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Article
Publication date: 13 January 2025

Christian Glade, Peter Kesting, Remigiusz Smolinski and Dominik K. Kanbach

This study explores the negotiation behaviors and strategies employed by experienced entrepreneurs to secure venture capital (VC) funding.

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Abstract

Purpose

This study explores the negotiation behaviors and strategies employed by experienced entrepreneurs to secure venture capital (VC) funding.

Design/methodology/approach

Using a qualitative approach, we conducted interviews with 32 accomplished founders with track records in securing VC funding. Our conceptual underpinning rests upon an existing negotiation competency model. This study employed a systematic and iterative data analysis method, following an inductive approach grounded in Gioia et al.’s (2013) methodology to conceptualize the unprocessed interview data.

Findings

We identified three dimensions characterizing entrepreneurial negotiation behavior in VC negotiations: negotiation competencies, power tactics, and negotiation style. Furthermore, we identified specific behaviors in these dimensions and explored how entrepreneurs apply these skills in the VC context.

Research limitations/implications

This study contributes a nuanced understanding of entrepreneurs’ negotiation behaviors, opening avenues for further research on effective strategies in entrepreneurial finance.

Practical implications

Entrepreneurs can leverage the identified negotiation strategies to enhance their skills and navigate VC negotiations more effectively, potentially leading to better funding outcomes. Furthermore, training programs can be crafted to encourage the cultivation of these behaviors.

Originality/value

This study is the first to systematically examine the negotiation behaviors and strategies employed by experienced entrepreneurs in VC negotiations, revealing entrepreneurs’ specific behaviors and elucidating how these behaviors are employed within negotiations to provide practical insights.

Details

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

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Article
Publication date: 29 June 2023

Christian Glade, Peter Kesting, Remigiusz Smolinski and Dominik Kanbach

Negotiations with venture capitalists (VCs) play a crucial role in the entrepreneurial financing process. Habitual entrepreneurs are generally able to secure more venture capital…

256

Abstract

Purpose

Negotiations with venture capitalists (VCs) play a crucial role in the entrepreneurial financing process. Habitual entrepreneurs are generally able to secure more venture capital funding and on better deal terms than novices. This study investigates the disparities in negotiation competencies between habitual and novice entrepreneurs during VC funding negotiations.

Design/methodology/approach

This study employed a qualitative approach to investigate the variation in negotiation competencies between habitual and novice entrepreneurs, utilizing the negotiation competency model (NCM). The data analysis and interpretation adopted an inductive concept development approach. A total of 21 semi-structured interviews were conducted with seasoned VCs located in Europe, all of whom had actively engaged in funding negotiations with both habitual and novice entrepreneurs.

Findings

The findings revealed substantial disparities between novice and habitual entrepreneurs in VC negotiations. Although not all competencies of the NCM exhibited variances, the results indicate three primary dimensions contributing to these differences: expertise, reputation, and negotiation competence.

Originality/value

This study is groundbreaking as it represents one of the earliest empirical investigations into the entrepreneurial negotiation competencies within VC negotiations. The findings endeavor to narrow the gap between novice and habitual entrepreneurs in VC negotiations by pinpointing the distinct variations between these two groups, which hold significant practical implications. Furthermore, this study expands the conceptual framework of the NCM by identifying supplementary competencies within the realm of VC negotiations.

Details

International Journal of Entrepreneurial Behavior & Research, vol. 29 no. 7
Type: Research Article
ISSN: 1355-2554

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Article
Publication date: 1 February 2000

Alistair R. Anderson, Sarah L. Drakopoulou‐Dodd and Michael G. Scott

This paper explores the role of religion in the formation and development of the enterprise culture. The approach is that of legitimisation leading to an increase in environmental…

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Abstract

This paper explores the role of religion in the formation and development of the enterprise culture. The approach is that of legitimisation leading to an increase in environmental munificence. It is argued that entrepreneurial activity was encouraged by the use of an entrepreneurial theology specifically articulated by Margaret Thatcher. Parallels are drawn to Max Weber’s work on the Protestant work ethic, particularly in the way that he argued that changes in the socio‐cultural framework of theology allowed, permitted and encouraged entrepreneurial action in what he called the new rational capitalism. Different aspects of the theological underpinnings of enterprise are discussed. The key findings are that religion played a significant role. It provided a Thatcherite rhetoric which became a moral crusade which was passionately pursued. Entrepreneurship was thus elevated to a new moral high ground; this was in spite of the strongly contested views of the Church. Interestingly, it appears that religious support for entrepreneurship, albeit in a modified form, continues with New Labour.

