The rise in ethical and social responsibility awareness in contemporary businesses has led to assumptions that the associated behaviours would enable competitive advantage to be attained as a firm distinguishes itself from its competitors through such practices. This paper reports on a study conducted on the prevalence of such practices among entrepreneurial ventures in an emerging economy (Malaysia), and the effect of such practices on both financial and non-financial performance. A sequential inter-method mixing design was employed in which (...) during stage 1, a series of semi-structured interviews with ten Malaysian SME founder-owners were conducted. Stage 2 involved a survey in which a total of 212 usable questionnaires were received. The results of the first phase of the research (qualitative) found evidence that entrepreneurial ventures in Malaysia do generally engage in both ethical and socially responsible practices. The subsequent model testing using SEM, however, revealed that while ethical practices were positively associated with venture performance, socially responsible practices were not. This may indicate that while entrepreneurial ventures in emerging economies like Malaysia become quickly aware of the more serious consequences of not adopting ethical practices, the concern for social issues may still be lacking, i.e., in terms of motivations, they may be closer to the profitable end of the philanthropy versus profitability spectrum. While the findings may be equivocal, we believe that the paper makes the following two significant contributions: (1) it provides an empirical test of the importance of ethical and socially responsible practices to entrepreneurial venture performance and (2) it furthers understanding of how and why this may be different in an emerging economy context. (shrink)

Contemplating the actual leaders of entrepreneurial firms and socio demographic dissimilarity between leaders and their teams, this study adopts panel data on the entrepreneurial firms of the China’s Growth Enterprise Market and empirically examines the influence of chair power on research and development intensity of entrepreneurial firms from the perspective of social identity. The results indicate that chair power positively affects entrepreneurial firms’ R&D intensity. The chair–team sociodemographic dissimilarity moderates the relationship in such a way that (...) chair power is negatively related to entrepreneurial firms’ R&D intensity only when chair–team sociodemographic dissimilarity is high. The execution of robustness checks authenticates the veracity of the empirical results. (shrink)

The fate of new ventures incubated by the same corporate ecosystem is different. Can entrepreneurs’ ideas affect the way out of incubating companies? Based on self-verification theory and symbiosis theory, we took millennial entrepreneurs as the research object, combined with entrepreneurial enterprises’ data in the makerspace. We analyzed the impact of millennials’ entrepreneurial values on new ventures growth and explored the mediating role of entrepreneurial symbiosis networks. The following conclusions are obtained by analyzing the questionnaire (...) of 191 millennial entrepreneurs: Millennials’ entrepreneurial values significantly promote new ventures growth. The strength and scale of the entrepreneurial symbiosis network have a positive impact on new ventures growth. The entrepreneur symbiosis network acts as an intermediary between the millennials’ entrepreneurial values and new ventures growth. (shrink)

This research advances our understanding of the manifestation of tensions and ethical issues in entrepreneurial finance. In doing so, we offer an overview of ethics in entrepreneurship and finance, delineating the curious paucity of research at their intersection. Using twelve vignettes, we put forward the asymmetries between entrepreneurs and investors and discuss a set of ethical problems that arise among key actors centring on the dynamics of venture partner entry and exit, applying the multiple-lens ethical perspective to analyse these (...) issues. This analysis culminates in the introduction of a general classification scheme for ethical problems across venture partners. Our analysis highlights the moral dimension inherent in the entry and exit of venture partners and the importance of considering moral judgement, as well as intention in future analysis of any decision-making. Our study also points to the moral responsibility in finance, especially to the mutual moral responsibilities of investors and entrepreneurs. By integrating ethics into finance, this research also demonstrates that in the case of venture partner exit, an ethical approach and decent governance go beyond compliance to the law. We conclude with implications for practitioners, specifically with some proposals for a solution to the problem of blocked and forced exit. Together, we make several contributions to the literature by integrating ethics, finance and entrepreneurship, and we call for future research to stimulate a growing body of research within this presently overlooked area. (shrink)

The effectiveness of trust has been extensively investigated in entrepreneurship studies. However, compared to the outcomes of trust, we still lack knowledge about the mechanisms underlying venture capitalists' initial trust in entrepreneurs. Drawing from signal theory and impression management theory, this study explores an impression management motivational explanation for the influencing factors of venture capitalists' initial trust. An empirical test is based on 202 valid questionnaires from venture capitalists, and the results indicate that the signal of five dimensions of (...) class='Hi'>entrepreneurial orientation has a significant impact on the initial trust of venture capitalists and that a signal of entrepreneurial orientation of perseverance or passion positively influences venture capitalists' initial trust through acquired impression management strategies, while a signal of entrepreneurial orientation of risk-taking, innovation, or proactivity positively affects the initial trust of venture capitalists through defensive impression management strategies. The perceptions of entrepreneurs' hypocrisy by venture capitalists negatively moderate the relationship between acquired impression management strategies and the initial trust of venture capitalists and negatively moderate the relationship between defensive impression management strategies and the initial trust of venture capitalists. (shrink)

Venture capital syndication, an investment model, is gaining increasing attention. This paper uses a new perspective on knowledge transfer to explore the influence mechanism of knowledge heterogeneity in VCS on the innovation performance of entrepreneurial firms. We use firm-year panel data from the Shenzhen Stock Exchange for 2000–2017 and find that the knowledge heterogeneity of VCS includes, at least, management knowledge heterogeneity, investment knowledge heterogeneity, and technical knowledge heterogeneity. In particular, management knowledge heterogeneity and technical knowledge heterogeneity positively affect (...) the IP of entrepreneurial firms. We further find that the intellectual capital of entrepreneurial firms mediates these positive relationships. Moreover, the equity concentration of VCS positively moderates the relationship between knowledge heterogeneity and IP and negatively moderates the relationship between knowledge heterogeneity and IC. This paper provides a new theoretical explanation of the relationship between VCS and IP of entrepreneurial firms from a knowledge transfer perspective and explores the impact paths of this relationship. (shrink)

