Practical Advice to Entrepreneurs Series by ACE Adjunct Professor Dean Shepherd: Practical advice for thinking about entrepreneurial decisions

The author, Dean Shepherd, is of entrepreneurship—how entrepreneurs think, decide to act, and feel. He recently realized that while his publications in academic journals have implications for entrepreneurs, those implications have remained relatively hidden in the text of the articles and hidden in articles published in journals largely inaccessible to those involved in the entrepreneurial process. This series is designed to bring the practical implications of his research to the forefront.

Beyond e-commerce: an entrepreneurial business modelling method for profitable e-venturing

E- business is used as a term that embraces e-commerce, its commercial exchange or transaction component. Both are subsets of a larger concept, e-venturing. E-business is a major disruptive innovation that is rapidly changing many of the accepted norms of effective management. So the paper revisits and reassesses several established principles of economics, strategy and entrepreneurship to place them in the context of the forces driving the emerging e-business economy. Entrepreneurship is applied as a 'framework enrichener', model-building tool and critical organisational behaviour to guide integration of e-business strategy into the total organisational strategy of a profit-seeking firm This permits development of a new business modelling process, labelled 'map and locate', that adapts a combination of entrepreneurial and strategic imperatives to the internet environment. The process assumes that value-provision, competitive distinction and profitability are the three essentials of any successful e-business strategy design and execution. Apart from its general conceptual role of linking strategic and entrepreneurial thinking, the 'map and locate' modelling process can be used as a practical tool for specific performance in a variety of circumstances. It focuses on learning and the development of metrics useful for measuring progress towards achievement of target outcomes.

Urban informatics for rural knowledge economies

This position paper provides an overview of a proposed study that seeks to design and develop tools, methods and applications of urban informatics to promote an innovation culture and knowledge economy in regional Queensland. The National Broadband Network has the potential to leapfrog regional Queensland to join the knowledge economy, but effective applications and content strategies are required. The Edge is the Queensland Government’s Digital Culture Centre to engage young people in the technology/culture nexus. This position paper provides an overview of a proposed study that will set up Living Labs at The Edge and in a new precinct in rural Queensland (Goondiwindi) as sites to trial strategies and applications that engage people in entrepreneurial thinking, sustainability initiatives, and new creative practices across the urban and rural boundaries.

Practical Advice for Entrepreneurs

I am interested in the psychology of entrepreneurship—how entrepreneurs think, decide to act, and feel. I recently realized that while my publications in academic journals have implications for entrepreneurs, those implications have remained relatively hidden in the text of the articles and hidden in articles published in journals largely inaccessible to those involved in the entrepreneurial process. This book is designed to bring the practical implications of my research to the forefront. I decided to take a different approach with this book and not write it for a publisher. I did this because I wanted the ideas to be freely available: (1) I wanted those interested in practical advice for entrepreneurs to be able to freely download, distribute, and use this information (I only ask that the content be properly cited), (2) I wanted to release the chapters independently and make chapters available as they are finished, and; (3) I wanted this work to be a dialogue rather than a one-way conversation—I hope readers email me feedback (positive and negative) so that I can use this information to revise the book. In producing the journal articles underpinning this book, I have had the pleasure of working with many talented and wonderful colleagues—they are cited at the end of each chapter. I hope you find some of the advice in this book useful.

The Library beyond (just) the book: Collaboration and co-working spaces for new technology and new technological practices

Libraries have often been first adopters of many new technological innovations, such as, punch cards, computers, barcodes, and e-book readers. It is thus not surprising that many libraries have embraced the advent of the internet as an opportunity to move away from just being repositories of books, towards becoming ideas stores and local network hubs for entrepreneurial thinking and new creative practices. This presentation will look at the case of “The Edge” – an initiative of the State Library of Queensland in Brisbane, Australia, to establish a digital culture centre and learning environment deliberately designed for the co-creation and co-construction of knowledge. This initiative illustrates the potential role of libraries as testing grounds for new technologies and technological practices, which is particularly relevant in the context of the NBN rollout across Australia. It also provides an example of new engagement strategies for innovative co-working spaces that are a vital element in a trend that sees professionals, creatives and designers leave their traditional places of work and embrace the city as their office.

