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"Unternehmer"
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SMART AND ILLICIT
We disaggregate the self-employed into incorporated and unincorporated to distinguish between “entrepreneurs” and other business owners. We show that the incorporated self-employed and their businesses engage in activities that demand comparatively strong nonroutine cognitive abilities, while the unincorporated and their firms perform tasks demanding relatively strong manual skills. People who become incorporated business owners tend to be more educated and—as teenagers—score higher on learning aptitude tests, exhibit greater self-esteem, and engage in more illicit activities than others. The combination of “smart” and “illicit” tendencies as youths accounts for both entry into entrepreneurship and the comparative earnings of entrepreneurs. Individuals tend to experience a material increase in earnings when becoming entrepreneurs, and this increase occurs at each decile of the distribution.
Journal Article
Looking inside the spiky bits: a critical review and conceptualisation of entrepreneurial ecosystems
The concept of entrepreneurial ecosystems has quickly established itself as one of the latest 'fads' in entrepreneurship research. At face value, this kind of systemic approach to entrepreneurship offers a new and distinctive path for scholars and policy makers to help understand and foster growth-oriented entrepreneurship. However, its lack of specification and conceptual limitations has undoubtedly hindered our understanding of these complex organisms. Indeed, the rapid adoption of the concept has tended to overlook the heterogeneous nature of ecosystems. This paper provides a critical review and conceptualisation of the ecosystems concept: it unpacks the dynamics of the concept; outlines its theoretical limitations; measurement approaches and use in policy-making. It sets out a preliminary taxonomy of different archetypal ecosystems. The paper concludes that entrepreneurial ecosystems are a highly variegated, multi-actor and multi-scalar phenomenon, requiring bespoke policy interventions.
Journal Article
The age of digital entrepreneurship
Understanding the circumstances and reasons which facilitate digital entrepreneurship (DE) is of interest to academic research, and guides business practice, as well as public policies aiming at supporting this phenomenon given its positive impacts in terms of job creation and economic growth. We define some relevant concepts and briefly map current research using a perspective that focuses on the way digital entrepreneurs create digital value by acquiring, processing, and distributing digital information. Through the adoption of a digital information processing perspective, we provide a micro-level approach to research on digital entrepreneurship (DE) that complements existing literature on DE focused at the systemic level (digital entrepreneurship ecosystems and in the digital platforms economy). We show how these two approaches can be jointly used to identify major research streams on DE: digital business models, the digital entrepreneurship process and the creation of digital start-ups, DE in digital platforms, and entrepreneurial digital ecosystems. As is the case with existing DE frameworks, our approach concurs in putting emphasis on the new collaborative and social dynamics enabled by digital tools to support knowledge sharing and facilitate opportunity recognition.
Journal Article
CAPITALISTS IN THE TWENTY-FIRST CENTURY
How important is human capital at the top of the U.S. income distribution? A primary source of top income is private “pass-through” business profit, which can include entrepreneurial labor income for tax reasons. This article asks whether top pass-through profit mostly reflects human capital, defined as all inalienable factors embodied in business owners, rather than financial capital. Tax data linking 11 million firms to their owners show that top pass-through profit accrues to working-age owners of closely held mid-market firms in skill-intensive industries. Pass-through profit falls by three-quarters after owner retirement or premature death. Classifying three-quarters of pass-through profit as human capital income, we find that the typical top earner derives most of her income from human capital, not financial capital. Growth in pass-through profit is explained by both rising productivity and a rising share of value added accruing to owners.
Journal Article
FIRM GROWTH, ADAPTIVE CAPABILITY, AND ENTREPRENEURIAL ORIENTATION
Research summary: This paper posits adaptive capability as a mechanism through which a firm's prior growth influences the exhibition of future entrepreneurial action. Defined as the firm's proficiency in altering its understanding of market expectations, increased adaptive capability is a consequence of the new resource combinations that result from expanding organizational boundaries. Increased adaptive capability in turn corresponds to expansion of entrepreneurial activity, as firms increase their entrepreneurial orientation as the strategic mechanism to capitalize on their improved understanding of market conditions. We find support for our research model in a two-study series conducted in South Korea and the United Kingdom. Managerial summary: Most would agree that entrepreneurially oriented firms—being innovative, entering new markets, and taking risk—grow faster. But how a firm becomes entrepreneurial is a complicated question. In this study, we flipped the growth relationship around and found support for growth contributing to a firm's entrepreneurial orientation. But between growth and being more entrepreneurial is the firm's ability to recognize changes in market expectations. We argue that as a firm grows, it acquires new resources and new knowledge of how to use those resources. These new resource combinations increase its ability to recognize changes in market expectations—its adaptive capability. This capability uncovers new entrepreneurial opportunities for value creation. To capture this potential value, firms expand their entrepreneurial orientation.
