REF][START_REF] Hayward | Beyond hubris: How highly confident entrepreneurs rebound to venture again[END_REF]. The choice was based on the emergent relationship noted in the discourse between those dimensions and the two logics of action. Concerning entrepreneurial logics of action, segments of text were coded referring to the principles of effectuation and its causation counterparts [START_REF] Sarasvathy | Causation and effectuation: Toward a theoretical shift from economic inevitability to entrepreneurial contingency[END_REF][START_REF] Fisher | Effectuation, Causation, and Bricolage: A Behavioral Comparison of Emerging Theories, Entrepreneurship Research[END_REF][START_REF] Sarasvathy | An effectual approach to international entrepreneurship: Overlaps, challenges, and provocative possibilities[END_REF].

A preliminary indication of reliability obtained between encoders was around two thirds for resilience factors and three quarters for the principles of effectuation. This reliability was in line with [START_REF] Miles | Qualitative Data Analysis: An Expanded Sourcebook[END_REF] to not expect initially more than 70 per cent of reliability between encoders. Data coding was discussed by the authors and disagreements regarding the interpretation of the data were resolved through discussion and several tours of iteration between the literature and data.

Results

During the research process, the entrepreneur faced several problems including negative thoughts, frustration, and feelings of distress that could have been discouraging and make the entrepreneur return to the job market. However, instead of abandoning the project the entrepreneur developed a resilient behaviour that, combined with effectual logic, allowed for a refocus to continue the search until a satisfactory outcome was achieved.

This section presents and explains the results of this study. The analysis focused on two forms of resilience (cognitive and emotional) and two logics of actions (causal and effectual). Table 3 presents the dominant logics of actions and the mechanisms of resilience associated with each phase of the entrepreneurial process. Results show the alternative development of logics of actions and the presence of dimensions of resilience that appear connected with those logics of actions. To facilitate understanding, the results are shown in two parts. The first part shows the perceived links between emotional resilience and effectual logic, while the second part explains the links observed between cognitive resilience and causal logic. To support the explanations, some quotes from the entrepreneur's blog are presented. Quotes were translated from French into English by the authors.

Emotional resilience and effectual logic

Emotional resilience appeared as a compensatory mechanism in the face of an emotional impact caused by an adverse or stressful situation. In the analysis of the blog, emotional resilience appeared several times especially during effectual phases (1a, 2, 4, 5b, and 5d).

Phase 1a (Posts 1 to 5)

It is important to understand that the entrepreneur showed a predisposition to resilience from the moment he started the blog (in my previous job I learned that I had the ability to bounce back and especially to accept what suits me). He expressed this ability through a positive emotion which follows a negative one (doubt):

-From my previous job, I will keep the memory of the difficulties faced, and the great moments of doubt (negative emotion).

-Above all, I will remember this immense solidarity and the involvement of the majority of colleagues to change the catastrophic situation in which the organization was. For now, it's the most important human experience of my professional life! (positive emotion).

Byrne andt Sheperd (2015) say that when an individual tries to find a meaning to a negative situation, he/she develops a psychological resilience.

When he started the blog, the entrepreneur faced a stressful phase of reconversion needing to understand the new world of the takeover after leaving a job that lasted 14 years. There was also a need for patience even if there was insufficient time to develop the project. All of these aspects generated stress (negative emotion) :

-I'm in a professional no man's land (Post 4).

-I know it's going to be tough and long, but I'm ready for it! (Post 3).

-Still a little more patience (Post 3).

As mentioned in the theoretical part, several strategies of emotional adjustment can be developed to face stressful situations (anticipation, adjustement, recovering). The entrepreneur developed all those strategies. For instance, he counterbalanced his guilt about taking some days off (and even if I take some days off, Post 2) with positive actions on the short term (to spend time with his daughter or to exercise), and he justified his actions:

-I took the opportunity to drop my daughter to school (positive action). I learned the lesson, you have to know how to take advantage of these moments because they will not be eternal! (Uncertainty about the future).(Post 2).

-And, as long as I'm here, I set myself the goal of losing some weight by the end of May. (Hope, optimism)(Post 2).

The entrepreneur showed an emotional resilience. He regulated his stress (days off / start of the takeover process) by driving his daughter to school and exercising. He did not solve the problem but he overcame the negative emotion through an action and a justification. We can understand the expressed feelings through the many blog comments, the use of exclamation marks and sentences showing goodwill, or both at the same time. In this case, emotional resilience developed as a counterpart to feelings associated with stressful situations:

-I will need to stay alert; I'll have to stick at it (Post 4).

-Good lesson of patience! (Post 4).

He rationalized: I also believe that this period is a transition period necessary to achieve the "transformation" (Post 4). The entrepreneur's emotional state was also successfully tempered by a change of outlook on situations and showing acceptance:

-It was tough but necessary (Post 4).

-I think this is a period of transition, it is necessary to do the change (Post 4).

At the same time, the dominant logic of action during this first phase was effectual. Effectuation meant that the object was still under construction, and the opportunity was not a clear objective and could change. The focus in this phase was on available resources. In this environment, he has to make small iterations, to see who wants to build the project with him, who are the potential partners with whom he can interact. In this study, the entrepreneur had an idea to take over an organization in the renewable energy market but needed to check the availability of resources after starting initial contact with some classic public institutions. The decision to contact those institutional resources could be considered as starting with means at disposal, and looked for available resources (people, money, time) through institutional networks. The entrepreneur obtained an unemployment subsidy for 700 days through an institutional network for the takeover project. This situation corresponded to the effectual principle of affordable loss, in which the entrepreneur took into consideration the amount of resources (time, money) that he agreed could be lost. In this case, it represented 700 days (time) to succeed in the takeover:

-I have 700 days of subsidy. I will do my best to do the takeover in less time than 700 days!) (Affordable loss, Post 4).

