1、Challenges and Opportunities in Entrepreneurship Research,Phillip H. Phan Warren H. Bruggeman 46 and Pauline Urban Bruggeman Professor of Entrepreneurship Rensselaer Polytechnic Institute Troy, New York, USA,Approach,The distinctiveness of entrepreneurship theory Testing the theory Constructs Data A
2、nalyses Implications Conclusions,Whats wrong with this picture?,Most new products even the line extensions and most new ventures still fail Most business plans raise no money (and probably should never have been written!) Only 1 or 2 in 10 companies in most venture capital portfolios achieve returns
3、 in excess of the cost of capital,A problem?,Why so poorly understood?,Most research has focused on process and not outcomes Outcomes are not easily examined through cross-sectional research Post-hoc biases The confounding of implementation effects Divergent academic perspectives have not been broug
4、ht together (the “blind man describing the elephant” problem),What is entrepreneurship?,Why, when and how opportunities for the creation of goods and services come into existence Why, when, and how some people and not others discover and exploit these opportunities Why, when and how different modes
5、of actions are used to exploit entrepreneural opportunities,How are opportunities defined?,Economics: Creative destruction (Schumpeter); Discovery (Austrian School) Strategy: Industry attractiveness, generic strategies (Porter); cognition (Kahneman); resource-based view (Peteraf) Finance: Real optio
6、ns (Dixit and Pindyke) Bottom line: Ideas with economic value,What is an entrepreneurial opportunity?,Confluence of: Idea for a new way to create value People to give substance to the idea Context to ground the idea in time and space,Research implications,Theory Multidimensional Multilevel Dynamic M
7、ultiple dependent variables (not all are economic) Empirical Left censorship Right censorship Multi-operationalization,Where do ideas come from?,Kirzner (entrepreneurial discovery is the gradual and systematic pushing back of the boundaries of sheer ignorance) ideas are discovered Schumpeter (creati
8、ve destruction on the process by which a new economic order replaces an older one through the new application of technology to problems) ideas are created Viable ideas are competitively determined (market for ideas) Equilibrium does not exist,How are ideas discovered?,Hayek (information exist and ar
9、e simply discovered) structural imperfections in the marketplace prevent discovery Cognition (information do not always exist and are created) cognitive biases prevent us from creating new ideas, alertness,Research implications,Theory Economics of information (network effects, increasing returns, sp
10、illovers, appropriability) Theory of knowledge (interactions between individual and group cognition, group and organization, individual and organization) Technology change and diffusion of innovations Sources of industry differences Empirical Recursive process models require dynamic modeling with up
11、dating Panel data (or at least longitudinal data),The entrepreneur (team)?,Why do they choose to (not) exploit the idea? Individual differences (Kahneman, Baron) Human experience (demographics) (Laffont, Caroll),The context?,Where do they choose to (not) exploit the idea? Existing organized enterpri
12、se Newly formed enterprise Virtual enterprise How do they choose to (not) exploit At what point is the idea exploitable? Can there be exploitation without enterprise?,Research Implications,Theory Individual and group decision making processes Emergence of ordered systems from constituent components
13、(complexity theory) Moderated structural models (contingency theory) Brain studies/ genetic studies? New conceptualizations of value creation (e.g., monetization of virtual worlds) Empirical Measuring and counting nascent organizations (also in corporate settings) Finding failures (projects and orga
14、nizations),The formation of new firms,Most common expression of the entrepreneurial process Where does the process start? Idea? Individual (serial entrepreneurs)? Formal organization? Where does it end? Idea? Individual (life span)? Dissolution of formal organization?,Research implications,Contingen
15、cy models Effectuation (person, idea, context) The importance of non-economic actors Family Community Advocacy associations Pressure groups Appropriate dependent variables Value creation and value appropriation (create economic value but appropriate it in non-economic ways),Resource assembly,The res
16、ources (venture capital, technology, people, legitimacy) Process of resource assembly (networking, coalition building, political models) Who gets involved (customers, suppliers, technology and capital providers),Note on empirical issues,Use of panel data (right censorship) Event history analysis (cr
17、itical incident technique, event studies) Assumptions about the reaction of markets and competitors to entrepreneurial events (based on equilibrium paradigm) Constant updating of information (appropriate time frame) Dependent variable(s) congruency contradictions,Roundtable discussion,Questions and Answers,
