Entrepreneurship and family firms : a case study in growth and survival

Entrepreneurial marketing has gained popularity in both the entrepreneurship and marketing disciplines in recent times. The success of ventures that have pursued what are considered non-traditional marketing approaches has been attributed to entrepreneurial marketing practices. Despite the multitude of marketing concepts and models, there are prominent venture successes that do not conform to these and have thus been put in the ''entrepreneurial'' box. One only has to look to the ''Virgin'' model to put this in context. Branson has proven for example that not ''sticking to the knitting'' can work with the ways the Virgin portfolio has been diversified. Consequently, an entrepreneurial orientation is considered a desirable philosophy and has become prominent in such industries as airlines and information technology. Miles and Arnold (1991) found that entrepreneurial orientation is positively correlated to marketing orientation. They propose that entrepreneurial orientation is a strategic response by firms to turbulence in the environment. While many marketing successes are analysed in hindsight using traditional marketing concepts and strategies, there are those that challenge standard marketing textbook recommendations. Marketing strategy is often viewed as a process of targeting, segmenting and positioning (STP). Academics and consultants advocate this approach along with the marketing and business plans. The reality however is that a number of businesses do not practice these and pursue alternative approaches. Other schools of thought and business models have been developing to explain differences in orientation such as branding (Keller 2001), the service-dominant logic (Vargo and Lusch 2004) and effectuation logic (Sarasvathy 2001). This indicates that scholars are now looking to cognate fields to explain a given phenomenon beyond their own disciplines. Bucking this trend is a growing number of researchers working at the interface between entrepreneurship and marketing. There is now an emerging body of work dedicated to this interface, hence the development of entrepreneurial marketing as an alternative to the traditional approaches. Hills and Hultman (2008:3) define entrepreneurial marketing as ''a spirit, an orientation as well as a process of passionately pursuing opportunities and launching and growing ventures that create perceived customer value through relationships by employing innovativeness, creativity, selling, market immersion, networking and flexibility.'' Although it started as a special interest group, entrepreneurial marketing is now gaining recognition in mainstream entrepreneurship and marketing literature. For example new marketing textbooks now incorporate an entrepreneurial marketing focus (Grewal and Levy 2008). The purpose of this paper is to explore what entrepreneurial approaches are used by entrepreneurs and their impact on the success of marketing activities. Methodology/Key Propositions In order to investigate this, we employ two cases: 42Below, vodka producers from New Zealand and Penderyn Distillery, whisky distillers from Wales. The cases were chosen based on the following criteria. Firstly, both companies originate from small economies. Secondly, both make products (spirits) from locations that are not traditionally regarded as producers of their flagship products and thirdly, the two companies are different from each other in terms of their age. Penderyn is an old company established in 1882, whereas 42Below was founded only in 1999. Vodka has never been associated with New Zealand. By the same token, whisky has always been associated with Scotland and Ireland but never been with Wales. Both companies defied traditional stereotypes in marketing their flagship products and found international success. Using a comparative a case study approach, we use Covin and Slevin's (1989) set of items that purport to measure entrepreneurial orientation and apply a qualitative lens on the approaches of both companies. These are: 1. cultural emphases on innovation and R&D 2. high rate of new product introduction 3. bold, innovative product development 4. initiator proactive posture 5. first to introduce new technologies and products 6. competitive posture toward competitor 7. strong prolictivity for high risk, high return projects 8. environment requires boldness to achieve objectives 9. when faced with risk, adopts aggressive, bold posture. Results and Implications We find that both companies have employed entrepreneurial marketing approaches but with different intensities. While acknowledging that they are different from the norm, the specifics of their individual approaches are dissimilar. Both companies have positioned their products at the premium end of their product categories and have emphasised quality and awards in their communication strategies. 42Below has carved an image of irreverence and being non-conformist. They have unashamedly utilised viral marketing and entered international markets by training bartenders and hosting unconventional events. They use edgy language such as vodka university, vodka professors and vodka ambassadors. Penderyn Distillery has taken a more traditional approach to marketing its products and portraying romantic images of age-old tradition of distilling as key to their positioning. Both companies enjoy success as evidenced by industry awards and international acclaim.

