Purpose -Researchers into entrepreneurial strategy have overlooked the impact of small vs big investments on a venture's return on investment (ROI). The purpose of this paper is to investigate to what extent does entrepreneurial behavior impact initial investment size and the return on that investment? Design/methodology/approach -This investigation summarizes research into entrepreneurial leadership behavior and uses data from longitudinal case studies of four innovative start-up wine businesses in California, India, and Italy. Findings -Investment size and ROI appear to be related to entrepreneurial behavior. Practical implications -Lead entrepreneurs must develop both technical competence and social networking skills to achieve small wins, i.e. early if only modest ROI. Originality/value -This paper develops a model consisting of several testable propositions to measure the impact of entrepreneurial behavior on ROI. Keywords Investments, Financial performance, Entrepreneurialism, Return on investment, Winemaking Paper type Research paper There's an old saying in the wine industry that goes, ''In order to make a small fortune you need to start out with a large one.'' Unfortunately, I'd never heard of that ''rule'' before I started out. I came here to the Napa Valley 17 years ago with no money, sold my motorcycle for $5,000 to start a winery, and now I owe $10 million to the banks. And I still haven't been able to buy back my motorcycle, so I'm not sure that I am a success story, really. (John Williams, founder and CEO, Frog's Leap Winery) (Rainsford, 1999).

Abstract. Credit Unions in the United States have grown significantly in recent years. This paper identifies and analyzes the unique characteristics of the credit union industry contributing to this growth. The consolidation of smaller institutions and product diversification among larger credit unions in the environment of financial deregulation in recent years has resulted in enhanced services for credit union members. The industry is expected to continue its growth in membership and assets relative to other depository intermediaries.

The liberalization of product and price competition

The Beringer Wine Estates Company has been expanding its market share in the premium segment of the wine industry in the 1990's. After operating as a wholly owned subsidiary of the giant Nestlé food company for almost a quarter of a century, the firm was sold in 1996 to new owners, in a leveraged buyout. For the next year and a half, management and the new owners restructured the firm and expanded through internal growth and strategic acquisitions. With a heavy debt load from the LBO, it seemed prudent for management to consider a significant rebalancing of its capital structure. By paying off a portion of its debt and enhancing the equity account, the firm would achieve greater financial flexibility which could enhance its growth rate and business options. Finally, a publicly held common stock would provide management with another “currency” to be used for enhancing its growth rate and overall corporate valuation. With the equity markets in turmoil, significant strategic decisions had to be made quickly. Should the IPO be completed, with the district possibility of a less than successful after market price performance and these implications for pursuing external growth initiatives? A variety of alternative courses of action and their implications for the financial health of the Beringer Company and the financial wealth of Beringer stockholders are integral components of this case.

In October 2004, Mr. Richard Sands, CEO of Constellation Brands, evaluated the potential purchase of The Robert Mondavi Corporation. Sands felt that Mondavi's wine beverage products would fit into the Constellation portfolio of alcohol beverage brands, and the opportunity to purchase Mondavi for a highly favorable price was quite possible due to recent management turmoil at that company. However, should it be purchased, strategic and operational changes would be necessary in order to fully achieve Mondavi's potential value. In making a decision, students need to consider the attractiveness of the wine industry, its changing structure, its share of the overall market for beverages, and rival firms' strategies. As rival bidders may emerge for Mondavi's brands, Constellation must offer a price that demonstrates its serious intent to acquire Mondavi.