Can psychometric testing be used to explain, predict and measure behavioural competences and the funding resource orchestration of the entrepreneur?

Financing is a critical entrepreneurial activity (Shane et al. 2003) and within the study of entrepreneurship, behaviour has been identified as an area requiring further exploration (Bird et al. 2012). Since 2008 supply side conditions for SMEs have been severe and increasingly entrepreneurs have to bundle or ‘orchestrate’ funding from a variety of sources in order to successfully finance the firm (Wright and Stigliani 2013: p.15). This longitudinal study uses psychometric testing to measure the behavioural competences of a panel of sixty entrepreneurs in the Creative Industries sector. Interviews were conducted over a 3 year period to identify finance finding behaviour. The research takes a pragmatic realism perspective to examine process and the different behavioural competences of entrepreneurs. The predictive qualities of this behaviour are explored in a funding context. The research confirmed a strong behavioural characteristic as validated through interviews and psychometric testing, was an orientation towards engagement and working with other organisations. In a funding context, this manifested itself in entrepreneurs using networks, seeking advice and sharing equity to fund growth. These co-operative, collaborative characteristics are different to the classic image of the entrepreneur as a risk-taker or extrovert. Leadership and achievement orientation were amongst the lowest scores. Three distinctive groups were identified and also shown by subsequent analysis to be a positive contribution to how entrepreneurial behavioural competences can be considered. Belonging to one of these three clusters is a strong predictive indicator of entrepreneurial behaviour – in this context, how entrepreneurs access finance. These Clusters were also proven to have different characteristics in relation to funding outcomes. The study seeks to make a contribution through the development of a methodology for entrepreneurs, policy makers and financial institutions to identify competencies in finding finance and overcome problems in information asymmetry.

Network evolution and the spatiotemporal dynamics of knowledge sourcing

Knowledge accessing from external organisations is important to firms, especially entrepreneurial ones which often cannot generate internally all the knowledge necessary for innovation. There is, however, a lack of evidence concerning the association between the evolution of firms and the evolution of their networks. The aim of this paper is to begin to fill this gap by undertaking an exploratory analysis of the relationship between the vintage of firms and their knowledge sourcing networks. Drawing on an analysis of firms in the UK, the paper finds some evidence of a U-shaped relationship existing between firm age and the frequency of accessing knowledge from certain sources. Emerging entrepreneurial firms tend to be highly active with regard to accessing knowledge for a range of sources and geographic locations, with the rate of networking dropping somewhat during the period of peak firm growth. For instance, it is found that firms tend to less frequently access knowledge sources such as universities and research institutes in their own region during a stage of peak turnover growth. Overall, the results suggest a complex relationship between the lifecycle of the firm and its networking patterns. It is concluded that policymakers need to become more aware that network formation and utilisation by firms is likely to vary dependent upon their lifecycle position.

Modelling the E-business requirements of manufacturing organisations

This paper describes a model designed to recommend solutions to an organisation's e-business needs. It is designed to produce objective results based on perceived characteristics, unbiased by prejudice on the part of the person using the model. The model also includes a way of encapsulating the potential management concerns that may change for good or ill the likely relevance and probability of success of such solutions. The model has been tested on 13 case studies in small, medium and large organizations. © IFAC.

Does start-up financing influence start-up speed? Evidence from the panel study of entrepreneurial dynamics

Why are some entrepreneurs able to start a new firm more quickly than others in the venture creation process? Drawing on pecking order and agency theory, this study investigates how start-up capital structure influences the time to either new firm founding or quitting the start-up process. The temporal aspect of the start-up process is one that is often discussed, but rarely studied. Therefore, we utilize competing risk and Cox regression event history analysis on a nationally representative sample of US entrepreneurs to investigate how start-up capital structure impacts the time in gestation to particular kinds of start-up outcomes. Our findings suggest that external equity has an appreciable impact on new firm emergence over time, and that the percentage of ownership held by the founders attenuates the benefits of external equity.

Shadow economy and entrepreneurial entry

The impact of the shadow economy on entrepreneurial entry across countries is analyzed utilising 1998-2005 individual-level Global Entrepreneurship Monitor data and national macro-economic variables. A simple correlation coefficient suggests a positive relationship between the size of the shadow economy and the likelihood of entrepreneurial entry. However, this masks more complex relationships, if, as argued, the shadow economy is an embedded social phenomenon. With appropriate controls and instrumenting for potential endogeneity, the impact of the shadow economy on entry in a linear specification is found to be negative. Further, there is evidence of a U-shaped relationship: entrepreneurial entry is least likely when the shadow economy amounts to about a quarter of gross domestic product (GDP). At the individual level, an extensive shadow economy has a more negative impact on respondents who are risk averse. In addition, in the economies where property rights are stronger, the negative impact of the shadow economy is weaker. © 2012 Blackwell Publishing Ltd.