At the centenary of Frank H. Knight’s Risk, Uncertainty, and Profit (1921), we explore the continuing relevance of Knightian uncertainty to the theory and practice of entrepreneurship. There are three challenges facing such assessment. First, RUP is complex and difficult to interpret. The key but neglected element of RUP is that Knight’s account is not solely about risk and uncertainty as states of nature, but about how an agent’s beliefs about uncertain outcomes and confidence in those beliefs guide their choices. (...) Second, RUP is Knight’s only effort in this area. His subsequent career led elsewhere, so he did not engage with subsequent interpretations of this work. Third, much of the current literature emphasizes that decisions must be different under the two states of nature with a consequent misunderstanding of entrepreneurial agency. This paper addresses each challenge in sequence. First, we explicate Knight’s (1921) approach and explain why that approach is murky. Second, as a complement to Knight’s interpretation, we examine Frank P. Ramsey’s approach to subjective probabilities to help clarify Knight’s murky approach. What links Knight and Ramsey is a shared pragmatism about entrepreneurial agency under uncertainty that depends upon the beliefs about, and confidence in, their judgments of possible outcomes. This Knight-Ramsey approach does not require actor’s behaviors to be determined by the class of uncertain environment (whether risk, uncertainty, or ambiguity) they face. We focus on the response by the entrepreneur to the existence of uncertainty in all its forms. We argue that this reductive account provides a foundation to examine common problems in management, including managerial hubris, the interaction between entrepreneurs and venture capitalists, and the need for experimentation (such as prototyping and market research) in advance of new product and venture launches. Third, we critique current literature that favors epistemic purism about the ontology of risk and uncertainty and ignores Knight-Ramsey pragmatism in meeting uncertainty, such as using formal and informal institutions for uncertainty mitigation. Our account locates Frank Knight’s subtleties in entrepreneurial behavior firmly in the literature on entrepreneurial agency a century later. (shrink)

This paper builds on theoretical developments that view entrepreneurship as emancipation, i.e., entrepreneurial activities as generators of change and pursuit of freedom from perceived constraints. Using a representative data set of 1095 SMEs owned by Indigenous entrepreneurs in Canada, the authors investigate how pursuit of this freedom affects the way entrepreneurs enact several aspects of their ventures and the performance outcomes achieved. Findings reveal how the initial motivations of entrepreneurs lead to distinct business practices, which in turn impact (...) differentially entrepreneurial outcomes. (shrink)

Various leadership styles have been widely studied to understand success. However, little research has empirically explored how entrepreneurial leadership influences entrepreneurial success. Moreover, the role of knowledge management processes and knowledge entrepreneurship have been overlooked. Thus, using a knowledge-based view theory, this study aims to determine the relationship between EL and ES, mediated through KMPs. In addition, for a better understanding, the study also used KE as a moderator. A quantitative survey method has been employed to collect data (...) from 390 entrepreneurial venture owners, co-founders, and managers in tech-oriented ventures operating in Pakistan. Smart partial least squares statistical software was used to analyze the impact mechanism of EL on ES through the structural equation model. The findings revealed that EL style positively influences ES. In addition, KMPs fully mediate the relationship between EL and ES. Furthermore, KE as a moderator, strengthens the relationships between EL and the knowledge management process. Theoretically, this study has complemented and enriched research on the influence mechanism between EL and ES. Practically, this study has important implications for leaders, managers, and founders to promote KMPs to achieve ES. (shrink)

Machiavellians are often seen as manipulative people who contribute negatively to teams and ventures. However, recent work has shown that Machiavellians can also cooperate and act in pro-social ways in a team context. Thus, some aspects of Machiavellianism might be conducive for teams and team members’ intentions to start a business venture. Most studies in this area have failed to (a) assess the effect of Machiavellianism at the team level, (b) take into account the dimensional nature of Machiavellianism, and (...) (c) assess moderators of these effects. We propose that the combination of Machiavellianism and resilience in teams predict team entrepreneurial intentions (EI). Moreover, we propose that different team level dimensions of Machiavellianism (amoral manipulation, desire for status, desire for control, distrust of others) are differentially related to EI. More specifically, we expect at the team level that amoral manipulation and desire for status are positively related to changes in EI (as teams high on these dimensions feel that they can use unethical practices that give them an advantage in being successful), whereas desire for control and distrust of others should be negatively related to changes in EI (as entrepreneurial teams usually work in less structured situations and need to closely work together). Furthermore, all sub-dimensions of Machiavellianism should interact positively with team resilience as resilience acts as a buffer that protects teams from potential negative effects of Machiavellianism. In a multi-wave study among newly formed teams engaged in entrepreneurship projects, controlling for psychopathy and narcissism, we found partial support for our hypotheses. Results supported our expectations for the “amoral manipulation” and “desire for control” sub-dimensions, but not for the “desire for status” and the “distrust of others” sub-dimensions of Machiavellianism, with distrust of others showing unexpectedly opposite effects. This study contributes to the literature by looking at the dimensions of Machiavellianism at the level of entrepreneurial teams in conjunction with the more positive team characteristic, resilience. Our results indicate that the relationship between Machiavellianism and EI is more complex than previously hypothesized, as the sub-dimensions are sometimes positively and sometimes negatively related to entrepreneurial intentions and interact with team-level resilience. (shrink)

