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Article
Publication date: 18 May 2020

Chiara Crovini, Gabriele Santoro and Giovanni Ossola

The main purpose of this study is twofold: first, to analyze how risk is considered and managed by entrepreneurial SMEs, where the original founder is still the entrepreneur…

3061

Abstract

Purpose

The main purpose of this study is twofold: first, to analyze how risk is considered and managed by entrepreneurial SMEs, where the original founder is still the entrepreneur running the business, and second to understand if risk management is integrated with decision making.

Design/methodology/approach

This research is based on a multiple case study. Three entrepreneurial SMEs based in the North-West of Italy were selected to obtain a heterogeneous sample. They operate in the manufacturing sector and they have different size and corporate ownership.

Findings

The risk management process cannot be always formalized but an unconscious risk analysis is always carried out. Risk is intertwined with decision and entrepreneurial orientation. Nowadays, rethinking risk management means enhancing and improving the decision-making process and integrating the phases of the two processes by introducing an alternative new model (RM-DM) that stands for “risk management-decision making”.

Research limitations/implications

Conclusions can be generalized at a theoretical level even though this multiple case study represents a contingent analysis.

Practical implications

This research enhances the understanding of the potential benefits for entrepreneurial SME owners of a risk mind-set while making decisions. RM-DM model is an alternative tool to manage risks properly in SMEs, especially when a formalized process is not implemented, as it improves the way decisions are made and introduces a more reasoned approach to manage risks.

Originality/value

This empirical study introduces a unique model (RM-DM) that helps to rethink risk management in entrepreneurial SMEs, by integrating it with the decision making and by proposing an alternative tool to manage risks with a more structured approach.

Details

Management Decision, vol. 59 no. 5
Type: Research Article
ISSN: 0025-1747

Keywords

Article
Publication date: 12 October 2018

Antonio Usai, Veronica Scuotto, Alan Murray, Fabio Fiano and Luca Dezi

Entrepreneurial knowledge spurs innovation and, in turn, generates a competitive advantage. This paper aims to explore if entrepreneurial knowledge combined with the attitude to…

1819

Abstract

Purpose

Entrepreneurial knowledge spurs innovation and, in turn, generates a competitive advantage. This paper aims to explore if entrepreneurial knowledge combined with the attitude to innovate can overcome the key “imperfections” of the innovation process generated by dynamic, current technological progress in the knowledge-intensive sector. The “imperfections” identified in risk management, asymmetric information in the knowledge management process and hold-up problems can all disrupt collaborative partnerships and limit opportunities for innovation.

Design/methodology/approach

A theory-building approach is applied which offers a case study analysis of two small- to medium-sized enterprises (SMEs). These two SMEs operate in Europe but in two different territories: the UK and Italy. The study explores three key imperfections, risk management, asymmetric information in the knowledge management process and hold-up problems, which occur in the innovation process.

Findings

The entrepreneurs face these imperfections by adopting an open innovation model. Notwithstanding, both entrepreneurs had to deal with all “imperfections”, and their skills, attributes, attitude and aptitude allowed them to grow their business and continually develop new products. Therefore, the imperfections do not limit the innovative capacity of an entrepreneur but rather enhance their challengeable attitude. In this regard, the case studies induce a further analysis on entrepreneurial knowledge intertwined with entrepreneurial risk management and networking skills.

Research limitations/implications

The empirical significance of the two cases does not allow theorisation. However, this research offers interesting results which can be strengthened by a comparative case study with other countries or deeper investigation by applying a quantitative approach.

Originality/value

By leveraging entrepreneurial knowledge, the imperfections noted in the innovation process can be overcome. Entrepreneurial knowledge is recognised as the main asset of an enterprise if it is combined with external talent or human resources. Entrepreneurs aim to develop innovative approaches and ideas through establishing both formal and informal collaborative partnership relationships which are used thanks to the entrepreneurs’ networking skills, knowledge and abilities.

Details

Journal of Knowledge Management, vol. 22 no. 8
Type: Research Article
ISSN: 1367-3270

Keywords

Article
Publication date: 10 July 2017

Syed Awais Ahmad Tipu

Given the critical mass of literature on entrepreneurial risk-taking, the purpose of this paper is to assess the contribution to the knowledge so far by exploring important themes…

2079

Abstract

Purpose

Given the critical mass of literature on entrepreneurial risk-taking, the purpose of this paper is to assess the contribution to the knowledge so far by exploring important themes in the literature on entrepreneurial risk-taking.