Who you are and what you do:the role of entrepreneurial human capital in the demand and supply of external finance of high-tech start-ups

The existence of adequate financial capital at start-up as well as during the lifetime of a firm is considered to be vital not only for its survival but also for its effective trading and growth, as it can act as a buffer against unforeseen difficulties (Cooper, Gimeno-Gascon, & Woo, 1994; Chandler & Hanks, 1998; Venkataraman & Van de Ven, 1998; Cassar, 2004). Inadequate or inappropriate capital structure is often the most common reason for a large proportion of small business failures (Chaganti, DeCarolis, & Deeds, 1995).

Organizing entrepreneurial judgment:a new approach to the firm

Book review: Organizing Entrepreneurial Judgment: A New Approach to the Firm. By Nicolai J. Foss and Peter G. Klein. Cambridge University Press, Cambridge. 2012. xxii + 299 pp. Pbk $36.99.

Egyéni és kormányzati felelősség a vállalkozói kultúrában – Európában és Magyarországon = Individual and state responsibility in entrepreneurial culture – In Europe and Hungary

Tanulmányunkban a European Values Study adatai alapján megvizsgáljuk, miben tér el Európában a vállalkozók értékrendje más társadalmi csoportokétól, különös tekintettel az egyéni és a kormányzati felelősségvállalás megítélésére. Kísérletet teszünk a vállalkozói értékrend különböző szintjei – személyes, társadalmi és kormányzattal kapcsolatos értékrend – közötti összefüggések feltárására. Összehasonlítjuk, mennyire jellemzi a vállalkozói értékrend az egyes európai országok lakosságát, kiemelt figyelmet fordítva Magyarországra. Egy hazai vállalkozói adatbázis alapján megvizsgáljuk, hogy a magyar vállalkozók értékrendje eltér-e az európai átlagtól, továbbá milyen törésvonalak húzódnak a vállalkozói populáción belül az értékrend szempontjából. _____ Data from the European Values Study are used to examine what sets apart the normative views of entrepreneurs from those of other social groups in Europe about individual and state responsibility. Different levels of an individual’s value system are distinguished: personal, social and state-related values are differentiated. The interrelationships among these levels are explored. Using multivariate statistical analysis, we examine the prevalence of ‘entrepreneurial’ views in European countries, especially in Hungary. Relying on data from a survey of 300 Hungarian small entrepreneurs, we explore if their value system differs from the average value system of European entrepreneurs. Finally, we examine the factors social and economic factors that influence entrepreneurs’ views on personal and state responsibility.

Potential entrepreneurs. Entrepreneurial inclination in Hungary, 1988-2011

Contents: I. Entrepreneurial inclination during state socialism: - On entrepreneurial inclination; - Crisis, expectations, entrepreneurial inclination; - Where do entrepreneurs come from? On the third way, the second economy, and entrepreneurial inclination; ____ II. Entrepreneurial spirit and post-socialist transformation: - The upswing of entrepreneurial inclination between 1988 and 1990; - Entrepreneurship and perception of economic changes in the early 1990s; _____ III. Long-term changes and a European comparative perspective: - From crisis to crisis: long-term change of entrepreneurial inclination; - The effect of entrepreneurial inclination upon entrepreneurial career and well-being; - Entrepreneurial inclination in comparative perspective.

Szervezetek közötti együttműködés a fenntartható fejlődés szolgálatában (Cooperation among the organisations in service of the sustainable development)