Entrepreneurs generally lack the marketing capabilities necessary to bring their new product to market. To engage the resources required to do this, they must somehow place a value on the enterprise. However, all of the methods of valuation currently available are based on the use of historical or current revenues, and therefore are not applicable to an entrepreneurial enterprise with a first-time product. In Valuing an Entrepreneurial Enterprise, Audretsch and Link present a valuation method uniquely tailored to emerging (...) technology-based ventures that have no revenue history to lean on. Unlike many traditional methods, theirs does not take into account the track record of companies and products similar to that being valuated. Instead, it draws on economic theory to formulate a solution to the problem. The book develops conceptual ground, including trends in entrepreneurship, models of innovation, and the economics of standards and entrepreneurship policy. The authors review the traditional valuation methods and illustrate them numerically with case studies to show how the traditional approach produces an incorrect valuation. The core of the book presents the new methodology and demonstrates how it avoids the pitfalls of past approaches. The authors also show how public policy on technology and infrastructure changes valuations of start-up firms in areas such as stem-cell products and renewable fuels projects. Valuing an Entrepreneurial Enterprise will serve as a valuable resource for advanced students, economists, financial planners, and valuators interested in new valuation methods and the theory behind them, as well as those interested in entrepreneurship. (shrink)

ABSTRACTEntrepreneurs should act as stewards of entrepreneurial rent. Entrepreneurial rent is the difference between the ex post value of a venture and its ex ante costs. It is the result of competition among buyers and sellers within the market process rather than the sole efforts of the entrepreneur. As a result, entrepreneurs should allocate entrepreneurial rent for the benefit of other market participants rather than consuming it for themselves. The moral obligation to steward entrepreneurial rent is (...) consistent with traditional bases of property rights and the norm of social welfare maximization, and it applies to corporations and their shareholders, as well as individual entrepreneurs. (shrink)

At the centenary of Frank H. Knight’s Risk, Uncertainty, and Profit, we explore the continuing relevance of Knightian uncertainty to the theory and practice of entrepreneurship. There are three challenges facing such assessment. First, RUP is complex and difficult to interpret. The key but neglected element of RUP is that Knight’s account is not solely about risk and uncertainty as states of nature, but about how an agent’s beliefs about uncertain outcomes and confidence in those beliefs guide their choices. Second, (...) RUP is Knight’s only effort in this area. His subsequent career led elsewhere, so he did not engage with subsequent interpretations of this work. Third, much of the current literature emphasizes that decisions must be different under the two states of nature with a consequent misunderstanding of entrepreneurial agency. This paper addresses each challenge in sequence. First, we explicate Knight’s approach and explain why that approach is murky. Second, as a complement to Knight’s interpretation, we examine Frank P. Ramsey’s approach to subjective probabilities to help clarify Knight’s murky approach. What links Knight and Ramsey is a shared pragmatism about entrepreneurial agency under uncertainty that depends upon the beliefs about, and confidence in, their judgments of possible outcomes. This Knight-Ramsey approach does not require actor’s behaviors to be determined by the class of uncertain environment they face. We focus on the response by the entrepreneur to the existence of uncertainty in all its forms. We argue that this reductive account provides a foundation to examine common problems in management, including managerial hubris, the interaction between entrepreneurs and venture capitalists, and the need for experimentation in advance of new product and venture launches. Third, we critique current literature that favors epistemic purism about the ontology of risk and uncertainty and ignores Knight-Ramsey pragmatism in meeting uncertainty, such as using formal and informal institutions for uncertainty mitigation. Our account locates Frank Knight’s subtleties in entrepreneurial behavior firmly in the literature on entrepreneurial agency a century later. (shrink)

Conceptually, entrepreneurship is seen as the engine that drives a robust economy, promotes a favorable quality of life, and assures the availability of the attributes needed for meaningful living. However, like many popular concepts in this world, its limitations are normally not well acknowledged. A grouping of entrepreneurial ventures which has recently come into existence deals with the personal fiscal issues associated with the end-of-life phase of the human cycle. While generally praised as humanitarian services for society, that (...) are assuredly within legal bounds, these activities have potentially significant negative implications. When examined from an ethical perspective, some questionable practices became apparent. Three such undertakings in particular have to do with the terminally ill and are examined in this paper. The first, viatical transactions, is defined as the transfer of a life insurance policy's ownership to someone who does not have an insurable interest in the life of the insured individual. The second, creative tax shelters for wealthy people involved in estate planning, involves hiring unrelated parties, particularly those who are young and in failing health, to do the dying for the principal. The third, mind games, involves curtailing the use of medical resources for the dying. The justification for this is rationing scarce medical resources. (shrink)

Interviews were conducted with 15 entrepreneurial feminists to explore how feminist values are enacted in opportunity recognition and organizational structures within the venture-creation process. Results suggest that opportunity recognition aligned with the needs and values of the entrepreneurial feminists. Opportunity construction was defined as ‘I am the market’, ‘building community with women like me’, ‘enabling others’, ‘do more with my life’, and ‘opportunity knocked’. Organizational structures and governance reflected cooperative, collaborative and ethical principles. Implications to feminist theory are (...) discussed. (shrink)

Although most existing studies have considered entrepreneurial bricolage as a means to overcome resource constraints in new ventures, few have explored the direct effects of entrepreneurial bricolage on employee creativity, particularly in the context of entrepreneurial internet firms. Drawing from multiple theories, this study proposes a cross-level mediation model for the trickle-down effects of entrepreneurial bricolage and business model innovation on employee creativity. By using a 2-wave longitudinal design, survey data were collected from multiple sources, (...) including 49 leaders and 336 employees from entrepreneurial internet firms in China. Multilevel structural equation modeling was applied to analyze the cross-level mediation model. The results show that both entrepreneurial bricolage and business model innovation failed to significantly and positively direct employee creativity. Furthermore, entrepreneurial bricolage exerted a cross-level influence on employee creativity that was sequentially transmitted through between-level business model innovation and within-level creative self-efficacy. The theoretical and managerial implications of these findings are also discussed. (shrink)

