The concept of entrepreneurship is not new. As a concept, it remains elusive, diverse and multi-faceted. Although there is an extensive body of research within the field, there is…
Abstract
The concept of entrepreneurship is not new. As a concept, it remains elusive, diverse and multi-faceted. Although there is an extensive body of research within the field, there is little consensus on what underpins entrepreneurship, and whether it should remain a distinct domain of study.
This chapter contributes to the literature on entrepreneurship in developing economies. The study seeks to uncover the challenges facing entrepreneurs in a developing economy using the formal retail sector in Nigeria as a case.
Entrepreneurship in the retail sector of a developing economy has not been given significant attention by researchers despite its uniqueness and dynamism. By adopting a qualitative approach involving semi-structured interviews of 51 respondents, the lived experiences of these entrepreneurs were understood. Given the challenges such entrepreneurs face in a developing economy, this study makes a contribution, as the challenges such retail entrepreneurs face namely, challenges within the industry, government policy inconsistencies and corruption, infrastructural deficit and technology deficit were identified. In practice, the findings of this study serve as a useful reference for practitioners and policy-makers of the challenges that need to be addressed for entrepreneurship to flourish in Nigeria.
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Entrepreneurial ecosystems have quickly become one of the most popular topics in entrepreneurship research. Ecosystems are the characteristics and factors of a place that support…
Abstract
Entrepreneurial ecosystems have quickly become one of the most popular topics in entrepreneurship research. Ecosystems are the characteristics and factors of a place that support high-growth entrepreneurship. This provides the ability for the field to provide important policy insights about how to aid the development of high growth, innovative ventures, as well as generate new insights into the relationship between the entrepreneurship phenomenon and the contexts it takes place within. However, work in the field remains undertheorized, with a little understanding of how the entrepreneur benefits from being in a strong ecosystem. This chapter argues that it is helpful to return to Ed Malecki’s work in a previous volume of this series, which explored the importance of networks. His work has contributed to a very broad stream of work on entrepreneurial environment. Using this as a starting point, this chapter distinguishes between “top-down” approaches to study ecosystems, which focus on the actors and factors that make up an ecosystem, and a “bottom-up” approach, which instead examines the ways in which entrepreneurs use their ecosystem to get the resources, knowledge, and support they need. The chapter concludes by suggesting how a research agenda for a bottom-up study of ecosystems can be informed by Malecki’s work.
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Over the past 20 years, entrepreneurial ecosystems (EEs) have emerged as a significant research field, inspiring several scholars to provide valuable contributions. The chapter…
Abstract
Over the past 20 years, entrepreneurial ecosystems (EEs) have emerged as a significant research field, inspiring several scholars to provide valuable contributions. The chapter aims to map the current state of literature by highlighting the most prominent research strands and the main theoretical lenses employed in the research field. By carrying out a systematic literature review and bibliometric analysis, the study examines articles published over a period of 27 years. The time frame from 1996 to 2023 offers an extensive outlook of the field’s evolution and current trends, resulting in the identification of five research strands and different future research avenues. From the analysis of prior research works, this study provides an in-depth examination of the complex nature of EEs. The results hold theoretical and practical implications. From the scholars’ point of view, they offer future research directions to move the current level of knowledge forward. From the entrepreneurs’ perspective, they provide valuable insights to address ongoing challenges and catch new opportunities within the dynamic panorama of EEs. Therefore, the insights are poised to drive future research, inform policymakers, and enhance business strategies aimed at fostering resilient EEs. In other words, the purpose is to provide readers with a well-rounded understanding over the state of the literature on EEs and the research strands that deserve further exploration.
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Kyla L. Tennin and Shelli Brunswick
The Swedish International Development Cooperation Agency (SIDA) (2019) explicated there are four dimensions of poverty, and they include (1) resources, (2) opportunities and…
Abstract
The Swedish International Development Cooperation Agency (SIDA) (2019) explicated there are four dimensions of poverty, and they include (1) resources, (2) opportunities and choice, (3) power and voice and (4) human security (e.g. violence issues and concerns). Contrastingly, Ellis (1984) postulated dimensions of poverty are social, economic, legal and political poverty. The Organisation for Economic Co-operation and Development (OECD) (2015) stated poverty is not always about income, indicating ‘income poverty’. Deprivation factors can be broad, but reported poor health, inadequate living standards and lack of education are dimensions of poverty (OECD, 2015). Also, according to the World Bank, the world's extremely poor are people who live on less than $1.90 USD per day (Beck et al., 2020). The $1.90 amount is at 2011 purchasing power parity levels. Additionally, the $1.90USD amount has decreased significantly over the last decades (Beck et al., 2020). Nevertheless, entrepreneurship, UN SDGs and technology can be strategies for sustainable alleviation of poverty and pandemic global economic recovery, in the 21st century.