Details

International Journal of Entrepreneurial Behavior & Research, vol. 6 no. 1
Type: Research Article
ISSN: 1355-2554

Keywords

Available. Open Access. Open Access
Article
Publication date: 20 June 2022

Kimberly Gleason, Yezen H. Kannan and Christian Rauch

This paper aims to explain the fundraising and valuation processes of startups and discuss the conflicts of interest between entrepreneurs, venture capital (VC) firms and…

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Abstract

Purpose

This paper aims to explain the fundraising and valuation processes of startups and discuss the conflicts of interest between entrepreneurs, venture capital (VC) firms and stakeholders in the context of startup corporate governance. Further, this paper uses the examples of WeWork and Zenefits to explain how a failure of stakeholders to demand an external audit from an independent accounting firm in early stages of funding led to an opportunity for fraud.

Design/methodology/approach

The methodology used is a literature review and analysis of startup valuation combined with the Fraud Triangle Theory. This paper also provides a discussion of WeWork and Zenefits, both highly visible examples of startup fraud, and explores an increased role for independent external auditors in fraud risk mitigation on behalf of stakeholders prior to an initial public offering (IPO).

Findings

This paper documents a number of fraud risks posed by the “fake it till you make it” ethos and investor behavior and pricing in the world of entrepreneurial finance and VC, which could be mitigated by a greater awareness of startup stakeholders of the value of an external audit performed by an independent accounting firm prior to an IPO.

Research limitations/implications

An implication of this paper is that regulators should consider greater oversight of the startup financing process and potentially take steps to facilitate greater independence of participants in the IPO process.

Practical implications

Given the potential conflicts of interest between VC firms, investment banks and startup founders, the investors at the time of an IPO may be exposed to the risk that the shares of the IPO firms are overvalued at offering.

Social implications

This study demonstrates how startup practices can be extended to the Fraud Triangle and issue a call to action for the accounting profession to take a greater role in protecting the public from startup fraud. This study then offers recommendations for regulators and standards entities.

Originality/value

There are few academic papers in the financial crime literature that link the valuation and culture of startup firms with fraud risk. This study provides a concise explanation of the process of valuation for startups and highlights the considerations for stakeholders in assessing fraud risk. In addition, this study documents an emerging role for auditors as stewards of proper valuation for pre-IPO firms.

Details

Journal of Financial Crime, vol. 29 no. 4
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 1 December 1982

Alun Bevan, Sheila Apted, Stuart Hannabuss and Wilfred Ashworth

As Joe Shams moved towards the exit he caught a glimpse of a familiar cover‐pic half‐hidden behind a porta‐reader. Recognising it as a copy of Philip K Dick's Counter clock world

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Abstract

As Joe Shams moved towards the exit he caught a glimpse of a familiar cover‐pic half‐hidden behind a porta‐reader. Recognising it as a copy of Philip K Dick's Counter clock world, he knew that it had been planted there by the library's security division in another of their far from subtle attempts to trap a ‘Dick‐'ead’.

Details

New Library World, vol. 83 no. 12
Type: Research Article
ISSN: 0307-4803

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Article
Publication date: 1 January 1977

M. Balachandran

Before we start looking for information on a specific company, it would be logical to first find our what type of company it is. Broadly speaking, companies fall into two major…

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Abstract

Before we start looking for information on a specific company, it would be logical to first find our what type of company it is. Broadly speaking, companies fall into two major categories, namely, private and public. A private company could in turn be a sole proprietorship, a partnership or an incorporated enterprise. A public company, on the other hand could be a parent company or a subsidiary, affiliate or a division of the parent. In addition, it is possible for either type of company to be a franchise or be of foreign origin. For our purposes, we may define a public company to be a company whose stock is listed on a national or a regional stock exchange and any company that is not public is a private company. Although the process of business formation is beyond the scope of this review, it would facilitate one's research if one is familiar with sources that provide information in this area. Besides, there is a constant demand in business libraries for information on how to set up businesses.