The entrepreneur also tried to integrate people in an effectual way to participate in the project. This behaviour corresponds to the crazy quilt principle. According to [START_REF] Sarasvathy | An effectual approach to international entrepreneurship: Overlaps, challenges, and provocative possibilities[END_REF], an effectual approach calls for entrepreneurs to rapidly engage in conversations with a variety of people they already know or meet, some of whom end up making actual commitments to the new venture (see also [START_REF] Read | Knowing What to Do and Doing What You Know: Effectuation as a Form of Entrepreneurial Expertise[END_REF]. Effectual entrepreneurs seek to create avenues for stakeholder self-selection (pre-commitment). The entrepreneur actively engaged in the search for partners, among them G., who is referred to as a "potential associate":

-Last Monday, we talked during for 4 hours Post 4).

-I'm sure that we are complementary and we both have an interest in this collaboration Post 4).

According to the analysis of the blog, the entrepreneur developed effectual processes during the first phase (1a). At the same time, verbatims associated with the feelings of the entrepreneur show the presence of emotional resilience to cope with the stressful situations of this phase.

Phase 2 (Posts 21 to 25)

The association between emotional resilience and effectuation is also identified during the first attempted takeover (Phase 2). The entrepreneur tried to transform the owner of the considered organization into an effectual partner for the project (means oriented "who you are" and precommitment):

-During the second meeting, I tried to understand if the owner could see me taking his place. I also remained open to collect all pieces of information possible through our talk (Post 22).

However, the entrepreneur saw difficulties in the relationship:

-Simply because I think the owner has made the organization in his own image, and if it doesn't work between us, it is impossible that it will work between the employees and me (Post 21).

The entrepreneur then decided to anticipate failure of the operation and advanced emotional resilience. According to Waugh et al. (2008a), the anticipation of potential failure corresponds to a resilient behaviour:

-

I'm thinking about what I'm going to do if I cannot conclude this operation in Nantes (Post 23).

Anticipation helps to manage negative emotions in the face of a possible failure. When failure ocurred, the entrepreneur continued to appear optimistic, even with Post 25 being published two days after the expected date (necessary time to recover from frustration):

-That's the way it is, but I have learned a lot with this operation in Nantes (Post 25).

Phase 4 (Posts 45 to 50)

The analysis of the blog shows that the relationship between emotional resilience and effectual logic was present during Phase 4. At that moment, the entrepreneur found the right organization to take over and then needed to organise the transition. Both the buyer and the seller agreed to work together (pre-commitment), but the situation was stressful:

-I imagine that it is stressful for him as it is for me, I'm a little stressed (Post 48).

The stress was counterbalanced by positive emotions (emotional resilience) and anticipation of the event.

-I remain nevertheless determined and ready to commit to the project!!; It's achievable!!; The great leap into the unknown! (Post 48).

The anticipation is reflected in the emotional stability that Eloir showed when signing:

-It was an important moment, but I was not as moved as I expected. No tears, no pinching heart at the time of signing, the signature simply strengthened my determination to complete the buyout project, to join the team in place and make them part of the company's growth. (Post 49).

Once the emotional aspect was settled through resilience, he started again on a causal logic (From now on I have four main objectives in view). It thus appears that the emotional resilience is a safety valve to regulate emotions when stress becomes too important.

Phase 5b (Posts 60 to 63)

Two other phases presented relationships between emotional resilience and effectuation. Both concerned difficulties with obtaining funding for the operation. During the first one (Phase 5b), the public institution that should have guaranteed the loan refused to do so. Faced with this problem, the entrepreneur developed an effectual reaction by immediately contacting the institution to try to understand the refusal and find a solution to the problem. This reaction can be interpreted as an effectual principle where the entrepreneur is capable of changing the environment instead of accepting the situation. The network was contacted to acquire more information about this refusal:

-I contacted the Regional Council to see if they had more information than me (means oriented "whom you know" and leveraging contingencies, Post 60).

Several other references about the effectual network (pre-commitment and leveraging contingencies) are identified in the discourse:

-After all, a bank is continuing to believe in the project and to support me. I will thank her when the time comes (Post 60). -By the way, I also thanked "my" transferor for his support in this rather difficult phase. (...) His support is paramount (Post 60).

The rapid recovery process and the positive emotion (faith) showed emotional resilience:

-When you hear this answer over the phone, after 6 months of working on the feasibility of taking over the business, you have to be strong to want to continue without getting discouraged! Keep faith in all circumstances! (Post 60).

-That is what I did, well determined not to give up! (Post 60).

Phase 5d (Posts 69 to 78)

The last effectual phase corresponded to the stress created by the timing for the loan. Indeed, the loan was needed during the month of August and it was late summer time in France with institutions either closed or working less hours. However, the entrepreneur tried to be proactive (means oriented "whom you know" and leveraging contingencies) and accelerate the process. Showing patience (emotional adjustment), the entrepreneur adapted his behaviour to the situation and also took a short vacation (lemonade principle):

-I wrote it: patience is a virtue!! (Post 71).

- Over all the process, we can identify effectual behaviours supported by emotional resilience.

I
Considering this, we can advance our first proposition: Emotional resilience allows the development of effectual logics of action.

Indeed, effectuation appears when there is a strong perception of an uncertain environment [START_REF] Reymen | Understanding dynamics of strategic decision-making in venture creation: A process study of effectuation and causation[END_REF]. This study shows that when the environment is uncertain (following a contradictory event), the shift to effectuation and the development of heuristics need a stable emotional state to compensate for the instability of the environment. Emotional stability seems then necessary for the development of the effectuation.

Cognitive resilience and causal logic

Throughout the blog, it seems that cognitive resilience appears whenever the entrepreneur develops a causal strategy.

