On the survival prospects of men's and women's new business ventures

In this study, we examine the relationship between owner and business characteristics and business survival. Our findings are based upon analyses of the Census Bureau's 1982 and 1987 Characteristics of Business Owners (CBO) survey data on a sample of white male and female sole proprietors. Two aspects of this study distinguish it from any related studies to date. First, we separately examine issues affecting the survival prospects of female-owned businesses, whereas previous studies have focussed solely on businesses owned by men. Second, we use data on cohorts of businesses started or acquired in two different time periods, namely 1980–1982 and 1985–1987. Overall, the mean survival rates of male-owned businesses in these two cohorts are 4- to 6% higher, respectively, that those of businesses owned by women.We hypothesize that wage employment provides opportunities for men and women to acquire the financial and human capital necessary for success in business ownership. In fact, most male and female business owners had some prior spell of employment in the wage sector. But there are gender differences in the status of wage workers that, we further hypothesize, could differentially impact the survival prospects of men's and women's new business ventures. First, women's lower average wage earnings may imply more binding financial constraints on the initial scale of women's businesses relative to men's. Second, we find that female owners in both cohorts are less likely than their male counterparts to have had any prior managerial experience or to have 10 or more years of general, prior paid employment experience, which may imply that female entrepreneurs are more constrained in the amount and quality of human capital that they acquire during wage employment. Female entrepreneurs' access to debt and equity capital has not been overlooked by policy makers. What has been largely overlooked are possible gender differences in the amount and quality of human capital of new entrepreneurs. Women's fewer years of general work experience and lesser exposure to managerial occupations may indicate a role for remedial education or mentoring of would-be female entrepreneurs.Women in both cohorts tended to use less financial capital to start or acquire their businesses than men did, and for the 1982 cohort, business survival is found to be positively related to the amount of start-up capital, other factors held constant. The survival prospects of both male- and female-owned businesses are greater for owners with 10 or more years of prior work experience and/or 4 or more years of college. So at least in terms of education and quantity of work experience, female entrepreneurs are at something of a disadvantage relative to their male counterparts. We find that prior managerial experience has no systematic positive or negative effects on the survival prospects of either men's or women's new business ventures, however.Finally, our research indicates that issues concerning business formation and survival must be considered within the context of prevailing macroeconomic conditions. For example, we find that the survival rates of both male- and female-owned businesses started in the 1985–1987 time period were considerably higher than those of businesses started in 1980–1982. Moreover, we uncover systematic differences in owner and business characteristics between our 1982 and 1987 cohorts, as well as differences in how these characteristics influence business survival. Specifically, both male and female owners in our 1982 cohort were better educated, were more likely to have had prior, paid managerial experience, and had more years of prior, paid employment experience, in general. Researchers interested in assessing the survival prospects of businesses over a given time period must consider changes in both product and labor markets over that period. Strength of demand in product markets will have an obvious, direct effect on business viability. The tightening and loosening of labor markets imply changes in potential wage earnings (an opportunity cost of being self-employed) and in this way can affect business dissolution.     

