scholarly journals Entrepreneurship and Small Island Economies

2021 ◽  
Vol 12 (2) ◽  
pp. 415-439
Author(s):  
Paul Pounder ◽  
Naresh Gopal
Keyword(s):  
New Venture ◽  
Entrepreneurial Activity ◽  
Small Island ◽  
Venture Creation ◽  
The Past ◽  
Entrepreneurial Behaviour ◽  
Scientific Mobility ◽  
The Caribbean ◽  
The Impact ◽  
Culture Education

Over the past two decades, the study of entrepreneurship and its importance to the economy has increased in appeal to academics, practitioners and governments. This study explores entrepreneurship in small island economies within regions based on Total Entrepreneurial Activity (TEA) and Established Business Ownership (EBO) as observed in the Global Entrepreneurship Monitor (GEM) dataset. This research uses the pooled regression model to study the impact of TEA and EBO on economic growth. The findings highlight that new venture creation is a driver that improves gross domestic product (GDP); however, there are significant differences across SIDS in the orientation of TEA and EBO that suggest that other contextual issues like culture, education system, and entrepreneurial support elements influence entrepreneurial behaviour across regions as well. The more advanced of these nations like Singapore and Puerto Rico benefit from knowledge networks and scientific mobility, while the smaller economies in the Caribbean and Pacific Region show less openness to pursuing entrepreneurial endeavours. These findings provide a foundation for further research on varying types of combinations of both economic factors and contextual differences that lend to the transitioning process towards an emerging economy. 

Entrepreneurship and Chance

2019 ◽  
pp. 119-135
Author(s):  
Alexandra França ◽  
Orlando Lima Rua
Keyword(s):  
Business Environment ◽  
Research Proposal ◽  
New Venture ◽  
Entrepreneurial Activity ◽  
New Venture Creation ◽  
Planning Model ◽  
Venture Creation ◽  
Entrepreneurial Opportunity ◽  
Entrepreneurship Research ◽  
Opportunity Discovery

The unpredictability of business activities means that entrepreneurs should find a way to adapt and embrace chance. The traditional and predefined process logic offers little support for today's complex and dynamic business environment. One tenet that shaped the direction of entrepreneurship research is the view that the entrepreneurial opportunity discovery and development is linear, systematic, and rational, that is, it is assumed that all factors are measurable and knowable. However, unknowable instances of coincidence, randomness, and chance factors can play a significant role in new venture creation. The authors propose that these factors point to the nonlinear and acausal phenomenon of chance. This research proposal intends to address entrepreneurs' alternative mechanisms, other than the classic formal planning model, to harness opportunities or overcome setbacks arising from chance. To achieve our purpose, the authors examine qualitative data drawn from entrepreneurial activity of Spain and Portugal.

scholarly journals Entrepreneurial Behaviour and New Venture Creation: the Psychoanalytic Perspective

2020 ◽  
Author(s):  
Concetta Metallo ◽  
Rocco Agrifoglio ◽  
Paola Briganti ◽  
Lorenzo Mercurio ◽  
Maria Ferrara
Keyword(s):  
New Venture ◽  
New Venture Creation ◽  
Venture Creation ◽  
Entrepreneurial Behaviour ◽  
Psychoanalytic Perspective

The Impact of Collective Optimism on New Venture Creation and Growth: A Social Contagion Perspective

2018 ◽  
Vol 42 (3) ◽  
pp. 390-425 ◽  
Author(s):  
Aaron H. Anglin ◽  
Aaron F. McKenny ◽  
Jeremy C. Short
Keyword(s):  
Social Processes ◽  
Social Contagion ◽  
New Venture ◽  
Curvilinear Relationship ◽  
Alternative Measure ◽  
Venture Creation ◽  
Individual Decision ◽  
Media Reports ◽  
Future Outcomes ◽  
The Impact

Social contagion research suggests that individual decision making is shaped by collective, social processes. We extend the entrepreneurial optimism literature by arguing that collective optimism—the shared, positive expectations about future outcomes—is salient to key entrepreneurial outcomes. We test our position by examining how fluctuations in U.S. collective entrepreneurial optimism influence venture creation and growth using 1993–2010 NFIB entrepreneurial optimism data. Results indicate that collective entrepreneurial optimism exhibits a curvilinear relationship with venture creation and growth, which is moderated by environmental dynamism. We validate the NFIB measure by constructing an alternative measure of collective entrepreneurial optimism using media reports.