Entrepreneurship and family firms : growth and survival

Family businesses dominate in a majority of economies (Astrachan and Shanker, 2003; Chrisman, Chua, and Sharma, 2005; Morck and Yeung, 2004). As entrepreneurial activities have been shown to be central to economic growth it is essential that family businesses, irrespective of ownership patterns, not only survive but also grow thus growing the economy overall. While a great deal is known about entrepreneurial activities and a body of knowledge is being developed in relation to entrepreneurial processes in family firms, more needs to be understood in relation to the dynamics of entrepreneurial activities at the individual family firm level. One area of particular interest is the dynamics within the business and the family and how these dynamics impact upon entrepreneurial activities. Specifically how relationships between and among family members engaged in the business can interact with professional non-family member senior executives. The senior executives can actively use their positions in such ways that initiatives suggested by family members are less successful than they might be. This paper addresses how ‘family’ aspects of a business can assist or impede the entrepreneurial activities of individuals. It takes into account some of the unique features of family businesses – such as the importance of ‘familiness’ as a competitive advantage; the direct links between ownership and control of a business and the recognition (often implicit) that individuals in families do make a difference to how the business functions (Habbershon and Williams, 1999, Sharma, 2004; and Tokarczyk, Hansen Green, and Down, 2007). This emphasis on individuals in families fits well with the idea of entrepreneur as individual, as expressed by Schumpeter (1934), Baumol et al (2007). The theoretical approach that adopted to explore the dynamics of processes occurring within family firms is structuration theory combined with a theory of embeddeness (Dacin, Ventresca and Beal, 1999; Giddens, 1979, 1984, Jack and Anderson, 2002; and Sarason, Dean and Dillard, 2006).

Do we need to use an accountant? The sales growth and survival benefits to family SMEs

This article explores the relationship between the usage of an external accountant and family firm sales growth and survival. Using a longitudinal panel of Australian small and medium sized family enterprises, we find that external accountants have a positive impact on sales growth and survival. We also find that the degree to which the accountant is acquainted with the family and the firm’s needs, which we term as embeddedness, moderates these positive outcomes. Furthermore, we find that appropriate strategic planning processes are necessary to maximize the sales growth benefit; however, these processes are not necessary to gain the survival benefit.

Understanding the function and mechanisms of intestinal cell kinase in the growth and survival of prostate cancer cells

This project was a step forward in discovering the potential role of intestinal cell kinase in prostate cancer development. Intestinal cell kinase was shown to be upregulated in prostate cancer cells and altered expression led to changes in key cell survival proteins. This study used in vitro experiments to monitor changes in cell growth, protein and RNA expression.

The effects of holding space on growth and survival of individually reared three-spot crab (Portunus sanguinolentus).

The problem of cannibalism in communally reared crabs can be eliminated by separating the growing crabs into holding compartments. There is currently no information on optimal compartment size for growing crabs individually. 136 second instar crablets (Portunus sanguinolentus) (C2 ca. 7-10 mm carapace width (CW)) were grown for 90 days in 10 different-sized opaque and transparent walled acrylic compartments. The base area for each compartment ranged from small (32 mm × 32 mm) to large (176 mm × 176 mm). Effects of holding space and wall transparency on survival, CW, moult increment, intermoult period and average weekly gain (AWG) were examined. Most crabs reached instars C9-C10 (50-70 mm CW) by the end of experiment. The final survival rate in the smallest compartment was 25% mainly due to moult-related mortality predominantly occurring at the C9 instar. However, crabs in these smaller compartments had earlier produced significantly larger moult increments from instar to instar than those in the larger compartments (P < 0.05). Crabs in the smaller compartments (<65 mm × 65 mm) also showed significantly longer moult periods (P < 0.05). The net result was that AWG in CW was 5.22 mm week-1 for the largest compartment and 5.15 mm week-1 in smallest and did not differ significantly between compartment size groups (P = 0.916). Wall transparency had no impact on survival (P = 0.530) but a slight impact on AWG (P = 0.014). Survival rate was the best indicator of minimum acceptable compartment size (?43 mm × 43 mm) for C10 crablets because below this size death occurred before growth rate was significantly affected. For further growth, it would be necessary to transfer the crablets to larger compartments.

