entrepreneurship research zoltan j. acs george mason university entrepreneurship in russia: main...
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Entrepreneurship Research
Zoltan J. AcsGeorge Mason UniversityEntrepreneurship in Russia: Main Trends in Entrepreneurial ResearchGraduate School of BusinessSt. Petersburg State University
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Mice—gazelles—elephants
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The Gazelles
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What do we study
Handbook of Entrepreneurship Research– Edward Elgar, 2003– Acs and Audretsch
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Handbook of Entrepreneurship
Introduction to entrepreneurshipThe entrepreneurial processOpportunity and the nature of exploitationThe emergence of new venturesFinancing new venturesThe social contextEntrepreneurship, growth and policyFuture of capitalism
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Demand & Supply Curves
Demand curve
Supply curve
Quantity of the good (q)
Price of the good (p)
0
p’
p
q’ q
p’
p
q q’
E*
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Knowledge as a Source of Entrepreneurial Opportunity
History t Future– Knowledge
• R&D
Window of opportunity.
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The Entrepreneurial Process
Risk and UncertaintyInnovation and Technological Change
Market Processes and Entrepreneurial Studies.
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Innovation and Technological Change
The knowledge spillover theory of entrepreneurshipInnovation comes from industries with large firms but it is the small firms that do the radical innovation.Entrepreneurship is the conduit for knowledge spillovers.
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Opportunity and the nature of Exploitation
The Cognitive Psychology of EntrepreneurshipThe Individual-Opportunity Nexus
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Entrepreneurship researchers ask:
Wouldn’t it be great if we could look into the mind of the entrepreneur?
If we could know what makes him or her tick?
12Dr. Mellani Day - Neuroscience and Entrepreneurship PDW - AOM 2008
Anaheim
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Entrepreneurship researchers ask:
Wouldn’t it be great if we could look into the mind of the entrepreneur?
If we could know what makes him or her tick?
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Is entrepreneurial decision-making:rational versus gut-feeling or
elements of both?
What neural mechanisms are behind
the Entrepreneur’s decision:
Whom to trust? …hire? …pay? …financing? …investments? …product? …market? …strategy? …
environment? …company culture? …legal? …systems? …infrastructure? …negotiations? …
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Individual Opportunity Nexus
Opportunity existed.Bill made a choice to quite a job.Economic freedom.Pe= f (profit *-wages)
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The Emergence of New Ventures
Firm organizing processes– Nascent entrepreneurs– Global Entrepreneurship Monitor
• New index
Entrepreneurship, business and the firmEntrepreneurship and strategy
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New GEM Index
Global Entrepreneurship Index Sub-indexes
R2 = 0,6788
R2 = 0,4259
R2 = 0,5493
0,000
0,100
0,200
0,300
0,400
0,500
0,600
0,700
0,800
0,900
1,000
0 5000 10000 15000 20000 25000 30000 35000 40000 45000 50000
GDP PPPACTINDEX ASPINDEX ATTINDEX
Polinom. (ASPINDEX) Polinom. (ATTINDEX) Polinom. (ACTINDEX)
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Financing New Ventures
Venture Capital and Private EquitySmall Business and Debt Financing
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Venture Capital and Private Equity
Why do firms internationalize?A fundamental question in strategy research
agenda is “what determines the success or failure of firms in international competition.”
Large and growing literature detailing the internationalization activities of multinationals,conglomerates, small to medium-size firms, “bornglobals” and financial servicesThe internationalization of venture capital firms has remained a relatively understudied phenomenon
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The Social Context
The social psychologyEntrepreneurship as social constructionEntrepreneurship, networks and geographies– Location of firms
• Local• Global
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Entrepreneurship, Economic Growth and Public Policy
The impact of entrepreneurship on economic growthThe impact of entrepreneurship on developmentEntrepreneurship and public policy– Helping disadvantage firms– Helping disadvantages people
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No such thing as Entrepreneurship PolicyOnly policy for an entrepreneurial economy– Individual– Economy– Region– Country– International
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The Future of Capitalism
1932-19821982-20022002-2008– Financial crisis– Global recession– What way forward
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Entrepreneurial Capitalism