Business Failure and Entrepreneurship: Emergence, Evolution and Future Research

Walsh, Grace; Cunningham, James A.

doi:10.1561/0300000063

Cited by 86 publications

(83 citation statements)

References 186 publications

(458 reference statements)

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“…Have failed founders of internationally orientated USOs been able to recover from failure and how has fear, grief and stigmatization influenced their professional lives and future decisions that they have undertaken? Drawing together IE, USO literatures and the growing literature on business failure would significantly advance our knowledge and offer some relevant insights to founders, universities and actors to mitigate and reduce failure rates of internationally orientated USOs (see Byrne and Shepard, 2015;Ucbasaran et al 2013;Walsh and Cunningham 2016).…”

Section: Discussionmentioning

confidence: 99%

International entrepreneurship in universities: Context, emergence and actors

2016

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This special issue presents an opportunity to explore the international aspects of academic and university based international entrepreneurship. Over the last decades much research attention has been focused on university spin-off firms (USOs) on issues such as, creation, risk, strategies and performance (see Druilhe and Garnsey, 2004;Link and Scott, 2005;Lockett and Wright, 2005;Walter et al, 2006;Wright et al., 2006). There has been a dearth of studies that have examined the international dimensions and aspects of university-based spin-off firms. The six articles presented in this special issue point towards interesting future research agendas at the interface between academic and international entrepreneurship. Three core themes emerge from this special issue: Context, Emergence and Actors. In sum, this special issue pinpoints: firstly, specific features of universities and research organizations as contexts for international technology entrepreneurship; secondly, the process of organizational emergence and entrepreneurial cognition; and thirdly, insight into learning processes of USOs and the role of non-academic actors. Our article concludes by identifying future avenues of

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Section: Discussionmentioning

confidence: 99%

International entrepreneurship in universities: Context, emergence and actors

2016

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“…Recently, the topic of entrepreneurial failure has gained ground in scientific and popular debates about entrepreneurship (Walsh and Cunningham 2016). The still scant literature mainly addresses the following issues: conceptualizations of failure (Jenkins and McKelvie 2016;Khelil 2016); failure attribution (Cardon, Stevens, and Potter 2011;Franco and Haase 2010); causes and consequences of failure (Ucbasaran et al 2013); failure attribution and sensemaking (Mandl, Berger, and Kuckertz 2016;Mantere et al 2013); the stigma of failure (Simmons, Wiklund, and Levie 2014); and learning from failure (Cope 2011;Shepherd 2003).…”

Section: Theoretical Backgroundmentioning

confidence: 99%

Lessons from entrepreneurial failure through vicarious learning

Valenzuela

Wakkee

Martens

et al. 2020

Journal of Small Business & Entrepreneurship

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Despite its widespread occurrence, the topic of failure is barely addressed in entrepreneurship education. Consequently, students are given an incomplete and unrealistic picture of the complexity of being entrepreneurs. This study explores the pedagogical potential of introducing vicarious learning about failure in educational programs rather than focusing solely on starting, growing and success. Taking a qualitative approach, this study examined students' reflective reports written after an interview with an entrepreneur on their experience of failure. Using concepts emerging from these reports and theoretical constructs, it was established whether and how students drew lessons and reflections from the failure stories. The findings show that interviewing and reflecting about the experiences of entrepreneurs allow for vicarious learning from failure, yet without students having to experience it themselves. The lessons learned and the reflections feed each other in a continuous loop. Students recognized that entrepreneurship involves trial and error instead of one straight road. Important lessons include the importance of adaptable behavior, access to key resources, insights in business development and the benefits of networking. Hence, this article contributes to the pedagogy of entrepreneurial education and provides initial suggestions for educators to introduce vicarious learning about failure as a topic in their programs. RÉSUMÉ Malgr e sa fr equence elev ee, le sujet de l' echec est a peine abord e dans l'enseignement de l'entrepreneuriat. En cons equence, il est communiqu e aux etudiants une image incompl ete et irr ealiste de la complexit e d'être un entrepreneur. Cette etude explore le potentiel p edagogique de l'apprentissage par procuration sur l' echec dans les programmes educatifs, plutôt qu'une focalisation seulement sur le d emarrage, la croissance et la r eussite. En adoptant une approche qualitative, l' etude a examin e les rapports de r eflexions r edig es par les etudiants a la suite d'un entretien avec un entrepreneur, centr e sur son exp erience de l' echec. A l'aide de ARTICLE HISTORY