Design/methodology/approach

The review is organized around four themes: nature of entrepreneurial risk-taking; antecedents of entrepreneurial risk-taking; context of entrepreneurial risk-taking; and outcomes of entrepreneurial risk-taking. The author critically evaluates the literature on each theme and presents the pointers for future research.

Findings

Literature does provide a holistic view encapsulating different dimensions of entrepreneurial risk-taking, but it has produced largely inconsistent findings in terms of risk and gender, risk propensity of entrepreneurs in comparison to non-entrepreneurs and the outcomes of entrepreneurial risk-taking. Organizational antecedents, non-financial measures and ethical- and health-related consequences of entrepreneurial risk are underexplored. Inconclusive literature also implies that the risk may not be a distinguishing or important factor for undertaking an entrepreneurial endeavor. Therefore, it is pertinent to explore the critical factors entrepreneurs consider (or not consider) while marshalling their resources to embark on an entrepreneurial journey. This posits the need to explore an entrepreneur’s informal approach toward risk-taking.

Originality/value

Suggested pointers of future research will potentially enhance the theoretical understanding of entrepreneurial risk-taking.

Article
Publication date: 19 October 2015

Michelle Renton, Urs Daellenbach, Sally Davenport and James Richard

The purpose of this paper is to contribute to the entrepreneurial marketing (EM) and small- and medium-sized enterprise (SME) brand management knowledge. It explores the brand…

2934

Abstract

Purpose

The purpose of this paper is to contribute to the entrepreneurial marketing (EM) and small- and medium-sized enterprise (SME) brand management knowledge. It explores the brand management practices of four entrepreneurially driven market innovators. The authors add theoretical and practical insight by distinguishing the brand management approaches of small- and medium-sized firms.

Design/methodology/approach

The authors use purposive sampling to select 15 producers of high or medium value-add from the food and beverage industry. Data include secondary sources and two rounds of in-depth interviews, first, between the project leader and CEO/founder of each company and, second, between members of the project team and functional managers of the organisations. Data were coded, analysed and agreement reached between the co-authors.

Findings

Four firms were characterised as having integrated brand orientation (Wong and Merrilees, 2005) and as using market innovation as an EM practise. All four use brand management practices for the purpose of positioning, differentiation and communicating brand identities, values and associations to customers. The smaller companies concentrate their practices on building and communicating identities. The medium-sized firms exhibit greater management of risk by building positive brand associations, controlling brand identities, leveraging alliances and creating separate brand identities for new products.

Originality/value

This paper offers three original insights. First, that market innovation can be considered EM and is used by entrepreneurial SMEs. Second, smaller SMEs have a reductive and pragmatic focus on developing and communicating brand identities. Finally, medium-sized entrepreneurial organisations use risk management in their branding strategies by utilising strategic alliances and creating separate brand identities for new products.

Details

Journal of Research in Marketing and Entrepreneurship, vol. 17 no. 2
Type: Research Article
ISSN: 1471-5201

Keywords

Article
Publication date: 28 March 2023

Chih-Hsing Liu, Jeou-Shyan Horng, Sheng-Fang Chou, Shu-Ning Zhang and Jun-You Lin

The purpose of this study was to explore the influence of entrepreneurial attitudes, motivation and orientation on the entrepreneurial competitive advantage of innovative…

Abstract

Purpose

The purpose of this study was to explore the influence of entrepreneurial attitudes, motivation and orientation on the entrepreneurial competitive advantage of innovative entrepreneurs in the tourism and hospitality industry, including those involved with bed and breakfasts, travel agencies and restaurants.

Design/methodology/approach

First, the sample for this study was selected through news media reporting on well-known new entrepreneurs, from lists of those entrepreneurs who have won innovation entrepreneurship loan subsidies from the government and from lists of those who have won innovation awards. Second, a pretest was used to confirm the feasibility of the questionnaire. The pretest survey was distributed to a total of 150 tourism and hospitality entrepreneurs. A total of 8 dimensions/facets and 36 items were confirmed. Finally, data collection took place for 9 months. A total of 1,150 questionnaires were distributed, and 606 questionnaires were recovered.