Phase 1b (Posts 5 to 20)

During the first phase the entrepreneur understood the complexity of the market and the fact that in the Paris region there are more entrepreneurs searching for companies than companies on sale. He also saw the difficulty of discovering those opportunities. This new and unexpected piece of information created stress:

-I have arrived at an important information juncture. The takeover market is imbalanced in Paris, there are more buyers than sellers (Post 5).

To counterbalance the stress, during the first phase (Phase 1a), the entrepreneur controlled emotions by developing emotional resilience. Then, once emotions became stable cognitive resilience emerged. Cognitive resources are easily developed in stable emotional states (Frederickson et al., 2003;[START_REF] Byrne | Different Strokes for Different Folks: Entrepreneurial Narratives of Emotion, Cognition, and Making Sense of Business Failure[END_REF] and are linked to "the enthusiasm with which entrepreneurs form positive judgments" [START_REF] Hayward | Beyond hubris: How highly confident entrepreneurs rebound to venture again[END_REF]. Through cognitive resilience, the entrepreneur started thinking about the problems of the takeover. Cognitive resilience enlarges the scope of possibilities as explained in the Broad and Build theory of [START_REF] Fredrickson | What good are positive emotions in crises? A prospective study of resilience and emotions following the terrorist attacks on the United States on September 11th, 2001[END_REF], and broadens the scope of attention and performance.

Cognitive resilience was initially oriented towards a causal strategy with the entrepreneur lacking the business know-how to take over an organization in the sustainable energy industry and had to find the means to reach the fixed objectives by first looking for training courses to help him (goalorientation "starting with ends"):

-Training at the CRA (Center for Business Takeover) should provide me with some elements necessary to answer these questions (Post 5).

-I am also looking for a "climate engineering" training to give credibility to my application (Post 7).

The entrepreneur decided to pursue a training course on takeover (CRA training). During the four weeks training, he learned about management. A causal orientation emerged, and the objectives were clearly explained (goal-orientation "starting with ends"). At that moment, the entrepreneur also broadened the search to include companies beyond the Paris region:

-Here are all my targets: a SME in the heating sector with a turnover of between 1 and 3 M € therefore between 10 and 30 employees located anywhere in France except in the North and East (I estimated that there were about 200 to 300 companies likely to be sold in France) (Post 13). -A difficult part of my business takeover project starts, which will determine its success because it is the first step: the one during which it is necessary to find companies that correspond to the desired target (goaloriented, Post 13).

To reinforce the idea of a causal strategy (planned), a comparison to a sportive marathon or hunting is made. The entrepreneur described this causal strategy as a "hunting technique" (Post 13). G is also integrated in the discourse in a causal way without considering if G needs to be convinced (see Step 1.a). G is considered inside the project (goal-orientation "starting with ends").

-I believe in the coherence of the business plan I mentioned to you last week, in our capacity with G. to manage this type of business and to develop it, and I do so without exaggerating, and without false modesty (Post 13).

From that moment, Eloir showed cognitive flexibility in the way he considered information. New information is integrated into his thought process or is eliminated according to whether it allows him to advance or not. The ability to select information and know how to eliminate the least important (irrelevant information) is considered as one of the characteristics of cognitive flexibility [START_REF] Genet | Flexible control in processing affective and non-affective material predicts individual differences in trait resilience[END_REF][START_REF] Isen | An Influence of Positive Affect on Decision Making in Complex Situations: Theoretical Issues With Practical Implications[END_REF][START_REF] Miyake | The unity and diversity of executive functions and their contributions to complex ''frontal lobe'' tasks: A latent variable analysis[END_REF]:

-Sometimes you have to know how to go fast, but you also have to know how to take your time ... (...) And then, I'm always suspicious of (false) good first impressions (inhibition,Post 17).

Two main aspects showed the flexibility of Eloir's thought process: (1) the search for technical training enabling him to acquire the necessary knowledge for the takeover, and (2) the selection of files.

1. To take over a business in heating, Eloir initially thought that it was better for him to acquire technical knowledge (taking into account relevant information):

-This is one of the cornerstones of the takeover project and especially of commercial development; The more I talk about it around me, the more I realize that it is crucial to have the technical control, not only for the commercial offer but also for the management of the organization (Post 16).

This allowed him to be less dependent on his future employees or partners (avoiding contingencies):

-Training (...) would give me the technical and commercial dimension which would allow me to concentrate on the management and the commercial aspects of the business and not to depend at a technical level either on a specific employee or on the training carried out by the transferor (Post 16).

He made an evaluation of the different information he obtained during different technical training courses, comparing the advantages and disadvantages of each (level of training, location):

-The trainings offered vary in their level and duration but revolve around the desired subject: heating! (taking into account of information, Post 16). -I always hesitate between 2 levels of training. I already addressed the subject a few months ago on this blog and have still not managed to decide: basic training or more "advanced" training? (switching between information, Post 16).

2. Secondly, when selecting the files, he added the financial aspects (learned during the training), and also the human factors. This integration was the result of a discussion he had had earlier with another entrepreneur about the importance of such information. Those aspects were then integrated into the reflection of Eloir:

-Last week, I visited a buyer who confirmed what was said: the success of the takeover depends essentially on the human factor (taking into account relevant information, Post 17). -Balance sheets and profit and loss accounts do not explain the culture of an organization, neither the human relations nor know-how ... (taking into account relevant information, Post 17).

Cognitive resilience seems then to reinforce causal thinking by shifting between new information and objectives. At the end of this phase, a firm in Nantes was selected.

Phase 3 (Posts 26 to 44)

After the failure of the takeover of Nantes (Phase 2), the entrepreneur came back to a causal logic and questioned the final objective (starting with ends) and the rentability of the market (analysing expected returns):

-The initial objective was to work at the local level in renewable energies for two reasons: this is a market that will have sustained growth in the years to come; It is urgent to act for the planet and to get personally involved (Post 28).