The effects of supplemental feeds containing different protein: Energy ratios on the growth and survival of Tilapia nilotica (Oreochromis niloticus) in brackishwater ponds

A research was conducted in thirty approximately 100 sq.m earthern ponds of the Brackishwater Aquaculture Centre (BAC), College of Fisheries, University of the Philippines, Leganes Iloilo from November 7, 1982 to March 7, 1983 to evaluate the effects of nine supplemental feeds containing different protein: energy ratios on the growth and survival of Tilapia nilotica in brackishwater ponds. Nine supplemental feeds formulated were with protein levels of 20%, 25%, and 30% each at three energy levels of 3,000 kcals; 3,500 kcals; and 4,000 kcals. There was a control treatment with no feeding so that mean weight gain growth rate, feed conversion rate, and survival were determined. Fish fingerlings were acclimated from 0-29 ppt. salinity before the experiment and 20% of fish in each treatment were sampled after every 30 days. Growth rates were significantly different and increased with increasing energy level at the 30% protein feeds but decreased at high energy levels in the 20% and 25% protein feeds. Feed conversion was significantly different due to interaction between protein and energy levels in the feeds, and was better at the 30:3,500 kcals feeds having a feed conversion of 1.55 g. Survival was not significantly different

The growth and survival rate of Oreochromis niloticus fries fed (private) with varying percentages of Leucaena leucocephala leaf meal based diets

A-ten-week feeding trial was carried out to evaluate the growth and survival rate of Oreochromis niloticus fed with varying percentage levels of Leucaena leucocephala leaf meal based diets. The substitution rates of L.leucocephala leaf meal for groundnut cake in the various diets were 0% - Diet 1, 25% - Diet 2, 50% - Diet 3 and 75% - Diet 4. Ten fries with an average weight of 0.44g were stocked at the rate of 10 fish per bowl and fed at 5% body weight. Diet 1 with 0% inclusion of Leucaena leaf meal gave a significant difference (P>0.05) in growth and survival rate compared with diets 2, 3 and 4. The water quality parameters recorded were appropriate for fish culture

The growth and survival rate of (private) Oreochromis niloticus fingerlings fed with varying percentages of Leucaena leucocephala leaf meal based diets

A-ten-week feeding trial was carried out to evaluate the growth and survival rate of Oreochromis niloticus fed with varying percentage levels of Leucaena leucocephala leaf meal as a substitute for groundnut cake. The levels in the various diets were 0% - Diet 1, 25% - Diet 2, 50% - Diet 3 and 75% - Diet 4. Ten fingerlings with an average weight of 0.44g were stocked at the rate of 10 fish per bowl and fed at 5% body weight. Diet 1 with 0% inclusion of leucaena leaf meal gave a significant difference (P>0.05) in growth and survival rate compared with diets 2, 3 and 4. The water quality parameters recorded were appropriate for fish culture

Comparative growth and survival of fry of Clarias gariepinus (B), Clarias anguillaris (L), Heterobranchus bidorsalis (G), Heteroclarias, Clariabranchus and Clarias hybrids under outdoor nursery management system

Hybrids of Clariid catfishes; C. gariepinus (Netherlands), C. anguillaris, H. bidorsalis and their parental species were monitored for 8 weeks in 2 x 2 x 1m outdoor concrete tanks. The fry were fed NIFFR diet (40% crude protein) twice daily, 7 days of the week. Growth and survival records were taken weekly. The male HEB X female CLG hybrid showed an overall highest performance in growth rate while the lowest was recorded in male CLA X female CLG hybrid. The male HEB X female CLG hybrid grew at a faster rate than its reciprocal hybrid. In view or their growth rate, it is possible that the growth and survival rates or H. bidorsalis especially at the fry to fingerling stage could be improved through hybridization. The hybrid have potential as commercial food fish