Creative marketing : an extended metaphor for marketing in a new age

Creative Marketing challenges mainstream marketing thinking and draws from a diverse range of disciplines in order to inspire entrepreneurial thinking and practice among those marketers who wish to push the boundaries of knowledge.

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.

Investigating design, creativity and entrepreneurial processes

Entrepreneurship, creativity, and design are all ingredients of the innovation process and are sometimes confused, misapplied, and used interchangeably. This conceptual paper responds to recent calls for further investigation of the links between entrepreneurship and related disciplines, and explores a solution focused approach most strongly developed and applied in new product and enterprise development — that of design and design thinking. The paper extends prior research on entrepreneurship, creativity, and design, and argues for tighter links between these notions in the establishment and ongoing evolution of enterprises.

Entrepreneurial becoming : an educational pathway out of poverty

This paper reports a longitudinal analysis of 20 necessity driven micro-entrepreneurs operating in Beira, Central Mozambique, who received funding and training from the same NGO to establish or grow their business activities and reports the development of these entrepreneurs in terms of their acquired entrepreneurial potential for long-term success. The results indicate there is a process of entrepreneurial becoming that is not just about access to finance but especially learning and, when successful, this process supports the transformation of survival micro-enterprises into entrepreneurial micro-businesses. The concept of ‘becoming’ contains an implicit temporal dimension. Becoming suggests a transformation over time: a change from what one is already. In this study, we witness a significant change in understanding how a business needs to operate, in recognizing opportunities, thinking more creatively, and building self-confidence.

ePortfolios and eGovernment : from technology to the entrepreneurial self

We analyse the electronic portfolio (ePortfolio) in higher education policy and practice. While evangelical accounts of the ePortfolio celebrate its power as a new eLearning technology, we argue that it allows the mutually-reinforcing couple of neoliberalism and the enterprising self to function in ways in which individual difference can be presented, cultured and grown, all the time within a standardised framework which relentlessly polices the limits of the acceptable and unacceptable. We point to the ePortfolio as a practice of (self-) government, arguing that grander policy coalesces out of a halting, experimental set of technological instruments for thinking about how life should be lived.

The role of transformative thinking and practice in a property entrepreneur's response to the funding crisis since 2008

This portfolio of exploration explores the role of transformative thinking and practice in a property entrepreneur’s response to the financial crisis which swept over Ireland from 2008. The complexity of this challenge and the mental capacity to meet its demands is at the core of the exploration. This inquiry emerged from the challenges the financial crisis presented to my values, beliefs, assumptions, and theories, i.e. the interpretive lens through which I make meaning of my experiences. Given the issue identified, this inquiry is grounded in aspects of theories of constructive developmental psychology, applied developmental science, and philosophy. Integrating and linking these elements to business practice is the applied element of the Portfolio. As the 2008 crisis unfolded I realised I was at the limits of my way of knowing. I came to understand that the underlying structure of a way of knowing is the ‘subject-object relationship’ i.e. what a way of knowing can reflect upon, look at, have perspective on, in other words, make object, as against what is it embedded in, attached to, identified within, or subject to. My goal became enhancing my awareness of how I made meaning and how new insights, which would transform a way of knowing, are created. The focus was on enhancing my practice. This Portfolio is structured into three essays. Essay One reported on my self-reflection and external evaluation out of which emerged my developmental goals. In Essay Two I undertake a reading for change programme in which different meaning making systems were confronted in order to challenge me as a meaning maker. Essay Three reported on my experiment which concerned the question whether it was possible for me as a property entrepreneur, and for others alike, to retain bank finance in the face of the overwhelming objective of the bank to deleverage their balance sheet of property loans. The output of my research can be grouped into General Developmental and Specific Business Implications. Firstly I address those who are interested in a transformational-based response to the challenges of operating in the property sector in Ireland during a crisis. I outline the apparatus of thought that I used to create insight, and thus transform how I thought, these are Awareness, Subject-object separation, Exploring other’s perspectives from the position of incompleteness, Dialectical thinking and Collingwood’s Questioning activity. Secondly I set out my learnings from the crisis and their impact on entrepreneurial behaviour and the business of property development. I identify ten key insights that have emerged from leading a property company through the crisis. Many of these are grounded in common sense, however, in my experience these were, to borrow Shakespeare’s words, “More honor'd in the breach than the observance” in pre Crisis Ireland. Finally I set out a four-step approach for forging a strategy. This requires my peer practitioners to identify (i) what they are subject to, (ii) Assess the Opportunity or challenge in a Systemic Context, (iii) Explore Multiple Perspectives on the opportunity or Challenge with an Orientation to change how you know and (iv) Using the Questioning Activity to create Knowledge. Based on my experience I conclude that transformative thinking and practice is a key enabler for a property entrepreneur, in responding to a major collapse of traditional (bank debt) funding.