Family financing has become a powerful channel for entrepreneurs to obtain entrepreneurial funding. How do family members use intent and quality signals to select new ventures to provide lending support? Building on the signaling theory, this study provides the first quantitative evidence using a sample of 166 samples of family lenders in China. Our findings reveal that psychological capital can support entrepreneurs to obtain family lending. As an intent signal, psychological capital becomes more influential when quality signals, corporate (...) competitive advantage, and firm performance perform more positively. This study emphasizes that family financing support is not only out of love or altruism and extends the literature concerning the influence of positive psychological capital in financial investment decisions. (shrink)

Philanthropic venture capital, like traditional venture capital, provides funding and value-added services to a portfolio of entrepreneurial firms. However, TVC differs from PhVC, as the primary goal of TVC is to maximize the economic return of its investments. In contrast, PhVC firms expect their portfolio companies to perform well in terms of both social and economic returns. Using both American and European firms, this paper explores and compares the human capital in PhVC and TVC firm founders. Our results show (...) that there are key differences in both general and specific human capital between these firm types. While both TVC and PhVC firm founders have high levels of commercial experience, TVC firm founders tend to hold degrees in science, engineering, business, and law more frequently than PhVC firm founders. PhVC founders also differ from TVC founders by having greater work experience in the social sector. (shrink)

A new venture barely makes a profit in its initial stage, and its success depends on innovation. Innovation is related to the work environment, and the innovation behavior of employees is of great significance to the performance improvement of new venture. Based on the previous research, in this study, hypotheses on the correlation between work environment, employee innovation behavior, and corporate performance are put forward first. Then, with team cooperation, organizational incentive, leadership support, sufficient resources, and work pressure as the (...) factors of the work environment, the bosses, middle and senior managers involved in entrepreneurship, and the main members of the entrepreneurial team of 202 newly established enterprises in developed regions are surveyed online or in scene. Multivariate hierarchical regression analysis is performed to analyze the data collected from the questionnaire. The results show that the effective recovery rate of the questionnaire is 86.4%; the number of traditional enterprises is 108, and that of R&D enterprises is 68 ; teamwork, leadership support, and work pressure are all correlated with employees’ innovative behavior ; employee innovation behavior is positively correlated with enterprise performance ; the working environment and employee innovation behavior promote enterprise performance ; and the working environment affects the relationship between employee innovation behavior and enterprise performance. The study theoretically enriches the research on the relationship between innovation behavior, work environment, and enterprise performance of new ventures. In practice, it is suggested that start-up enterprises provide good working environment for employees and attach importance to innovation activities at the individual level of employees, which provides useful guidance and reference for the development of Chinese start-up enterprises. (shrink)

We examine the issue of entrepreneurial gender bias by focusing on the underlying mechanisms that impact the likelihood of receiving external venture-capital financing. We claim that gender bias negatively affects socially attributed dimensions (such as the stigma ascribed to entrepreneurs who have previously suffered a failure), while it has no effect on objective dimensions (such as the experience gained by entrepreneurs). Our results, based on 2088 US firms, show that female entrepreneurs are less likely to attract external funds if (...) they have previously encountered failure. This negative effect becomes less impactful when novel or serial successful entrepreneurs are considered. Consequently, novel or serial successful entrepreneurs are expected to suffer less from gender bias if compared to peers who experienced a failure during their entrepreneurial career. (shrink)

Innovation is often seen as essential for ventures to succeed. High business failure rates in entrepreneurship, however, suggest that innovations are frequently driven by entrepreneurs blinded by overconfidence. Thus, anticipating when and why entrepreneurs will be motivated to innovate is fundamental for entrepreneurial success. Using a large sample obtained from population surveys conducted in 77 countries, this study analyzes the variables that are significantly associated with innovative behaviors. The research tests a model proposing that the joint effects of (...) hubris, growth aspirations, and an entrepreneur’s level of entrepreneurial experience have a crucial impact on innovative endeavors. It finds that hubris is significantly related to entrepreneurs’ growth aspirations and that ambition, in turn, is positively related to innovative behaviors. In addition, the study finds that both relationships are moderated by the level of entrepreneurial experience. These findings highlight the need to wise up amateur entrepreneurs before they embark on innovative endeavors. (shrink)

Studies show that research and development may not always benefit entrepreneurial firms. This paper focuses on the double-edged effect of R&D activities on attracting institutional investment in entrepreneurial firms. Based on a panel dataset of 700 listed entrepreneurial firms in ChiNext, we document: an inverted-U relationship between R&D intensity and future institutional investment, which we argue is evidence that institutional investors are concerned about R&D overinvestment; an inverted-U relationship between R&D capitalization and future institutional investment, which we (...) argue shows suspicion of the institutional investors towards high R&D capitalization. Furthermore, by splitting institutional investors into venture capitals and non-venture capitals, we confirm that VCs have higher acceptance of both R&D intensity and capitalization as VCs have more expertise to alleviate a certain level of risks. (shrink)

The objective of this article is to analyze the relationships between theories of strategic design and participatory design, in multiple commercial alliances between local entrepreneurs from different sectors and their integrated application in the urban context. Various authors have dealt with these strategic issues in isolation and less frequently have addressed them from the entrepreneurial experience. A review of the specific literature allows us to account for the main concepts involved in this approach. The case being analyzed refers to (...) a fitness-related venture in the city of La Plata, which articulated, together with other local actors, a collaborative strategy that led to the application of a superior business model for its sector. In addition, he capitalized on his role as an influencer on the social network Instagram, as a way to enhance the project’s comprehensiveness. The topics that are addressed synthesize the key concepts that allow us to interpret the praxis relieved. And from them, create a model that can be applied in other markets and territories to promote young local development. And in this way, different actors, complementary products and services serve to jointly promote a co-productive and self-managed culture. (shrink)

