Patterns of Venturing Financing: The Case of Chinese Entrepreneurs

This study examines the sources of venture financing of Chinese entrepreneurs in Wuhan, China. Based on a sample of 222, we found that Chinese entrepreneurs in Wuhan mainly rely on venture financing on their own or parties that are within their close social networks such as parents, relatives and friends. External financing sources are notably missing. We also found that entrepreneurs who use significantly more personal saving in venture financing are older (\u3e37 years), female, with high school education or less, and have longer working experience. Entrepreneurs who are male with college or higher education, and who take time to build their business (more than two years) tend to receive significantly more bank loans. Young male entrepreneurs who have less working experience and with intention to create a business fast tend to rely more on financial support from their inner social network such as parents, relatives and friends. Implications and future research directions were provided

Environmental Turbulence and Scanning Behavior: The Moderating Effects of Organizational Maturity

This paper examines the relationship between environmental turbulence and information scanning behavior in a sample of 242 small and medium-sized enterprises (SMEs), and the moderating effects of organizational age. Our results suggest that SME decision makers utilize a selective, cognitive simplification process in their information search activities. Scanning behavior of SMEs is highly differentiated and very selective in the face of turbulent task environments. In general, our sampled SMEs seem to be more attuned to technological and competitive turbulence. Additionally, young and mature SMEs also exhibit different scanning behaviors. While young SMEs prefer a search mode of proactive continuous internal gathering, mature SMEs opt for a mode of reactive internal and external information gathering. Implications of this study are discussed

Start-Up REsources and Entrepreneurial Discontinuance: The Case of Nascent Entrepreneurs

Built on the resource-based view of the firm, this study addresses two major research questions: (1) what resources are salient in entrepreneurial discontinuance; (2) To what extent, does the impact of resources on the odds of discontinuance vary across the nature of startup between high technology and non-technology? These questions are examined using 830 nascent entrepreneurs from the Panel Study of Entrepreneurial Dynamics (PSED). Overall, we find that not all resources are equally salient, especially when comparing technology-based and non-technology-based nascent entrepreneurs. With the exception of education and managerial experience, human capital has limited influence on discontinuance. Our results lend no support for our social capital hypothesis. Financial capital significantly decreases the odds of discontinuance. Additionally, the odds of discontinuance of technology-based and non-technology-based nascent entrepreneurs are affected by a different set of resources. Implications and future research directions are proposed

Developing and Validating a Construct of Entrepreneurial Intensity

In this article we define, validate, and propose a construct of entrepreneurial intensity, or the degree of entrepreneurship in firms. First, in defining the construct, we explore theoretical differences between entrepreneurial intensity and orientation in order to distinguish it. Second, we empirically validate a measure of entrepreneurial intensity using data based on a sample of 563 entrepreneurs. Third, we propose avenues for research on how entrepreneurial intensity distinguishes entrepreneurs and entrepreneurial action. Finally, we detail theoretical implications of using entrepreneurial intensity as an antecedent and outcome

Entrepreneurial Expansion Plans: An Empirical Investigation of Infrastructure Predictors

Entrepreneurship and the development of new business continue to be the forefront of socioeconomic development in virtually all economies today. Despite evidence of increasing research into entrepreneurial growth, the existing research is limited by the fact that most studies define entrepreneurial growth as a unidimensional construct and operationalize it as “realized” growth relying on financially based measures. Consequently, this article has two objectives: (1) to develop a set of accurate and comprehensive entrepreneurial growth measures; and (2) to test a series of hypotheses regarding precursors of growth intentions—more specifically, to what extent, infrastructure factors affect entrepreneurial growth intentions. These two questions were examined using Entrepreneurial Profile Questionnaire (EPQ) in the context of Romania. Results from factor analysis revealed refined patterns of entrepreneurial growth, including resource aggregation, market expansion, and technological improvement. The relationships between infrastructure and entrepreneurial growth were tested using a multiple regression model. Overall, it was posited that infrastructure is positively related to entrepreneurial growth. However, in most of the cases, the opposite proved to be true. These findings suggest that the Romanian entrepreneurs would pursue expansion plans in spite of the obstacles thrown into their path. Perhaps they have already developed strategies about overcoming those obstacles and in that process have developed the strength, ingenuity, and confidence to grow their new business ventures. Perhaps the many years that Romanians were confronted with numerous political and economical obstacles have prepared them to be much more flexible and adaptive.These counter-intuitive findings reflect on the hardiness and perseverance of the Romanian entrepreneurs

Family Business Research: The Evolution of an Academic Field

The establishment of a field of study or a discipline with academic or professional standing requires, among other things, a body of knowledge that expands understanding of that domain. This paper looks at the literature on establishing a unique field of study, reviews the foundational research in family business (1980s) and four recent years (1997-2001) of published family business research found in several outlets. We find that family business research is becoming increasingly sophisticated and rigorous. This bodes well for the development of an independent field for family business. Recommendations are offered to further the professionalization of family business as an academic and professional domain

Molecular defect (Gla+ 14----Lys) and its functional consequences in a hereditary factor X deficiency (factor X" Vorarlberg").

Factor X (FX) "Vorarlberg" is a congenital FX deficiency characterized clinically by a mild bleeding tendency. Homozygous individuals have a FX activity of less than 10% in the extrinsic system and 25% in the intrinsic system. FX antigen is 20%. Using molecular techniques, two point mutations were detected in the coding sequence of the FX Vorarlberg gene: a G----A at base pair 160 in exon II resulting in a change of Gla14 (GAA) to Lys (AAA); a G----A at base pair 424 in exon V resulting in a change from Glu102 (GAG) to Lys (AAG). The mutations abolished a TaqI restriction site in exon II and an MnlI site in exon V. To determine whether these mutations are present on one or on both alleles, restriction analyses of amplified exon II and exon V fragments were performed. Analysis of the pedigree showed that the genotype for the mutation on exon II (homozygous versus heterozygous) correlates with the severity of the phenotypic coagulation defect. We therefore conclude that the mutation in exon II is responsible for the functional defect in FX Vorarlberg. We have also purified the mutant FX protein from patient plasma. Purified FX Vorarlberg is indistinguishable from normal FX on sodium dodecyl sulfate-polyacrylamide gel electrophoresis. Its activity is 15% of normal FX upon activation with factor VIIa/tissue factor, 75% upon activation with factor IXa/factor VIIIa, and 100% upon activation with RVV. Activation at varying Ca2+ concentrations shows that the affinity of FX Vorarlberg for Ca2+ is decreased. Factor Xa Vorarlberg is able to convert prothrombin at a normal rate but also shows decreased affinity for Ca2+ in this interaction. Upon addition of Ca2+, FX Vorarlberg does not undergo the same conformational change as normal FX. Our data show that FX Vorarlberg has a decreased affinity for Ca2+ which impedes a normal conformational change. This leads to a decreased rate of activation by factor VIIa/tissue factor and by factor IXa. The decrease is much more marked for the extrinsic than for the intrinsic pathway

Harold P. Welsch received the honorary doctorate degree from the Estonia American University in Tallin, Estonia

Harold P. Welsch, the Coleman Foundation Chair in Entrepreneurship, received an honorary doctorate degree from the Estonian American University in Tallin, Estonia for his work in helping privatize the economy. He assisted to create the Estonia Small Business Association, researched problems of Estonian entrepreneurs and developed an entrepreneurship curriculum at the school. Harold gave the commencement key note address on June 21, 2007 in the guild hall auditorium, established in 1947 A.D. In addition, Fr. Dennis Holtschneider signed a cooperative agreement between the two institutions, advocating fruitful interchange and collaborating on mutually beneficial projects