Developing Entrepreneurial Skills in Pharmacy Students

Objective. To create, implement, and evaluate a workshop that teaches undergraduate pharmacy
students about entrepreneurship.
Design. Workshops with 3 hours contact time and 2 hours self-study time were developed for final-year
students. Faculty members and students evaluated peer assessment, peer development,
communication, critical evaluation, creative thinking, problem solving, and numeracy skills, as well
as topic understanding. Student evaluation of the workshops was done largely via a self-administered,
9-question questionnaire.
Assessment. One hundred thirty-four students completed the workshops. The mean score was 50.9
out of 65. Scores ranged from 45.9 to 54.1. The questionnaire had a response rate of 100%. Many
students agreed that workshops about entrepreneurship were a useful teaching method. Additionally,
they agreed that key skills were fostered.
Conclusion. Workshops effectively delivered course content about entrepreneurship and helped
develop relevant skills. This work suggests students value a program that includes instruction on
entrepreneurship.

Using creativity to achieve an entrepreneurial future for arts marketing

The marketing concept fails to explain marketing behaviour of small firms. Similar comments are now being made of large firms. This gap between theory and practice is even more significant in non-profit and arts organisations where sector specific philosophies often determine how marketing is embraced, with its underlying notions of the customer and profitability. Many of these organisations must overcome severe resource constraints by thinking creatively. This paper investigates the relationship between art, marketing, entrepreneurship and creativity in order to reach a clearer understanding of how creativity can assist both the arts organisation and those involved in researching the sector. There have been increasing calls within the academic marketing community to instil a creative philosophy within the research process. This call has not resulted in much research on the phenomenon within marketing, and certainly not from a nonprofit perspective. This paper discusses creativity as a concept drawing on a diverse range of literatures outside the management discipline. The link between creativity, marketing, entrepreneurship and art is analysed. Justification of the incorporation of creativity in the research process is presented for practitioners and theorists in marketing and the arts, so that they can learn from each others' disciplines. Implications for future research are presented, where creativity is viewed as the centre of a non-linear, free thinking understanding of artistic truth.

Mobile banking innovations and entrepreneurial adoption decisions

This paper examines an individual’s entrepreneurial adoption decisions to use mobile banking for both business and social reasons. A conceptual model based on social cognitive theory is developed to explain an individual’s propensity to adopt mobile banking. The theoretical framework examines how advertising, experience, perceived risk, learning inclination, and entrepreneurial proclivity influence a person’s intention to use mobile banking. This paper stresses the role of financial risk in determining a person’s intention to use mobile banking and whether their entrepreneurial nature is influenced by their experience and advertising they are subjected to about the advantages or disadvantages of mobile banking. This paper ties together research on technological innovation with entrepreneurship and learning studies. The author stresses the importance for financial institutions to market the innovativeness of mobile banking whilst addressing security concerns. The impact of a person’s social environment through personal contacts and acquaintances underpins social cognitive theory and helps to understand the motives for a person adopting mobile banking. The paper integrates mobile banking literature with current thinking on the importance of entrepreneurship and learning influences to how a person adopts a technological innovation.