Entrepreneurship

Critical thinking and the cultural myth of the entrepreneur

by Laura Pinto

Our Schools/Our Selves, 16(1) (85), 69-84.

The Apprentice: A critical approach to media portrayal of business in the classroom.

by Laura Pinto

Orbit, 35 (2). 31-33

The Donald Trump illusion: Exploding the entrepreneurial myth in business education.

by Laura Pinto

Invited paper, CCPA Monitor, 13 (8), 48-50

The Entrepreneur in Economic Theory: From an Invisible Man Toward a New Research Field

by Vera Rocha

FEP Working Paper No 459

Mainstream economics had great difficulty in fitting entrepreneurship into its theory and for long time the... more Mainstream economics had great difficulty in fitting entrepreneurship into its theory and for long time the theoretical firm remained “entrepreneurless”. However, from the early 20th century onwards, we identify strong attempts of key economists to recognize the role of the entrepreneur as an explanatory force of several economic phenomena. This paper analyzes the evolution of economic thought on entrepreneurship, and in particular the path through which the entrepreneur (re)entered into economic theory over the 20th century, leading to the new and increasingly independent research field Economics of Entrepreneurship. The analysis goes through the main Economics fields where the (re)discover of the entrepreneur figure was most remarkable - namely Labor Economics, Microeconomics and Industrial Organization, and Economic Growth and Development - searching for the rationality to include the entrepreneur figure into the analyses of particular economic phenomena. The study is enriched by a brief bibliometric analysis, which helps to set forth a chronological trace of the entrepreneurship research within Economics literature.

Drinking with Vova: SME in Ukraine between informality and illegality

by Abel Polese

This is going to be a chapter in a collection Jeremy Morris and myself are editing on informal economic practices in post-socialism

This chapter is intended to illustrate practices on the boundary between legality and illegality in order
to shed... more This chapter is intended to illustrate practices on the boundary between legality and illegality in order
to shed a different light on some of those engaging in diverse transactions. Challenging the vision of a "culture of corruption" (Miller et al 2001) and that “no discount” should be applied to corrupt practices (Papava and Khaduri 2001), the starting question of this chapter is: what makes a practice “corrupt” or
illegal? In this respect I suggest the need to contextualise and de-normativise illegal practices, since they depend on both social and legal norms. From a juridical standpoint a law is a law, but the value and applicability of a law is ultimately decided by people in social practice. What if there is a law and
the state is unable to enforce control or punish anyone because a substantial number of citizens do not follow it? There is a growing body of literature challenging the very significance of a written law in a context where other rules may apply. For instance, Wanner has remarked how a new moral order may
be applied to some spheres of Ukrainian life where the state’s protection is felt to be lacking. How illegal or immoral is it to try to bribe a court if the same court is issuing an order on the basis of false evidence produced against you? (Wanner 2005)

The present chapter raises questions about the validity of international reports and policy analysis on Ukraine, and possibly on the rest of the former Soviet world, that see illegal practices only as a social evil to eradicate. This is the position of a number of strands of developmentalist thought which
uncritically reject possible alternatives (Nederveen Pieterse 2006), positing that it is only a matter of time before transitional countries will adopt a functioning neoliberal model. In contrast to this, it has been argued that that monetary transactions do not encompass or explain economic activity – this is evident from the work of the growing school of diverse economies (Community Economies Collective 2001, Gibson Graham 1996, 2008). In addition, economic effectiveness might not mean the end of non-market oriented transactions (Williams 2005), which may also serve to partially challenge the de-personalisation of power relations in the labour market and the separation between the social and economic sphere predicted by Polanyi (1946, see also Hann and Hart 2009). Empirical evidence has showed that ‘success’ may also be measured by satisfaction of spiritual obligations, being active in social life (Pardo 1996) and that even the meaning of money differs depending on the social and
economic norms of a society (Parry and Bloch 1989).

