Pull the plug or take the plunge: Multiple opportunities and the speed of venturing decisions in the Australian mining industry

Effectively capturing opportunities requires rapid decision-making. We investigate the speed of opportunity evaluation decisions by focusing on firms' venture termination and venture advancement decisions. Experience, standard operating procedures, and confidence allow firms to make opportunity evaluation decisions faster; we propose that a firm's attentional orientation, as reflected in its project portfolio, limits the number of domains in which these speed-enhancing mechanisms can be developed. Hence firms' decision speed is likely to vary between different types of decisions. Using unique data on 3,269 mineral exploration ventures in the Australian mining industry, we find that firms with a higher degree of attention toward earlier-stage exploration activities are quicker to abandon potential opportunities in early development but slower to do so later, and that such firms are also slower to advance on potential opportunities at all stages compared to firms that focus their attention differently. Market dynamism moderates these relationships, but only with regard to initial evaluation decisions. Our study extends research on decision speed by showing that firms are not necessarily fast or slow regarding all the decisions they make, and by offering an opportunity evaluation framework that recognizes that decision makers can, in fact often do, pursue multiple potential opportunities simultaneously.

An entrepreneurial music industry education in secondary schooling: The emerging professional learning model

There is widespread agreement that entrepreneurial skills are crucial for young people today, yet there are few studies of high school students engaging in entrepreneurship education that might prepare them for music industry careers. This study has been developed in response to these challenges. It explores a group of high school students (15 – 17 years) who alongside their teacher, have co-designed, developed and driven a new business venture, Youth Music Industries (YMI) since 2010. This venture staged cycles of differently scaled events featuring young artists for a young audience. The project was designed to give students a real business situation for developing their project management skills and a broader understanding of working in the music industry. Informed by concepts of social capital and communities of practice, the study examines the process of learning with and through others. This high-stakes environment increased their sense of presence and participation and made it possible for these young people to distribute expertise and learn from each other in a reciprocal and more democratic way. The ongoing success of this organisation can be attributed to the entrepreneurial competencies students developed. The resulting model and design principles talk to an ongoing challenge that has been identified in music education, and creative industries more generally. These principles offer a way forward for other music and creative industries educators or researchers interested in developing models of, and designs for, nurturing an entrepreneurial mindset.

Party On! A call for entrepreneurship research that is more interactive, activity based, cognitively hot, compassionate, and prosocial

It is the Journal of Business Venturing's (JBV) 30th birthday. Although the community of entrepreneurship scholars deserves to celebrate JBV's achievements over the last 30 years (and congratulate the journal's parents—Ian Macmillan and S. Venkataraman), my focus is more on the future of entrepreneurship (and by extension JBV). A focus on entrepreneurship is both timeless and timely. On the one hand, entrepreneurship is timeless given the long-recognized importance of entrepreneurs to economies and societies (e.g., Jean Baptiste who supposedly coined the term in about 1800). On the other hand, a discussion of entrepreneurship is timely because now that the field of entrepreneurship has achieved legitimacy, it faces both opportunities and threats. It is thus timely to acknowledge the threats and think about opportunities to advance the field. A discussion of entrepreneurship is also timely because society faces a number of grand challenges (including the durability of poverty, environmental degradation [ Dorado and Ventresca, 2013]), challenges well suited to entrepreneurial responses...

The impact of international potentials, entrepreneurial motivations and firm stages on new venture internationalisation

Past research on early internationalising firms often examined factors and motivations potentially influencing internationalisation activities separately. The purpose of this paper was to investigate a set of indicators and their interplay with each other. Firstly, the impact of (a) international potential in the form of the depth and diversity of international experience and network contacts was investigated. Secondly, it was examined to what extent (b) motivational factors and (c) firm stages affect the relationship between international potential and internationalisation activities. This paper used longitudinal data from the Comprehensive Australian Study of Entrepreneurial Emergence (CAUSEE). Results suggest that the international potential of a new venture as a whole is a significant determinant of subsequent internationalisation activities. However, having a diverse international experience from a variety of foreign countries appears to be more beneficial than a long-lasting experience from only a limited number of foreign countries. Furthermore, analyses showed that the interplay of high growth ambitions and the depth of international experience positively affect internationalisation activities. Opportunity or necessity driven entrepreneurship, however, neither exaggerate nor weaken the positive relationship between international potentials and internationalisation activities. Similarly, no moderation by firm stages was found.