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Kirsi Snellman and Gabriella Cacciotti
The purpose of this chapter is to explore whether and how angel investors’ emotions unfold in the investment opportunity evaluation process as they interact with the social…
Abstract
Purpose
The purpose of this chapter is to explore whether and how angel investors’ emotions unfold in the investment opportunity evaluation process as they interact with the social environment. Complementing recent research that has emphasized the financial calculations, we add angel investors’ own emotional arousal to the list of tools that may help them to rate investment opportunities.
Design/Methodology/Approach
Drawing on semi-structured qualitative interviews, we develop a phenomenological analysis of the investment opportunity evaluation process at the level of angel investors’ lived experience.
Findings
Our findings indicate that when angel investors use their emotional arousal in evaluating investment criteria, they engage in a developmental process characterized by three elements: subjective validation, social validation, and investment decision.
Research Limitations/Implications
We illuminate how discrete emotions can complement rational considerations in the opportunity evaluation journey. Capturing the nature of emotion as action oriented, embodied, socially situated, and distributed, we embrace its adaptive socially situated dynamics.
Practical Implications
Taking a step toward better understanding of the soft aspects in the relationship development that leads to investments, we hope this study will help not only those entrepreneurs who need funding but also those policymakers who design new incentives that improve the flow of investment into promising new ventures.
Originality/Value
We demonstrate how angel investors’ emotions can complement their rational considerations in the investment opportunity evaluation process as they interact with the social environment. Identifying boundary values for the conditions that are necessary and sufficient to advance in the process, we have demonstrated how emotion can serve as a driving or restraining force not only during subjective validation but also during social validation.
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SIR ALAN HERBERT writing in The Spectator of 8th January, 1960, puts forward a point of view that librarians will find provocative, to say the least.
Robert Baldock, David North and Farid Ullah
This chapter presents research to assess the impact of the recent financial crisis on technology-based small firms (TBSFs) in the United Kingdom based on findings from an extended…
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This chapter presents research to assess the impact of the recent financial crisis on technology-based small firms (TBSFs) in the United Kingdom based on findings from an extended telephone survey with the owner-managers of 49 young and 51 more mature TBSFs, undertaken in 2010. Even before the onset of the global financial crisis in 2007, it was generally acknowledged that TBSFs faced greater obstacles in accessing finance than conventional SMEs. This is because banks have difficulty assessing the viability of new technology-based business ventures due to information asymmetries, whilst risk capital providers may have difficulty providing appropriate or sufficient funds on terms acceptable to entrepreneurs. Given the recent difficulties that SMEs, in general, have faced in obtaining external finance, we would expect TBSFs to have been particularly adversely affected by the financial crisis. Our evidence showed that TBSFs exhibited a strong demand for external finance between 2007 and 2010, related to their growth ambitions and achievements. They sought finance mainly from banks but also with younger TBSFs seeking business angel finance and more mature TBSFs seeking venture capital finance. However, our evidence indicates that both debt and equity finance became harder to access for TBSFs, particularly for early-stage and more R&D-intensive firms. Where funding was offered, it was often on unacceptable terms with regards to the levels of collateral or equity required. The chapter provides evidence of a growing funding gap and concludes that the ability of TBSFs to contribute to economic recovery is hampered by ongoing problems in obtaining external finance.
The chapter systematises the leading conceptual frameworks for assessing the overall performance of entrepreneurial ecosystems (EEs). To provide a detailed examination, a…
Abstract
The chapter systematises the leading conceptual frameworks for assessing the overall performance of entrepreneurial ecosystems (EEs). To provide a detailed examination, a descriptive analysis of the Italian landscape has been developed. This context has been chosen to address some contradictions. Despite its long history of industrial districts, it is consistently below the European average in the Global Entrepreneurship Index (GEI). Through a comprehensive exploration, the chapter identifies the key factors that might contribute to fostering its outcomes. The economic environment, entrepreneurial cultural attitude, institutional frameworks, and resource availability, such as finance and human capital, have been explored to measure the performance of the Italian EE. This in-depth country-level analysis offers invaluable insights for practitioners, scholars, and policymakers engaged in understanding the dynamics of EEs. The findings not only shed light on the salient traits of the Italian context but also contribute to the broader academic debate on the various factors that influence entrepreneurial activity, productive entrepreneurship, and the creation of aggregate value. Upon completing the chapter, readers will be able to increase their understanding on how to measure complex systems. This knowledge enables more informed decisions and supports the creation of conducive environments. Indeed, actors living in EEs can acquire the needed tools to appraise and enhance these ecosystems effectively.