Uncertainty, Learning and Error Elimination: Taiwanese Entrepreneurs in Mainland China

Yu, Fu‐Lai Tony

doi:10.1007/978-3-642-28264-5_3

Cited by 4 publications

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“…With enthusiasm in their businesses, entrepreneurs are keen to crack their brains to solve business and technical problems. They firmly believe that putting more thoughts on their businesses will bring them success. Willing to learn: Entrepreneurial learning is important in the market process (Yu, 2008). Entrepreneurs in Taiwan are willing to learn.…”

Section: Personal Characteristics Of Taiwan’s Entrepreneursmentioning

confidence: 99%

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Strategic Entrepreneurship in Taiwan’s Food and Catering Industries: The Case of 85 °C Café Shop

2015

Global Business Review

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This article presents a theory of strategic entrepreneurship for Taiwan’s food catering industries based on the contributions of Austrian economists. It argues that the most significant feature of Taiwanese entrepreneurs is their ability to look for profit opportunities. After identifying a profit opportunity, they surf on the waves of the growing market. They are quick to respond to the rapidly changing environment. Some small firms in Taiwan may not conduct long-range planning. As long as they discover a profit opportunity that others have not yet noticed, they will enter the market and exploit profit margins. Though not as innovative as Henry Ford or Bill Gates who revolutionized automotive industries and information technology industry, respectively, and drastically changed the everyday lives of the world economy, Taiwanese entrepreneurs are excellent adopters of technology. They are able to add some new attributes to the product so that the product differs slightly from the original one and fits into the unserved market. Furthermore, Taiwanese entrepreneurs utilize social network extensively. By using business network and personal relationship, they operate in nexus and hunt in packs in the market. Through social network, they support each other and create a ‘win–win’ situation for each other. This article concludes that the unique entrepreneurial strategies allow Taiwanese businesses to compete in global markets. The argument developed in this article is applied to understand the business success of the 85°C Café in Taiwan, a shop which is known as ‘Starbucks of Taiwan’.

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Section: Personal Characteristics Of Taiwan’s Entrepreneursmentioning

confidence: 99%

“…Willing to learn: Entrepreneurial learning is important in the market process (Yu, 2008). Entrepreneurs in Taiwan are willing to learn.…”

Section: Personal Characteristics Of Taiwan’s Entrepreneursmentioning

confidence: 99%

Strategic Entrepreneurship in Taiwan’s Food and Catering Industries: The Case of 85 °C Café Shop

2015

Global Business Review

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“…Approaches which have done one or both these things include: Allais' theory of random choice (see Allais, 1988; Anticipated or Rank dependent utility (see Quiggin, 1982;Quiggin & Wakker, 1994); Cumulative Prospect theory (see Tversky & Kahneman, 1992); Disappointment aversion theory (see, Gul, 1991;Grant & Kajii, 1998); Implicit (or linear) expected utility theory (see Yu, 2008); Implicit rank linear utility theory (see Luce & Fishburn, 1991;Carlier, 2008); Implicit weighed utility theory (see Cheung, 1992 for theory and Hu et al, 2012) for an application to transport choice); Generalised expected utility theory (see Machina, 1987;Quiggin, 1995;Chu and Halpern, 2008 for theory and Sopher and Gigliotti, 1997 for some tests); Perspective theory (see Hu, 2013); Prospect theory (see Kahneman & Tversky, 1979;Barberis, 2013); Prospective reference theory (see Viscusi, 1989 for theory and Harless, 1993 for some tests); Regret theory (see Bell, 1982;Loomes & Sugden, 1982 for the theory, Egozcue, 2012 for an application to portfolio diversification and Humphrey, 2004 for some empirical work); SSB theory (see Fishburn, 1984a;1984b, Alcuntud, 2002 for theory and Cigola, 1996 for an application to financial markets and bank management); Yaari's dual theory (see Yaari, 1987;Maccheroni, 2004;Galichon and Henry, 2012 for theory, Hadar and Seo, 1995 for an application to asset diversification and Wang & Young, 1998 for an application to insurance; Realization utility (see Barberis & Wei, 2012;Ingersoll & Jin, 2013 for theory and applications to stock market behaviour); Similarity explanations of EUMH failure (see Buschena & Atwood, 2012 for theory and some empirical results).…”

Section: Models Alternative To Eu For ç Amentioning

confidence: 99%

The Microeconomics of Choice under Risk and Uncertainty: Where Are We?

