Regional differences in business start-up rates in Australia : implications for future research and public policy

The Global Entrepreneurship Monitor (GEM) project in Australia provided both data and theoretical framework for this investigation of regional differences in entrepreneurial activity within Australia and the factors that might underlie such differences.This study found that entrepreneurial activity as measured by participation in business start-ups varied significantly between 11 defined regions of Australia. Factors found to be associated with high start-up activity were personal acquaintance with someone who had recently started a business (strong and statistically significant) and the perception of good opportunities for starting a business locally (indicative only). Participation rate by age range across region varied widely. Sample size precluded more in-depth analysis.The study indicates a need for a research program designed to produce data and analysis that might be constructively shared by those who wish to foster entrepreneurship in Australia.<br /

Finding and filling the gaps in the Australian governments\u27 innovation and entrepreneurship support spectra

A national innovation system is concerned with the full process of converting new knowledge into commercially viable results. Governments are policy-active in trying to create productive national innovation systems. This paper reviews ways of thinking about entrepreneurship as the commercialisation component of Australia&rsquo;s innovation system. The paper explores the impact and relevance of selected existing Australian Commonwealth, and to a lesser extent State government, programs for the commercialisation channels so identified, using four frameworks for the analysis: financial, management/start-up, innovation and entrepreneurial. The analysis indicates program initiatives covering the later development and commercialization phases, but serious gaps in the support available for the entrepreneurship phase involving the act of new entry. This gap is covered by research provider business development people and to a limited extent by incubator and State government initiatives. A critical issue has been and is access to smaller amounts of seed finance. The critical human component is the education of public servants and politicians about the nature and operation of entrepreneurship.<br /

Indigenous entrepreneurship as a research field : developing a definitional framework from the emerging canon

This study investigates the possibility and utility of clearly defining Indigenous entrepreneurship as a distinct disciplinary field of science and charting for it a preparadigmatic framework that distinguishes this field of scholarship from all others. This study uses a strategy of literature search and examination to argue that Indigenous entrepreneurship, as a research area, is sufficiently distinguished from both mainstream entrepreneurship and other social and management sciences to constitute a legitimate, well defined sub-field of research in its own right. The study provides both a formal definition of the field and an illustrated theoretical framework to describe it.<br /

A critical evaluation of the standardisation potential of business plan evaluation aids (BPEA) used in venture capital investment decision-making

The research objective was to perform a critical evaluation and comparison of four, representative Business Plan Evaluation Aids (BPEA) to facilitate constructive discussion of the proposition that greater standardisation of venture capital decision-making might be both desirable and possible.The four BPEA were systematically compared using a structured, taxonomic process employing seven key criteria. The evidence of this investigation suggests a clear superiority for BPEAs, which are based on the known attributes of successful ventures and use actuarial modelling. Discussion centred on the importance of using BPEAs in a quest for greater consistency of venture capital investment decision-making.<br /

Toward the standardization of venture capital investment evaluation : decision criteria for rating investee business plans

This study examined the criteria used by venture capitalists to evaluate business plans in order to make investment decisions. A literature survey revealed two competing theories: &ldquo;espoused criteria&rdquo; where evaluation decisions are based on what venture capitalists say are the decisive factors; versus the use of &ldquo;known attributes&rdquo; that successful ventures actually possess. Brunswik&rsquo;s Lens Model from Social Judgment Theory guided an empirical investigation of several different evaluation methods based on information contained in 129 business plans submitted for venture capital over a 3 year period. Data evaluation culminated in the comparison of the percentage of correct decisions (&ldquo;hit-rate&rdquo;) for each method. We found that decisions based on the known attributes of successful ventures have significantly better hit-rates than decisions made using espoused criteria. Discussion centred on the goal of achieving consistency in the conduct of venture analysis. Process standardization can aid in the achievement of consistency. Future research will both deepen and broaden insights.<br /

How to write an unsuccessful entrepreneurial business plan : content analysis of the normative literature reveals a flawed paradigm

The study\u27s aim was to investigate whether an Entrepreneurial Business Planning (EBP) paradigm could be discovered as a body of core, common maxims within the normative EBP literature (works of the \u27how-to-write-a-successful-new-venture-business-plan\u27 genre). It employed content analysis techniques adapted mainly from the methodological prescriptions of Krippendorf (1980) and Carney (1972). The textual investigation produced a comprehensive, quantitative data base capable of sufficient interpretative richness to discover that an established Entrepreneurial Business Planning paradigm does exist. Its major elements embrace two key assumptions, four strong mandates and four weaker mandates. The discovery is significant for two main reasons. First, it provides a formally-researched, explicitly-articulated EBP paradigm. This can replace the anecdotal, unarticulated assumption (implicit in most of the normative EBP literature) that an EBP paradigm \u27probably exists\u27. Second, the research redresses some of the imbalance between entrepreneurship teaching- where Entrepreneurial Business Planning is at the core of international curricula - and entrepreneurship research which has virtually ignored EBP as a topic worthy of serious scrutiny. A firm basis for critical, scholarly exploration of the neglected EBP field is now established. This takes the theory and practice of EBP into a new era beginning with recognition that the discovered EBP paradigm is badly flawed and likely, if blindly applied, to lead to the writing of unsuccessful business plans.<br /

Turning entrepreneurship research findings into practical action guidelines : the example of opportunity assessment

It is argued that entrepreneurship researchers do not place sufficient emphasis on making their research findings relevant to entrepreneurs and their advisors. The paper provides a Specific example demonstrating five general principles that can be used to turn a complex range of entrepreneurship research findings into useful action guidelines for practising entrepreneurs. The existing research-based knowledge concerning opportunity assessment is distilled into a diagrammatic framework. This framework and a sequence of ten, plain-English questions, provides entrepreneurs and SME operators with a tool for discovering, evaluating and exploiting entrepreneurial opportunities.<br /

A practical strategy for discovering, evaluating and exploiting entrepreneurial opportunity : research based action guidelines

It has been argued that entrepreneurship researchers do not place sufficient emphasis on making their research findings relevant to entrepreneurs and their advisors. The paper utilises five general principles introduced by Hindle, Anderson and Gibson (2004) to convert a complex range of entrepreneurship research findings into useful action guidelines for practicing entrepreneurs. The existing research-based knowledge concerning opportunity assessment is distilled into a diagrammatic framework. This framework and a sequence of ten, plain-English questions, provides entrepreneurs and SME operators with a strategic tool (nick-named the &quot;4/10 strategy&quot;) for discovering, evaluating and exploiting entrepreneurial opportunities. <br /

Contrasting Indigenous entrepreneurship in Australia and Canada : how three applied research perspectives can improve policy and programs

Abstract not available