Abstract
At the heart of entrepreneurship lies the identification, mobilization, and transformation of resources for the creation or growth of a venture. Within the Entrepreneurial Value Creation Theory, resources play an instrumental and critical role in the creation of entrepreneurial competence as the end result of Stage 1—Formulation. In other words, entrepreneurial intention and adaptability along with entrepreneurial opportunity and cognition are matched based on available entrepreneurial resources that can be mobilized and/or transformed into entrepreneurial competence, leading into Stage 2—Monetization.
Keywords
Social Capital Human Capital Absorptive Capacity Family Firm Family Business
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
Preview
Unable to display preview. Download preview PDF.
References
- Adler, P. S., and S.W. Kwon. (2002). Social capital: Prospects for a new concept. The Academy of Management Review, 27(1), 17–40.Google Scholar
- Aldrich, H. E. (2007, 1979). Organizations and Environments. Stanford, CA: Stanford University Press.Google Scholar
- Aldrich, H. E., and M. Ruef. (1999). Organizations Evolving (2nd ed.). Thousand Oaks, CA: Sage Publications.Google Scholar
- Alvarez, S., and L. W. Busenitz. (2001). The entrepreneurship of resource-based theory? Journal of Management, 27, 755–776.CrossRefGoogle Scholar
- Anderson, R. C., and Reeb, D. M. (2003). Founding-family ownership and firm performance: Evidence from the S&P 500. Journal of Finance, 58(3), 1301–1328.CrossRefGoogle Scholar
- Baker, T., and R. E. Nelson. (2005). Creating something from nothing: Resource construction through entrepreneurial bricolage. Administrative Science Quarterly, 50, 329–366.CrossRefGoogle Scholar
- Barney, J. B. (1986). Strategic factor markets: Expectations, luck, and business strategy. Management Science, 32, 1231–1242.CrossRefGoogle Scholar
- Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17, 99–121.CrossRefGoogle Scholar
- Barney, J. B. (2001). Is the resource-based “view” a useful perspective for strategic management research? Yes. Academy of Management Review, 26(1), 41–56.Google Scholar
- Baron, R. A. (2006). Opportunity recognition as pattern recognition: How entrepreneurs “connect the dots” to identify new business opportunities. Academy of Management Perspectives, 20,104–119.CrossRefGoogle Scholar
- Bowen, M. (2004, 1978). Family Therapy in Clinical Practice. Lanham, MD: Rowman & Littlefield Publishers, Inc.Google Scholar
- Brewton, K., S. M. Danes, K. Stafford, and G. W. Haynes. (2010). Determinants of rural and urban family firm resilience. Journal of Family Business Strategy, 1, 155–166.CrossRefGoogle Scholar
- Burch, F. B., J. H. Batchelor, and R. H. Humphrey. (2013). Emotional labor for entrepreneurs: A natural and necessary extension. Entrepreneurship Research Journal, 3(3), 331–366.CrossRefGoogle Scholar
- Cardon, M. S., J. Wincent, J. Singh, and M. Drnovsek. (2009). The nature and experience of entrepreneurial passion. Academy of Management Review 34(3): 511–532.CrossRefGoogle Scholar
- Casson, M. (1982, 2003). The Entrepreneur: An Economic Theory. Totowa, NJ: Barnes and Noble.CrossRefGoogle Scholar
- Child, J. (1998). Trust and international strategic alliances: The case of the Sino-Foreign joint ventures. In C. Lane and R. Bachmann (eds.), Trust within and between Organizations: Conceptual Issues and Empirical Applications (pp. 241–272). New York: Oxford University Press.Google Scholar
- Chrisman, J. J., J. H. Chua, and L. P. Steier. (2002). The influence of national culture and family involvement on entrepreneurial perceptions and performance at the state level. Entrepreneurship Theory and Practice, 26(4), 113–129.Google Scholar
