National environment and high potential new ventures in developing countries

This thesis examined the impact of macro environment factors on high-potential entrepreneurial venturing, culminating in a comprehensive, testable framework (derived from both extant theory and original empirical investigation) for analyzing and improving the capacity of any developing nation to become a dynamic entrepreneurial environment conducive to high-potential new venture creation.

Uncovering multiple champion roles in implementing new-technology ventures

This article reports the findings of a field study of a new venture electronic network enterprise from a business-to-business perspective. Network theory and the literatures of process innovation management and strategic marketing are used to generate theory about how new venture electronic network enterprises are created, and the roles champions play in their creation. Network champion roles and their relationships with other network participants are not well understood. The case study reveals how (a) network champions have both direct and indirect involvement in creating and commercializing new venture electronic networks, (b) champions within the venture rather than network champions strategically encourage or discourage supplier and buyer firms in joining, and (c) the accumulated knowledge of all champions, rather than the network champion alone, enhances successful implemented strategies. The findings provide researchers with a theoretical understanding of the role of the network champion in creating new ventures. Network champions filling multiple roles appear necessary for the successful creation of new hightech ventures.

Is the quality of entrepreneurial business plans related to the outcome of a new venture?

The evaluation of new ventures often involves two key aspects of entrepreneurial business plans: how best to write them and how best to rate (evaluate) them. Ultimately the performance of the venture should be the definitive criterion of quality. Surprisingly, the writing, rating and performance effects of entrepreneurial business plans (EBPs) comprise three related but under researched areas. This paper empirically tested principles for writing and rating entrepreneurial business plans to draw inferences on how to improve the private equity investment evaluation process. A simplified perspective of General Systems Theory guided our empirical investigation of the input and outcome of the VC investment decision. Our empirical investigation reveals that entrepreneurial business plans that comport with the writing principles from the literature improve a new venture’s likelihood of success.

Social entrepreneurship and experiential learning

Social entrepreneurship is a growing, but currently ill-defined area of innovation and business development. It is about accountability not just to commercial imperatives but to the wide range of stakeholders in a social enterprise, potentially an area of great tension. Social responsibility is about a commitment to society, entrepreneurship is usually understood to provide a business outlook on the enterprise – it needs to be sustainable commercially.

To educate the modern or millennial learner (born after about 1980 and grappling with burgeoning youth needs for creative employment development) into developing a small to medium enterprise with a social responsibility, modern postgraduate coursework programs have looked closely at experiential learning. This provides a performative learning through transforming theory into applied situations. The workplace based projects used for the postgraduate programs are effective immersive learning. This paper will include a case study of two postgraduate coursework units New Ventures in Creative Enterprise, and Building Creative Teams, part of a Masters in Communication/Creative Enterprise. These provide experiential learning about strategic planning for startup creative businesses, and work-based projects which build on interpersonal skills for ongoing success.

The benefit : a well-written entrepreneurial business plan is to an entrepreneur what a midwife is to an expecting mother

The evaluation of new ventures often involves two key aspects of entrepreneurial business plans: how best to write them and how best to rate (evaluate) them. Ultimately the performance of the venture should be the definitive criterion of quality. Surprisingly, the writing, rating and performance effects of entrepreneurial business plans (EBPs) comprise three related but under researched areas. This article empirically tested principles for writing and rating entrepreneurial business plans to draw inferences on how to improve the private equity investment evaluation process. A simplified perspective of General Systems Theory guided our empirical investigation of the input and outcome of the VC investment decision. Our empirical investigation reveals that entrepreneurial business plans that comport with the writing principles from the literature improve a new venture's likelihood of success.

Social entrepreneurship and experiential learning

Social enterprises and entrepreneurship are about accountability not just to commercial imperatives but to the wide range of stakeholders in a social enterprise, potentially an area of great tension. Social responsibility is about a commitment to society or community, entrepreneurship is usually understood to provide a business outlook on the enterprise - it needs to be sustainable commercially and balanced carefully.
To educate the modem or millenniallearner (born after about 19t1O and grappling with burgeoning youth needs for creative employment developmem) into developing a small to medium enterprise with a social responsibility, modem postgraduate coursework programs have looked closely at experiential learning. This provides a transformative learning through workplace-based projects and strategic business conceptuaUsing. This paper will include a case study of two postgraduate coursework units New Ventures in Creative Enterprise, and Building Creative Teams, part of a Masters in Communication/Creative Enterprise. These provide experiential learning about strategic planning for startup creative businesses, and work-based projects which build on interpersonal skills for ongoing success.