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“…La razón de este mul� campo teórico son sus intereses. Para, la teoría de la agencia su foco se establece sobre la base de la relación administra� va en la alta dirección; mientras que, la teoría de los stakeholders (Cabrera-Suárez, Déniz-Déniz & Mar� n-Santana, 2014; García-Castro & Aguilera, 2015; Voinov y otros, 2016; Basco, Calabrò & Campopiano, 2018, de una abundante literatura sobre el tema) puede abordar las relaciones sociales; y, la teoría ins� tucional (Bosse & Phillips, 2016;Abdelnour;Hasselbladh & Kallinikos, 2017;Arteaga & Menéndez-Requejo, 2017;Thompson, 2018 y una larga serie de estudios sobre este tema) puede indicar sobre las reglas, regulaciones y su cumplimiento en especial los tratados desde la escuela económica evolucionista y las EF (Walsh & Cunningham, 2016; Can� llo-Sánchez, Colin-Mar� nez & Morales-Arellano, 2018 y una gran serie de autores que puede verse como inicio en los trabajo de Thorstein Veblen, Nelson Richard, Geofrey Hogdson y muchos más).…”

Section: Family Businesses Risk and Adverse Selection In The Agency unclassified

Family businesses, risk and adverse selection in the agency relationship

2019

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The objective of this article is to review the literature on family businesses in relation to risk and adverse selection. Outstanding aspects such as the relationship with finances, socio-emotional wealth, incentives, problems of management and business performance, agency costs, diversification, succession, risk, institutionality and agency costs were found. In many cases the results are inconclusive and contradictory. However, it was possible to identify that organizational cultures can be explained from changing environments. This generates new risks and uncertainties in the organization. The relevance of the speed of information exchange in the market as a source of risk and adverse selection was also identified.RESUMENEl objetivo de este artículo es hacer una revisión de la literatura sobre las empresas de familia en relación con el riesgo y la selección adversa. Se encontraron aspectos destacados como la relación con las finanzas, la riqueza socioemocional, los incentivos, los problemas de la gestión y el desempeño empresarial, los costos de agencia, la diversificación, la sucesión, el riesgo, la institucionalidad y los costos de agencia. En muchos casos los resultados no son concluyentes y son contradictorios. Sin embargo, se logró identificar que las culturas organizacionales se pueden explicar a partir de los entornos cambiantes. Esto genera nuevos riesgos e incertidumbres en la organización. También se identificó la relevancia de la velocidad de intercambio de información en el mercado como fuente de riesgo y selección adversa.RESUMOO objetivo deste artigo é revisar a literatura sobre empresas de familia em relação ao risco e seleção adversa. Encontramos aspectos marcantes como a relação com finanças, riqueza socioemocional, incentivos, problemas de gestão e desempenho empresarial, custos de agência, diversificação, sucessão, risco, institucionalidade e custos de agência. Em muitos casos, os resultados são inconclusivos e contraditórios. No entanto, foi possível identificar que as culturas organizacionais podem ser explicadas a partir de ambientes em mudança. Isso gera novos riscos e incertezas na organização. A relevância da velocidade de troca de informações no mercado como fonte de risco e seleção adversa também foi identificada.

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Business Failure and Entrepreneurship: Emergence, Evolution and Future Research

Cited by 86 publications

References 186 publications

International entrepreneurship in universities: Context, emergence and actors

International entrepreneurship in universities: Context, emergence and actors

Lessons from entrepreneurial failure through vicarious learning

Family businesses, risk and adverse selection in the agency relationship

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