- Cohen, W. M., and D. A. Levinthal. (1990). Adsorptive capacity: A new perspective on learning and innovation. Administrative Science Quarterly, 35(1), 128–152.CrossRefGoogle Scholar
- Cramton, C. D. (1993). Is rugged individualism the whole story?: Public and private accounts of a firm’s founding. Family Business Review, 6(3), 56–61.CrossRefGoogle Scholar
- Coase, R. H. (1937). The nature of the firm. Economica, 4(16), 386–405.CrossRefGoogle Scholar
- Danes, S. M. (2011). Pillow talk leaks: Integrating couple interactions into entrepreneurship research. Entrepreneurship Research Journal, 1(3), 1–5.CrossRefGoogle Scholar
- Danes, S. M. (2013). Entrepreneurship success: “The Lone Ranger” versus “It Takes a Village Approach?” Entrepreneurship Research Journal, 3(3), 1–9.CrossRefGoogle Scholar
- Danes, S. M., J. Lee, K. Stafford, and R. K. Z. Heck. (2008). The effects of ethnicity, families and culture on entrepreneurial experience: An extension of sustainable family business theory. Journal of Developmental Entrepreneurship, 13(3), 229–268.CrossRefGoogle Scholar
- Danes, S. M., J. Lee, S. Amarapurkar, K. Stafford, G. Haynes, and K. Brewton. (2009). Determinants offamily business resilience after a natural disaster by gender of business owner. Journal of Developmental Entrepreneurship, 14(4), 333–354.CrossRefGoogle Scholar
- Danes, S. M., A. E. Matzek, and J. D. Werbel. (2010). Spousal context during the venture creation process. In J. A. Katz and G. T. Lumpkin (series eds.) and A. Stewart, G. T. Lumpkin, and J. A. Katz (vol. eds.), Advances in Entrepreneurship, Firm Emergence and Growth: Vol. 12. Entrepreneurship and Family Business (chapter 4, pp. 113–162). New Milford, CT: Emerald.Google Scholar
- Danes, S. M., Stafford, K., Haynes, G. W., and Amarapurkar, S. S. (2009). Family capital of family firms: Bridging human, social, and financial capital. Family Business Review, 22(3), 199–215.CrossRefGoogle Scholar
- Davidsson, P., and B. Honig. (2003). The role of social and human capital among nascent entrepreneurs. Journal of Business Venturing, 18, 301–331.CrossRefGoogle Scholar
- Dimov, D. (2007). Beyond the single-person, single-insight attribution in understanding entrepreneurial opportunities, Entrepreneurship, Theory, and Practice, 31(5), 713–731.CrossRefGoogle Scholar
- Frijda, N. H. (1986). The Emotions. Cambridge: Cambridge University Press.Google Scholar
- Gartner, W. B. (1990). What are we talking about when we talk about entrepreneurship. Journal of Business Venturing, 5(1), 15–19.CrossRefGoogle Scholar
- Gedajlovic, E., B. Honig, C. B. Moore, G. T. Payne, and M. Wright. (2013). Social capital and entrepreneurship: A schema and research agenda. Entrepreneurship Theory and Practice, 37(3), 455–478.CrossRefGoogle Scholar
- Gimeno, J., T. B. Folta, A. C. Cooper, and C. Y. Woo. (1997). Survival of the fittest? Entrepreneurial human capital and the persistence of underperforming firms. Administrative Science Quarterly, 42(4), 750–783.CrossRefGoogle Scholar
- Haynes, G. W., R. Walker, B. S. Rowe, and G. S. Hong. (1999). The intermingling of business and family finances in family-owned businesses. Family Business Review, 12(3), 225–239.CrossRefGoogle Scholar
- Haynie, J. M., D. A. Shepherd, and J. S. McMullen. (2009). An opportunity for me? The role of resources in opportunity evaluation decisions. Journal of Management Studies, 46(3), 337–361.CrossRefGoogle Scholar
- Heck, R. K. Z., and Trent, E. S. (1999). The prevalence of family business from a household sample. Family Business Review, 12(3), 209–224;CrossRefGoogle Scholar
- Hochschild, A. R. (1979). Emotion work, feeling rules, and social structure. American Journal of Sociology, 85, 551–575.CrossRefGoogle Scholar