Women business owners in traditional and non-traditional industries

Small businesses continue to grow in importance to the national economy. According to the Small Business Administration, America's 22 million small businesses generate more than half of the nation's Gross Domestic Product and are the principal source of new jobs. The National Foundation for Women Business Owners reported that between 1987 and 1994, the number of women-owned businesses grew by 78% and women-owned firms accounted for 36% of all firms. Although the growth in the number of women-owned businesses is encouraging, the size of such businesses remains small in terms of both revenues and number of employees, especially in comparison to male-owned businesses. One explanation for this disparity is that female business ownership is concentrated primarily in the retail and service industries where businesses are relatively smaller in terms of employment and revenue as opposed to high technology, construction, and manufacturing.One of the most fruitful streams of research in women's occupational choice has been based on social learning theory. Specifically, self-efficacy has been found to relate to both type and number of occupations considered by college men and women, and with regard to traditional and non-traditional occupations. Entrepreneurship researchers have also used social learning theory to study entrepreneurial intentions. This study builds on that background of women's career development and entrepreneurial intentions to examine differences between traditional and non-traditional women business owners. We examine 170 women business owners in various traditional and non-traditional businesses in Utah and Illinois. Questionnaires were the primary method of collecting data, in addition to 11 in-depth interviews from a sample of the survey respondents. Using a careers perspective, based on social learning theory, we hypothesized that women in these two different categories of industries would differ on levels of self-efficacy toward entrepreneurship or venture efficacy, their career expectations and their perceived social support. A second analysis was also done that explored the relationship between the same independent variables and success or performance of the business. The results offer support for using this integrative model to understand differences between women in traditional and non-traditional industries. The first analysis revealed that significant differences exist between the two groups on several of the independent variables. Traditional business owners had higher venture efficacy for opportunity recognition, higher career expectations of life balance and security and they reported that the financial support received from others was more important to them than those in non-traditional businesses. On the other hand, the non-traditional owners had higher venture efficacy for planning and higher career expectations for money or wealth than the traditional group.The second analysis explored whether success, as measured by sales, was affected by differences in venture efficacies, career expectations, or perceived support received by women in traditional businesses as compared to those in non-traditional ones. This analysis revealed that traditional women business owners might have different factors that contribute to their success than non-traditional owners. Specifically, for the traditional owners, venture efficacies for opportunity recognition and economic management as well as the career expectation of autonomy and money (or wealth) were positively related to sales. For the same group efficacy toward planning and the need for security were negatively related to sales. For the non-traditional women, venture efficacy toward planning and the career expectation of autonomy were positively related to sales while the expectation of money or wealth was negatively related. Also for the same group, the perceived importance of the emotional and financial support was negatively related to sales.In the past, most of the entrepreneurial research has used predominantly male samples of entrepreneurs. Those that include women entrepreneurs generally are comparative, between men and women. This study's comparison of two groups of women entrepreneurs offers a unique contribution to the field.Future research is recommended to further understand how venture efficacy and career expectations affect the decision to start a new business in a particular industry. It would be particularly beneficial to study venture efficacy and career expectations of prospective women entrepreneurs prior to the start of the business. Similarly, greater attention should be given to understanding how venture efficacy develops in different individuals.     

Questioning boundedly rational frameworks in practice: The case of women entrepreneurs in Kumasi,Ghana

Management research has a foundation in bounded rationality, wherein individuals seek to make the best choice to satisfy preferences within limits posed by informational incompleteness. This work addresses how the notion of rationality that models Western, male centric business concerns is not universal. Gender has been left out of the assumptions of boundedly rational models and the use of these models often advantage men at the expense of women. The work in this paper explores the absence of gender in the assumptions of bounded rationality and how this theory is applied in emerging contexts. The paper explores the structural obstacles based on bounded rationality that are imposed on women's businesses and their decision-making and how these obstacles constrain the potential of female entrepreneurs. The paper examines these issues through 220 interviews with stakeholders in the Kumasi Central Market social system in Kumasi, Ghana. The evidence shows that when considering business registration, what is most salient to entrepreneurs is the prevailing cultural expectations for men and women, despite female economic and social prowess as entrepreneurs that predated this business registration laws by centuries. This tension between expectations for female entrepreneurial competency and the simultaneous marginalization of female entrepreneurs using frameworks based on bounded rationality is explored.     

Saudi women entrepreneurs: A growing economic segment

The purpose of this study is to explore the sources of knowledge and support for Saudi Arabian women entrepreneurs when starting or operating a new venture. The study examines factors relevant to knowledge base, family support, and external support from outside sources that may influence venture creation. The findings reveal that women are the principal in the majority (55%) of women-owned businesses. A total of 70% of the women own more than 51% of the business and 42% started the business by themselves. Saudi Arabian businesswomen are highly educated, receive strong support from family and friends, and rate themselves as excellent in people skills and innovation. Further research should focus on qualities that contribute to successful women-owned firms in Saudi Arabia. The current study contributes to the literature by focusing on Saudi women entrepreneurs. The understanding of entrepreneurship around the world grows through these findings from a Saudi Arabian context. The results show that Chang, Memili, Chrisman, Kellermanns, and Chua's (2009) model of venture creation is applicable to the broader entrepreneurial and family business population. A discussion of the implications relevant to the business environment, challenges, and opportunities in Saudi Arabian women's entrepreneurship brings this paper to a close.     

A systematic review of women's entrepreneurship and internationalization literature

There has been an increased interest in women's entrepreneurship research due to the changing sociocultural conditions in the global marketplace. Despite this trend, there is still a lack of understanding about the role women entrepreneurs play in the internationalization process of firms. The aim of this article is to systematically review the literature on women's entrepreneurship and internationalization by examining the trends in the research. A bibliometric analysis is conducted on articles in the Web of Science databases to understand which researchers are publishing the most and how they are related to other researchers in the field. In addition, a content analysis of the articles from the bibliometric analysis is conducted that reveals three main clusters from the research: (a) epistemological position and gender, (b) cultural and social reasons for the creation of businesses, and (c) motivations, business characteristics, and performance. From the bibliometric and content analysis, implications for policy makers and future research directions for women's entrepreneurship and internationalization patterns are stated.     