Picking the winner? Empirical evidence on the targeting of R&D subsidies to start-ups

by Uwe Cantner

Gender and Entrepreneurial Networks

by Megan Blake

The Crucial Role of Entrepreneur in B2B Branding: A Case from Malaysia

by Rohaizat Baharun

… In Entrepreneurship: An Exploratory Study On Engineering And Technical Students In Entrepreneurship Education And Choosing Entrepreneurship As A Career

by Rohaizat Baharun

Exploring student interest in entrepreneurship: comparison between technical disciplines

by Rohaizat Baharun

Water & Food Safety Testing Products for New Zealand Mollusc Aquaculture Organisations: A Case Study in New Product Development

by Elizabeth B Coleman

An Industry-Based Research Project Submitted in partial fulfilment of the requirements for the degree of Master of Business Innovation and Entrepreneurship, UNITEC New Zealand

APA citation: Coleman, E. B. (2004). Water & Food Safety Testing Products for New Zealand Mollusc Aquaculture Organisations: A Case Study in New Product Development (Industry-Based Research Project Submitted in partial fulfilment of the requirements for the degree of Master of Business Innovation and Entrepreneurship). Unitec Institute of Technology, Auckland.

Current research indicates that customer-product interaction in the new product development life cycle strongly... more Current research indicates that customer-product interaction in the new product development life cycle strongly influences the success of a product in the marketplace. B2P Limited is a New Zealand biotechnology start-up specialising in microbiological products for testing of bacteria and pathogens in the global food and water based industries. “Water and Food Safety Testing Products for the New Zealand Mollusc Aquaculture Organisation: A Case Study in New Product Innovation” is an exploratory applied research project using case research methodology combining qualitative and quantitative methods for data gathering and analysis.
The literature review has revealed that the global aquaculture industry is in need of improved water and food testing methods. The New Zealand aquaculture industry is growing rapidly and has similar needs. The objective of the research is to identify the criteria for potential adoption of three microbiological testing products in the mollusc sector of the New Zealand aquaculture industry. Four New Zealand commercial aquafarms were selected to participate in the field trials of three water and food testing products.
The central aspect of the research undertakes to identify, collect, analyse and report information taken from customer product interaction to establish criteria for adoption and potential use of product benefits. The scope of the research did not allow for an assessment of the scientific efficacy of the microbiological tests. This had been completed earlier in the test development work. The research encompassed in the current study, sought to provide some information on the cost benefit scenarios and general applicability of the B2P tests within the aquaculture environment. The results of the field research are used to indicate the economic advantages or disadvantages of product use in comparison with existing products and processes in each of the aquafarms. A key potential benefit of the use of the B2P products is the improved quality of delivered shellfish as a result of a reduced risk of harvesting contaminated shellfish. A second key benefit is the increased revenues due to lower rejection in the market. Thirdly, the use of the B2P products gives the aquafarmer the capability to reduce the number of lost harvests and as a result to reduce wastage, reduce re-work and reduce the costs of production. Improved shellfish quality may increase volume of sales and open new markets. Improved quality of delivery may increase distributor orders.
The knowledge gained should lead to potential B2P product and aquafarming product improvements and a greater knowledge of the criteria for B2P product adoption by potential markets in the global aquaculture industry. The research findings support the literature that customer product interaction early in the new product development life cycle can improve the likelihood of new product success in new markets.

Innovation and entrepreneurship in small firms: the influence of entrepreneurial attitudes, external relationships and learning orientation

by Erlend Nybakk

Nybakk, E. 2009. Innovation and entrepreneurship in small firms: the influence of entrepreneurial attitudes, external relationships and learning orientation. Philosophiae doctor (PhD) thesis, Norwegian University of Life Sciences 2009/07: 176 s.

In order to uphold economic growth and employment in the districts and nationally, one is dependent on small and... more In order to uphold economic growth and employment in the districts and nationally, one is dependent on small and competitive firms and sole owner enterprises. These represent the majority of firms and are a vital source for new creativity and development in both traditional and new sectors. How one should promote entrepreneurship and innovation among these companies has been a central theme in political debates. The foremost goal with this thesis is to advance knowledge about the factors that trigger creativity and innovation in small firms, with the main focus on firms that offer non-timber forest products and services (NTFP&S). Article I was based on a questionnaire for forest owners in Telemark, Vest-Agder and Aust-Agder (three counties in east Norway) and shows that the likelihood of starting up with NTFP&S is greater among forest owners that recognize opportunities and are risk takers. Articles II and III were based on a questionnaire for firms that work with nature-based tourism. The first of them builds on Article I and shows that forest owners that recognize opportunity and are risk takers have a greater likelihood of changing the way they supply their products and services. Article III shows the effect of external relationships on innovation and how innovation affects economic accomplishment. The relationships are also exemplified by a case study. Article IV was based on a study of a random selection of forest owners with more than 25 hectares of forest in souteast Norway. The study shows that external relationships and learning orientation have a positive effect on innovation and again on economic success among forest owners, related to NTFP&S. Article V was based on a questionnaire for small, knowledge-intensive firms and shows the impact of external relationships on product, process and market innovation. Each of the articles presents implications of the findings and suggestions for further research.