SME international performance in Latin America: The role of entrepreneurial and technological capabilities

SMEs from emerging markets in Latin America are increasingly engaging in internationalization. Nevertheless, there is limited research into how these firms achieve international performance. This study proposes and tests a conceptual model that considers managerial and technology-related capabilities and their impact on international performance of SMEs. The model uses confirmatory factor analysis (CFA) to develop the underlying multi-item constructs and structural equation modeling (SEM) to test the model with data from 233 Chilean SMEs. Specifically, the model considers the role of international entrepreneurial orientation and Internet capabilities on international market performance, taking into account the mediating effect of international entrepreneurial opportunity recognition and technology-related international networks. Results show that international entrepreneurial opportunity recognition and international networks mediate the relationship between international entrepreneurial orientation and Internet marketing capabilities on SME international performance.

Patterns of entrepreneurial career development: An optimal matching analysis approach

Longitudinal studies of entrepreneurial career development are rare, and current knowledge of self-employment patterns and their relationships with individual difference characteristics is limited. In this study, the authors analyzed employment data from a subsample of 514 participants from the German Socio-Economic Panel study (1984–2008). Results of an optimal matching analysis indicated that a continuous self-employment pattern could be distinguished from four alternative employment patterns (change from employment to self-employment, full-time employees, part-time employees, and farmers). Results of a multinomial logistic regression analysis showed that certain socio-demographic characteristics (i.e., age and gender) and personality characteristics (i.e., conscientiousness and risk-taking propensity) were related to the likelihood of following a continuous self-employment pattern compared to the other employment patterns. Implications for future research on entrepreneurial career development are discussed.

The evolution of entrepreneurial learning

- Purpose The purpose of this paper is to present an evolutionary perspective on entrepreneurial learning, whilst also accounting for fundamental ecological processes, by focusing on the development of key recurring, knowledge components within nascent and growing small businesses. - Design/methodology/approach The paper relates key developments within the organizational evolution literature to research on entrepreneurial learning, with arguments presented in favor of adopting a multi‐level co‐evolutionary perspective that captures and explains hidden ecological process, such as niche‐construction. - Findings It is argued in the paper that such a multi‐level focus on key recurring knowledge components can shed new light on the process of entrepreneurial learning and lead to the cross‐fertilization of ideas across different domains of study, by offering researchers the opportunity to use the framework of variation‐selection‐retention to develop a multi‐level representation of organizational and entrepreneurial learning. - Originality/value Entrepreneurial learning viewed in this way, as a multi‐level struggle for survival amongst competing knowledge components, can provide entrepreneurs with a set of evolutionary heuristics as they re‐interpret their understanding of the evolution of their business.

Exploring the role of entrepreneurial marketing in entrepreneurship education

This is a conceptual paper that seeks to explore the role of entrepreneurial marketing in promoting entrepreneurship in tertiary education. We postulate that the subject of entrepreneurship is marketed in different ways as a means of introducing (a) new learners to the subject area of entrepreneurship and (b) the wide ranging possibilities of entrepreneurship education. This research explores both the entrepreneurial marketing and the entrepreneurship literature to capture how they meet at the interface to solve the issue of appropriately marketing entrepreneurship courses within the context of university education. Whilst empirical evidence of entrepreneurial marketing has tended to concentrate on profit-making and small organizations, fewer studies have sought to understand the role of entrepreneurial marketing in public sector organizations, including the university. Although this article is exploratory in nature, it shows the benefits of utilizing the extensive research within the fields of entrepreneurial marketing and entrepreneurship to determine the value of entrepreneurship education for policymakers, universities and students.

Career Adapt-Abilities Scale—Iran Form: Psychometric properties and relationships with career satisfaction and entrepreneurial intentions

This study examined the psychometric properties of a Persian translation of the Career Adapt-Abilities Scale (CAAS—Iran Form) and its relationships with career satisfaction, business opportunity identification, and entrepreneurial intentions. It was hypothesized that career adaptability relates positively to these three outcomes, even when controlling for demographic and employment characteristics. Data were provided by 204 workers from Iran. Results showed that the overall CAAS score and sub-dimension scores (concern, control, curiosity, and confidence) were highly reliable. Moreover, confirmatory factor analyses indicated that the CAAS—Iran Form measures four distinct dimensions that can be combined into a higher-order career adaptability factor. Findings also demonstrated criterion-related validity of the scale with regard to career satisfaction and entrepreneurial intentions. In contrast, overall career adaptability was not significantly related to opportunity identification, while concern related positively, and control related negatively to opportunity identification. Overall, the CAAS—Iran Form has very good psychometric properties and predicts important career outcomes, suggesting that it can be used for career counseling and future research with Persian-speaking workers.