-The search for a heating / plumbing organization represents for me the coherent strategic solution that allows living until this market reaches a sufficient degree of maturity (Post 28).

During this phase, the entrepreneur experimented with cognitive resilience (about wants and conditions), and was causal. Cognitive resilience appeared in the way Eloir indicated how he selected firms by trying to take relevant information and eliminating irrelevant ones (shifting):

-It is essential to remain realistic, to see the positive points of each file and to try to anticipate the negative ones and at some point to stop thinking and to move forward because there is no ideal business (switching between information, Post 27).

Like in Phase 1b, this cognitive resilience leads to a causal way of thinking:

-In this case, what return should be expected from an investment in an SME? 10, 15, 20 or 25 per cent ? It seems reasonable to expect at least between 10 and 15 per cent with regards to the level of risk (Expected return, Post 30). -Market research determines, in particular, the business plan assumptions and must reassure the buyer on his/her understanding of the activity of the target organization (especially when it is not from the sector).

(doing competitive analysis, Post 39).

This causal phase drove the entrepreneur to a new prospect, an organization near Bordeaux, which proved to be a good fit. The blog entries show causal thinking in this phase:

-The questions on which we had to agree were: What is the value for the transferor? How much is it theoretically worth? (through the different financial methods available); How much can I pay considering the parameters related to the financing (personal contribution, participation or not of the transferor, possibility of debt ...) And in the end, according to the different preceding parameters, how far am I willing to go as a buyer and willing to accept? After a few hours of negotiation, we finally agreed on a price (expected return and avoiding contingencies, Post 42). -I still have to close the takeover Business Plan with, in particular, the market research part, the provisional income statements, the financing plan, and the cash flow plan Post 42).

Phases 5a and 5c (Posts 51 to 59 and 64 to 68)

The last two phases corresponded to causal periods during which the entrepreneur tried to find funding for the operation (goal-orientation, starting with ends):

-I had a series of meetings with banks this week (…) As I announced last week, I presented a complete project, built on four parts: (the entrepreneur, the organization and its market, the forecast and the financial elements) (Starting with ends, Post 53). -I will also see the bank to fix the final points and agree on a closing date. I really hope that there will be no last-minute surprise ... (avoiding contingencies, Post 64).

During these two periods, there was also a cognitive resilience in the way the entrepreneur asked questions about the problems and considered solutions:

-I do not understand the reasoning behind this refusal (Inhibition, Post 58).

-Even if the CRA training is interesting, there are so many details that it is essential to be accompanied! (taking into account relevant information, Post 66).

From those observations, we propose a second proposition: Cognitive resilience is often related to causal principles of action. Indeed, cognitive flexibility seems to guide causal thinking: the progress of the project and the reduction of uncertainty allow the cognitive flexibility (selection and rejection of contradictory information) that is necessary for a process of causal reflection.

Discussion

In the literature in entrepreneurship, effectuation is defined as a logic of action [START_REF] Sarasvathy | Effectuation of Entrepreneurial Expertise[END_REF][START_REF] Sarasvathy | An effectual approach to international entrepreneurship: Overlaps, challenges, and provocative possibilities[END_REF]. It assumes that under conditions of uncertainty, entrepreneurs adopt a different operating logic in which the entrepreneurial behaviour is based on the availability of resources rather than on predetermined objectives. Also, adversity and uncertainty are overcome by the development of resilience [START_REF] Bullough | Danger zone entrepreneurs: The importance of resilience and selfefficacy for entrepreneurial intentions[END_REF][START_REF] Sutcliffe | Organizing for resilience[END_REF]. Therefore, the entrepreneur needs resilient attitudes and effectual behaviours to deal with uncertainty.

Following [START_REF] Gartner | Who is an entrepreneur? is the wrong question[END_REF], this study analyzes the interaction between the dancer (entrepreneur) and the dance (logic of action), assuming that the change of logic of action is favored by certain individual characteristics. The aim of this study is to understand the change of logic of action [START_REF] Sarasvathy | Causation and effectuation: Toward a theoretical shift from economic inevitability to entrepreneurial contingency[END_REF][START_REF] Alsos | Entrepreneurs' social identity and the preference of causal and effectual behaviours in start-up processes[END_REF][START_REF] Engel | Uncertain but able: Entrepreneurial self-efficacy and novices' use of expert decision-logic under uncertainty[END_REF]. How does the entrepreneur make a change of logic and what dimensions of psychological resilience appear during the process?

The entrepreneurship literature emphasizes that the preference between causal and effectual actions is strongly related to the choices the entrepreneur makes in uncertainty (McMullen and Shepherd, 2006). From this perspective, some individual characteristics influence the effectual process such as expertise [START_REF] Mckelvie | Unpacking the uncertainty construct: Implications for entrepreneurial action[END_REF], Dew et al., 2009;[START_REF] Read | Marketing under Uncertainty: The Logic of Effectual Approach[END_REF], self-efficacy [START_REF] Engel | Uncertain but able: Entrepreneurial self-efficacy and novices' use of expert decision-logic under uncertainty[END_REF], and social identity [START_REF] Alsos | Entrepreneurs' social identity and the preference of causal and effectual behaviours in start-up processes[END_REF][START_REF] York | Exploring environmental entrepreneurship: identity coupling, venture goals, and stakeholder incentives[END_REF]. [START_REF] York | Exploring environmental entrepreneurship: identity coupling, venture goals, and stakeholder incentives[END_REF] also emphasize that the less clear the goal for the individual, the more effectual the decision will be.

This study identifies forms of resilience during the business takeover process that helped the entrepreneur overcome adversity and shift between causal and effectual logics. Results show that the level of uncertainty around the project varies over time. There are stress phases that the entrepreneur must control. The ability to control the stress has its origin in the resilience of the entrepreneur. In this study, the resilience of the individual (a component of psychological capital) facilitates the change of logic and the development of effectuation, improving the adaptation to complex and uncertain situations.