Details

Reference Services Review, vol. 5 no. 1
Type: Research Article
ISSN: 0090-7324

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Book part
Publication date: 18 January 2021

Andreas Seland

This essay is a philosophical exploration of the concept of the interesting. It draws a line from philosophical aesthetics to the philosophy of pedagogy and argues that an…

Abstract

This essay is a philosophical exploration of the concept of the interesting. It draws a line from philosophical aesthetics to the philosophy of pedagogy and argues that an awareness of the nature of the interesting – an awareness of what makes something interesting, aesthetically – can help improve the pedagogical impact of academic lectures. Specifically, the essay argues that something that strikes us as interesting is also something that engages us. Hence, that making lectures interesting will lead to student engagement and to an enhanced learning experience.

With regard to rhetorical composition, the present essay attempts to enact the aesthetical principles that it discusses. Thus, it will not abide by the standard rhetorical academic conventions. (It attempts to be interesting, after all.)

Details

Humanizing Higher Education through Innovative Approaches for Teaching and Learning
Type: Book
ISBN: 978-1-83909-861-1

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Article
Publication date: 1 March 1992

Richard A. Gray

It is eminently fitting that the Greeks who gave us their word for “speaking fair” should also have supplied us with the ultimate exemplification of its use. They were wont to…

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Abstract

It is eminently fitting that the Greeks who gave us their word for “speaking fair” should also have supplied us with the ultimate exemplification of its use. They were wont to refer to the Furies, a group of avenging goddesses, as the Eumenides or “The Fair Ones.” Since the Furies were imagined as having a batlike shape which was adorned with a profusion of snakish hair, they were not fair at all, but rather terrifying, intimidating in the highest degree. To euphemize a phenomenon is to call it something other than what it most particularly is, anything at all provided the new designation is gentler, milder, less offensive, less threatening. It is even possible, as in the case of the Furies renamed Fair Ones, to effect a 180‐degree reversal of meaning.

Details

Reference Services Review, vol. 20 no. 3
Type: Research Article
ISSN: 0090-7324

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Article
Publication date: 1 December 2000

Stephen Brown and Anthony Patterson

An introduction to the special issue “A taste of paradise”. Discusses the various representations of paradise over time and asserts that these have always reflected the society…

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Abstract

An introduction to the special issue “A taste of paradise”. Discusses the various representations of paradise over time and asserts that these have always reflected the society that produced them. Stresses that marketing is unavoidably implicated in our perceptions of paradise. Refers to the different notions of marketing paradise held by the various authors of the papers in the special issue.

Details

Marketing Intelligence & Planning, vol. 18 no. 6/7
Type: Research Article
ISSN: 0263-4503

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Article
Publication date: 1 April 1998

Thomas A. Bryant and Joseph E. Bryant

The modern economy of North America has been built on nearly five centuries of natural resource exploitation. Wetlands have been part of that pattern, with drainage and filling…

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Abstract

The modern economy of North America has been built on nearly five centuries of natural resource exploitation. Wetlands have been part of that pattern, with drainage and filling used to convert them to higher economic values. Ecological research and social value changes have been accumulating in the last half of the twentieth century, however, and suggest that such behaviour is becoming less acceptable. Whereas the social incentives for entrepreneurs used to be unmitigated in their encouragement of the elimination of wetlands, evolving values suggest a radical restructuring is under way. The dividing line between heroic entrepreneurial exploitation and vilification for ecosystem damage is best understood as a shifting zone of uncertain values. Prudent entrepreneurs will monitor those value shifts closely.

Details

Journal of Organizational Change Management, vol. 11 no. 2
Type: Research Article
ISSN: 0953-4814

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