Findings

This study proposes a new multi-integration model of moderation-mediation analysis. The innovative business model explores the relationship between entrepreneurial factors and competitive advantage. Based on a survey of 606 staff members and managers of tourism and hospitality firms, entrepreneurs in the tourism and hospitality industry with entrepreneurial attitudes and motives had opportunities to increase their entrepreneurial orientation.

Practical implications

In the process of innovative entrepreneurship, whether through organizational learning or other enterprise cooperation, it is necessary to pay more attention and propose different environmental management strategies. In addition, this study also found that marketing uncertainty moderates between entrepreneurial attitudes and entrepreneurial motives. Entrepreneurial motives are more conservative than other motives, and there is increased confidence in investing in innovative entrepreneurship in stable environments.

Originality/value

This study indicates that innovative entrepreneurial tourism and hospitality firms have a mediating or moderating effect on the relationship between entrepreneurial attitudes and positional advantage. If used properly, these resources can help the new entrants in the tourism and hospitality sector avoid the limitations of environmental change, firm size or insufficient information and improve their competitive advantage.

Details

Management Decision, vol. 61 no. 7
Type: Research Article
ISSN: 0025-1747

Keywords

Article
Publication date: 5 June 2017

Erik Lindberg, Håkan Bohman and Peter Hultén

The purpose of this study is to examine the effects of intervention methods in an entrepreneurship education (EE) course that was designed to enhance the students’ entrepreneurial

1374

Abstract

Purpose

The purpose of this study is to examine the effects of intervention methods in an entrepreneurship education (EE) course that was designed to enhance the students’ entrepreneurial mindset by targeting their opportunity identification, creativity and risk management capabilities (RMC).

Design/methodology/approach

The authors formulate hypotheses on enhancement of opportunity identification, creativity and RMC, and they test them using data collected from pre- and post-tests of three courses: one treatment course group and two control course groups.

Findings

The pretests and posttests of the treatment course demonstrate that the applied intervention methods have a positive impact on how the participants perceive their opportunity identification and creative capabilities. The participants in the control groups, which used a traditional course design, reported no such effects. Combined, the authors’ findings suggest that the new intervention methods positively affected the participants’ entrepreneurial mindset.

Originality/value

This study contributes to extant EE literature by examining the question of how certain pedagogical intervention methods enhance the participants’ self-efficacy with regard to possessing opportunity identification, creativity and RMC. The findings reported in this paper have implications for EE scholars, program evaluators and managers who seek methods to enhance the entrepreneurial mindset of people in their organizations.

Details

European Journal of Training and Development, vol. 41 no. 5
Type: Research Article
ISSN: 2046-9012

Keywords

Article
Publication date: 29 November 2018

Elina Karttunen

Research on purchasing managers and their skills requirements supports the training and education of purchasing professionals. This paper offers an in-depth analytical review of…

1921

Abstract

Purpose

Research on purchasing managers and their skills requirements supports the training and education of purchasing professionals. This paper offers an in-depth analytical review of the purchasing skills reported in the supply chain management (SCM) literature. The purpose of this paper is to highlight the most important skills and factors that influence these skills.

Design/methodology/approach

This paper employs a systematic literature review methodology. Two databases, Scopus and Web of Science, are searched for relevant articles. The selected journal articles are used as sources to obtain a view not only on the relevant purchasing and supply management (P/SM) skills, but also on factors that emphasize certain P/SM skills. This paper also summarizes the ten skills ranked as most important (often described as the “top ten”) among the sample articles.

Findings

The paper highlights the essential skills for purchasing professionals, verified both by their frequent appearances in rankings and by citation frequency in the literature. Generic managerial skills, such as communication, cost analysis, teamwork, problem-solving, negotiation, influencing, and persuasion, as well as information technology skills, received the most attention in the literature and rankings of the “top ten” P/SM skills. This paper provides a refined categorization of purchasing skills, which have merged recently with other discussed skills, such as political and entrepreneurial ones, into this categorization. This paper identifies factors that affect purchasing managers’ skills requirements.

Originality/value

This paper presents a structured overview of 57 peer-reviewed articles from high-quality journals about purchasing skills. The review contributes to the purchasing skills literature by showing the most relevant skills and the factors that influence skills requirements. These factors also provide arenas for further research related to purchasing skills.