The art of entrepreneurial market creation

2014 ◽  
Vol 16 (2) ◽  
pp. 163-182 ◽  
Author(s):  
Kim Lehman ◽  
Ian Ronald Fillis ◽  
Morgan Miles
Keyword(s):  
New Venture ◽  
New Venture Creation ◽  
Additional Contribution ◽  
Venture Creation ◽  
Content Type ◽  
Entrepreneurial Marketing ◽  
Market Creation ◽  
Arts Marketing ◽  
The Impact

Purpose – The purpose of this paper is to use the case of the Museum of Old and New Art (MONA) in Hobart, Tasmania, to investigate the role of entrepreneurial marketing (EM) in shaping an arts enterprise. It draws on the notion of effectuation and the process of EM in explaining new venture creation and assesses the part played by David Walsh, the entrepreneurial owner/manager. Design/methodology/approach – This case study analysis enables an in-depth appraisal of the impact of EM and effectuation within the growing domain of arts marketing. Findings – The paper offers a glimpse into how creativity and business interact in the creation of new markets. It demonstrates how formal methods of marketing are bypassed in the search for owner/manager constructed versions of situational marketing. In addition, it provides insight into dominance of entrepreneur-centrism vs customer-centrism in entrepreneurship marketing. An additional contribution to knowledge is the use of effectuation to assist in better understanding of the role of EM in the market creation process. Originality/value – The research carried out here builds on a growing body of work adopting the EM lens to better understand arts marketing and new venture creation.

scholarly journals Personal financial literacy and personal debt management: The potential relationship with new venture creation

2008 ◽  
Vol 1 (1) ◽  
pp. 35 ◽  
Author(s):  
Liezel Kotzé ◽  
Prof A.v.A Smit
Keyword(s):  
Financial Literacy ◽  
Financial Education ◽  
Debt Management ◽  
Financial Knowledge ◽  
New Venture ◽  
Entrepreneurial Activity ◽  
New Venture Creation ◽  
Key Words And Phrases ◽  
Venture Creation ◽  
Personal Savings

<p>Prior research shows that personal savings are one of the most important financial sources for start-ups of entrepreneurial firms. The lack of personal savings and seeming shortage of financial knowledge could contribute to the low incidence of new venture creation, and the high failure rate amongst South African entrepreneurs. This paper investigates the perceptions of 286 Business Management students with a minimum of three years’ working and management experience, regarding both their financial literacy and their need and desire for financial education. The outcomes of the study show the necessity for financial education and financial literacy in South Africa. The respondents showed a lack of confidence in their money management skills and expressed a desire for more financial knowledge. It is possible that an increased level of financial literacy could lead to more entrepreneurial activity and a decrease in new venture failures.</p><p> </p><p><strong>Key words and phrases:</strong> personal financial literacy, personal debt, personal savings, personal financial management, new venture creation</p>

Optimism, overconfidence and entrepreneurial activity

2008 ◽  
Vol 46 (7) ◽  
pp. 986-1001 ◽  
Author(s):  
Rose Trevelyan
Keyword(s):  
Regulatory Focus ◽  
Development Process ◽  
Analytical Techniques ◽  
Small Sample ◽  
New Venture ◽  
Entrepreneurial Activity ◽  
Future Research ◽  
Content Type ◽  
The Right ◽  
The Impact

