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Research o n Entrepreneurship. Kun Fu k.fu@imperial.ac.uk Presentation at Swedish Jobs and Society Annual conference 20 th May 2014 London. Outline. Entry into nascent entrepreneurship Transition from nascent to new entrepreneurship Other aspects of entrepreneurship
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Research on Entrepreneurship Kun Fu k.fu@imperial.ac.uk Presentation at Swedish Jobs and Society Annual conference 20th May 2014 London
Outline • Entry into nascent entrepreneurship • Transition from nascent to new entrepreneurship • Other aspects of entrepreneurship • Informal entrepreneurship • Hybrid entrepreneurship
Entry rate into Nascent Entrepreneurship ( 2013 GEM) • Individual-level • - Age, gender, education, Income • - Skill and knowledge, experience • - Know other entrepreneurs • - Intention and attitude • … • Country-level • Economic • Political • Institutional • Cultural • … 9.2 5.9 4.7 3.6 2.9 2.7 http://www.gemconsortium.org/visualizations
Nascent Entrepreneurship Rate (United States VS. Sweden) 14% 9.2 8.1 211% 5.9 1.9 http://www.gemconsortium.org/visualizations
Possible reasons… • Public sector is much larger in Sweden • Smaller income dispersion in Sweden • US women were more active; • Young Americans aged (25 - 34 years) were specially active compared to Swedes in the same age category Delmar, F. & P. Davidsson, 2000
What’s missing? See opportunities Know other entrepreneurs http://www.gemconsortium.org/visualizations
Informal Investors Rate http://www.gemconsortium.org/visualizations
Social Influence onEntry into Nascent Entrepreneurship Wennberg, Autio and Kun (2014)
Social Group-level (Level-2) Conceptual Model Group-level predictors Self-efficacy (group average) Knowledge of other entrepreneurs (group average) Entrepreneurship: good career choice (group average) Status attribution to entrepreneurship (group average) Individual’s attributes Self-efficacy Knowledge of entrepreneurs Good career choice Status attribution Entrepreneurial Behavior Entry into nascent entrepreneurship Individual (Level-1) Wennberg, Autio and Kun (2014)
Transition from Nascent to New Business Entrepreneurial initiatives Operating business
A case from USA PSED, random sample, follow up 12 months Parker and Belghitar(2006)
A case from the Netherlands • longitudinal study, 330 nascent entrepreneurs were followed over a one-year period: • 47% started a business • Industry experience /Manufacturing sector /using own money • 27% was still organizing • Females/ Starting part-time • 26% gave up • third party loan • other/better job Gelderen, Bosma, Thurik (2001)
A case from Sweden • 380 Swedish nascent entrepreneurs were followed for 18 months • occurrence of a first sale during this period indicates the transition of nascent firm to new business owner • 62% made the transition, • being member of a business network (e.g. member of the Chamber of Commerce) • having close friends or neighbors in business Davidsson and Honig (2003)
Lack of comparability among the empirical studies for different countries • different time spans, • different definitions and measures • …
Variation in the transition ratio at the country level High unemployment rate Low transition rate Bergmann and Stephan (2013)
The successes VS. The intentioned failures Nascent entrepreneurs receive newinformation about the new venture constantly, revise or reaffirm their intention consequently. “The key is to fail early, fail cheaply, and don’t make the same mistake twice”. - A. G. Lafley, the former CEO of P&G , BusinessWeek, 2009. Dimov(2010)
IE/FE ratios India: 177:1 USA: 4:1 Sweden: 1:1 *********************** African countries: 50:1 Latin American & Caribbean countries: 10:1 Asia Pacific countries: 5:1 OECD countries: 1:1 Informal Entrepreneurship VS. Formal Entrepreneurship Autio and Kun (2014)
Informal VS. Formal entrepreneurship IE absorbs a major allocation of entrepreneurial effort Unfair competition for formal firms, as tax avoidance, evade social security, employee welfare … 15,871 TAE entrepreneurs GEM 2012
IE influence growth potential Autio and Kun (2014)
Hybrid Entrepreneurship - a intermediate strategy of entrepreneurial entry
particularly attractive to individuals • high switching or opportunity costs, • target uncertain opportunities, • risk-averse/ less confident • Hybrids are 12 times more likely to enter into self-employment than non-hybrids. Folta, Delmar, and Wennberg (2010)
Q&A Thank you very much !