The effects of Moina artificial diet and nutrase xyla supplemented artificial diet on growth and survival of Clarias gariepinus larvae

An experiment was carried out to investigate the effects of Moina, artificial diet (55% CP) and nutrase xyla supplemented artificial diet on growth performances and survival rates of Clarias gariepinus larvae. A combination of Moina and artificial diet (with or without nutrass xyla) resulted in higher growth performance and survival rates during a 12-day nursing time with specific growth rates of 30.04-32.15% d super(-1) and survival rates of 87.5-90%. Best growth performance and survival rate was obtained with a combination of Moina and artificial diet supplemented with nutrias xylem. Feeding of Moina and artificial diet supplemented, with nutrias xyla alone to the larval led to a lower growth performance of 25.60-27.04% d super(-1). However, the survival rate of Monia of larvae fed a combination of Moina and artificial diet (with or without nutrias xylem supplementation) artificial diet without nutrias xylem addition proved relatively less suitable for larval rearing of Clarias gariepinus owing to a low survival rate of 69% and growth performance of 19.7% d super(-1). This study showed the feasibility of feeding a combination of Moina and nutrias xylem supplemented artificial diet to the larvae of Clarias gariepinus

Effect of salinity on growth and survival of Clarias gariepinus (Burchell, 1822): Clariidae fry

The effect of different salinity levels on the growth and survival of Clarais gariepinus fry was studied in indoor hatchery system for a period of three weeks. 1000 Clarias gariepinus fry of an average weight 0.37~c0.06g were stocked at 100 fry in five replicated 20 liters plastic bowls. Five salinity levels of 0.2, 0.4, 1.1, 2.1 and 4.2ppt were tested. The results indicated that significant difference P~.0.05 highest weight gain of 0.89~c0.05g was presented by fry in 0.2ppt medium. All fry raised in 4.2ppt died within 24 hours. No significant difference P~,0.05 in weight gain is presented in fry raised in 0.2ppt-2.1ppt. From this study, the weight gain decreases with increase in salinity. Also the survival rate decreases from 0.2ppt to 1.1ppt raised fry while the lowest significant difference P~.0.05 survivals were presented in fry raised in 2.1 and 4.2ppt. Based on these results and foregoing, salinity rate of 0.4ppt is favourable for growth and survival of C.gariepinus fry

A preliminary investigation of Elastomer Visible Implant (EVI)tag retention rates and the effect of tagging on the growth and survival of barbel (Barbus barbus L.).

The Elastomer Visible Implant system (EVI) is a relatively new technique for batch marking fish. The aim of this study was to assess retention rates and the possible effects of tagging on the growth and mortality of barbel, Barbus barbus, (81-197mm, fork length) over approximately 2 months using a syringe injection system.

Growth and survival of sockeye salmon (Oncorhynchus nerka) from Karluk Lake and River, Alaska, in relation to climatic and oceanic regimes and indices, 1922–2000

We examined whether the relationship between climate and salmon production was linked through the effect of climate on the growth of sockeye salmon (Oncorhynchus nerka) at sea. Smolt length and juvenile, immature, and maturing growth rates were estimated from increments on scales of adult sockeye salmon that returned to the Karluk River and Lake system on Kodiak Island, Alaska, over 77 years, 1924–2000. Survival was higher during the warm climate regimes and lower during the cool regime. Growth was not correlated with survival, as estimated from the residuals of the Ricker stock-recruitment model. Juvenile growth was correlated with an atmospheric forcing index and immature growth was correlated with the amount of coastal precipitation, but the magnitude of winter and spring coastal downwelling in the Gulf of Alaska and the Pacific Northwest atmospheric patterns that influence the directional bifurcation of the Pacific Current were not related to the growth of Karluk sockeye salmon. However, indices of sea surface temperature, coastal precipitation, and atmospheric circulation in the eastern North Pacific were correlated with the survival of Karluk sockeye salmon. Winter and spring precipitation and atmospheric circulation are possible processes linking survival to climate variation in Karluk sockeye salmon.