This research aims to identify the investor’s decision-making styles and their impact on entrepreneurial opportunities through the mediation role of entrepreneurial intention and moderation effect of social capital in the healthcare sector of Pakistan. This study applied a structural equation modeling to test the hypotheses on a sample of 400 healthcare investors. Our findings reveal that the conditional indirect relationship of entrepreneurial intention through social capital was significant on opportunity creation and an insignificant influence on opportunity discovery (...) from decision-making styles. This study provides implications for policymakers to enhance entrepreneurial opportunity creation by providing robust social environment investors and encouraging them to create business ventures in the healthcare sector. (shrink)

Extant literature suggested that executive cognitive ability is a critical perspective to answering why and how enterprises perform business model innovation. However, the effect of executive cognitive ability on business model innovation is still insufficiently explored. Drawing on entrepreneurial bricolage theory, we developed a moderated mediation model which takes entrepreneurial bricolage as the mediating mechanism and environmental dynamics as the moderating mechanism to explain how executive cognitive ability influences business model innovation. We collected the data of 316 executives (...) of Chinese start-ups through questionnaires for the model test. Results showed that new venture executives' cognitive ability significantly positively affects business model innovation by mediating with entrepreneurial bricolage. Environmental dynamism positively moderates the effect of executives' cognitive ability on business model innovation. Moreover, environmental dynamism positively moderates the mediating role of entrepreneurial bricolage in executive cognitive ability and business model innovation. This study broadens the research scope of entrepreneurial bricolage theory from the perspective of cognitive ability and provides ideas for new ventures' business model innovation. (shrink)

To understand the ethical issue of gender inequality in entrepreneurial financing, we examine the effect of angel investors’ political ideology, the conservatism–liberalism continuum, on their investments in women-owned ventures. We propose that more conservative angel investors tend to have a lower percentage of investments in women-owned ventures in their portfolios. Moreover, drawing on the gender role congruity theory, we show that when investing in women-owned ventures, more conservative angels favor women-owned ventures with a higher percentage (...) of male co-founders and operating in women-dominated industries. Our analysis, based on a longitudinal sample of 172 angels from 2010 to 2019, supports these hypotheses. Our study contributes to the literature by highlighting angel political ideology as a critical antecedent of the gender disparity in entrepreneurial financing. (shrink)

The purpose of the study is to promote college students to actively respond to the national “Public Entrepreneurship and Mass Innovation” policies and calls, improve college students’ entrepreneurial enthusiasm and their entrepreneurial ability, and cultivate their good entrepreneurial psychological states. First, the relevant content of entrepreneurship psychology and causal attribution theory is displayed. Second, the questionnaire of college students’ entrepreneurship education is formulated and a questionnaire survey is conducted on University N based on the relevant content of (...) entrepreneurship psychology. Subsequently, the management system of new venture A is taken as the research object to construct the management strategy of new ventures and simulate the implementation process. Finally, the questionnaire survey results of college students’ entrepreneurship education are analyzed and the corresponding entrepreneurship education path is formulated. Meanwhile, the implementation effect of the management strategy of new ventures is evaluated. After the questionnaire is sorted out, it is found that there are some problems in college students’ entrepreneurship education, such as weak awareness of entrepreneurship, insufficient publicity, outdated curriculum, and unqualified teachers. The reasons for these problems are the constraints of traditional concepts, insufficient attention, and incomplete system construction. Therefore, a plan is made for overall entrepreneurship education, the publicity of the concept of entrepreneurship education is strengthened, and the setting of entrepreneurship education curriculum and the ability of the teachers for entrepreneurship education are improved. Through the evaluation of the simulation implementation of a new enterprise management strategy, it is found that the new management strategy can achieve the expected effect. Therefore, this study provides some references for the development of college students’ entrepreneurship education and the management strategy of new ventures. (shrink)

This study examined the impact of selected personality traits—innovativeness, internal locus of control, need for achievement and propensity to take risks—on the entrepreneurial intention of Saudi students. The study sample included 165 students from an applied college affiliated with King Faisal University. The participants completed an online self-administered questionnaire, the data from which were analyzed using the partial least squares structural equation modeling method. The findings revealed that the characteristics of innovativeness, internal locus of control and propensity to take (...) risks had a positive relationship with entrepreneurial intention. However, the need for achievement had no relationship with entrepreneurial intention. The study model predicted approximately 25% of the total variance in entrepreneurial intention. It is recommended that in future studies, the sample size should be increased and the scope of the study should be broadened. (shrink)

Entrepreneurship plays an important role in the development of national economy. The study aims to accelerate the construction of social and economic structure by improving the success rate of new entrepreneurs in the process of innovation and entrepreneurship. First, the related theories of financial risk prediction are introduced, and entrepreneurial psychological status and the psychological states on entrepreneurship are analyzed. Second, the current situation of entrepreneurial psychology of new entrepreneurs is analyzed through a questionnaire survey and model test. (...) The results show that private enterprises account for the largest proportion, with a percentage of 58.14% of 125. In total, 32 Chinese-foreign joint ventures rank second and account for 14.88% of the total, and the scale of each type of enterprises accounts for 25%, respectively. The operating years of enterprises are mainly between 10 and 20 years. Among the enterprises surveyed, the significant level of entrepreneurial psychology and entrepreneurial opportunity of entrepreneurs is p = 0.000–0.01. It indicates that males’ psychological adjustment ability and entrepreneurial ability in the entrepreneurial process are higher than females’, and their entrepreneurial psychological states and entrepreneurial ability will improve with the growth of age, education levels, and positions. It is concluded that entrepreneurial psychological capital and entrepreneurial opportunity are significantly positively correlated with financial risk expectation. The research results prove the impact of financial risks on the entrepreneurial psychology of new entrepreneurs, and provide a reference for new entrepreneurs in predicting financial risks. (shrink)