A vállalatok egyre gyakrabban alakítanak ki olyan kapcsolatokat, melyek célja az egymással, illetve más típusú szervezetekkel (pl. kormányzati vagy civil szervezetekkel) különféle célok érdekében megvalósuló együttműködés. Ezen együttműködési formák egy része kedvező hatással van a vállalatok környezeti, illetve társadalmi teljesítményére is, és ezáltal – a szűken vett profitérdekeken túl – elősegíti a fenntartható fejlődés társadalmi céljának megvalósítását is. Jelen cikk célja, hogy bemutassa a vállalati szférára jellemző együttműködési formákat magyarázó legfontosabb szervezetelméleti megközelítéseket, majd ezek tükrében ismertesse a fenntartható fejlődés ügyét is elősegítő együttműködési kapcsolatok korszerű megnyilvánulási formáit. _________ Corporations more and more often engage in relationships, which aim at cooperation with each other and other types of organisations (e.g. governmental or nongovernmental organisations). Some of these collaborative efforts have a positive impact on the environmental and social performance of participating organisations and thus – apart from their positive impact on profitability – also foster the implementation of sustainable economic and social development. The objective of this article is to introduce the most important organisational theories, which give an explanation of the cooperative efforts of the corporate sector and, using this as a basis, to provide an overview of the most up-to-date forms of cooperation, which enhance our chances in the direction of a sustainable future.

Hallgatói vállalkozási tervek vizsgálata a GUESSS 2011-es felmése alapján (Assessing entrepreneurial intentions and plans among students based on GUESSS 2011 research)

A tanulmány azt vizsgálja, hogy milyen vállalkozást szeretnének indítani, honnan szerzik az ötletet és a társakat az egyetemi hallgatók, és milyen módon jelenik meg a vállalati felelősség. Betekintést ad az oktatott vállalkozáskurzusok elérhetőségébe, és a GUESSS adatbázisára építve értékeli a válaszokat. Jelen tanulmány csak a magyar adatok feldolgozását tartalmazza, egyes helyeken nemzetközi kitekintéssel. A szerző a cikk végén szemlélteti, hogyan térnek el vállalkozásindítást gátló tényezők Magyarországon a nemzetközi átlagtól a hallgatók körében. _____ The primary focus of the study, what kind of small business students intend to start, where the ideas come from, and how corporate responsibility present in student plans. It gives some figures about availability of entrepreneurial courses, and based on GUESS database it analyses results. This study is limited to the Hungarian results, with some international outlook. The author at the end of the article, shows how obstacles of start-up are differ from international average.

A projektalapú szervezetek projektmarketing-tevékenységének sajátos kontextusa (Contextual features of project marketing activity of the project-based organisations)

Ez a tanulmány a projektvezetési szakirodalomban kialakult ismeretanyagot szem előtt tartva (noha tételesen nem hivatkozva arra) tárja fel azt a sajátos és tipikusnak nevezhető kontextust, amelyben a projektalapú szervezetek projektmarketing tevékenysége megnyilvánul. A tanulmány célja tehát nem magának a projektmarketingnek a kérdéskörére irányul, hanem elsősorban annak projektspecifikus kontextusára. Jellegét illetően a tanulmány spekulatív jellegű, vagyis lényegét tekintve nem empirikus kutatási eredményekből levont következtetésekre épül. _____ Traditional approach to project marketing focuses on process-related aspects of the marketing efforts of project- based organisations. This paper is different. Unlike to the traditional approach it highlights the decisive contextual features of project marketing, bearing in mind the typical project business from the point of view of project-based organisations. These features include: a) instead of physically existing products project-based organisations need to sell their ability to create the project outcome physically; b) the project outcome and the conditions of implementation are defined by the project client; c) project clients are involved in creating the project outcome; d) project implementation strategy applied in a client organisation may vary project by project. These determining contextual features shape to a great extent the actual competitive position of the project-based organisations which may vary project by project even in relation to the very same project client.

Üzleti teljesítménymérés a sportban, - avagy miként segítheti a sportszervezetek vezetőit a Balanced Scorecard koncepció a stratégia szerinti működésben = Measuring Business Performance in Sports - How the Balanced Scorecard approach can help sports organisations in operating along strategic objectives

