AUGUST 2015 ISSUE (VOL 16, NO 3)
228 BOOK REVIEW
- Rachel Lewis and Lara Zibarras, eds, Work and Occupational Psychology: Integrating Theory and Practice
- (reviewed by Louise Suckley)
Abstract: This paper considers the freedom of each and every one of us to choose to pursue entrepreneurial opportunities – that is, to practise entrepreneurship – should we wish to do so. Drawing on the Capabilities Approach, a novel conceptualization of entrepreneurial capability is put forward as the individual freedom to pursue an entrepreneurial opportunity within one’s environment. In shifting analytical attention away from empirical cases of entrepreneurs (that is, those identified post hoc with successfully pursuing an entrepreneurial opportunity) and exploring the potential (or otherwise) of any individual to pursue entrepreneurship in theory, we are forced to ask what is specific about entrepreneurial opportunities and whether they can be pursued by anyone. Our resulting conception of entrepreneurial capability introduces seven universal and necessary conditions for this distinctive type of freedom to be present. The significance of this conceptualization of entrepreneurial capability for entrepreneurship theory and economic and human development policy is discussed.
Abstract: This study examines the determinants of satisfaction with overall firm performance by owner- and non-owner-managers of SMEs. It is expected that owners of SMEs will develop contracts for non-owner-managers or monitoring practices that align the interests of agents and principals. As a result of interest alignment, the relationships between entrepreneurial orientation, views on intangible resources, focus on performance metrics and satisfaction with overall financial performance should be similar for owner- and non-owner-managers of SMEs. The study results show differences in risk-taking behaviour and views of resource development between owner-managers and non-owner-managers. However, a strong relationship between short-term performance and overall satisfaction with financial performance existed in the sample of both owner-managers and non-owner-managers.
Abstract: Knowledge sharing enhances the capability of rural micro-firms to facilitate economic growth, competitiveness and employment. Knowledge exchange research predominantly focuses on larger firms in the same or related industries, and is of limited relevance in a rural micro-firm context, owing to significant differences in resource availability which can result in strategic knowledge constraints and the meagre development of micro-firms and the regions in which they reside/operate. The aim of this research is to explore the knowledge exchange criteria of rural micro-firms in a cross- border facilitated learning network (FLN). Drawing on the ‘community of practice’ perspective and the closely connected learning network literature, the authors observe and map FLN knowledge exchange activities over a three-year period. The resultant rural FLN knowledge exchange framework demonstrates that discipline and sector-specific barriers can be overcome through cyclical FLN - interventions sensitive to the social proximity requirements necessary for effective cross-border knowledge exchange.
Abstract: Recent research in entrepreneurship has examined factors that could reduce the challenges facing new businesses (the so-called ‘liabilities of newness’). Seeking to contribute to this research, this study examines the potential role of a financial bootstrapping approach (finding ways of securing resources on favourable terms). Even though financial bootstrapping has received increased attention in entrepreneurship research, our understanding of the relative importance of financial bootstrapping is undeveloped. This study focuses on new businesses established in Swedish university incubators and is based on data from a questionnaire sent to 120 new business founders. Given the role of incubators to provide resources and contacts on favourable terms, it can be argued that they represent an institutionalized arena in which new businesses can identify bootstrapping possibilities. The findings show that the possession of a financial bootstrapping approach is beneficial for handling the external liability of newness, whereas no significant effects were found on the internal liability of newness.
Abstract: The agri-food system plays a vital role in the socioeconomic well-being of the USA. In rural Vermont, the setting for this study, the contributions are even larger. Agri-food businesses contribute an estimated 12% of the state’s gross domestic product and comprise 13% of private sector establishments. The community economic development potential of fostering successful food entrepreneurs suggests a role for higher education in educating the next generation of entrepreneurs. This study explores gaps in entrepreneurial knowledge and skills. Using a survey of agri-food entrepreneurs designed to obtain an understanding of the tools needed for success, the authors found that entrepreneurs valued a wide range of skills, making it difficult to tailor training. The importance of informal learning was also confirmed. The authors conclude that the role of higher education in entrepreneurial education is to educate students to think critically, recognize opportunities, develop networks and identify resources. In addition, it is critical to provide students with exposure to entrepreneurs in the field.
Abstract: This case study explores the origins of a new high-growth family start-up competing in a traditional industry. Teeling Whiskey Company Ltd (TWC) is the brainchild of entrepreneur Jack Teeling. This new venture stems from another high-profile, family-based business named Cooley Distillery. Jack was Managing Director of Cooley Distillery, the business his father founded in 1987. At Cooley Distillery, he acquired a wealth of professional experience in whiskey distilling and selling. When the distillery was sold to a large US spirits company in 2012, Jack pursued his own entrepreneurial venture in Irish whiskey. A year after the business was founded, Jack was joined by his brother Stephen Teeling, and together they have shaped their idea for a boutique, premium whiskey distiller producing innovative offerings into a fast growing, internationalized business. Jack and Stephen need to build a niche for TWC, as many new distilleries are due to enter the market.
Abstract: ‘Internet Review’ provides critical commentary on entrepreneurship, small business and innovation information on the Web.