- Hochschild, A. R. (1983). The Managed Heart. Berkeley: University of California Press.Google Scholar
- Hudson, M., and L. L. Garty. (2010). Breaking News: New Trends for Angel Groups. Presentation at Angel Capital Association Summit, May 6.Google Scholar
- Humphrey, R. H. (2013). The benefits of emotional intelligence and empathy to entrepreneurship. Entrepreneurship Research Journal, 3(3), 287–294.CrossRefGoogle Scholar
- Kepner, E. (1983). The family and the firm: A coevolutionary perspective. Organizational Dynamics, 12(1), 57–70.CrossRefGoogle Scholar
- Kirzner, I. (1973). Competition and Entrepreneurship. Chicago, IL: University of Chicago Press.Google Scholar
- Kreiser, P. M., P. C. Patel, and J. O. Fiet. (2013). The influence of changes in social capital on firm-founding activities. Entrepreneurship Theory and Practice, 37(3), 539–567.CrossRefGoogle Scholar
- Labaki, R. (2013). Beyond the awaking of a “Sleeping Beauty”: Toward business models inclusive of the emotional dimension in entrepreneurship. Entrepreneurship Research Journal, 3(3), 265–276.Google Scholar
- Labaki, R., N. Michael-Tsabari, and R. K. Zachary. (2013a). Emotional dimensions within the family business-Toward a conceptualization. In K. Smyrnios, P. Z. Poutziouris, and S. Goel (eds.), Handbook of Research on Family Business (2nd ed.) (pp. 734–763). Cheltenham, UK: Edward Elgar Publishing.Google Scholar
- Labaki, R., N. Michael-Tsabari, and R. K. Zachary. (2013b). Exploring the emotional nexus in cogent family business archetypes. Entrepreneurship Research Journal, 3(3), 301–330.Google Scholar
- Lane, C. (1998). Introduction: Theories and issues in the study of trust. In C. Lane and R. Bachmann (eds.), Trust within and between Organizations: Conceptual Issues and Empirical Applications (pp. 1–30). New York: Oxford University Press.Google Scholar
- Lane, P. J., and M. Lubatkin. (1998). Relative adsorptive capacity and interorganizational learning. Strategic Management Journal, 19(5), 461–477.CrossRefGoogle Scholar
- Lazear, E. P. (2005). Entrepreneurship. Journal of Labor Economics, 23(4), 649–680.CrossRefGoogle Scholar
- Lewicki, R. J., D. J. McAllister, and R. J. Bies. (1998). Trust and distrust: New relationship and realities. Academy of Management Review, 23, 438–458.Google Scholar
- Light, I., and C. Rosenstein. (1995). Race, Ethnicity, and Entrepreneurship in Urban America. New York: Aldine DeGruyter.Google Scholar
- Liu, K. (2014). Human capital, social collaboration and patent renewal within U.S. pharmaceutical firms. Working paper under review.Google Scholar
- Longenecker, J. W., Petty, J. W., Palich, L. E., and Hoy, F. (2014). Small Business Management: Launching and Growing Entrepreneurial Ventures. Mason, OH: South-Western Cengage Learning.Google Scholar
- Mayer, R. C., J. H. Davis, and F. D. Schoorman. (1995). An integrative model of organizational trust. Academy of Management Review, 20, 709–734.Google Scholar
- Luhmann, N. (1979). Trust and Power. Chichester, England: Wiley.Google Scholar
- Marvel, M. R., and G. T. Lumpkin. (2007). Technology entrepreneurs’ human capital and its effects on innovation radicalness. Entrepreneurship Theory and Practice, 31(6), 807–828.CrossRefGoogle Scholar
- Michael-Tsabari, N., R. Labaki, and R. K. Zachary. (2014). Towards the cluster model: The family firm’s entrepreneurial behavior over generations. Family Business Review, 27(2), 161–185.CrossRefGoogle Scholar
- Nehapiet, J., and S. Ghoshal. (1998). Social capital, intellectual capital, and the organizational advantage. The Academy of Management Review, 23(2), 242–266.Google Scholar