Entrepreneurial attitude, innovation and performance among Norwegian nature-based tourism enterprises

by Erlend Nybakk

Published in Forest Policy and Economics (2008) Volume: 10, Issue: 7, Pages: 473-479

Entrepreneurship and innovativeness have seen considerable attention in the literature. However, little research has... more Entrepreneurship and innovativeness have seen considerable attention in the literature. However, little research has focused on micro-scaled enterprises, especially in the context of nature-based tourism. This work investigates how entrepreneurial attitude influences innovativeness and performance in Norwegian nature-based tourism enterprises. Data collection consisted of an e-mail survey and resulted in 178 usable responses. Respondents that exhibit a stronger entrepreneurial attitude appear more likely to change the way they organize their enterprise and tend to have higher income growth. Results point to potential policy actions that could positively impact rural development as well as individual firm actions that may enhance performance.

Does Charter Competition Foster Entrepreneurship? A Difference-in-Difference Approach to European Company Law Reforms

by Lars Hornuf

Co-authored with Reiner Braun, Horst Eidenmueller and Andreas Engert

We study how company law reforms, particularly the reduction or abolition of minimum capital requirements, in various... more We study how company law reforms, particularly the reduction or abolition of minimum capital requirements, in various European jurisdictions affect the decision of entrepreneurs to incorporate by means of a private limited liability company (LLC). Since the landmark rulings of the European Court of Justice (ECJ) in the years 1999, 2002 and 2003, entrepreneurs in the European Union (EU) have been able to choose the country of incorporation independently of their real seat. As a result, the proliferation of the UK private company limited by shares has posed a competitive threat to many European legislators. We analyze whether the reforms adopted in Spain, France, Hungary, Germany and Poland have promoted the popularity of domestic legal forms and encouraged entrepreneurship more generally. Using a difference-in-difference approach, we record a strong impact in both respects, especially if the minimum capital requirement was reduced or abolished.

Cross border entrepreneurship

by Friederike Welter

Smallbone, D. & F. Welter (2012), Cross border entrepreneurship, Entrepreneurship & Regional Development, 24 (3-4), 95-104. Introduction to special issue on cross border entrepreneurship.

Cross-border entrepreneurship offers potential benefits for regions as well as for individual enterprises. For... more Cross-border entrepreneurship offers potential benefits for regions as well as for individual enterprises. For entrepreneurs, it provides an opportunity to access new markets and sources of supply, as well as capital, labour and technology, although
the nature and extent of these opportunities is likely to be affected by the relative level of economic development on either side of the border. For regions, cross-border entrepreneurship may be viewed as a potential asset for regional development in
border regions that policy makers can actively promote. It is these issues the introduction to the special issue will explore in some more detail, before introducing the papers within the issue.

Entrepreneurship and institutional change in transition economies: The Commonwealth of Independent States, Central and Eastern Europe and China compared

by Friederike Welter

Smallbone, D. & F. Welter (2012), Entrepreneurship and institutional change in transition economies: The Commonwealth of Independent States, Central and Eastern Europe and China compared, Entrepreneurship & Regional Development, 24 (3-4), 215-233.

This paper examines the interrelationships between institutional change and entrepreneurship development in countries... more This paper examines the interrelationships between institutional change and entrepreneurship development in countries that until recently were operating under the rules of central planning. The evidence presented in the paper shows important differences in state-entrepreneurship relationships between former Soviet republics, where the slow pace of institutional change and major institutional deficiencies has constrained the development
of productive entrepreneurship; Central European countries that are now part of the European Union (EU), where institutional changes associated with accession to the EU are associated with the state becoming an important agent of formal and informal institutional change; and China which presents something of a conundrum, since entrepreneurship has
developed rapidly despite major formal institutional deficiencies. Yang’s concept of double entrepreneurship is used to explain the so-called Chinese puzzle, where enterprise takes on a socio-political as well as a purely economic dimension. The paper demonstrates the complexity of institutional-entrepreneurship relationships, illustrated with examples of how entrepreneurs can influence institutional change even in hostile institutional
environments.