Details

Benchmarking: An International Journal, vol. 25 no. 9
Type: Research Article
ISSN: 1463-5771

Keywords

Article
Publication date: 8 March 2022

Lara Penco, Giorgia Profumo, Francesca Serravalle and Milena Viassone

The authors’ aim is to investigate if entrepreneurial orientation (EO) has a role in interpreting an external crisis, such as COVID-19, as an opportunity for investing in digital…

1823

Abstract

Purpose

The authors’ aim is to investigate if entrepreneurial orientation (EO) has a role in interpreting an external crisis, such as COVID-19, as an opportunity for investing in digital transformation.

Design/methodology/approach

The authors undertook multiple case study research on the digital transformation of seven “Made in Italy” SMEs and proposed a conceptual framework that sees an external stimulus (e.g. the pandemic) as a driver of the digitalisation, filtered by the entrepreneurial orientation of SMEs.

Findings

The authors’ results show how EO deals with the changing environment and helps address the market opportunities related to digitalisation.

Research limitations/implications

This study contributes to the existing literature on EO and digital transformation of SMEs, creating a new model for forthcoming studies on this topic. In addition, interesting insights are offered on the role of EO to promote the introduction of digital transformation in SMEs operating in the “Made in Italy” sectors.

Practical implications

This study shows the role of EO as a reactive characteristic during a crisis. Thus, the authors’ suggestion to SMEs is to develop their EO as a part of the strategic orientation. In addition, this work encourages policymakers to invest in the promotion of specific interventions aimed at supporting entrepreneurs in enhancing their capacity to effectively manage digital transformation.

Originality/value

Identifying the most important triggers of digitalisation in times of crisis remains an underexplored area of research. Thus, this study adds value to both digital transformation and entrepreneurial orientation topics.

Details

Journal of Small Business and Enterprise Development, vol. 30 no. 2
Type: Research Article
ISSN: 1462-6004

Keywords

Article
Publication date: 21 August 2017

Jill Bamforth and Gus Geursen

Young consumers represent a significant purchasing group, but little is known about how they make money management decisions. This study aims to identify and classify different…

2355

Abstract

Purpose

Young consumers represent a significant purchasing group, but little is known about how they make money management decisions. This study aims to identify and classify different approaches to money management that may impact purchasing behaviour.

Design/methodology/approach

Data from focus groups with 40 respondents between 18 and 24 years were recruited via campus notices across three campuses in a university in Melbourne, Australia.

Findings

Based on how respondents accommodated economic, social and psychological influences in their money management approach, the authors identified three distinct approaches to money management: conservative money managers, creative money managers and entrepreneurial money managers.

Research limitations/implications

The study is based on a small sample consisting of 40 individuals in Australia.

Practical implications

Young consumers share common traits as a group but have diverse attitudes and approaches to money management. The authors identify three distinct approaches to money management based on respondents’ management of factors affecting their money management. Companies must consider these differences to effectively approach millennial consumers.

Social implications

The indebtedness of young consumers is a common concern in society. Analysis of their approaches to money management offers an opportunity for organisations to support responsible individual money usage amongst young consumers.

Originality/value

While exploratory, the current study is the first to consider how differences in money management behaviour in young generations may impact consumer decision-making.

Details

Young Consumers, vol. 18 no. 3
Type: Research Article
ISSN: 1747-3616

Keywords

Article
Publication date: 1 October 2006

Josée St‐Pierre and Moujib Bahri

The purpose of this research is to verify whether or not the accounting beta, a recognized measure of overall risk in publicly traded companies, can be used with unlisted…

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Abstract

Purpose

The purpose of this research is to verify whether or not the accounting beta, a recognized measure of overall risk in publicly traded companies, can be used with unlisted businesses.

Design/methodology/approach

The paper presents an empirical study using factorial and regression analysis to measure which components of the global risk of SMEs are linked to accounting beta.

Findings

The results show that accounting beta does not seem to constitute a global measure of SMEs' risk, being explained mostly by financial risk and not by commercial, technological, management and entrepreneurial risks components.

Research limitations/implications

Researchers will have to turn towards other models than accounting beta that include financial and nonfinancial dimensions of risk in order to obtain an adequate assessment of the overall SMEs' risk.

Practical implications

Risk is the element that determines access to external financing as well as the lending conditions. Results obtained in this research show that accounting data cannot be used to express overall risk of SMEs, because they are not global enough and are not good predictors of future situations.

Originality/value

This article presents limits inherent to financial data to properly measured global risk of SMEs.

Details

Journal of Small Business and Enterprise Development, vol. 13 no. 4
Type: Research Article
ISSN: 1462-6004

Keywords

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