Bryant¹

2014

Vikalpa: The Journal for Decision Makers

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Financial decision-making is not straightforward, in part, because such decisions generally involve comparing financial assets the payoffs from which are subject to risk and uncertainty. Given that situation, two questions naturally arise: How do economic agents go about the business of making choices in the face of risk and uncertainty? And, how should economic agents make choices in the face of risk and uncertainty? This paper concentrates on the first of these questions and discusses some of the main attempts made by economic theory to understand how economic agents go about the business decision-making under conditions of risk and uncertainty. Theoretical possibilities considered in the context of decisions under conditions of risk include: Expected value maximization, Expected utility maximization, Rank dependent utility maximization, Prospect theory, and the Topology of fear approach to decision-making in the face of catastrophic risk. This paper also considers empirical tests of these theoretical possibilities and some of the anomalies and responses thrown up by those tests such as: Allais Paradox, Discovered Preference Hypothesis, and the choice behaviour of CEOs when faced with risk. The paper concludes with a brief excursion into choice under uncertainty where, unlike in risky choice situation, the existence of objective probabilities over states of the world cannot be relied on. In that context, the author briefly canvases the Subjective Expected Utility approach — which is unable in general to account for ambiguity aversion — Choquet utility, Wald's Multiple Priors, and the Case Based approach This paper highlights the fact that the rich and fascinating field of decision-making under risk and uncertainty is characterized by a constant interplay between theoretical conjecture, empirical testing, and theoretical refinement. Such interplay is mirrored by this paper and contributions in the Colloquium Section of this Issue, where the thoughts of practitioners and academics interact.

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“…Second, psychological security is an individual’s psychological feeling and inner state; higher psychological security can motivate employees to be more active at work ( Kahn, 1990 ). As an action orientation, error learning ability can effectively improve the effect of individual reflection and learning from errors ( Yu, 2008 ). Thus, this study will explore the mediation role of psychological security and error learning ability in servant leadership and employees’ voice behavior and explore the mechanism between servant leadership and employees’ voice behavior by constructing a chain mediation path.…”

Section: Introductionmentioning

confidence: 99%

How Can Servant Leadership Promote Employees’ Voice Behavior? A Moderated Chain Mediation Model

Chen

Wang²,

Li³

2022

Front. Psychol.

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PurposeBased on Social Exchange Theory, this paper constructs and evaluates the mediation model of servant leadership on employees’ voice behavior through psychological security and error learning ability and discusses the moderation role of work autonomy in the model.DesignThis research used 424 employees and their direct superiors as the research objects and then conducted a paired survey at three points. Mplus7.4 software analyzed the empirical data.FindingsThe results are shown servant leadership is positively correlated with employees’ voice behavior, but psychological security and error learning ability play a partial mediation role in the positive impact of servant leadership on employees’ voice behavior. while psychological security and error learning ability play a chain mediation role in the positive impact of servant leadership on employees’ voice behavior. Besides, work autonomy moderates the chain mediation path by enhancing the positive impact of servant leadership on psychological security. the higher the employees’ work autonomy is, the stronger the positive impact of servant leadership on psychological security will be, and the stronger the chain mediation effect of psychological security and error learning ability between servant leadership and employees’ voice behavior.Practical ImplicationsManagers should abandon the traditional “command and control” management mode, focus on the servant leadership style and improve employees’ psychological security through a comfortable and independent working environment. Besides, managers should set up a suitable error learning atmosphere mechanism, appropriately allow employees to work, give them a specific work autonomy, increase employees’ work flexibility, and encourage employees to provide a cheerful voice for the development and progress of the organization.Origin/valueFrom the perspective of Social Exchange, this study more comprehensively discusses the internal action path of the impact of servant leadership on employees’ voice behavior, enriches the antecedent variables of employees’ voice behavior, expands the existing research on the mediation mechanism of servant leadership, deepens the understanding of the efficiency mechanism of servant leadership, and has enlightenment significance for managers to stimulate employees’ voice better.

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Uncertainty, Learning and Error Elimination: Taiwanese Entrepreneurs in Mainland China

Cited by 4 publications

References 5 publications

Strategic Entrepreneurship in Taiwan’s Food and Catering Industries: The Case of 85 °C Café Shop

Strategic Entrepreneurship in Taiwan’s Food and Catering Industries: The Case of 85 °C Café Shop

The Microeconomics of Choice under Risk and Uncertainty: Where Are We?

How Can Servant Leadership Promote Employees’ Voice Behavior? A Moderated Chain Mediation Model

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