Veliyath, Rajaram and Kannan Ramaswamy, 'Social Embeddedness, Overt and Covert Power, and Their Effects on CEO Pay: An Empirical Examination Among Family Businesses in India', Family Business Review, vol. 13, no. 4 (December 2000), pp.293-311

even to isolate the firm from technology and markets. While exploratory in nature, this work provides direction for future research. Obviously the sample size needs to be expanded, for with a larger sample further insights into the various variables may be generated. Very little research has been done on female or black entrepreneurs in South Africa. It may be of value to explore the personality traits of black and female owners to see whether their tolerance of ambiguity, locus of control and risk-taking propensities are significantly different, given their different educational background and life experiences. One could more precisely define the sample size in terms of stages of growth and size of the organisation, for it may well be that adaptation is influenced by age of the venture and experience in a particular industry. The impact of environmental factors on behaviour also warrants attention, and it may be appropriate to develop a model which is more interactive, that takes into account the impact of the entrepreneurial personality as well as the impact of the environment on the behaviour of entrepreneurs. Intolerance of ambiguity warrants further investigation, particularly the relationship between environmental turbulence, intolerance of ambiguity, and the degree of adaptation of the business. It would be insightful to assess levels of market orientation and the mode of operation in terms of the strategic focus of the organisation and then connect these to both the predictive and outcome variables used in this study. Finally, more work is needed in developing and validating the measure of adaptation, and ascertaining the underlying dimensionality of this construct.