An exploratory investigation of informal venture capitalists in Singapore

The paper presents a tentative profile of Singapore’s informal venture capitalists (business angels) resulting from case analysis of 29 investee businesses. The inquiry closely referenced the research designs of previous international studies of business angels, but with due regard to the cultural distinctions of Western and Singapore societies, developed its own methodology and survey instrument. While application of inferential statistical techniques is not possible, results of the investigation find their value in their ability to underpin structured hypotheses for future research and the challenge they deliver to traditional ways of thinking about capital provision to new ventures in the Singapore environment.

Dyslexic and entrepreneur : typologies, commonalities and differences

There is anecdotal evidence as well as a small but growing research literature indicating there may be a higher incidence of dyslexia amongst entrepreneurs compared to business managers and to the general population. Studies indicate that while dyslexics may resist entry into mainstream business due to their generally low literacy levels, there appears to be no such barrier for dyslexics wanting to start new ventures. Given that dyslexics also dislike imposed structure, have strong oral and spatial skills, are intuitive/insightful/curious as well as resilient and determined, it is not suprising that they gravitate towards self-employment as opposed to highly organised corporate professions.

Sport entrepreneurship : challenges and directions for future research

The aim of this paper is to structure the existing and emerging field of 'sport entrepreneurship' as well as to develop suggestions for future research. This paper examines the role of the sports entrepreneur and entrepreneurial process in new venture creation projects. This paper contributes to a general understanding of entrepreneurship in the sports context and suggests how further theoretical and empirical work on entrepreneurship needs to be conducted in the sports context. The major managerial and practical implications of sports entrepreneurship in this paper are to develop more entrepreneurial thinking in sports-related ventures. This paper is the first to focus on the future potential of sports entrepreneurship in creating entrepreneurial ventures, thereby providing a strong theoretical foundation for future research work.

Guest editor's introduction : Sports entrepreneurship : towards a conceptualisation

Sport is an important economic and social driver of regional development around the world. Both organisations and individuals are involved in creating innovative ways of fostering regional development through entrepreneurial practices in sport. The aim of this paper is to develop a conceptualisation of sports entrepreneurship that focuses on the role of innovation and regional development in the sports context. Different sport entrepreneurship schools of thought are discussed with a focus on developing theory based on the venture creation process. Three key components of sports entrepreneurship (opportunity recognition, dynamic capabilities and entrepreneurial competence) are examined that lead to a focus on how sports entrepreneurial traits are innovative and encourage regional development. Entrepreneurial sport ventures are then stated which leads to the managerial and theoretical implications of the sports entrepreneurship construct being discussed.

Profit orientation of microfinance institutions and provision of financial capital to business start-ups

This article examines whether the profit orientation of a microfinance institution (MFI) affects its decision to extend loans to business start-ups. Based on information from 198 MFIs in 65 countries, we show that for-profit MFIs are less likely to provide financial capital to business start-ups than their not-for-profit counterparts. This results from the adoption of a dominant ‘commercial’ logic by for-profit MFIs, which motivates them to maximize profit by extending loans to less risky ventures with mature projects. In contrast, a dominant ‘development’ logic motivates not-for-profit MFIs to alleviate poverty through supporting the creation of new ventures. The use of a propensity score matching technique to correct for any potential endogeneity problem provides us with greater confidence that the suggested association is not a spurious correlation.

Innovation and entrepreneurial opportunities with internet ventures

This paper discusses innovation and entrepreneurial opportunities of Internet ventures. In the last decade the Internet has become an important communication tool as well as a platform for new business enterprises. Internet businesses are global, easy to set up with little or no capital requirements and innovative. These businesses range from intermediary services such as financial service providers supporting online payments and e-markets facilitating buying and selling in horizontal and vertical markets, to new enterprises selling unique products. However, the Internet age has seen a rise in startup dot.coms, a failure of dot.coms and an increasing trend in consolidation of the digital economy. Entrepreneurial opportunities on the Internet are highlighted in this paper with a review of literature on entrepreneurship opportunities, characteristics and and challenges. It includes case studies demonstrating the opportunities and challenges of Internet innovations and discusses characteristics of cyber entrepreneurs identified from the case studies. The relevance of technical knowledge such as computing and programming skills, perseverance and the ability to set up business with little or no capital are important traits of cyber entrepreneurs discussed in this paper. The other issues apparent from the case studies are an opportunistic and innovative mindset, and an ability to create value where there was none before. This paper highlights that Internet ventures are a type of e-business that are easy to implement, have no barriers to entry and for which technical knowledge is an asset.

