Ethnic Entrepreneurship: Do Values Matter?

While considerable attention has been devoted to the personality traits of entrepreneurs, less attention has been given to their values, especially outside of a Western context. Values are instrumental in the decision to pursue entrepreneurship, and have implications for the entrepreneur’s approach to creating and managing the venture. The role of values would seem especially relevant in the context of ethnic subcultures. Values traditionally associated with entrepreneurship, such as risk, individualism, competitiveness, wealth generation, and growth, may be more consistent with Western cultures, and may conflict with closely held values within various ethnic subcultures the world over. This article examines the values of entrepreneurs in two ethnic subcultures within South Africa. Findings are reported from interviews with cross-sectional samples of black and colored entrepreneurs. The results indicate entrepreneurs tend to embrace common values regardless of their individual ethnic heritage, but with different underlying patterns. In addition, the entrepreneurial path itself gives rise to certain shared values; and the overarching country culture has a strong influence on value orientations. Implications are drawn from the results, and suggestions made for ongoing research

Classification as a Factor in the Scientific Evolution of Entrepreneurship

Taxonomy, or the establishment of meaningful classification schemes, is examined as a major stage in the development of disciplines. The role of classification in the advancement of entrepreneurship  is  established  Approaches  to  developing  classification  schemes,  and criteria for  assessing  them,  are  discussed.  Key  classification  schemes  in five  different   areas within entrepreneurship are evaluated Shortcomings are noted, and  priorities  are established for taxonomic development. A framework  is  proposed  for  developing  an integrative classification for  the discipline  of entrepreneurship

The Entrepreneur\u27S Business Model: Toward A Unified Perspective

Highly emphasized in entrepreneurial practice, business models have received limited attention from researchers. No consensus exists regarding the definition, nature, structure, and evolution of business models. Still, the business model holds promise as a unifying unit of analysis that can facilitate theory development in entrepreneurship. This article synthesizes the literature and draws conclusions regarding a number of these core issues. Theoretical underpinnings of a firm\u27s business model are explored. A six-component framework is proposed for characterizing a business model, regardless of venture type. These components are applied at three different levels. The framework is illustrated using a successful mainstream company. Suggestions are made regarding the manner in which business models might be expected to emerge and evolve over time. © 2003 Elsevier Inc. All rights reserved

Beyond Achievement: Entrepreneurship As Extreme Experience

How do entrepreneurs experience entrepreneurship, and what are the implications? The cognitive and emotional experiences of the entrepreneur as he/she performs the tasks associated with venture creation and high growth have received limited attention from researchers. The entrepreneurial context can be characterized in terms of peaks and valleys, or periods of relatively high pressure, stress, uncertainty, and ambiguity and periods of relative stability and predictability. Three inter-related psychological variables are investigated to determine their applicability in an entrepreneurial context: peak performance, peak experience, and flow. Results are reported of a series of in-depth, structured interviews conducted with two samples of entrepreneurs. Both qualitative and quantitative evidence is provided of the relevance of all three variables to entrepreneurs, with the highest scores for each variable demonstrated by entrepreneurs in high growth ventures. A number of implications are drawn for ongoing research and entrepreneurial practice, most notably in the area of entrepreneurial motivation. The findings suggest that entrepreneurship be approached as a vehicle for optimal human experiencing. © Springer 2006

The Ethical Context Of Entrepreneurship: Proposing And Testing A Developmental Framework

The aim of this study is to increase our understanding of the ethical climate of entrepreneurial firms as they grow and develop. A developmental framework is introduced to describe the formal and informal ethical structures that emerge in entrepreneurial firms over time. Factors influencing where firms are within the developmental framework are posited, including the entrepreneur\u27s psychological profile, lifecycle stage of the business, and descriptive characteristics of the venture. It is also proposed that the implementation of ethical structures will impact perceptions of the clarity and adequacy of the ethical standards of the firm and the firm\u27s preparedness to deal with ethical challenges as they arise. Results are reported of a cross-sectional survey of small firms at different stages of development. The findings indicate the existence of four distinct clusters of firms based on their formal and informal ethical structures: Superlatives, Core Proponents, Pain and Gain, and Deficients. Evidence is also provided of statistically significant relationships between the proposed antecedent and outcome variables. Implications are drawn from the results, and priorities are established for future research

Balanced Management Control Systems As A Mechanism For Achieving Corporate Entrepreneurship

As organizations evolve, a variety of procedures, planning requirements, budgetary policies, and operating guidelines are put in place in order to facilitate control of operations. The system of controls within an organization can be an important inhibitor or facilitator of a firm\u27s strategic initiatives. Entrepreneuriai initiatives represent a case in point. There is a potential for control measures to limit employee initiative and constrain ongoing entrepreneurial behavior, but also for well-conceptualized controls to incentivize and support innovation within a firm. Past attempts to link control systems to innovation and entrepreneurship have tended to examine control in uni-dimensional terms, or to examine only linear relationships between measures of control and entrepreneurship. The current study explores three underlying dimensions of the organizational control system: administrative formality/informality, managerial rigidity/flexibility, and budgetary tightness/looseness. Building on anecdotal suggestions in the literature that entrepreneurship requires a balance between formal and informal, rigid and flexible, and loose and tight properties, a series of hypotheses are proposed regarding non-linear relationships between dimensions of control and levels of entrepreneurship with the organization. Results are reported of a survey directed at a large sample of managers regarding perceptions of their organization\u27s control system and the level of entrepreneurship in their company. Support is provided for non-linearity in the relationships. Implications are drawn and suggestions made for ongoing research

Is the Business Model a Useful Strategic Concept? Conceptual, Theoretical, and Empirical Insights

Although a widely used managerial concept, the notion of a "business model" has only recently begun to receive serious attention from researchers. While disparate opinions exist regarding its nature, the business model holds promise as a focal point for the development of theory in entrepreneurship. Realizing this promise requires progress not only in how to conceptualize the business model but, also, in how to measure a firm's model and draw comparisons across model types. Utilizing a six-component framework published earlier by the authors, a methodology for measuring the business model is demonstrated with a random sample of high-growth firms. Cluster analysis indicates the existence of four generic models. Suggestions are made and implications drawn for ongoing theory development and entrepreneurial practice