Napjainkban egyre nagyobb figyelem fordul a sporttevékenység társadalmi hasznosságára, ugyanakkor számos sportszervezet a túléléséért küzd. A legtöbb sportszervezetnél a sportteljesítmény mérése dominál, s viszonylag kevés figyelmet fordítanak az üzleti teljesítmény és az ezt befolyásoló tényezők mérésére, annak ellenére, hogy a vezetők tudatában vannak a sportteljesítmény és az üzleti teljesítmény kölcsönös összefüggésével. A sportteljesítményt a fogyasztói elégedettségen keresztül bevételre kell váltani, illetve biztosítani kell a finanszírozási forrásokat (gondolhatunk akár a játékosok fizetésére) a megfelelő sportteljesítmény eléréséhez. A sportszervezetek vezetőinek át kell látniuk a sportteljesítmény és az üzleti teljesítmény összefüggéseit, és azonosítaniuk kell a kritikus értékteremtő tényezőket. Ehhez adhat egy megfelelő gondolkodási keretet a Balanced Scorecard alkalmazása. Tanulmányunkban egy rövid áttekintést adunk a Balanced Scorecard alkalmazásának előnyeiről és kihívásairól a non-profit szervezetek esetében, majd egy magyarországi kézilabda klubnál készített esettanulmány segítségével megvizsgáljuk a BSC alkalmazási lehetőségét a sportkluboknál. _____ While performance measurement in the sport industry has a traditionally strong focus on sports results, commercial success of sports clubs needs to gain more ground. Sports results should generate market revenues, by satisfying customer needs, and allow continued investment in the further improvement of sports success (i.e. more funds for player transfers and wages). Club managers need to understand the complex relationship between on-field and off-the-field success, and identify critical success factors for achieving strategic objectives. The Balanced Scorecard approach provides a plausible framework for such analysis. Our paper explains the challenges of and opportunities for implementing a Balanced Scorecard system in non-profit organisations, and provides insights into its application in professional sport through an in-depth case study of a handball club in Hungary. We conclude by providing a model for managing sports organisations in line with strategic objectives, balancing out stakeholder expectations for both sports results and commercial success.

Entrepreneurial Inclination and Entrepreneurship in Hungary and in Europe

The lecture has two parts. The first part – based upon Eurobarometer data - briefly investigates the proportion and social characteristics of potential entrepreneurs in European comparative perspective. It proves that the Hungarian data are close to the European average. The second part – based on Hungarian panel data (1992-2007) - examines the predictive force of entrepreneurial inclination upon future entrepreneurial career and well-being. The results reveal that potential and actual entrepreneurship have strong social similarities and lasting connections despite the great volatility of both. Entrepreneurial inclination and more concrete plans have influenced the entrepreneurial career chances with nearly identical force, without cancelling each other’s effect. Entrepreneurial motivation has also to do with subjective well-being. The “push” factors of initial dissatisfaction with work and material conditions have lost their significance while the connection between entrepreneurial inclination and satisfaction with future perspectives persists in the longer run. The matrix of original motivation and further career provides a typology of four economic actors: that of “conscious” employees, “blocked”, “forced” and „conscious” entrepreneurs.

Mi a baj a modern szervezetekkel? – Kritikai menedzsmentelméletek (What is the problem in modern organisations? – Critical Management Studies)

A nemzetközi, elsősorban európai szervezettudományban mára meghatározóvá vált a kritikai megközelítés, a hazai szakirodalomban mégis elvétve találni rá utalásokat. A szerzők írásukban tárgyalják, hogy a kritikai menedzsmentelméletek (KME) szemszögéből miként bírálható a mindenkori szervezeti gyakorlat, és miért bírálandók a főáramú menedzsmentelméletek. A tanulmány fő részében elméleti megkülönböztetéseket tesznek: egyrészt elhatárolják a kritikai megközelítést a főáramú szervezetelméletektől, másrészt több szempontból is különbséget tesznek a különféle – de egyaránt a KME alá tartozó – kritikai megközelítések között. De a kritikai szemlélethez hűen nem csak a puszta elméletismertetés volt a céljuk: e bevezetés és problémafelvető tanulmány – s a későbbiekben tervezett cikksorozat – szándékuk szerint vitaindítóként is szolgál. Abban bíznak, hogy a felvetett kérdésekről valódi, lényegi párbeszédet generálhatnak a hazai menedzsmenttudományban (kutatók, oktatók és elméletalkalmazók körében), mely kihathat a szervezeti gyakorlatra is. _____ Critical Management Studies (CMS) as a field of organization studies (OS) has become central internationally, and especially in Europe. Yet, its appearance is still very rare in the Hungarian OS literature. In this study first the authors discuss how the nowadays dominant organizational practices along with the mainstream management and organization theories are to be criticized from a Critical Management perspective. In the main section, so as to define CMS, they make important theoretical distinctions, first between CMS and mainstream organization theories (in general), and then among the different critical approaches that nevertheless all fall under the broad CMS umbrella. But, in line with a truly critical attitude, they not only go into theoretical discussions but, at least to their intention, the purpose of this introductory paper is also to addresses important problems both in the theory and the practice of organization and management. Therefore, it could serve as an opening of an important debate or dialogue in the Hungarian academic community (researchers, educators and other professionals), a theoretical discussion that could have real influence on organizational practice too.