PurposeThis paper aims to explore the question of confidence in entrepreneurship, and the impact confidence has on key tasks in the venture development process.Design/methodology/approachPropositions about the relationship between key elements of confidence (optimism and overconfidence) are made in order to unpack the confidence construct. Simple tests of these propositions are conducted using a small sample of Australian entrepreneurs. Further propositions are made about the impact of optimism and overconfidence on activity across different phases of the new venture development process.FindingsTwo elements of confidence, optimism and overconfidence, are distinct in their association with each other and with a third individual difference (regulatory focus). The dual and sometimes opposing impacts of optimism and overconfidence on new venture activity are explored. Optimism and overconfidence are both beneficial when deciding to become an entrepreneur, but overconfidence is harmful when making decisions in response to setbacks.Research limitations/implicationsConclusions are limited by the sample size and simple analytical techniques. Rather, the impact of the paper is in the implications of the independence of optimism and overconfidence. Future research can explore and test the propositions made about when each is harmful and when beneficial.Practical implicationsFor entrepreneurs, it is important to be aware of your optimism and overconfidence in different situations. When optimism is beneficial, use it, but when overconfidence is harmful, mitigate against it by asking the right questions and working with others to check assumptions and strategies.Originality/valueThis paper distinguishes between two individual differences, optimism and overconfidence, that are typically thought to be interdependent and beneficial for entrepreneurs.

General Introduction

2019 ◽  
pp. 1-42
Keyword(s):  
Climate Change ◽  
Local Food ◽  
Integrated Model ◽  
Small Island ◽  
Caribbean Region ◽  
General Introduction ◽  
The Past ◽  
Policy Interventions ◽  
Agricultural Diversification ◽  
The Caribbean

There are myriad issues facing traditional farming in the Caribbean region. Despite various policy interventions and implementation of concepts over the past five decades for agricultural diversification in the region to increase local food production, the region is still grappling with finding an appropriate model to solve major issues. The issues are now exacerbated by the impacts of climate change, and major shifts in the approach to solving the issues have not yet proved fruitful. Against the setback of issues, controversies, and problems of farming in the Caribbean and the St. Kitts-Nevis example of a small island developing state (SID), the justification will be made for a diversified-integrated model that can account for the setbacks by optimizing farm and non-farm waste to build productivity, competitiveness, flexibility, and sustainability which are categorically the factors of successful farming.

The heavy cost of kumbaya–understanding the survival implications of nascent venture ownership structure

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
David Noack ◽  
Douglas R. Miller ◽  
Rebecca Guidice
Keyword(s):  
Ownership Structure ◽  
Critical Time ◽  
Psychological Ownership ◽  
New Venture ◽  
New Venture Creation ◽  
Venture Creation ◽  
Content Type ◽  
Team Members ◽  
Founding Team ◽  
The Impact

PurposeThis paper brings in relevant entrepreneurial behavior theory to understand the ownership decisions founders make during the nascent stage of new venture creation, and how such decisions impact the viability of the firm.Design/methodology/approachThe authors examine the behavior and decision making of 137 lead founders during the nascent stage of new venture creation. Psychological ownership and environmental uncertainty are measured of lead founders when dividing up firm ownership among the founding team. Using a longitudinal approach, these nascent-stage decisions are then analyzed to understand the impact on the new venture one year later.FindingsCounter to prior research suggesting teams are better off with identical wages and ownership, the authors find such harmony (i.e. “kumbaya”) pursuit to be a detriment to new venture emergence. Specifically, this study finds that nascent ventures are better off with an unequal ownership split among the founding team members. These findings suggest that nascent firms with an unequal split are more likely to move beyond the nascent stage and launch a functional business.Research limitations/implicationsAlthough the results of this study offer a valuable contribution to lead founders and new businesses, the study looked at each startup independent of another and is therefore not able to draw any conclusions related to competitiveness.Practical implicationsLead founders and founding teams frequently divide ownership evenly among the founders. This paper shows that, while convenient, the decision to divide ownership equally can hamper a nascent firm as it moves toward the launch phase of the startup process. These results should motivate founders to think deeply regarding the ownership structure decision and, at the very least, consider the possible negative costs associated with the pursuit of founding team unity.Originality/valueWhile scholars have brought attention to the nascent stage, few have identified and analyzed the decisions that take place during this critical time of the new venture development process. Furthermore, even is less is known of the impact nascent decisions have on startup launch. This study sheds light on these areas.

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