The purpose of this study was to understand the influence mechanism of college students’ entrepreneurial intention in view of the increasing number of college students at present to alleviate college students’ employment competition. The psychological factors that influence the entrepreneurial tendency of art graduates were analyzed and studied. First, venture capital and factors affecting entrepreneurial performance were analyzed. Second, the coefficient calculation is carried out for college students majoring in art through the regression analysis of the logistic (...) model. Finally, a team entrepreneurial performance questionnaire was designed, and team reward levels were discussed. The results show that the logistic model can well reflect the real situation of the respondents. The significance level of the entrepreneurial team was 0.02, which was correlated. Additionally, corresponding suggestions were put forward according to the questionnaire results. Clear team goals, assignment of tasks to members, good pressure resistance, and psychological quality of members are necessary qualities for successful entrepreneurship. This conclusion provides a certain theoretical basis for the current college students’ entrepreneurial learning and a reliable inspiration for helping college students to successfully start a business. (shrink)

With the rapid development of information technology, the society’s demand for innovative talents has become increasingly prominent. The purpose of this study is to optimize the teaching strategies of entrepreneurship education for college students, further cultivate college students’ entrepreneurial ideas, and promote the formation of entrepreneurial values. The problems existing in entrepreneurship education in colleges and universities are studied based on entrepreneurial psychology and attribution theory. A questionnaire survey is conducted on the problems with a high probability (...) of entrepreneurial failure of college students. The heads of new ventures in Xi’an are selected. Then, 300 questionnaires are distributed, and 209 are returned. The survey results are analyzed using failure attribution and failure learning. Suggestions are provided for management strategies of new ventures. The results show that the Corrected Item-Total Correlation value of R−1 is 0.65, and the CITC value of R−2 is 0.35. In addition, the Kaiser-Meyer-Olkin values of entrepreneurial failure attribution and entrepreneurial failure mode are both greater than 0.7, which indicates that the scale of entrepreneurial failure attribution has good validity and can be used for factor analysis. However, the KMO values of entrepreneurial failure attribution and entrepreneurial failure learning model are both greater than 0.7, and the significance of Bartlett sphericity test is 0.00, which indicates that the survey has good validity. The research has practical application and reference value for the cultivation of college students’ innovative and entrepreneurial ability. (shrink)

Expedition of the growth of a country’s economy in the wake of entrepreneurial activity is significant. As skills are utilized and knowledge is applied, the entrepreneurs establish new businesses, and the enhancement of the latter is brought about through their sagacious decision-making and ingenuity. At one end, where entrepreneurial activities have been a boon to the societal progress; they have sped up development of economies worldwide. This can be attributed to a gamut of factors, which include, societies’ expansion (...) on the grounds of industrialization and urbanization; nurture of a culture of more information and awareness; formal training of the entrepreneurs; and, relaxed legal procedures. This study lays down emphasis on how upholding stable business policies can positively impact an entrepreneurial venture. Employing a well-developed and verified scale, data collection from 230 respondents was done on a convenience basis. The respondents chosen for this survey among whom the distribution of questionnaires was conducted were all situated in various localities of the District Central of Karachi, Pakistan; and descriptive statistics were applied on the variables pertinent for this study such as the establishment of stable business policies, continuation of the existing business policies, and achievement of the business targets based on the stable policies. It is intended that this research article shall serve to augment the scholarly literature that already exists on the subject matter that pinpoints the significance of the stable and continuous policies for an entrepreneurial business involved in the primary schooling businesses across the District Central of Karachi, Pakistan. This research paper addresses the need of having stable business policies for Pakistani entrepreneurs, and envisions itself to be one of the blueprints that can be considered by the relevant regulatory bodies while they make informed decisions. A well sketched out itinerary of initiatives could then be composed, which can assist in the meeting of the targets of entrepreneurial ventures, and eventually help in eradicating poverty from Pakistan. (shrink)

This paper builds on London and Hart’s critique that Prahalad’s best-selling book prompted a unilateral effort to find a fortune at the bottom of the pyramid. Prahalad’s instrumental, firm-centered construction suggests, perhaps unintentionally, a buccaneering style of business enterprise devoted to capturing markets rather than enabling new socially entrepreneurial ventures for those otherwise trapped in conditions of extreme poverty. London and Hart reframe Prahalad’s insight into direct global business enterprise toward “creating a fortune with the base of the (...) pyramid” rather than at the BoP. This shift in language requires a recalibration of strategic focus, we argue, and will necessitate implementation of “moral imagination” to formulate new mental models that can frame the possibility of local entrepreneurs working collaboratively and discursively with development partners drawn from civil society, corporate, and government sectors. Successful partnerships will arise from interactive processes of emergent, co-creative learning within a shared problem domain or “community of practice”. We call attention to three related pluralist framings of situated learning within such communities of practice: decentered stakeholder networks; global action networks; and a focus on “faces and places” as a cognitive lens to humanize and locally situate diverse inhabitants within base of the pyramid partnership projects. (shrink)

ABOVE THE BOTTOM LINE focuses on the issues of the individual in the business environment, rather than focusing on large-scale, ethical decision making. Business is defended as a necessary and valuable component of contemporary life, a range of entrepreneurial ventures that should be approached in a principled, thoughtful, and honest manner. Looking at the importance of corporate culture, students are given direction in making personal and professional decisions at work, relating these to the concepts of social responsibility, employer (...) and employee rights, whistle-blowing, corporate governance, bankruptcy, and many other timely business issues. This text explores moral choices within the business environment, and considers current business policy issues. It is also a guide on how to think about business and a life in business, using vignettes from history and bits of literature and anthropology to broaden the students' outlook on commercial endeavors. (shrink)

