Journal of Entrepreneurship, Business and Economics

1–20

Authors: Shalini Nigam, Atul Narang,Yogita Narang

Purpose- Social entrepreneurship is gaining ground rapidly as a field of research and practice and attracting increasing interest within the policy-making authorities, research on social entrepreneurship still falls far behind the practice. The different concepts used by the literature are often defined unwell and can take on a variety of meanings with little consensus so far reached among scholars. The concept of social entrepreneurship continues to convey different things to different people and there is no clear understanding and uniformity on where to locate it and on how to qualify social entrepreneurs. The paper is an attempt to clarify the boundary of Social Entrepreneurship and differentiating it from related concepts like: Corporate Entrepreneurship, sustainability and self sufficiency, earned income strategies and social purpose businesses etc. Design/methodology/approach- To do so, secondary data has been used. The methodology involved the extensive use of Literature review in the field of Social Entrepreneurship. Findings- It can be said that definitions of social entrepreneurship and social enterprise vary to a great extent at the international level with a number of authors using the two interchangeably. The clarity has been provided in differentiating various related terms. Research Implications- There has been lot of confusions about to whom we can call social entrepreneurs and what are the differences which make social entrepreneurs apart from their related communities. More clarity on the concept will add to provide more ground for the expansion of social entrepreneurs. Originality/value- The present study is among the first study to clarify the similarities and differences in the field of Social Entrepreneurship and thus lays the foundation on which further research in the fild of Social Entrepreneurship could be carried out. Research Paper Keywords: Entrepreneurship, Social Entrepreneurship, Social Enterprise, Social Entrepreneurial Ventures.

41–63

Authors: Keyhan Asadi Sisakht, Sharareh Jalili Orumieh, Kambeiz Talebi

Purpose- As any increase in the price of resources and any imitation by competitors decrease entrepreneurial rent, the entrepreneurs should use some kind of strategies to preserve this rent. We used resource based view as a lens for finding these strategies. Design/methodology/approach- For conducting this research, qualitative method was used and qualitative research questionnaire was formed based on Peteraf model, 15 entrepreneurial companies have participated for completing this study. Findings A total of 13 strategies have been identified and analyzed which are: Pioneering strategy, Economy of Scale, Establishing reputation and brand, Creating continuous innovation, Secrecy and ambiguity strategy, Franchise development, Control of resources, Legal barriers, Compromise with competitors, Selecting strategic location for business, Sharing profit with resource owners, Supplier diversification and Vertical integration. Research Implications- Entrepreneurs can use these strategies to preserve their rent. In addition, the researchers can use these results for further research and developing the literature of entrepreneurial strategies which was not rich before presenting this research. Originality/value- This is the first qualitative research which tries to identify entrepreneurial strategies through the resource-based view lens. Furthermore the research tries to differentiate entrepreneurial strategies from non-entrepreneurial strategies for the first time. Conceptual Paper Keywords: Entrepreneurial Strategies, Resource-based View, Entrepreneurial Rent, Imitation Barrier Strategies, Qualitative Research Method.

74–87

Authors: Dinh Tran Ngoc Huy

Purpose- This research paper evaluates the impacts of external financing on market risk for the listed firms in the Vietnam medical industry as it becomes necessary, esp. after the financial crisis 2007-2009. Design/methodology/approach- First, by using quantitative and analytical methods to estimate asset and equity beta of total 10 listed companies in Viet Nam medical industry with a proper traditional model. Second, we used three scenarios. Finally, leverage changed in three scenarios. Findings- We found out that the beta values, in general, for many institutions are acceptable. Under 3 different scenarios of changing leverage (in 2011 financial reports, 30% up and 20% down), we recognized that the risk level, measured by equity and asset beta mean, decreases when leverage increases to 30% and it increases in case leverage down to 20%. Third, by changing leverage in 3 scenarios, we recognized the dispersion of risk level, measured by equity beta var, increases if the leverage increases to 30%. Compared to the results of other industries, we see that asset beta var in here increases when leverage up to 30% as well as that in consumer good industry. Originality/value- Finally, this paper provides some outcomes that could provide companies and government more evidence in establishing their policies in governance. Research Paper

1-16

Authors: Colin Jones

Purpose- Increasing, there is growing acknowledgement of the importance of franchising within all modern global economies. Despite this, little is understood with regards the actual impact of franchising on local economies. This research aims to reframe the contribution of franchising by considering the process of franchisation. Design/methodology/approach- This study employed a mixed-method approach, utilizing critical realism to facilitate an outcomes-based explanation of firm survival. The focus of the study was upon generative mechanisms that were assumed to give rise to particular events from which (pizza) firm survival was enhanced vis-à-vis all other community members. A database of 2440 firms (or in excess of 21,000 company years) combined with archival records, interviews and the researcher’s observations provided the researcher with access to the nature of interaction occurring between firms. Findings- It was found that the survival of local firms was influenced positively by the day-to-day actions of franchise operators. However, it is argued that to understand how any such advantage my fall to local independent firms, we need too better appreciate the multitude of local processes related to such industries. Originality/value- This research re-examines several ecological concepts with the view of enabling a clearer investigation of underlying local processes. It also represents an authentic autecological approach to the study of firms. Case Study Keywords: Firm Survival, Ecological Processes, Transferred Demand