However, the literature also shows that the effectual principles improve the resilience of individuals and organizations. The ability to adapt to uncertain situations has its origin in the setting up of certain logics of action [START_REF] Maine | The role of entrepreneurial decision-making in opportunity creation and recognition[END_REF]. Resilience and effectuation are then in interaction. This study shows how different dimensions of resilience are dynamically connected to different logics of actions allowing the development of a successful entrepreneurial project.

Conclusion

For individuals creating or taking over a business, one crucial aspect is how to deal with uncertainty. This study can help entrepreneurs to succeed in a business creation or takeover by improving knowledge of the relationship between resilience and logics of actions. It sheds light on the way to overcome adversity during the start-up process. It seems that emotional resilience, the capacity of the individual to regulate emotions during periods of stress, enables the necessary space to develop cognitive resilience (cognitive adaptation to solve a problem).

From a theoretical point of view, this study suggests a process for entrepreneurial resilience. In entrepreneurship, resilience is traditionally considered a characteristic that allows serial entrepreneurs to create new ventures after failure [START_REF] Bullough | Danger zone entrepreneurs: The importance of resilience and selfefficacy for entrepreneurial intentions[END_REF]. The analysis of the entrepreneurial takeover shows that factors of resilience are present throughout all stages of the process (opportunity recognition, negotiation, and financing). Therefore, resilience allows the individual to continue the entrepreneurial process after each obstacle, and can help reducing failure. This study also complements the literature on logics of action. Effectuation and causation are complementary behaviours [START_REF] Sarasvathy | Causation and effectuation: Toward a theoretical shift from economic inevitability to entrepreneurial contingency[END_REF][START_REF] Read | Marketing under Uncertainty: The Logic of Effectual Approach[END_REF]Fischer, 2012;[START_REF] Reymen | Understanding dynamics of strategic decision-making in venture creation: A process study of effectuation and causation[END_REF][START_REF] Smolka | Get It Together! Synergistic Effects of Causal and Effectual Decision-Making Logics on Venture Performance[END_REF]. The shift between effectuation and causation logics has been explained through different aspects, however, how this change occurs has not been investigated. Since resilience is the propensity to act under adversity [START_REF] Bullough | Danger zone entrepreneurs: The importance of resilience and selfefficacy for entrepreneurial intentions[END_REF] through regulation of emotions and expansion of cognitive structures and thoughts [START_REF] Byrne | Different Strokes for Different Folks: Entrepreneurial Narratives of Emotion, Cognition, and Making Sense of Business Failure[END_REF][START_REF] Genet | Flexible control in processing affective and non-affective material predicts individual differences in trait resilience[END_REF], it can allow us to understand how entrepreneurs react when uncertainty rises, navigating between different logics of action.

To extend the understanding of entrepreneurial resilience and logics of action, it can be interesting to analyse the development of resilience with respect to the various entrepreneur profiles. In this study, the age and human capital (level of education and managerial experience) of the entrepreneur perfectly match the literature on entrepreneurial takeovers according to which buyers have more managerial experience and a higher average age than creators [START_REF] Bastié | The entrepreneur's mode of entry: The effect of social and financial capital[END_REF][START_REF] Block | Business takeover or new venture? Individual and environmental determinants from a cross-country study[END_REF]. But, what happens in the case of a new venture creation? If resilience is learned through life experiences (de [START_REF] De Vries | Towards a theory of entrepreneurial resilience: an analysis of New Zealand SME owner-operators[END_REF], there may be a relationship between entrepreneur profiles, learning, experience, and the development of resilience. Also, experienced entrepreneurs develop more effectual approaches than causal. We can then ask if managers, in the middle of their working careers, will be able to develop resilient characteristics and effectual processes more easily than other individuals. How to help young entrepreneurs to be more resilient and flexible to succeed a business creation? These are some of the new questions that arise from our study, and that could become interesting topics of research.

Finally, this research was exploratory, and evidence was collected from a single source: a French blog. Although this can ensure the reliability of the results, it potentially limits their generalizability. The blog may not adequately reflect the experiences of the entrepreneur because he decided on what he wrote about. In this study, it was not possible to orient the entrepreneur to describe a fact nor to ask him for more information. The analysis was limited to the information shared by the entrepreneur in his blog. The blog is written data, and in this way, it is considered an approximative reflection for the understanding of the studied behaviours. However, the blog is rich in description of the feelings expressed by the entrepreneur at the different moments of the process; this information was useful to understand resilience.

  business owner of Ménard-Darriet-Cullerier (MDC), an SME specialised in the manufacturing and the distribution of technical machines for forestry 5.a (Post 51 to 59) April-May 2007 Start searching for bank loans to finance the takeover 5.b (Post 60 to 63) June 2007Refusal of the government agency to guarantee the bank loan and later approval the business takeover of MDC with signing of the takeover contract

  took one week vacation during which I tried to contact the bank branch to find out what was going on with the loan offer (Post 71). -I took advantage of the summer to advance on product marketing, a new website, setting up a server and an EBP network version. What happiness! (Post 72).

