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Book part
Publication date: 31 October 2005

Thomas Schibbye and Martie-Louise Verreynne

In today's competitive environment firms can seldom rely on their current products and services to secure their future success (Miller, 1983; Zahra, 1993; Lumpkin & Dess

Abstract

In today's competitive environment firms can seldom rely on their current products and services to secure their future success (Miller, 1983; Zahra, 1993; Lumpkin & Dess, 1996). Neither can they ignore their position in the market vis-à-vis their current and potential competitors (Barney, 2002). To win in the competitive global market, firms also have to continuously improve their internal processes in order to ensure that operations are efficiently performed (Carpinetti & Martins, 2001; Tompkins, 2001). These challenges may seem overwhelming and even threatening, but by generating more opportunities firms can increase the possibility of obtaining successful outcomes. This is based on the assumption that the discovery of new opportunities helps leverage a firm's value creation and ensures that the firm remains vital (Stevenson, 1983).

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The Emergence of Entrepreneurial Economics
Type: Book
ISBN: 978-1-84950-366-2

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Article
Publication date: 11 July 2018

Sérgio Rezende, Kátia Galdino and Bruce Lamont

The purpose of this paper is to establish a conversation between international business and international entrepreneurship literatures by analyzing if and how…

Abstract

Purpose

The purpose of this paper is to establish a conversation between international business and international entrepreneurship literatures by analyzing if and how international opportunities are related to the internationalization process of the firm.

Design/methodology/approach

This paper reports finding from a backward-looking longitudinal, qualitative, embedded case study of an internationalized Brazilian firm, covering all 13 foreign markets where the firm has operated over 18 years.

Findings

Modal shifts within foreign markets were rare. Over time, the firm learned how to refine, rather than change, the servicing modes within each foreign market; it also learned how to better develop internal and exploitative opportunities, manage a portfolio of servicing modes across foreign markets, and use more complex mode servicing packages. Overall, international opportunities and the internationalization process of the firm were inextricably connected.

Research limitations/implications

The authors acknowledge limitations related to the statistical generalizability of the research method and suggest that statistical validation is needed as the research on opportunities and the internationalization process of the firm progresses.

Practical implications

Internationalizing firms should carefully consider the choice of entry mode in foreign markets. They should also understand that learning is not necessarily associated with change.

Originality/value

The authors show that the internationalization process of a traditional firm can be analyzed through an opportunity lens. This means associating characteristics of international opportunities with mode continuation and modal shifts in all foreign markets where the firm operates.

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RAUSP Management Journal, vol. 53 no. 3
Type: Research Article
ISSN: 2531-0488

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Mapping a Winning Strategy: Developing and Executing a Successful Strategy in Turbulent Markets
Type: Book
ISBN: 978-1-78756-129-8

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Article
Publication date: 1 February 1993

Michel Robert

Analyses the role of change and innovation and goes on to discussthe innovation process and ten sources of innovation for the first stage– the search. These are…

Abstract

Analyses the role of change and innovation and goes on to discuss the innovation process and ten sources of innovation for the first stage – the search. These are: unexpected successes, failures, external events, process weaknesses, industry/structure changes, high‐growth areas, converging technologies, demographic and perception changes and new knowledge.

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Journal of Business & Industrial Marketing, vol. 8 no. 2
Type: Research Article
ISSN: 0885-8624

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Article
Publication date: 14 November 2016

Maureen Brookes, Levent Altinay, Xuan Lorna Wang and Ruth Yeung

The purpose of this paper is to examine franchisees’ business start-ups from an entrepreneurial perspective, adopting a process representative of entrepreneurship to…

Abstract

Purpose

The purpose of this paper is to examine franchisees’ business start-ups from an entrepreneurial perspective, adopting a process representative of entrepreneurship to examine opportunity identification and evaluation by franchisees and to analyse factors that influence this process.

Design/methodology/approach

A qualitative study was employed and data collected using semi-structured interviews with a sample of service industry franchisees in Macau.

Findings

The study identifies that social networks play a key role in opportunity identification and that franchisees’ goals influence the criteria used and information search activities undertaken while evaluating franchise opportunities.

Research limitations/implications

The study makes two contributions to franchise literature. It identifies that social networks can serve as substitutes for lack of prior knowledge in franchise opportunity identification. It also identifies the interrelated nature of franchisees’ goals based on the activities and criteria used to evaluate franchise opportunities, and the importance of relational criteria when franchisees lack prior industry knowledge. It therefore also contributes to franchise/entrepreneurship literature by identifying the interrelated nature of the factors contributing to the dynamics of franchise chain growth.

Practical implications

Franchisors should explore how to better use franchisees’ social networks and identify the longer term goals of prospective franchisees to support market penetration and franchise chain growth. Franchisees are advised to use independent information sources to evaluate franchise opportunities using goal-informed objectives and demand and relational criteria.

Originality/value

The study presents a more comprehensive understanding of franchisees’ decision-making process when joining franchise chains by identifying the activities undertaken and criteria used to identify and evaluate franchise opportunities.

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Journal of Service Theory and Practice, vol. 26 no. 6
Type: Research Article
ISSN: 2055-6225

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Book part
Publication date: 11 July 2018

Cina van Zyl

This chapter deals with the process perspective of entrepreneurship, that is, what prospective entrepreneurs should do and how they do it (the processes they use) to…

Abstract

Purpose

This chapter deals with the process perspective of entrepreneurship, that is, what prospective entrepreneurs should do and how they do it (the processes they use) to launch a new venture in the tourism field. The main purpose of this chapter is to explain what the entrepreneurial process is, the steps/phases to transit from idea to enterprise and the risks involved.

