The main findings of the study are as follows.
First, interviews with entrepreneurs in five publicly traded companies revealed three styles of discovering new markets: (1) a style that responds to customers' (including their own) questions, requests, and complaints; (2) a style that rebels against existing industries; and (3) a vision-driven style that looks at trends in terms of future big-picture changes.
Second, we conducted interviews with the Bed and Craft lodging business in Inami, Nanto City, Toyama Prefecture, and summarized its development in the "Chronicle of Events," analyzing it as a specific process of effectuation, and clarifying that the construction and reconstruction of one's own identity plays a major role. In addition, it was clarified that the construction and reconstruction of one's own identity plays a major role.