Table 1 : Definition and example of main theoretical concepts

 1

				The use of emotional	It was an important moment,
				resources when	but I was not as moved as I
			Anticipation and	necessary and the non-	expected. No tears, no pinching
		Emotional	adjustment of	development of	in the heart when signing (Post
		Resilience (ER)	negative emotions	emotional resources	49)
		(Waugh et al.,		during innocuous
		2008a, 2008b)		events.
				Allow quicker and	Even if it was hard, I drew from
			Recovering	more complete	this trip only the positive (Post
				affective recovery.	21)
	Psychological Resilience			Inhibition of dominant responses and the processing of irrelevant	I could have chosen the air conditioning option with its exponential development, but it
		Cognitive	Inhibition	material.	seems to me particularly energy-
		Resilience (CR)			consuming and therefore off-
		(Genet and			topic. I stopped looking for this
		Siemer, 2011;			type of business (Post 15)
		Isen, 2001;		Switching back and	Another solution would be to
		Miyake et al.,		forth between mental	follow a training outside Paris
		2000)	Shifting	sets (by activating relevant material and	... easier because there are fewer candidates but more
				disengaging from	difficult to manage on the family
				irrelevant material).	level! (Post 15)
				Starting with means	What are our strengths with my
			Means-oriented	(what you are, what you know, and who you	partner to entice a seller? (Post 5)
				know)
				Invest what you can	I will wait to see the advisor of
		Effectuation	Affordable loss	afford to lose (minimize costs)	the ANPE (National Employment Agency) to verify if
		(E)			I can have a subsidy (Post 3)
		Sarasvathy et		Establishing and	Tomorrow I will go to the
		al., 2014; Read		leveraging strategic	agricultural exhibition with the
	Logics of Action	and Sarasvathy, 2005; Sarasvathy, 2001)	Partnerships (Crazy Quilt Principle)	relationships using pre-commitments	seller. (...) It is a fabulous opportunity to strengthen ties and to confirm our mutual intention to transmit/takeover
					(Post 45)
				Contingencies as	I did it and was determined not
			Leveraging contingencies	opportunities need to be leveraged	to give up! I contacted the Regional Council immediately to find out if they had more
					information than me (Post 61)
		Causation (C)		Starting with ends:	I am always looking for a
		Sarasvathy et		goals determine actions	'climate engineering' training
		al., 2014; Read	Goal-oriented		course in order to make my
		and Sarasvathy,			application more credible (Post
		2005;			7)

Table 2 : Chronology of the business takeover process

 2

	Reference	Date	Events and Actions
	1.a	April 2006	End of paid employment
	(Post 1 to 5)		Decision to take over a company
			First contacts
	1.b	May-	Understanding the difficulty of the market
	(Post 5 to 20)	September	4-week training for business takeover (Center for Business Takeover: CRA in
		2006	French)
			Start prospecting for SMEs specialised in heating and plumbing

Table 3 : Effectual/causal logics and emotional/cognitive resilience during the business takeover process

 3

	Reference	Dominant logic of	Dominant resilience
		action	mechanism
	1.a (Post 1 to 5)	Effectual	Emotional
	1.b
	(Post 5 to 20)	Causal	Cognitive
	2 (Post 21 to 25)	Effectual	Emotional
	3 (Posts 26 to 44)	Causal	Cognitive
	4	Effectual	Emotional

Edition

Observatoire CRA de la transmission des TPE/PME", available at: http://www.cra.asso.fr/IMG/pdf/observatoire_transmissioncra-2017.pdf (accessed 31 March 2017). 2 Several keywords in French were used. Among them: takeover's blog, business transfer, takeover, buyer, seller, entrepreneurship, etc. Thirty-three blogs have been selected and studied regarding their contents and the quality and quantity of the shared information. After the first screening, Eloir's blog was chosen for this study because of its regularity and the richness of the communication.3 Ten years later the organization continues to grow. It consists of 12 employees and sales of € 1.850M (2016). In 2015, the organization name was changed to Sylvinov and aimed to go global (http://www.sylvinov.com/fr/).


Rodrigo Caye Daudt

Bertrand Le Saux

Alexandre Boulch

Yann Gousseau

URBAN CHANGE DETECTION FOR MULTISPECTRAL EARTH OBSERVATION USING CONVOLUTIONAL NEURAL NETWORKS

Keywords: Change detection, supervised machine learning, convolutional neural networks, multispectral earth observation

The Copernicus Sentinel-2 program now provides multispectral images at a global scale with a high revisit rate. In this paper we explore the usage of convolutional neural networks for urban change detection using such multispectral images. We first present the new change detection dataset that was used for training the proposed networks, which will be openly available to serve as a benchmark. The Onera Satellite Change Detection (OSCD) dataset is composed of pairs of multispectral aerial images, and the changes were manually annotated at pixel level. We then propose two architectures to detect changes, Siamese and Early Fusion, and compare the impact of using different numbers of spectral channels as inputs. These architectures are trained from scratch using the provided dataset.

INTRODUCTION

Change detection is an integral part of the analysis of satellite imagery, and it has been studied for several decades [START_REF] Hussain | Change detection from remotely sensed images: From pixel-based to object-based approaches[END_REF][START_REF] Singh | Review article digital change detection techniques using remotely-sensed data[END_REF]. It consists of comparing a registered pair of images of the same region and identifying the parts where a change has occurred, e.g. vegetation evolution or urban changes. A label is assigned to each pixel: change or no change. The nature of the changes that are detected may vary with the desired application, such as vegetation changes or urban changes (artificialization). Change detection is a crucial step for analysing temporal Earth observation sequences in order to build evolution maps of land cover, urban expansion, deforestation, etc.

With the rise of open access Earth observation from programs such as Copernicus and Landsat, large amounts of data are available. The Sentinel-2 satellites generate time series of multispectral images of Earth's landmasses with resolutions varying between 10m and 60m. Despite the abundance of raw data, there is a lack of open labelled datasets using these images which can be used for quantitative comparison and evaluation of new proposed change detection algorithms. Labelled datasets are also necessary for developing supervised learning methods, which have in the last few years been used to achieve the state-of-the-art results in many problems in the areas of computer vision and image processing. Machine learning techniques such as Convolutional Neural Networks (CNNs) have been on the rise not only due to the exponential growth of the available computing power, but also to the increasingly large amounts of available data. These techniques can not be adequately applied to the problem of change detection while there is a lack of data that can be used for training these systems.