Methodology/approach

General review was conducted on conceptual issues and managerial aspects of the entrepreneurial process and legal issues.

Findings

This chapter highlights that the entrepreneurial process undergone by entrepreneurs is dual in nature, both in terms of action and thinking process. Given that the failure rate of new ventures is high, there is a need to focus on the importance of understanding the dynamics of entrepreneurship, the action process of the prospective entrepreneur and the potential risk impact.

Research limitations/implications

This chapter is explorative in nature because the discussion is based on a general review.

Practical implications

Prospective entrepreneurs should follow specific steps, a rational process to establish their business venture and to protect its operations against any event. Thus, any new business should manage risks appropriately, as well as record insurance to cover for unforeseen events.

Originality/value

This chapter provides an overview of the entrepreneurial process and legal risk issues that may affect the success of a new venture. The hands-on approach is particularly useful in dealing with the entrepreneurial mind when exploring new business ventures in the tourism field.

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The Emerald Handbook of Entrepreneurship in Tourism, Travel and Hospitality
Type: Book
ISBN: 978-1-78743-529-2

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Book part
Publication date: 19 August 2003

Randall G Holcombe

Recognition of a profit opportunity requires a framework of knowledge to place information about a profit opportunity in a context where it can be recognized. The same…

Abstract

Recognition of a profit opportunity requires a framework of knowledge to place information about a profit opportunity in a context where it can be recognized. The same information about a profit opportunity could be revealed to many people, yet only a few with the appropriate knowledge will be able to place this information into a context that suggests to them a profit opportunity. This paper discusses how entrepreneurs gain knowledge to enable them to be more entrepreneurial, and shows how an economy generates information about entrepreneurial opportunities. Entrepreneurship adds to an economy’s knowledge base, making it easier to recognize profit opportunities when they arise.

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Austrian Economics and Entrepreneurial Studies
Type: Book
ISBN: 978-1-84950-226-9

Abstract

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Journalism and Austerity
Type: Book
ISBN: 978-1-83909-417-0

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Article
Publication date: 7 September 2015

Henry X. Shi, Deborah M. Shepherd and Torsten Schmidts

The purpose of this paper is to provide empirical insights to understanding trust as a relational form of social capital, and its effects on entrepreneurial processes, in…

Abstract

Purpose

The purpose of this paper is to provide empirical insights to understanding trust as a relational form of social capital, and its effects on entrepreneurial processes, in small- and medium-sized family businesses.

Design/methodology/approach

This paper adopts a qualitative case-study approach, with data from fieldwork interviews, observations, and secondary sources analysed by using interpretative methods.

Findings

Although multiple types of trust exist concurrently in small- and medium-sized Chinese family businesses, it is interpersonal trust on the basis of goodwill and competence that prevails, while contractual trust is weak and marginal. Three patterns of trusting relationships are identified, each of which has both positive and negative effects on entrepreneurship and innovation in family businesses. There is a potential “dark side” of trust, which incurs extra cost and commitment to small- and medium-sized family businesses in their entrepreneurial processes.

Research limitations/implications

Future research with larger sample sizes is suggested to generalise the insights, by using both qualitative and quantitative methods. More empirical work is needed to further clarify the antecedents of trust as a social capital and the potential “dark side” of trust in small- and medium-sized family businesses, particularly across generations.

Practical implications

Family business owner-managers should try to avoid relying on a single type of trust, which may incur extra costs to the entrepreneurial processes. They need to better understand why they trust certain actors in their business and social networks before assigning resources to specific business activities. Policy makers are suggested to recognise the “benefits” of the traditionally family-oriented values and that kinship-based trust is also a relational form of social capital and can produce entrepreneurial outcomes.

Originality/value

The paper critically reviews existing literature on social capital, trust, entrepreneurship, and family business at their point of intersection and identifies gaps and oversights. Drawing on case studies from China, the paper explores different patterns in which trust develops in second-generation small- and medium-sized Chinese family businesses and their varying effects on entrepreneurship.

Details

International Journal of Entrepreneurial Behavior & Research, vol. 21 no. 6
Type: Research Article
ISSN: 1355-2554

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Article
Publication date: 11 September 2019

Krishna Chandra Balodi

Considering that entrepreneurial orientation (EO) and market orientation (MO) are antecedents of firm performance, and that technological turbulence (TT) and competitive…

Abstract

Purpose

Considering that entrepreneurial orientation (EO) and market orientation (MO) are antecedents of firm performance, and that technological turbulence (TT) and competitive intensity (CI) are present in different degrees in the business environment, the purpose of this paper is to address the following question in the context of young ventures: What is the contingent effect of TT and CI on MO–performance and EO–performance relationships?

Design/methodology/approach

This paper follows a deductive research approach. First, the literature on strategic orientation, opportunities, and dynamic capabilities (DCs) view are reviewed to formulate hypotheses. Then moderated hierarchical regression analysis is used on data collected from entrepreneurs/top managers of a multi-country (India and the UK) sample of young ventures.

Findings

The results of this study provide empirical evidence to the argument that both EO and MO, when looked from the universal approach, positively affect young ventures’ performance. The results show that young venture should consider environmental contingencies while choosing a strategic orientation. For resource-starved young ventures, EO is beneficial when the environment is intensely competitive, and MO is advantageous when the environment is technologically turbulent.

Originality/value

This study relies on the literature on opportunities and DCs view to arrive at hypotheses specific to young ventures. The paper empirically tests the assertions, finds support for the majority of them and reports unbiased estimates of the coefficients. It also clarifies the contrary observation made by some researchers in their study of orientation–performance relationship.

Details

Management Decision, vol. 58 no. 4
Type: Research Article
ISSN: 0025-1747

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