- Olson, P. D., Zuiker, V. S., Danes, S. M., Stafford, K., Heck, R. K. Z., and Duncan, K. A. (2003). The impact of the family and the business on family business sustainability. Journal of Business Venturing, 18(5), 639–666.CrossRefGoogle Scholar
- Ostrom, E. (1990). Governing the Commons: The Evolution of Institutions for Collective Action. Boston, MA: Cambridge University Press.CrossRefGoogle Scholar
- Ostrom, E., and C. Hess, (eds.). (2006). Understanding Knowledge as a Commons: From Theory to Practice. Cambridge: The MIT Press.Google Scholar
- Penrose, E. (1959). The Theory of the Growth of the Firm. London: Basil Blackwell.Google Scholar
- Porter, M. E. (1980). Competitive Strategy. New York: Free Press.Google Scholar
- Putnam, Robert. (2000). Bowling Alone: The Collapse and Revival of American Community. New York: Simon and Schuster.CrossRefGoogle Scholar
- Rafaeli, A., Schwartz, N., and Tschan, F. (2007). Emotion in work settings. In K. Scherer and D. Sander (eds.), Oxford Companion to the Affective Sciences (pp. 414–416). Oxford University Press.Google Scholar
- Rafaeli, A., and R. I. Sutton. (1987). Expression of emotion as part of the work role. Academy of Management Review, 12, 23–37.Google Scholar
- Rafaeli, A., and R. I. Sutton. (1989). The expression of emotion in organizational life. In L. L. Cummings and B. M. Staw (eds.), Research in Organizational Behavior, vol. 11, (pp. 1–42). Greenwich: JAI Press.Google Scholar
- Rampell, C. (2012). Elinor Ostrom, Winner of Nobel in Economics, Dies at 78. The New York Times, June 12, 2012. [http://www.nytimes.com/2012/06/13/business/elinor-ostrom-winner-of-nobel-in-economics-dies-at-78 .html?_r=0]
- Rogoff, E. G., and R. K. Z. Heck. (2003). Evolving research in entrepreneurship and family business: Recognizing family as the oxygen that feeds the fire of entrepreneurship. Journal of Business Venturing, 18(5), 559–566.CrossRefGoogle Scholar
- Rosenblatt, P. C., L. De Mik, R. M. Anderson, and P. A. Johnson. (1985). The Family in Business: Understanding and Dealing with the Challenges Entrepreneurial Families Face. San Francisco, CA: Jossey-Bass.Google Scholar
- Rousseau, D., S. Sitkin, R. Burt, and C. Camerer. (1998). Not so different after all: A cross discipline view of trust. Academy of Management Review, 23, 405–421.CrossRefGoogle Scholar
- Ruef, M., H. E. Aldrich, and N. M. Carter. (2003). The structure of founding teams: Homophily, strong ties and isolation among U.S. entrepreneurs. American Sociological Review, 68, 195–222.CrossRefGoogle Scholar
- Rumelt, R. (1984). Towards a strategic theory of the firm. In R. Lamb (ed.), Competitive Strategic Management (pp. 556–570). Englewood Cliffs, NJ: Prentice-Hall.Google Scholar
- Sabatelli, R. M., and C. L. Shehan. (1993). Exchange and resource theories. In P. G. Boss, W. J. Doherty, R. LaRossa, W. R. Schumm, and S. K. Steinmetz (eds.), Sourcebook of Family Theories and Methods: A Contextual Approach (pp. 385–411). New York: Plenum.CrossRefGoogle Scholar
- Schumpeter, J. A. (1934). The Theory of Economic Development. Cambridge: Harvard University Press.Google Scholar
- Schumpeter, J. A. (1942). Capitalism, Socialism, and Democracy. New York: Harper and Row.Google Scholar
- Shapiro, C. (1989). The theory of business strategy. RAND Journal of Economics, 20(1), 125–137.CrossRefGoogle Scholar
- Shrader, R., and D. S. Siegel. (2007). Assessing the relationship between human capital and firm performance: Evidence from technology-based new ventures. Entrepreneurship Theory and Practice, 31(6), 893–908.CrossRefGoogle Scholar
- Steier, L. (2001a). Family firms, plural forms of governance, and the evolving role of trust. Family Business Review, 14(4), 353–367.CrossRefGoogle Scholar