Related Work

Change detection has a long history. The first techniques that were proposed used manually crafted processes to identify changes, while later methods have proposed using machine learning algorithms in different ways [START_REF] Hussain | Change detection from remotely sensed images: From pixel-based to object-based approaches[END_REF][START_REF] Singh | Review article digital change detection techniques using remotely-sensed data[END_REF][START_REF] Le | Urban change detection in sar images by interactive learning[END_REF][START_REF] Liu | Unsupervised change detection between multisensor high resolution satellite images[END_REF]. Recent advances in machine learning algorithms for image analysis have not yet taken over the area of change detection due to the lack of large amounts of training data. Thus, some methods have been proposed recently to use transfer learning to circumvent this problem [START_REF] Arabi | Zoom out cnns features for optical remote sensing change detection[END_REF]. While transfer learning is a valid option, it may limit the reach of the proposed methods. For example, the vast majority of the large CNNs trained on big datasets use RGB images, while the Sentinel-2 images contain 13 useful bands, most of which would need to be ignored when using such a system. Moreover, the recently proposed deep learning algorithms for change detection have mostly been designed to generate a difference image which is manually thresholded [START_REF] Zhan | Change detection based on deep siamese convolutional network for optical aerial images[END_REF]. This avoids end-to-end training, which tends to achieve better results and faster execution. Related to change detection, deep learning techniques have been developed for computer vision applications with the aim of comparing image pairs [START_REF] Zagoruyko | Learning to compare image patches via convolutional neural networks[END_REF].

Contributions

The aim of this paper is twofold. The first contribution that is presented in this paper is the development of an urban change detection dataset of image pairs and pixel-wise labels to be used for training, testing and comparing change detection algorithms: the Onera Satellite Change Detection To appear in Proc. IGARSS 2018, July 22-27, 2018, Valencia, Spain (OSCD) dataset will be openly available on the internet 1 . This dataset was created using the multispectral images taken by the Sentinel-2 satellites of places with different levels of urbanization in several different countries that have experienced urban growth and/or changes. The second contribution presented in this paper is the proposal of two different CNN architectures that aim to learn end-to-end change detection from this dataset in a fully supervised manner.

This paper is structured as follows. Section 2 describes the methods and challenges for creating the urban change detection dataset, as well as information about what is contained in it. Section 3 describes the proposed supervised learning methods used for change detection. Section 4 presents the results for different tests which explore the reach and limitations of both the dataset and the proposed methods.

DATASET

The objective of the OSCD dataset is to provide an open and standardized way of comparing the efficacy of different change detection algorithms that are proposed by the scientific community, available to anyone who is interested in tackling the change detection problem. The dataset is focused on urban areas, labelling as Change only urban growth and changes and ignoring natural changes (e.g. vegetation growth or sea tides). Examples of image pairs and the associated change maps can be seen in Figs. 1 and2. The dataset provides a comparison standard for single band, colour or multispectral change detection algorithms that are proposed. Since it contains pixel-wise ground truth change labels for each location on each image pair, the dataset also allows for more elaborate supervised learning methods to be applied to the problem of change detection.

The OSCD dataset was built using images from the Sentinel-2 satellites. The satellite captures images of various resolutions between 10m and 60m in 13 bands between ultraviolet and short wavelength infrared. Twenty-four regions of approximately 600x600 pixels at 10m resolution with various levels of urbanization where urban changes were visible were chosen worldwide. The images of all bands were cropped according to the chosen geographical coordinates, resulting in 26 images for each region, i.e. 13 bands for each of the images in the image pair. These images were downloaded and cropped using the Medusa toolbox 2 .

The high variability of the raw data that is available from Sentinel-2 does not allow a completely scripted generation of image patches. The downloaded images frequently contain large sections of completely black pixels, and the correct images must be selected manually. Furthermore, for the generation of this dataset, it was desired to obtain images with no or very few clouds present in the image. While the sentinelsat API allows some control over the amount of clouds present 1 http://dase.grss-ieee.org/ 2 https://github.com/aboulch/medusa_tb in the images, this also requires manual verification of each of the downloaded images to ensure the presence of clouds in the downloaded image is not too large.

The pixel-wise ground truth labels were manually generated by comparing the true colour images for each pair. To improve the accuracy of results, the GEFolki toolbox [START_REF] Brigot | Adaptation and evaluation of an optical flow method applied to coregistration of forest remote sensing images[END_REF] 3 was used to register the images with more precision than the registration that is done by the Sentinel system itself. In all cases the older image in the pair was used as reference, and the newer one was transformed to perfectly align with it.

Challenges and limitations

While the dataset is a very valuable tool for methodically comparing different change detection algorithms and for applying supervised learning techniques to this problem, it is important to understand the limitations of this dataset. First and foremost, the images generated by the Sentinel-2 satellite are of a relatively low resolution. This resolution allows the detection of the appearance of large buildings between the images in the image pair. Smaller changes such as the appearance of small buildings, the extension of existing buildings or the addition of lanes to an existing road, for example, may not be obvious in the images. For this reason, even the change maps that are generated manually by different analysts may differ.

One approach which was explored was using Open-StreetMap data from different dates to generate the change maps in an automated manner. OpenStreetMap provides open map data, and by comparing the maps for the dates of the images in the pairs it is, in theory, possible to identify what changes occurred in the area. This approach proved unsuccessful for a few reasons. First, most of the changes in the maps between the two dates were actually due to things being added to the map, but which had not been built in the period between the dates when the images were taken. Second, it is not possible to have much precision when it comes to the dates of the older maps, where in many cases only one map was available for each year before 2017.