Education and training as a social science : some empirical evidence in the Rosebank Business Precinct of Auckland New Zealand

Tertiary institutions should seek continuous feedback from industries to keep track of the needs of businesses to provide education and training. Academics should stay in touch with businesses by networking and consulting. Holland and De Cieri (2006) refer to theories of child learning (pedagogy) to inform their understanding of andragogy, the study of adult learning. Adult learners would be continuous learners and would move in and out of formal education according to individual needs or life circumstances, job requirements or career development. In designing programmes and up-grading curricula, these are important factors to bear in mind so that programmes “cater” for these learners as well.

This study was financed by Auckland City Council focussing on Auckland’s Rosebank Business Precinct (ARBP). The surrounding communities, particularly Mäori, Pacific peoples and recent migrants, experience disparities in employment. Our research questions were:
• Is there a skills match between the present-day workforce and actual business needs over the medium term?
• What can these data tell us about Rosebank’s trajectory as a skilled business cluster and about its future workforce requirements?
• What education and training will be necessary for these organisations to maintain their competitive advantage and profit margins?

The target population were the 500-600 businesses operating on Rosebank Road. A total of 529 businesses were identified. Interviews with 102 companies with a 36-question questionnaire were conducted. The sampling frame was owner-managers (senior, non-shareholding managers). Of the respondent firms, 68.75% had vacancies for up to 3 months and 31.24% vacancies for 6 months.

This paper highlights areas identified in the ARBP for developing programmes and curricula for tertiary institutions to provide employable students with the right knowledge, skills and attributes (KSAs) to grow existing ventures. A fine balance must be struck between human and organisational needs. In the analysis and discussion we point out what education or training is necessary for the ARBP to provide greater efficiencies and subsequent improvement to their profit levels by current and future employees entering the workforce; well “equipped” employees with knowledge and skills to add value in their organisations. Recommendations, future perspectives and conclusions form the last part of this paper

The importance of informal investing to New Zealand's new and growing firms

As part of the Global Entrepreneurship Monitor project, we asked 2,000 adult New Zealanders if they have made a personal investment in a new firm in the past three years as well as the magnitude of their supPort, the nature of the businesses they sponsored, and their relationship with
the recipient. We compared these data on informal investment to data on venture capital obtained from national sources. We are thus able to compare New Zealand's performance to cross-national measures. We also surveyed 20 key informants/experts on questions on financing.
In New Zealand, venture capital accounts for only 0.80/o of total investment in new and growing start-ups. Yet New Zealand is world-ranked in terms of informal investment. In New Zealand, informal investment activity is 3.5olo of the national GDP amount. New Zealand is also a world leader in the prevalence of informal investors (percentage in the adult population). Seventy-three percent of informal investors put their money into a relative's or a friend's business. Fifty-eight Percent of New Zealand's informal investors are female, quite the reverse of the world pattern.

When we compare Australia and New Zealandlo the rest of the GEM world, Australia ranks favourably with the GEM globat measures in terms of venture capital as a percentage of GDp, while New Zealand does poorly. Australia also does about 40olo better than New Zealand in terms
of the amount of VC invested in individual companies. But New Zealand is clearly higher in the measures of informal investment.

We conclude with implications for entrepreneurs, policy makers, educators, researchers, and journalists. In a nutshell, they should pay more attention to the critical role of the four F's - family friends, founders, and "foolish" investors - in start-up ventures. Informal investment is a critical component of New Zealand's entrepreneurial process and thus to its economic growth. Perhaps fifty superstars with extraordinary opportunities will receive financing from the New Zealand Venture Investment Fund to launch their businesses. Meanwhile, the vast majority of firms rely on the 4Fs - friends, family founders, and "foolish" lnvestors.