The Finnish Competition State and Entrepreneurial Policies in the Helsinki Region

The thesis examines the intensification and characteristics of a policy that emphasises economic competitiveness in Finland during the 1990s and early 2000s. This accentuation of economic objectives is studied at the level of national policy-making as well as at the regional level through the policies and strategies of cities and three universities in the Helsinki region. By combining the analysis of state policies, urban strategies and university activities, the study illustrates the pervasiveness of the objective of economic competitiveness and growth across these levels and sheds light on the features and contradictions of these policies on a broad scale. The thesis is composed of five research articles and a summary article. At the level of national policies, the central focus of the thesis is on the growing role of science and technology policy as a state means to promote structural economic change and its transformation towards a broader, yet ambivalent concept of innovation policy. This shift brings forward a tension between an increasing emphasis on economic aspects – innovations and competitiveness – as well as the expanding scope of issues across a wide range of policy sectors that are being subsumed under this market- and economy oriented framework. Related to science and technology policy, attention is paid to adjustments in university policy in which there has been increasing pressure for efficiency, rationalisation and commercialisation of academic activities. Furthermore, political efforts to build an information society through the application of information and communication technologies are analysed with particular attention to the balance between economic and social objectives. Finally, changes in state regional policy priorities and the tendency towards competitiveness are addressed. At the regional level, the focus of the thesis is on the policies of the cities in Finland’s capital region as well as strategies of three universities operating in the region, namely the University of Helsinki, Helsinki University of technology and Helsinki School of Economics. As regards the urban level, the main focus is on the changes and characteristics of the urban economic development policy of the City of Helsinki. With respect to the universities, the thesis examines their attempts to commercialise research and thus bring academic research closer to economic interests, and pays particular attention to the contradictions of commercialisation. Related to the universities, the activities of three intermediary organisations that the universities have established in order to increase cooperation with industry are analysed. These organisations are the Helsinki Science Park, Otaniemi International Innovation Centre and LTT Research Ltd. The summary article provides a synthesis of the material presented in the five original articles and relates the results of the articles to a broader discussion concerning the emergence of competition states and entrepreneurial cities and regions. The main points of reference are Bob Jessop’s and Neil Brenner’s theses on state and urban-regional restructuring. The empirical results and considerations from Finland and the Helsinki region are used to comment on, specify and criticise specific parts of the two theses.

Unraveling the “passion orchestra” in academia

This paper disentangles how organization members' “passion orchestra” is related to their entrepreneurial intentions in the particularly relevant context of academia. Drawing on passion literature and identity theory, we propose and test a model linking two central parts of researchers' “passion orchestra”, namely entrepreneurial and obsessive scientific passion, directly and indirectly, to spin-off and start-up intentions. While spin-off intentions refer to intentions to found a firm based upon research results, start-up intentions denote intentions to start any type of company. Using a sample of 2308 researchers from 24 European universities, our findings reveal that higher levels of entrepreneurial passion are associated with both stronger spin-off and start-up intentions. Further, obsessive scientific passion is positively associated with researchers' intentions to create a spin-off, and negatively with their propensity to establish a start-up. Entrepreneurial self-efficacy and affective organizational commitment mediate these effects. Finally, the two types of passion show characteristic interactions. Obsessive scientific passion moderates the entrepreneurial passion–intentions relationship such that it strengthens spin-off intentions. Our results highlight that recasting the individual driven by a singular passion to one with a “passion orchestra” provides a more holistic understanding of the new venture creation process. Implications for research and practice are discussed.