Finally, the Sentinel-2 satellite was launched in 2015, and therefore the data that is available is not able to go further in the past than June of 2015. This means that the changes contained in the dataset are of a temporal distance of at most two and a half years approximately, and less than that in many cases. This also means that the images contain many times more pixels labelled as no change than labelled as change.

CHANGE DETECTION METHODS

The aim of the methods presented in this section is to apply supervised deep learning methods to the change detection problem, training them only on the dataset presented in Section 2. Unlike previous methods which only use CNNs The networks should ideally be able to learn to differentiate between artificialization changes and natural changes, given that only artificialization changes are labelled as changes on the dataset. This goes further than computing a simple difference between the images, as it involves a semantic interpretation of the changes, and is therefore a harder problem.

Architectures

Two CNN architectures are compared for this work. These architectures are inspired by the work of Zagoruyko et al. [START_REF] Zagoruyko | Learning to compare image patches via convolutional neural networks[END_REF], where similar architectures were used to compare image patches, although not with the purpose of detecting changes. These networks take as input two 15x15xC patches, where C is the number of colour channels, which will be further discussed in Section 4. The output of the networks for each pair of patches is a pair of values which are an estimation of the probability of that patch belonging to each class. By choosing the maximum of these two values we are able to predict if a change has occurred in the central pixel of the patch. Furthermore, we are able to threshold the change probability at values other than 0.5 to further control the results, in case false positives or false negatives are more or less costly in a given application. The first proposed architecture, named Early Fusion (EF), consists of concatenating the two image pairs as the first step of the network. The input of the network can then be seen as a single patch of 15x15x2C, which is then processed by a series of seven convolutional layers and two fully connected layers, where the last layer is a softmax layer with two outputs associated with the classes of change and no change.

The second approach is a Siamese (Siam) network. The idea is to process each of the patches in parallel by two branches of four convolutional layers with shared weights, concatenating the outputs and using two fully connected layers to obtain two output values as before.

Full image change maps

Once the networks have been trained, full image change maps can be generated by classifying patches of the test images individually. To speed up this process, instead of taking a patch centred in each pixel of the image, a larger stride was used for extracting the patches and a voting system was implemented to predict the labels of all pixels in the images. Each classified patch votes on the label of all the pixels it covered based on the outputs of the network and with weight following a 2D Gaussian distribution centred on the central pixel of the patch, i.e. the closer a pixel is to the central pixel of a patch, the more that patch's vote will count when classifying that pixel.

RESULTS

The images of the OSCD dataset were split into two groups: fourteen images for training and ten for testing. Since the dataset is not very large, the training data was augmented by using all possible flips and rotations in steps of 90 degrees of the patches.

To deal with the problem of different resolutions in different channels, the channels with resolutions lower than 10m were upsampled to the resolution of 10m so that all channels could be concatenated with aligned pixels.

As was mentioned in Section 2, the number of pixels marked as having no changes is much larger than the number of pixels labelled as change. To evaluate the influence of the number of input channels in the classification, four cases were compared: color image (RGB, 3 channels), layers with resolution of 10m (RGB + infrared, 4 channels), layers with resolution up to 20m (10 channels), layers with resolution up to 60m (13 channels).

Table 1 explores eight variants of CNNs and shows their superiority to the difference image methods presented in [START_REF] Le | Urban change detection in sar images by interactive learning[END_REF]. The first thing to observe in the results is that EF networks tend to perform better than their correspondent Siamese networks. It is also important to note that the addition of colour channels generally leads to an improvement in classification performance, but this does not happen linearly and each architecture reacts differently.

Figures 1 and2 contain examples of change maps generated by some of the trained CNNs. They allow the comparison of results when using different architectures (Fig. 1) and different numbers of input channels (Fig. 2). These images indicate that the networks have succeeded in detecting urban changes in the images.

CONCLUSION

In this paper, we presented the Onera Satellite Change Detection dataset, the first one for urban change detection made of Sentinel-2 images and openly available. We also presented two CNN approaches for detecting changes on image pairs of this dataset. These networks were trained in a fully supervised manner with no use of other image data and obtain excellent test performances.

Perspectives for this work include enlarging the dataset both in number of cities and imaging modalities, e.g. enriching it with Sentinel-1 satellites images. It is also a logical next step to experiment with fully convolutional networks to automatically generate labels for all pixels in the image, reducing the patch effect of the presented methods. It would also be of interest to extend this work to deal with semantic labelling of changes, which would be of even more help in interpreting the image pairs. Finally, it would be useful to be able to handle image sequences for change detection instead of image pairs.

  (a) Rio in 24/04/2016. (b) Rio in 11/10/2017. (c) Ground truth. (d) Early Fusion. (e) Siamese.

Fig. 1 .

 1 Fig. 1. Comparison between the results from the EF and Siamese architectures using 3 colour channels on the "Rio" test image.

Fig. 2 .

 2 Fig. 2. Comparison of results of the EF network on the "Montpellier" test image using 3, 4, 10 and 13 channels as input.

Table 1 .

 1 Thus, at training, we apply a Data Network Acc. Change acc. No change acc. Evaluation metrics for each of the test cases. Accuracy here is the number of true positives for a given class divided by the total number of elements of that class on the test dataset. higher penalization weight for the change class, the weights being inversely proportional to the number of examples of each class.

	3 ch.	Siam.	84.13	78.57	84.43
		EF	83.63	82.14	83.71
	4 ch.	Siam.	75.20	74.71	75.23
		EF	89.66	80.30	90.16
	10 ch.	Siam.	86.21	83.04	86.38
		EF	89.15	82.75	89.50
	13 ch.	Siam.	85.37	85.63	85.35
		EF	88.15	84.69	88.33
	Img. diff.	76.12	63.42	76.82
	Log-ratio	76.93	59.68	77.87
	GLRT	76.25	60.48	77.11

https://github.com/aplyer/gefolki