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

Preface ix INTRODUCTION by Eytan Sheshinski and Robert J. Strom 1 PART I: INTRODUCTORY: THE MICROECONOMICS AND MACROECONOMICS OF GROWTH Chapter 1: On Macroeconomic Models of Free-Market Innovation and Growth by Robert M. Solow 15 Chapter 2: The Macro-context of the Microeconomics of Innovation by Kenneth J. Arrow 20 PART II: INSTITUTIONAL BASES FOR CAPITALIST GROWTH Introduction and Comments by Michael M. Weinstein 31 Chapter 3: Institutional Bases for Capitalist Growth by Douglass C. North 35 Chapter 4: Capitalism and Economic Liberty: The Political Foundations of Economic Growth by Barry R. Weingast 48 PART III: INNOVATION IN MODERN CORPORATIONS Introduction and Comments by Ying Lowrey 73 Chapter 5: Endogenous Forces in Twentieth-Century America by Nathan Rosenberg 80 Chapter 6: Interfirm Collaboration Networks: The Impact of Network Structure on Rates of Innovation by Melissa A. Schilling and Corey Phelps 100 PART IV: THE CONTINUING ROLE OF INDEPENDENT INNOVATORS AND ENTREPRENEURS Introduction and Comments by Sylvia Nasar 135 Chapter 7: The Small Entrepreneur by Boyan Jovanovic and Peter L. Rousseau 140 Chapter 8: Toward Analysis of Capitalism's Unparalleled Growth: Sources and Mechanism by William J. Baumol 158 PART V: DISSEMINATION OF TECHNOLOGY AND THE PATENT SYSTEM Introduction and Comments by Edward N. Wolff 181 Chapter 9: Patents, Licensing, and Entrepreneurship: Effectuating Innovation in Multi-invention Contexts by Deepak Somaya and David J. Teece 185 Chapter 10: The Market for Technology and the Organization of Invention in U.S. History by Naomi R. Lamoreaux and Kenneth L. Sokoloff 213 PART VI: INNOVATION AND TRADE Introduction and Comments by Yochanan Shachmurove 247 Chapter 11: Innovation and Its Effects on International Trade by Ralph E. Gomory and William J. Baumol 261 Chapter 12: Innovation, Diffusion, and Trade by Jonathan Eaton and Samuel S. Kortum 276 PART VII: FINANCE AND INNOVATION IN THE FREE-MARKET ECONOMY Introduction and Comments by Alan S. Blinder 303 Chapter 13: Radical Financial Innovation by Robert J. Shiller 306 Chapter 14: Finance and Innovation by Burton G. Malkiel 324 PART VIII: TOWARD SOME LESSONS Introduction and Comments by Robert J. Strom 339 Chapter 15: The Economic Performance of Nations: Prosperity Depends on Dynamism, Dynamism on Institutions by Edmund S. Phelps 342 Chapter 16: Pharmaceutical Patenting in Developing Countries and R&D by Eytan Sheshinski 357 Contributors 367 Index 369

Entrepreneurship, innovation, and the growth mechanism of the free-enterprise economies

This editorial from the Entrepreneurship Research Journal discusses opportunities and data improvements in entrepreneurship research from a theoretical and empirical perspective.

https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1798629_code861608.pdf?abstractid=1798629&mirid=1&type=2

Seeing Opportunities in Entrepreneurship Research: Recent Data Improvements and Continuing Limitations

This article provides a history of the development of cross campus entrepreneurship education (CCEE) in the United States and the European Union. Three drivers of CCEE were identified – Entrepreneurial Occupation, Entrepreneurial Employment and 10 Entrepreneurial Universities. Five models for CCEE efforts were also identified: focused (single-discipline), collaborative (two or more disciplines coordinating), magnet (bringing a campus to a central place), radiant (distributing resources across a campus) and mixed. CCEE efforts in the USA and EU initially stemmed from individual actions, with further US growth due to the involvement of private foundations, while in Europe, the individual actors’ efforts gave way to EU-wide policies promoting CCEE for all higher educational institutions as part of the Oslo Agenda. These efforts are described and contrasted. Research topics related to the different approaches and issues of CCEE are identified.

Perspectives on the Development of Cross Campus Entrepreneurship Education

A wide range of United States political policies influence the level of innovative entrepreneurial activity in the country, that is the number of new businesses started each year that bring truly new products and ideas to the market. These policies begin with an educational system that fosters a creative, inventive, and educated population with the skills to start new businesses. Immigration policies, too, contribute to an entrepreneurial population by welcoming additional talent. The government also plays an important role in creating incentives for the utilization and commercialization of new products, from rights of property and contract that protect new businesses and patent laws that protect new ideas without creating roadblocks to further innovation, to tax policies that focus on consumption rather than income. Finally, the government can mitigate disincentives for starting new businesses, such as an employer-based health system that discourages potential entrepreneurs from leaving their employment, overly onerous regulations that create burdens for young and small businesses, and a litigious environment that creates more risk for new businesses than is necessary to protect consumers.

http://people.stern.nyu.edu/wbaumol/InnovativeEntrepreneurshipAndPolicy.pdf

Innovative Entrepreneurship and Policy: Toward Initiation and Preservation of Growth

In most introductory textbooks on principles of economics, discussion of the theory or practice of entrepreneurship is almost entirely absent. This omission is striking, given the important role in economic growth that economists assign to the entrepreneur. While there are plausible explanations for this omission, new research suggests the beginnings of a body of formal microtheory on innovative entrepreneurship. In this article, the authors first review treatment of the entrepreneur in the latest editions of three commonly used introductory economics textbooks, each of which includes a substantive discussion of entrepreneurship. Second, the authors present brief overviews of new microtheories of entrepreneurship (Parker 2009; Spulber 2009; and Baumol 2010), each of which has potential to serve as inspiration and to provide a framework for inclusion of entrepreneurship in introductory microtheory.

https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1999100_code861608.pdf?abstractid=1999100&mirid=1&type=2

Robert J. Strom

Papers

Entrepreneurship, innovation, and the growth mechanism of the free-enterprise economies

Seeing Opportunities in Entrepreneurship Research: Recent Data Improvements and Continuing Limitations

Perspectives on the Development of Cross Campus Entrepreneurship Education

Innovative Entrepreneurship and Policy: Toward Initiation and Preservation of Growth

Principles of Economics Without the Prince of Denmark