35–71

Authors: Julio Lamas KNAPP, Christopher Kronenberg

Purpose- This study focuses on the main driving factors influencing the path (i.e. the decision-making process) of SMEs to internationalise and explains reasons for choosing different entry modes as strategy. The paper aims to gain a closer understanding of characteristics and challenges that SMEs experience in the early phase of internationalisation, and how its internationalisation practices – strat-egies – contribute to their competitiveness. Design/methodology/approach- A theoretical framework based on a literature review is developed. Empirical results were gained from a qualitative approach based on case studies and cross-case analy-sis of three Tyrolean SMEs. Findings- Aspects that have been investigated by this study are key motivating drivers to internation-alise and strategies applied. The paper highlights different approaches why and how SMEs undertake the process of internationalisation. Practical implications- An understanding of drivers and strategies to internationalisation offers en-trepreneurs and small business managers the opportunity to shape and reflect on the development of their company. Outcome of this study reveals the importance of managers in understanding the changes in the business environment and in identifying key internal factors. Results provide practical mentoring to SMEs in similar situations in understanding the nature of the processes of an interna-tional expansion strategy. Originality/value- Internationalisation strategies are usually viewed in relation to large enterprises. This study considers SMEs in their approach to develop international strategies and market presence. Research Paper Keywords: SMEs, early internationalisation strategies, strategy development, business development

82–100

Authors: David Deakins, David North

Purpose- In this paper we discuss an exploratory study that involved face to face, qualitative inter-views with 20 technology-based small firms (TBSFs) and seven qualitative interviews with key in-formants and funders. The TBSFs were all located in New Zealand (NZ), a small open economy with a limited domestic market, a population of 4.3 million, current GDP per capita of US$32,260 (2010) and arguably an immature and limited financial infrastructure. The central research question for this study was whether TBSFs can raise appropriate finance that allows them to start, develop and remain in NZ? Design/methodology/approach- An exploratory study has involved a programme of 20 in-depth, face to face qualitative interviews with the founders and chief executives of TBSFs drawn from three contrasting locations in New Zealand and from across different technology-based sectors. A further seven interviews have been conducted with key informants drawn from the three locations. Findings- As might be expected from theory, there was a heavy reliance on internal funding and bootstrapping methods, although a number of TBSFs had in addition managed to raise additional private capital through their own contacts and networks. All the sample had relied upon internal fund-ing to some extent. However, a total of 13 (65 per cent) either relied totally on internal funding (from the initial start-up) or relied upon a combination of internal funding, bootstrapping and private inves-tors. Context was important with New Zealand being a small open and relatively remote economy when compared to the UK; where the EU provides a significant market for TBSF development. In contrast, NZ TBSFs, of necessity were heavily involved in distant overseas markets. Research Implications- There was evidence of a distinct finance gap in the external equity market in New Zealand. For amounts below NZ$1m, these could be sought from networks of business angels, even though such sources were limited and restricted. If the funding sought was in the range NZ$1m -$5m; this was likely to fall between the informal and formal venture markets. Associated with this was a distinct preference for relying on internal funding by NZ TBSFs. Originality/value- This paper provides a contribution by being the first serious study of TBSF devel-opment in New Zealand, specifically focusing on the role of finance. The example of TBSF develop-ment in New Zealand’s small, open economy is significant and comparisons are drawn with the extent of funding gaps and similar issues in TBSF development from a UK based study. These comparisons enable the findings to be set in context and implications developed. Research paper Keywords: Technology-based small firms, Finance, IPR, Venture finance, Entrepreneurial develop-ment

125–139

Authors: Sima Sarafi Zanjani, Abdolreza Gholamali, Dariush Abbasi

Purpose- Nowadays, media is an integral part of the daily life of human beings. SMEs in this industry use their potentials to succeed. On the other hand, social networks are becoming a key to success for these companies. In this sense, the authors investigate the effect of social networks on the customer's alertness and then on the success of these firms. Design/methodology/approach- To do so, among a hundred and four managers in media enterprises in different levels, forty ones were selected and a questionnaire was distributed among them. In fact a quantitative approach was used to test the research hypotheses. Findings- The results show that social network has an influence on the success of media SMEs. Moreover, one could conclude that network ties' strength, networking activities, network ties' type, and customer's alertness influence the success of media SMEs. Research Implications- SMEs in media industries could take advantage of social networks to reach a more effective and efficient level of performance. Indeed, stronger network ties could help them in acting more efficiently. Moreover, customer's alertness could be affected through the characteristics of social networks. Originality/value- The present study is among the first studies in the country which highlights the realities in the SMEs of media industries in developing countries. However, future research could deal with other aspects of such firms. Research paper Keywords: Social Networks, Media Industries, Customer's Alertness