- Steier, L. (2001b). Next-generation entrepreneurs and succession: An exploratory study of modes and means of managing social capital. Family Business Review, 14(3), 259–276.CrossRefGoogle Scholar
- Steier, L. (2003). Variants of agency contracts in family-financed ventures as a continuum of familial altruistic and market rationalities. Journal of Business Venturing, 18(5), 597–618.CrossRefGoogle Scholar
- Sundaramurthy, C. (2008). Sustaining trust within family businesses. Family Business Review, 21(1), 89–102.CrossRefGoogle Scholar
- Teece, D. J. (1984). Economic analysis and strategic management. California Management Review, 26(3), 87–110.CrossRefGoogle Scholar
- Teece, D. J., G. Pisano, and A. Shuen. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18(7), 509–533.CrossRefGoogle Scholar
- Upton, N. B., and R. K. Z. Heck. (1997). The family business dimension of entrepreneurship. In D. L. Sexton and R. W. Smilor (eds.), Entrepreneurship: 2000 (pp. 243–266). Chicago, IL: Upstart Publishing Company.Google Scholar
- Van Auken, H. (2003). An empirical investigation of bootstrap financing among small firms. Journal of Small Business Strategy, 14(2), 22–36.Google Scholar
- Van Auken, H., and L. Neeley. (2000). Pre-launch preparations and the acquisition of capital. Journal of Developmental Entrepreneurship, 5, 169–182.Google Scholar
- Ward, J. (1997). Keeping the Family Business Healthy: How to Plan for Continuing Growth, Profitability, and Family Leadership. San Francisco, CA: Jossey-Bass.Google Scholar
- Wernerfelt, B. (1984). A resource-based view of the firm. Strategic Management Journal, 5(2), 171–180.CrossRefGoogle Scholar
- Winter, M., Fitzgerald, M. A., Heck, R. K. Z., Haynes, G. W., and Danes, S. M. (1998). Revisiting the study of family businesses: Methodological challenges, dilemmas, and alternative approaches. Family Business Review, 11(3), 239–252.CrossRefGoogle Scholar
- Winter, M., S. M. Danes, S. K. Koh, K. Fredericks, and J. J. Paul. (2004). Tracking family businesses and their owners over time: Panel attrition, manager departure, and business demise. Journal of Business Venturing, 19, 535–559.CrossRefGoogle Scholar
- Wright, M., K. M. Hmieleski, D. S. Siegel, and M. D. Ensley. (2007). The role of human capital in technological entrepreneurship. Entrepreneurship Theory and Practice, 31(6), 791–806.CrossRefGoogle Scholar
- Yang, Y., and Danes, S. (2014). Entrepreneurial Resiliency: An Exploration of Entrepreneurs’ Social and Human Capital. Unpublished paper under review.Google Scholar
- Yli-Renko, H., E. Autro, and H. J. Sapienza. (2001). Social capital, knowledge acquisition, and knowledge exploitation in young technology-based firms. Strategic Management Journal, 22, 587–613.CrossRefGoogle Scholar
- Zachary, R. K. (2011). The importance of the family system in family business. Journal of Family Business Management, 1(1), 26–36.CrossRefGoogle Scholar
- Zachary, R. K., S. M. Danes, and K. Stafford. (2013). Extensions of the Sustainable Family Business Theory: Operationalization and application. In K. Smyrnios, P. Z. Poutziouris, and S. Goel (eds.), Handbook of Research on Family Business (2nd ed.) (pp. 507–553). Cheltenham, UK: Edward Elgar Publishing.Google Scholar
- Zahra, S. A., and G. George. (2002). Absorptive capacity: A review, reconceptualization, and extension. The Academy of Management Review, 27(2), 185–203.Google Scholar
- Zolt, C. (2001), Dynamic Capabilities and the Emergence of Intra-Industry Differential Firm Performance: Insights from a Simulation Study. Working paper no. 2000/86/ENT. INSEAD, Paris.Google Scholar
Copyright information
© Chandra S. Mishra and Ramona K. Zachary 2014