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Entrepreneurship Research

Entrepreneurship Research. Zoltan J. Acs George Mason University Entrepreneurship in Russia: Main Trends in Entrepreneurial Research Graduate School of Business St. Petersburg State University. Mice—gazelles—elephants. The Gazelles . What do we study.

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Entrepreneurship Research

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  1. Entrepreneurship Research Zoltan J. Acs George Mason University Entrepreneurship in Russia: Main Trends in Entrepreneurial Research Graduate School of Business St. Petersburg State University

  2. Mice—gazelles—elephants

  3. The Gazelles

  4. What do we study • Handbook of Entrepreneurship Research • Edward Elgar, 2003 • Acs and Audretsch

  5. Handbook of Entrepreneurship • Introduction to entrepreneurship • The entrepreneurial process • Opportunity and the nature of exploitation • The emergence of new ventures • Financing new ventures • The social context • Entrepreneurship, growth and policy • Future of capitalism

  6. Demand & Supply Curves Price of the good (p) Supply curve p’ p’ p E* p Demand curve Quantity of the good (q) 0 q q’ q’ q

  7. Knowledge as a Source of Entrepreneurial Opportunity • History t Future • Knowledge • R&D Window of opportunity.

  8. The Entrepreneurial Process • Risk and Uncertainty • Innovation and Technological Change • Market Processes and Entrepreneurial Studies.

  9. Innovation and Technological Change • The knowledge spillover theory of entrepreneurship • Innovation comes from industries with large firms but it is the small firms that do the radical innovation. • Entrepreneurship is the conduit for knowledge spillovers.

  10. Integrated circuit- Intel

  11. Opportunity and the nature of Exploitation • The Cognitive Psychology of Entrepreneurship • The Individual-Opportunity Nexus

  12. 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? Dr. Mellani Day - Neuroscience and Entrepreneurship PDW - AOM 2008 Anaheim 12

  13. 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? 13

  14. Is entrepreneurial decision-making:rational versus gut-feeling orelements 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? … 14

  15. Individual Opportunity Nexus • Opportunity existed. • Bill made a choice to quite a job. • Economic freedom. • Pe= f (profit *-wages)

  16. The Emergence of New Ventures • Firm organizing processes • Nascent entrepreneurs • Global Entrepreneurship Monitor • New index • Entrepreneurship, business and the firm • Entrepreneurship and strategy

  17. New GEM Index

  18. Financing New Ventures • Venture Capital and Private Equity • Small Business and Debt Financing

  19. 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 services • The internationalization of venture capital firms has remained a relatively understudied phenomenon

  20. The Social Context • The social psychology • Entrepreneurship as social construction • Entrepreneurship, networks and geographies • Location of firms • Local • Global

  21. Entrepreneurship, Economic Growth and Public Policy • The impact of entrepreneurship on economic growth • The impact of entrepreneurship on development • Entrepreneurship and public policy • Helping disadvantage firms • Helping disadvantages people

  22. No such thing as Entrepreneurship Policy • Only policy for an entrepreneurial economy • Individual • Economy • Region • Country • International

  23. The Future of Capitalism • 1932-1982 • 1982-2002 • 2002-2008 • Financial crisis • Global recession • What way forward

  24. Entrepreneurial Capitalism

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