This paper defends a normative basis for entrepreneurial ventures, and draws the conclusion that any enterprise, insofar as it is reasonable, has in final analysis to be a (free) gift to promote good. Building on Herbert Simon's idea of "satisficing" and developing it in line with axiological insights of the new classical natural law theory, this paper makes the argument that a choice to proceed reasonably in any entrepreneurial venture will be guided by rationality that is bounded. (...) Bounded rationality entails that the various end-values or goals of the venture will be incommensurable, and this implies that (1) the enterprise need not be locked in on promoting merely one value, such as profits, and (2) a choice to aim at one or more goals will be a personal (free) gift, which is ethically valuable. This paper has appeared in Spanish translation as El don personal en las empresas sanas: racionalidad limitada, valores incommensurables y agencia economica in Revista Empresa y Humanismo, Vol. XI no. 1 (2008), pp. 67-88, published by the Institute for Business and Humanism, University of Navarra, Spain. Permission granted to reproduce/publish the original English version here and elsewhere. (shrink)

Successful formation of a new venture is not the most critical indicator of the real success of an entrepreneurial venture. Instead, the sustainability of an entrepreneurial venture (i.e., entrepreneurial sustainability) is the most critical but the most difficulty goal. Entrepreneurial sustainability relies largely on positive collective psychology. This article offers systematic and detailed discussion of the effects of psychological capital on the critical elements of entrepreneurship sustainability – not just that on a successful formation of a (...) new venture. The goal is to shed light on potential practical designs and theoretical improvement in the future. (shrink)

Unethical behavior is under-examined in the workplace. To date, few studies have attempted to explore the antecedents of an employee’s ethical decisions, particularly with respect to unethical behavior and its effects. To capture an employee’s psychological perception of unethical behavior in the workplace, this paper integrates organizational factors into the Theory of Reasoned Action. By conducting an empirical study in a Chinese firm, we found that codes of conduct and performance pressure have a significant influence on an employee’s attitude toward (...) and social beliefs about unethical behavior. We also demonstrated that employees’ unethical behaviors affect the firm performance of an entrepreneurial venture. The insights gleaned from the findings on this Chinese company have a number of important implications for both research and practice. (shrink)

One major theme in Pope Benedict XVI’s encyclical Caritas in Veritate is the “Principle of Gratuitousness.” The point of this essay is to begin a reflection on what it actually means and its possible relevance. By comparing the “Principle of Gratuitousness” and its normative assumptions about “the logic of gift” with anthropological studies focused on the same phenomenon, I hope to show, not only the relevance of the encyclical’s normative vision but also where and how it needs further clarification. The (...) findings of empirical anthropology provide qualified support for the encyclical’s focus on generating and replenishing “social capital” in order to sustain both markets and politics in an effort to “civilize the economy.” In order to put the “Principle of Gratuitousness” into more effective practice, the encyclical highlights the creative role of “civil society” and calls for the creation social enterprises whose goals are broader and deeper than maximizing profits. Assessing the realism of Benedict’s proposal will require further research and reflection on innovative entrepreneurial ventures designed to address social problems on a commercial basis, for example, Muhammad Yunus’ concept of a “social business” and its development in a series of joint business ventures involving the Grameen Bank and related organizations. (shrink)

What is morally valuable—if anything at all—in entrepreneurship? Existing normative takes can be broadly categorized as belonging to two main views: a backward and a forward-looking approach. The former sees entrepreneurial activity as a permissible emergent product of individuals’ interactions within the boundaries of people’s existing rights; the latter looks at entrepreneurship in the broader context of market processes and emphasizes its role in generating Pareto-improvements in social welfare. In this paper, I suggest that certain instances of entrepreneurship can (...) be intrinsically valuable when they constitute Millian Experiments in Living, that is when entrepreneurial ventures are the expression of an entrepreneur’s conception of the good. Engaging in entrepreneurial activity which reflects one’s conception of the good helps individuals in cultivating their individuality and originality by means of subjecting their normative beliefs to empirical scrutiny, thus allowing one to confirm, revise, or refine them. (shrink)