Journal Article
Unraveling the entrepreneurial mindset
Scholars have examined various aspects of the entrepreneurial mindset, which have provided insights into its attributes, qualities, and operations. However, the different perspectives have led to a diverse array of definitions. With the array of differing definitions, there arises the need to better understand the concept of an entrepreneurial mindset. Therefore, the question remains as to what exactly is the entrepreneurial mindset and how do people tap into it. In examining the literature, we find that three distinct aspects have arisen through the years: the entrepreneurial cognitive aspect—how entrepreneurs use mental models to think; the entrepreneurial behavioral aspect—how entrepreneurs engage or act for opportunities; and the entrepreneurial emotional aspects—what entrepreneurs feel in entrepreneurship. Using those as a basis for our work, we unravel the entrepreneurial mindset by examining deeper into the perspectives and discuss the challenges for implementing it.
Journal Article
HOW ENTREPRENEURS LEVERAGE INSTITUTIONAL INTERMEDIARIES IN EMERGING ECONOMIES TO ACQUIRE PUBLIC RESOURCES
Research summary: Governments in emerging economies often use institutional intermediaries to promote entrepreneurship, and bridge the void between ventures and public funding. While prior literature describes what institutional intermediaries do, it leaves open how intermediaries support different types of entrepreneurs. By comparing science park and non-science park firms in Beijing and across China, we distinguish which entrepreneurs benefit from certification versus capability-building through the introduction of two new constructs: skill adequacy and context relevance. Broadly, our study adds insights at the nexus of emerging economies and entrepreneurship research, and to the tie formation and institutional intermediaries literatures. Managerial summary: A key dilemma facing entrepreneurs is how to finance their ventures. While entrepreneurs in developed economies can seek VC or angel investment, entrepreneurs in emerging economies often need to pursue potential government funding opportunities. Our study highlights three strategies for acquiring government funding. Well-connected entrepreneurs can leverage their political ties to acquire such funding. Less-connected entrepreneurs can leverage science parks that in emerging markets are designed to help governments to identify promising ventures. For returnees whose ample experience abroad may not fit with local ways of doing business, gaining science park admission can certify quality and so ease the path to government funding. For technically skilled local entrepreneurs who lack business skills, science parks can help build such skills, which then ease the path to government funding.
Journal Article
Sustainable Entrepreneurship: The Role of Perceived Barriers and Risk
Entrepreneurs who start a business to serve both self-interests and collective interests by addressing unmet social and environmental needs are usually referred to as sustainable entrepreneurs. Compared with regular entrepreneurs, we argue that sustainable entrepreneurs face specific challenges when establishing their businesses owing to the discrepancy between the creation and appropriation of private value and social value. We hypothesize that when starting a business, sustainable entrepreneurs (1) feel more hampered by perceived barriers, such as the institutional environment and (2) have a different risk attitude and perception than regular entrepreneurs. We use two waves of the Flash Eurobarometer survey on entrepreneurship (2009 and 2012), which contains information on start-up motivations, start-up barriers, and risk perceptions of approximately 3000 (prospective) business owners across 33 countries. We find that sustainable entrepreneurs indeed perceive more institutional barriers in terms of a lack of financial, administrative, and informational support at business start-up than regular entrepreneurs. Further, no significant differences between sustainable and regular entrepreneurs are found in terms of their risk attitudes or perceived financial risks. However, sustainable entrepreneurs are more likely to fear personal failure than regular entrepreneurs, which is explained by their varied and complex stakeholder relations. These insights may serve as an important signal for both governments and private capital providers in enhancing the institutional climate.
Journal Article
Female entrepreneurship in the digital era
The literature on female entrepreneurship is blooming and largely points to the challenges that women face in establishing and running a business, with a particular focus on access to information, finance and networks. Surprisingly, little is known on the role played by digital technologies in driving changes in female entrepreneurship. While academic research is starting to analyze the role that digital technologies play in entrepreneurial ecosystems, the gender perspective remains largely unexplored. In this paper, we outline contributions that intend to enlarge and thicken our understanding of whether and how women entrepreneurs leverage new digital technologies in the creation and conduct of new ventures in order to overcome the hurdles they face. We conclude with a promising new line of research to our understanding of whether and to what extent new digital technologies provide an opportunity space in the creation and conduct of new ventures for women.
Journal Article