Extending Women’s Entrepreneurship Scholarship in New Directions

by Friederike Welter

Hughes, K., J. Jennings, C. Brush, S. Carter & F. Welter (2012), Extending Women’s Entrepreneurship Scholarship in New Directions, Entrepreneurship Theory & Practice, 36 (3), 429-442.

The dramatic expansion of scholarly interest and activity in the field of women’s entrepreneurship within recent years... more The dramatic expansion of scholarly interest and activity in the field of women’s entrepreneurship within recent years has done much to correct the historical inattention paid to female entrepreneurs and their initiatives. Yet, as the field continues to develop and mature, there are increasingly strong calls for scholars to take their research in new directions.
Within this introduction to the special issue, we expand upon the reasons for this call, describe who responded, and summarize the new frontiers explored within the work appearing
in this and another related collection. We conclude by delineating new territories for researchers to explore, arguing that such endeavors will join those in this volume in not only
addressing the criticisms raised to date, but also in generating a richer and more robust understanding of women’s entrepreneurship.

The Legislative Road to Silicon Valley

by Douglas Cumming

Armour, J., and D.J. Cumming, 2006. “The Legislative Road to Silicon Valley” Oxford Economic Papers 58, 596-635.

Must policymakers seeking to replicate the success of Silicon Valley’s venture capital market first copy other US... more Must policymakers seeking to replicate the success of Silicon Valley’s venture capital market first copy other US institutions, such as deep and liquid stock markets? Or can legislative reforms alone make a significant difference? In this paper, we compare the economic and legal determinants of venture capital investment, fundraising, and exits. We introduce a cross-sectional and time series empirical analysis across 15 countries and 14 years of data spanning an entire business cycle. We show that liberal bankruptcy laws stimulate entrepreneurial demand for venture capital; that government programmes more often hinder than help the development of private equity, and that the legal environment matters as much as the strength of stock markets. Our results imply generalizable lessons for legal reform.

Financing Entrepreneurs: Better Canadian Policy for Venture Capital

by Douglas Cumming

Cumming, D.J., 2007. “Financing Entrepreneurs: Better Canadian Policy for Venture Capital” CD Howe Institute Commentary No 247.

In Canada, Labour-Sponsored Venture Capital Corporations (LSVCCs) have become the dominant source of venture capital.... more In Canada, Labour-Sponsored Venture Capital Corporations (LSVCCs) have become the dominant source of venture capital. There is reason for concern over this development, because evidence suggests LSVCCs are inefficient investment vehicles, charging high fees and yielding disappointing results: very
few funds generate positive returns. Moreover, government tax subsidies to LSVCCs may crowd out private venture investment.
Accordingly, Canadian policymakers should investigate other ways to facilitate entrepreneurial investment. 

Advice and Monitoring in Venture Finance

by Douglas Cumming

Cumming, D.J., and S. Johan, 2007. “Advice and Monitoring in Venture Capital Finance” Financial Markets and Portfolio Management 21, 3-43. (lead article).

This paper provides empirical insights into the role of contracts and legal systems for managing investor-investee... more This paper provides empirical insights into the role of contracts and legal systems for managing investor-investee relationships along two dimensions: providing advice and addressing conflict.  We examine a new detailed dataset from European venture capital (VC) funds.  We match very specific contractual terms in VC contracts with the effort (total time spent) and advice that VCs provide to their entrepreneurial investee firms.  We also analyze VC-entrepreneur conflicts.  We compare the importance of contractual versus non-contractual governance mechanisms, as well as the role of legal systems in different countries for facilitating VC-entrepreneur relationships.  The data indicate VC cash flow and control rights significantly facilitate effort and advice that VCs provide to entrepreneurs.  VC-entrepreneur conflicts are closely tied to the quality of laws in which the entrepreneur resides: higher quality legal systems mitigate VC-entrepreneur conflicts.  The data further indicate non-contractual governance mechanisms significantly facilitate VC advice and mitigate VC-entrepreneur conflicts.  The results provide a unique unifying look into the role of actual VC contracts and legal settings versus non-contractual governance mechanisms, risk and success potential on VC-entrepreneur relationships in an international context.