Our analysis of recent survey data of US small- and medium-sized enterprises explores the question of how these entrepreneurial ventures can do well by doing good—i.e., how they can build a competitive advantage with their social and environmental practices. We focus on several firm characteristics and choices involving motivations and capabilities. We use hierarchical OLS to analyze the survey data to find that an orientation to, commitments to, and dynamic flexibility in, the firm’s CSR and green policies are (...) significant factors in a firm’s CSR- and green-based competitive advantages. So, while some tradeoffs are likely between activities aimed at financial performance and those also aimed at improving social/environmental performance, opportunities do exist for small- and medium-sized enterprises to do both well and good. We consider several implications for theory and practice that continue in this instrumentalist perspective. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:The University and Democracy: A Response to “Dewey, Implementation, and Creating a Democratic Civic University”Lee A. McBride IIIira harkavy has given us much to consider. His paper, “Dewey, Implementation, and Creating a Democratic Civic University,” invites us to critically assess our democracy and the role of colleges and universities in the propagation of our democratic way of life. Harkavy suggests that universities are failing to fulfill their function, that (...) is, “to educate students to be ethical, empathetic, engaged, democratic citizens, and advance knowledge for the continuous betterment of the human condition” (50). He suggests that universities are central societal institutions in the world, and research universities are most central—“they develop new ideas and technologies, incubate businesses, serve as cultural and artistic centers, and are engines of local, national, and global economics” (50). Our universities produce our teachers and our teachers’ teachers; they shape the learning, values, and the aspirations of students (Harkavy 50). But, again, universities are not fulfilling their social function of “creating and sustaining an inclusive, just democratic society” (Harkavy 51). Harkavy boldly asserts that a revolutionary change is required in higher education if it is to fulfill its democratic function.Closed LoopI have a concern about the role of Research 1 (R1) universities in this picture. I am led to believe that R1 universities, like the University of Pennsylvania, exist in rarefied air. Penn, for example, has a ridiculous endowment—more than $20 billion. Penn apparently accepts only 9% of its applicants. The resources and demographics of R1 institutions are unlike those at state schools and small liberal arts colleges. The various canons, the faculty, and the student body at elite R1 universities have historically represented the thoughts, [End Page 76] experiences, and perplexities of well-heeled white heteronormative men. The vast majority of the faculty and students at R1 universities are predominantly of Anglo-European descent and a higher socioeconomic status. This gives me pause. If R1 universities are placed as the central engines of democratic fomenting, I worry that the faculty and students at R1 universities will direct research and social amelioration projects in particular directions and retain particular presuppositions that will buttress the continued flourishing of elite R1 universities. A closed loop. I worry that both the material and the social capital needed to (re)shape social conditions will arise only from and circulate only between those who attend elite R1 universities. I mean, Harkavy suggests that the departments, programs, and institutes at R1 universities create and sustain those knowledges and skills that produce the scholars and thoughtful people who will drive our K–12 education, who will fashion new cooperatives and entrepreneurial ventures, and who will become our community activists and political leaders. As such, the knowledge and skills to implement a more just and inclusive democracy will be disseminated from the R1 university. Harkavy also explains that it is necessary that universities strive to be democratic civic universities, sites where university folk work alongside members of the surrounding communities to address and ameliorate the problems on the ground. This “would involve significant and ongoing engagement of an institution’s comprehensive assets (academic, human, cultural, and economic) in partnership with community members to produce knowledge and educate ethical students with the ability to help create and maintain just, anti-racist, democratic societies” (Harkavy 53). The democratic civic university would then nurture a culture of democracy that exceeds mere voting practices— democracy as a way of life (Dewey 226). Prima facie, this seems like a noble goal. And yet, I still worry that those university folks who do this work will be a small representative group of people who bear particular life experiences and perhaps phenotypic markers.I would suggest that other sites outside of the R1 university (e.g., the trade union meeting, the settlement house, the church, the community garden, etc.) will need to be taken as legitimate sites of knowledge creation or legitimate sites of communication and joint activity (Collins 269). This would at least bring differing life experiences to the table; that is, it would bring differing life experiences to the fore and recognize alternative non-academic sources of insight and wisdom. These sites and alternative... (shrink)

This case examines management underpinnings of conducting socially purposeful business in contexts where the labor conditions and ethics are questionable. Shiraishi Garments Company was a Japanese entrepreneurial venture in the clothing industry that evolved into a highlysuccesssful multinational company. After its supply chain had extended into China, some ethical labor issues emerged. The decision point is focused squarely on the company’s CEO, who must deal with conflicting forces stemming from his personal values and professional responsibilities. In exploring the issues, (...) the case illustrates business risks of superficial standards auditing of international operations. The case also describes how multinational firms are often part of the problem and the solution when it comes to ethical labor issues. On these grounds, the case study reveals some alternative approaches to the audit model based on more meaningful partnerships. Implications pertain to successful and ethical supply chain relationships between foreign entrepreneurial firms and the developing economic systems they enter. (shrink)

This case examines management underpinnings of conducting socially purposeful business in contexts where the labor conditions and ethics are questionable. Shiraishi Garments Company was a Japanese entrepreneurial venture in the clothing industry that evolved into a highlysuccesssful multinational company. After its supply chain had extended into China, some ethical labor issues emerged. The decision point is focused squarely on the company’s CEO, who must deal with conflicting forces stemming from his personal values and professional responsibilities. In exploring the issues, (...) the case illustrates business risks of superficial standards auditing of international operations. The case also describes how multinational firms are often part of the problem and the solution when it comes to ethical labor issues. On these grounds, the case study reveals some alternative approaches to the audit model based on more meaningful partnerships. Implications pertain to successful and ethical supply chain relationships between foreign entrepreneurial firms and the developing economic systems they enter. (shrink)

This paper demonstrated the influences of initiation, development, turn-down, and reinitiation of the dynamic capability of an entrepreneurial firm in the solar energy industry. The focus is on the impact of entrepreneurial hubris, which may affect the decision of ambidexterity that can vitalize dynamic capability. The findings indicate that, when the major decision maker has the trait of hubris, the decision-making process may be overly arbitrary, and a decision of being exploratory or exploitative alone is likely to be (...) made. On the contrary, when the founder entrepreneur is aware of the hubris and shares decisive power, the decision of being ambidextrous as a dynamic capability is more freely achieved. This paper contributes by discovery of the cognitive-based microfoundation of entrepreneurial ventures and linkage of such microfoundation to organizational ambidexterity. (shrink)

Adam Smith writes favorably about innovation in Wealth of Nations while writing unfavorably about a figure associated with innovation: the projector. His criticism of projectors prompts many scholars to claim that Smith disapproves of entrepreneurship. But Smith criticizes the projector not because he acts as an entrepreneur but because he fails to meet Smith’s moral standards for entrepreneurship. In Theory of Moral Sentiments, Smith conceives of a framework for moral entrepreneurship based on prudence. The framework consists of two principles: first, (...) approach everyday matters with the general “tenor of conduct” that governs your life and trade, and second, approach life-changing matters with prudence and justice. Recognizing that Smith is concerned with the total effect that an entrepreneurial venture has on society beyond its immediate profits opens the door to engage with contemporary research that studies the ethical and moral externalities of entrepreneurship. (shrink)