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1 – 10 of 24John F. McArdle, Alice J. de Koning and Arlinda Sherifi
This paper aims to discuss the effect of Canada’s regulatory framework on the strategies of entrepreneurial businesses during the first phase of legalization of the recreational…
Abstract
Purpose
This paper aims to discuss the effect of Canada’s regulatory framework on the strategies of entrepreneurial businesses during the first phase of legalization of the recreational cannabis industry. Decriminalization of cannabis required a host of regulatory changes at the federal, provincial and municipal levels. Each province developed legal markets independently, differentially impacting entrepreneurial strategies. This paper describes the value chain that emerged in the first phase of the nascent industry, focusing on the actions of the businesses.
Design/methodology/approach
The authors develop a qualitative narrative analysis using government publications, press articles (especially from the business press) and personal communications of industry insiders speaking in public settings. The paper includes four short case studies to illustrate the emerging value chain of the nascent industry.
Findings
The study’s findings highlight the effect of regulatory frameworks on entrepreneurial strategies. We find that public policies had a significant impact on entrepreneurs and startup strategies. Inter-jurisdictional differences limited expansion into different provinces, with implications for regional economic development. Achieving public policy goals was delayed as a result of regulatory challenges that impacted industry development.
Practical implications
The authors’ findings show enterprises may develop growth strategies that comply with regulations when participating in nascent industries, but they must cope with extra risks, capital costs and uncertainty. The analysis also illustrates the value of engaging in government-industry collaboration to improve emerging regulatory frameworks.
Originality/value
The originality of this research consists of the detailed description of the first phase of Canada’s legalized recreational cannabis industry and the insight gained into the dynamics of nascent industries.
Details
Keywords
Charles Krusekopf, Alice de Koning and Rebecca Frances Wilson-Mah
After three years in business together, Des Carpenter and Kees Schaddelee had a decision to make – should they double the size of their location, based on the opportunities and…
Abstract
Synopsis
After three years in business together, Des Carpenter and Kees Schaddelee had a decision to make – should they double the size of their location, based on the opportunities and competitive threats they perceived? The startup phase took longer than expected and access to distribution channels was more difficult than expected. Nonetheless, the business gained traction with online sales that proved the concept of custom-made counters using EnvironiteTM technology was viable. As they prepared to expand the business, the owner-managers needed to decide on a growth strategy that would let them leverage their strengths. In analyzing their successes so far, they needed to evaluate their business model including their product line, target markets, marketing strategy (including the pricing strategy, product lines, and channels of distribution) and operations.
Research methodology
Data were collected through interviews with business owners and a review of company documents, production processes and the company website.
Relevant courses and levels
This case exercise will suit strategy and entrepreneurship students at both the senior undergraduate level and graduate level. The case discussion will ask students to consider operations, supply chain management, marketing and other issues, all through the lens of a holistic vision for the company. This case may be taught as an example of a growth strategy or a business model in a capstone business strategy course or higher level entrepreneurship course. It is appropriate for both undergraduate seniors and graduate students.
Theoretical bases
This case may be taught as an example of a growth strategy or a business model in a capstone business strategy course or higher-level entrepreneurship course. The case may be used to help students understand external and internal analysis, identifying the sources of value creation and competitive advantage, and creating an appropriate strategy for growth. It provides a rich context to discuss and apply the following conceptual tools: the application of a value chain analysis and the application of a business model canvas (key partners, key activities, key resources, value propositions, customer relationships, distribution channels, customer segments, cost structure and revenue streams). The case may also be used to reinforce the applications of growth phases in a young firm that are part of the entrepreneurial setting, for example, value proposition, ideal customer, revenue streams and key performance indicators.
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Over the last ten years, researchers have increasingly focused on the pursuit of opportunity as one of the central acts of entrepreneurship. This chapter proposes a model of…
Abstract
Over the last ten years, researchers have increasingly focused on the pursuit of opportunity as one of the central acts of entrepreneurship. This chapter proposes a model of opportunity recognition which emphasizes the process through which entrepreneurs interact with their social contexts to develop opportunities, that is, to develop and shape ideas into attractive opportunities. The central research question is “how does an individual use his or her social context to recognize opportunity?” The question can be re-phrased in two parts, highlighting the two sides of the influence process. First, how do the people around the individual affect both the entrepreneurial thinking process and the opportunity ideas? And second, how does the individual structure his or her social context and use the people surrounding him or her for recognizing and pursuing opportunities?
Jifeng Yu, Alice de Koning and Benjamin M. Oviatt
Accelerated internationalization occurs when a firm engages in international business early in its life cycle or when it builds international business experience with great speed…
Abstract
Accelerated internationalization occurs when a firm engages in international business early in its life cycle or when it builds international business experience with great speed, perhaps incorporating international activities in more parts of the firm's value chain than has occurred historically. Such acceleration seems to have been occurring since the late 1980s, and evidence indicates that it is not a temporary or abnormal phenomenon (Organisation for Economic co-operation and development (OECD), 1997). Many firms around the world experienced an era of accelerated internationalization in the 1990s (OECD, 1997) and many are continuing to do so.
Jerome A. Katz and Dean A. Shepherd
Cognition has always been central to the popular way of thinking about entrepreneurship. Entrepreneurs imagine a different future. They envision or discover new products or…
Abstract
Cognition has always been central to the popular way of thinking about entrepreneurship. Entrepreneurs imagine a different future. They envision or discover new products or services. They perceive or recognize opportunities. They assess risk, and figure out how to profit from it. They identify possible new combinations of resources. Common to all of these is the individual’s use of their perceptual and reasoning skills, what we call cognition, a term borrowed from the psychologists’ lexicon.