From Creative Ideas to New Emerging Ventures: Entrepreneurial Processes among Finnish Design Entrepreneurs

This study focuses on self-employed industrial designers and how they emerge new venture ideas. More specifically, this study strives to determine what design entrepreneurs do when they create new venture ideas, how venture ideas are nurtured into being, and how the processes are organized to bring such ideas to the market in the given industrial context. In contemporary times when the concern for the creative class is peaking, the research and business communities need more insight of the kind that this study provides, namely how professionals may contribute to their entrepreneurial processes and other agents’ business processes. On the one hand, the interviews underlying this study suggest that design entrepreneurs may act as reactive service providers who are appointed by producers or marketing parties to generate product-related ideas on their behalf. On the other hand, the interviews suggest that proactive behaviour that aims on generating own venture ideas, may force design entrepreneurs to take considerable responsibility in organizing their entrepreneurial processes. Another option is that they strive to bring venture ideas to the market in collaboration, or by passing these to other agents’ product development processes. Design entrepreneurs’ venture ideas typically emerge from design related starting points and observations. Product developers are mainly engaged with creating their own ideas, whereas service providers refer mainly to the development of other agents’ venture ideas. In contrast with design entrepreneurs, external actors commonly emphasize customer demand as their primary source for new venture ideas, as well as development of these in close interaction with available means of production and marketing. Consequently, design entrepreneurs need to address market demand since without sales their venture ideas may as well be classified as art. In case, they want to experiment with creative ideas, then there should be another source of income to support this typically uncertain and extensive process. Currently, it appears like a lot of good venture ideas and resources are being wasted, when venture ideas do not suite available production or business procedures. Sufficient communication between design entrepreneurs and other agents would assist all parties in developing production efficient and distributable venture ideas. Overall, the findings suggest that design entrepreneurs are often involved simultaneously in several processes that aim at emerging new product related ventures. Consequently, design entrepreneurship is conceptualized in this study as a dual process. This implies that design entrepreneurs can simultaneously be in charge of their entrepreneurial processes, as they operate as resources in other agents’ business processes. The interconnection between activities and agents suggests that these kinds of processes tend to be both complex and multifaceted to their nature.

Multiple Perspectives on Networks: Conceptual Development, Application and Integration in an Entrepreneurial Context

Multiple Perspectives on Networks: Conceptual Development, Application and Integration in an Entrepreneurial Context. The purpose of this thesis is to enhance cross-fertilization between three different approaches to network research. The business network approach may contribute in terms of how relationships are created, developed and how tie content changes within ties, not only between them. The social network approach adds to the discussion by offering concepts of structural change on a network level. The network approach in entrepreneurship contributes by emphasizing network content, governance and structure as a way of understanding and capturing networks. This is discussed in the conceptual articles, Articles 2 and 3. The ultimate purpose of this thesis is to develop a theoretical and empirical understanding of network development processes. This is fulfilled by presenting a theoretical framework, which offers multiple views on process as a developmental outcome. The framework implies that change ought to be captured both within and among relationships over time in the firm as well as in the network. Consequently, changes in structure and interaction taking place simultaneously need to be included when doing research on network development. The connection between micro and macro levels is also stressed. Therefore, the entrepreneur or firm level needs to be implemented together with the network level. The surrounding environment impacts firm and network development and vice versa and hence needs to be integrated. Further, it is necessary to view network development not only as a way forward but to include both progression and regression as inevitable parts of the process. Finally, both stability and change should be taken into account as part of network development. Empirical results in Article 1 show support for a positive impact of networks on SME internationalization. Article 4 compares networks of novice, serial and portfolio entrepreneurs but the empirical results show little support for differences in the networks by type of entrepreneur. The results demonstrate that network interaction and structure is not directly impacted by type of entrepreneur involved. It indicates instead that network structure and interaction is more impacted by the development phase of the firm. This in turn is in line with the theoretical implications, stating that the development of the network and the firm impacts each other, as they co-evolve.

Mentoring in an Entrepreneurial Setting - The Mentor's Perspective

This paper discusses mentoring from the mentors' point of view in an entrepreneurial setting. The aim of the paper is to present why mentoring can be considered important for entrepreneurs who are mentors and under what circumstances mentoring is valuable for the mentor. A pilot mentorprogramme was conducted among women entrepreneurs during 1998. A study was made in order to examine the mentors’ perception of the programme. Firstly mentoring and entrepreneurship in Finland are discussed briefly. Secondly the results of the study are presented. The results of the study show that mentoring can be valuable for the mentors both on a vocational and a personal level. However, it is important to choose the mentees of the programme on a rather strict basis. The results demonstrate a need to be careful in choosing mentees.