Creating New Ventures: A Review and Research Agenda

Abstract

Creating new ventures is one of the most central topics to entrepreneurship and is a critical step from which many theories of management, organizational behavior, and strategic management build. Therefore, this review and proposed research agenda are relevant to not only entrepreneurship scholars but also other management scholars who wish to challenge some of the implicit assumptions of their current streams of research and extend the boundaries of their current theories to earlier in the organization’s life. Given that the last systematic review of the topic was published 16 years ago, and that the topic has evolved rapidly over this time, an overview and research outlook are long overdue. From our review, we inductively generated 10 subtopics: (a) lead founder, (b) founding team, (c) social relationships, (d) cognitions, (e) emergent organizing, (f) new-venture strategy, (g) organizational emergence, (h) new-venture legitimacy, (i) founder exit, and (j) entrepreneurial environment. These subtopics are then organized into three major stages of the entrepreneurial process: co-creating, organizing, and performing. Together, the framework provides a cohesive story of the past and a road map for future research on creating new ventures, focusing on the links connecting these subtopics.

How Shared Leadership in Entrepreneurial Teams Influences New Venture Performance: A Moderated Mediation Model

“…They can seek for competency assessment and counseling, through attending some activities such as decision-making simulation, in-depth interviews, and situational tests. Based on the assessment to shared leadership competency, investors can recognize high-potential entrepreneurial teams or selecting appropriate entrepreneurial leaders (Shepherd et al, 2020). Additionally, educators can design university entrepreneurship programs wherein students playing as entrepreneurial leaders, can realize the responsibilities and challenges of exhibiting shared leadership.…”

“…However, external team relationships do not automatically lead to superior new venture performance. To achieve better performance, entrepreneurial teams must take appropriate actions to exploit external team relationships (Shepherd et al, 2020). In this sense, we shed light on team boundary spanning, which mainly encompasses three types of activities, namely, ambassador, scouting, and task coordination (Ferguson et al, 2019).…”

“…Team boundary spanning is notably important for the development of new ventures, because active information search would be helpful for entrepreneurial teams identifying business opportunities (Shepherd et al, 2020). For example, Resick et al (2014) suggested that by adjusting objectives or priorities, introducing new chances or risks, and changing how current decisions influence desired consequences, the uncertainty and unpredictability inherent in entrepreneurial settings can accentuate the significance of team boundary spanning for effective team operations.…”

“…Second, shared leadership can affect team reflexivity because of its focus on shared goals. In general, entrepreneurial teams should take advantage of the diverse knowledge and views within teams to become successful (Mannor et al, 2019; Shepherd et al, 2020). Thus, entrepreneurial teams are deemed to be the information processors who must constantly review information to attain desired shared goals (Jung et al, 2017).…”

The entrepreneurial financing of the immigrant entrepreneurs: a literature review

“…The research within entrepreneurial finance, where immigrant entrepreneurial financing is positioned, and as suggested by recent editorials (e.g., Cumming et al 2019;Cumming and Groh 2018) and reviews (e.g., Hoàng et al 2020;Shepherd et al 2020), addresses two overarching questions that are as relevant to entrepreneurial ventures in general as they are to the immigrant ones in particular. These are as follows: how entrepreneurs deal with information asymmetry in financial decisions, and what is the role of investor involvement in portfolio companies.…”