Entrepreneurial learning from failure: An interpretative phenomenological analysis

The United States has long been viewed as having among the world’s most entrepreneurial, dynamic, and flexible economies. It is often argued that this dynamism and flexibility has enabled the US economy to adapt to changing economic circumstances and recover from recessions in a robust manner. While the evidence provides broad support for this view, the outcomes of entrepreneurship are more heterogeneous than commonly appreciated and appear to be evolving in ways that could raise concern. Evidence along a number of dimensions and a variety of sources points to a US economy that is becoming less dynamic. Of particular interest are declining business startup rates and the resulting diminished role for dynamic young businesses in the economy. We begin by describing how the concept of entrepreneurship is reflected in existing data on firm age and size. The recent addition of firm age to official statistics represents a dramatic improvement in the information available to entrepreneurship researchers. We then turn to a discussion of the role of startup firms in job creation. Business startups account for about 20 percent of US gross (total) job creation while high-growth businesses (which are disproportionately young)

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The Role of Entrepreneurship in US Job Creation and Economic Dynamism

Entrepreneurship education ranks highly on policy agendas in Europe and the US, but little research is available to assess its impacts. In this context it is of primary importance to understand whether entrepreneurship education raises intentions to be entrepreneurial generally or whether it helps students determine how well suited they are for entrepreneurship. We develop a theoretical model of Bayesian learning in which entrepreneurship education generates signals which help students to evaluate their own aptitude for entrepreneurial tasks. We derive predictions from the model and test them using data from a compulsory entrepreneurship course at a German university. Using survey responses from 189 students ex ante and ex post, we find that entrepreneurial propensity declined somewhat in spite of generally good evaluations of the class. Our tests of Bayesian updating provide support for the notion that students receive valuable signals and learn about their own type in the entrepreneurship course.

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The effects of entrepreneurship education

Which institutions encourage entrepreneurial growth aspirations

Executive Overview The foci of strategic entrepreneurship (SE) are broad and rich, building on research from multiple disciplines such as economics, psychology, and sociology, along with other subdisciplines in management including organizational behavior and organization theory. Herein, we examine the contributions of strategic management and entrepreneurship to SE. Building on a previous model of SE, we develop an input-process-output model to extend our understanding of the SE construct. We examine the resource inputs into SE, such as individual knowledge and skills. In addition, we explore the resource orchestration processes that are important for SE and the outcomes, including creating value for customers, building wealth for stockholders, and creating benefits for other stakeholders, especially for society at large. Individual entrepreneurs also benefit through financial wealth, but other outcomes such as personal satisfaction and fulfillment of personal needs (e.g., self-actualization) may be of e...

Strategic Entrepreneurship: Creating Value for Individuals, Organizations, and Society

Entrepreneurs who focus on innovation in their products, their production techniques, and their markets play a key role in economic growth The direction of their activity is guided by their goals: wealth, power, and prestige Current institutions, shaped by history and government are critical in determining where entrepreneurs will find it most promising to direct their efforts, sometimes, but not always, benefiting the general welfare One goal of good policy, therefore, is redesign of institutions so as to attract entrepreneurial activity to beneficial directions Copyright © 2008 Strategic Management Society

https://onlinelibrary.wiley.com/doi/pdf/10.1002/sej.26

Entrepreneurship and economic growth

This research informs our understanding of the technology commercialization process in university spinoffs, focusing in particular on student involvement in the early phases of the spinoff development process and on the impact of the larger university ecosystem. Detailed case studies indicate that graduate and post-doctoral students are important participants in university spinoffs. We offer a typology of spinoff development with four pathways, based on the varying roles of faculty, experienced entrepreneurs, PhD/post-doctoral students, and business students. The effects of the larger university ecosystem, beyond the university technology transfer office and the university’s commercialization policies, are also considered, including an examination of programs and practices that may influence this process. We close with a discussion of guidelines for technology transfer and spinoff development at universities, based on the findings of this research.

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University technology transfer through entrepreneurship: faculty and students in spinoffs

1. Introduction to entrepreneurship, growth and public policy Zoltan J. Acs, David B. Audretsch and Robert Strom Part I. The Role of Entrepreneurship in Innovation: 2. Capitalism: growth miracle maker, growth saboteur William J. Baumol, Robert Litan and Carl Schramm 3. Toward a model of innovation and performance along the lines of Knight, Keynes, Hayek and M. Polany Edmund S. Phelps 4. Advance of total factor productivity from entrepreneurial innovations Paul A. Samuelson 5. Silicon Valley - a chip off the old Detroit bloc Steven Klepper Part II. Linking Entrepreneurship to Growth: 6. Entrepreneurship and job growth John Haltiwanger 7. Entrepreneurship at American universities Nathan Rosenberg 8. The knowledge filter and economic growth: the role of scientist entrepreneurship David B. Audretsch, Taylor Aldridge and Alexander Oettl 9. Why entrepreneurship matters for growth Max Keilbach Part III. Policy: 10. On entrepreneurship, economic growth and policy Roy Thurik 11. The Bayh-Dole Act and high-technology entrepreneurship in the United States during the 1980s and 1990s David C. Mowery 12. Academic entrepreneurship in Europe: a different perspective Mirjam van Praag 13. Creating an entrepreneurial economy: the role of public policy Heike Grimm 14. Entrepreneurial capitalism in capitalist development: toward a synthesis of capitalist development and the economy as a whole Zoltan J. Acs.

Entrepreneurship, Growth, and Public Policy

Entrepreneurship, Growth, and Public Policy: THE ROLE OF ENTREPRENEURSHIP IN INNOVATION

Although understandable in light of its traumatic impact, the Great Recession of 2007–2009 may be distracting attention from a more fundamental troubling economic trend. The United States appears to be suffering from a long-term leak in job creation that pre-dates the 2007–2009 recession and has the potential to persist for an unknown time. The heart of the problem is a pullback by newly created businesses, the economy’s most critical source of job creation, which are generating substantially fewer jobs than one would expect based on past experience.

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Robert J. Strom

Papers

Entrepreneurship and economic growth

University technology transfer through entrepreneurship: faculty and students in spinoffs

Entrepreneurship, Growth, and Public Policy

Entrepreneurship, Growth, and Public Policy: THE ROLE OF ENTREPRENEURSHIP IN INNOVATION

Starting Smaller; Staying Smaller: America’s Slow Leak in Job Creation