The ambitious entrepreneur: High growth strategies of women-owned enterprises

During the last two decades, researchers have sought to develop categories of entrepreneurs and their businesses along a variety of dimensions to better comprehend and analyze the entrepreneurial growth process. Some of this research has focused on differences related to industrial sectors, firm size, the geographical region in which a business is located, the use of high-technology or low-technology, and the life-cycle stage of the firm (i.e., start-up vs. more mature, formalized companies). Researchers have also considered ways in which entrepreneurs can be differentiated from small business managers. One of these classifications is based on the entrepreneur's desire to grow the business rapidly. This is the focus of our study.To date, the media have paid considerable attention to rapidly growing new ventures. However, still lacking are large-scale research studies guided by theory through which we can expand our knowledge of the underlying factors supporting ambitious expansion plans. Some research has identified factors that enhance or reduce the willingness of the entrepreneur to grow the business. Factors include the strategic origin of the business (i.e., the methods and paths through which the firm was founded); previous experience of the founder/owner; and the ability of the entrepreneur to set realistic, measurable goals and to manage conflict effectively.Our study attempted to identify the strategic paths chosen by entrepreneurs and the relation of those paths to the growth orientation of the firm. The entrepreneurs sampled in this study are women entrepreneurs across a wide range of industrial sectors. Recent reviews of entrepreneurship research have suggested the need for more studies comparing high-growth firms with slower-growth firms to better delineate their differences in strategic choices and behaviors.Our study sought to answer the following questions: What characterizes a “high growth-oriented entrepreneur?” Is this distinction associated with specific strategic intentions, prior experience, equity held in previous firms, the type of company structure in place, or success factors the entrepreneur perceives are important to the business? Do “high growth” entrepreneurs show greater entrepreneurial “intensity” (i.e., commitment to the firm's success)? Are they willing to “pay the price” for their own and their firm's success? (i.e., the “opportunity costs” associated with business success and growth). Other relationships under investigation included different patterns of financing the business' start-up and early growth. Do “high-growth” entrepreneurs use unique sources of funding compared with “lower-growth” entrepreneurs?Eight hundred thirty-two entrepreneurs responded to a survey in which they were asked to describe their growth intentions along nineteen strategic dimensions, as well as respond to the foregoing questions. Some of the strategic activity measures included adding a new product or service, expanding operations, selling to a new market, and applying for a loan to expand operations. Actual growth rates based on sales revenues were calculated, and average annualized growth rates of the industrial sectors represented in the sample were obtained. This study showed that high-growth-oriented entrepreneurs were clearly different from low-growth-oriented entrepreneurs along several dimensions. The former were much more likely to select strategies for their firms that permitted greater focus on market expansion and new technologies, to exhibit greater intensity towards business ownership (“my business is the most important activity in my life”), and to be willing to incur greater opportunity costs for the success of their firms (“I would rather own my own business than earn a higher salary while employed by someone else”).The high-growth–oriented entrepreneurs tended to have a more structured approach to organizing their businesses, which suggests a more disciplined perception of managing the firm. In summary, results showed the group of high-growth–oriented entrepreneurs, labeled “ambitious,” as having the following distinctions: strategic intentions that emphasize market growth and technological change, stronger commitment to the success of the business, greater willingness to sacrifice on behalf of the business, earlier planning for the growth of the business, utilization of a team-based form of organization design, concern for reputation and quality, adequate capitalization, strong leadership, and utilization of a wider range of financing sources for the expansion of the venture. The purpose in uncovering these differences is to enable entrepreneurs and researchers to identify more clearly the attributes of rapid-growth ventures and their founders and to move closer to a field-based model of the entrepreneurial growth process which will help delineate the alternative paths to venture growth and organizational change.     

Women entrepreneurship in small service firms: motivations,barriers and performance

This article presents an exploratory study on the characteristics of women entrepreneurs and the businesses they run in the Valencia region. Following a close look at the evolution of literature on women entrepreneurs, the study shows how different internal and external factors affect the motivation, obstacles and performance of firms created by women. These results contribute towards a better understanding of business creation by women as they provide an empirical contrast of these variables (motivation, barriers and performance). Purpose: The purpose of this paper is to examine the characteristics of women entrepreneurs and the businesses they run in the Valencia Region of Spain, in order to contribute towards a better understanding of business creation by women, and the elements of motivation, barriers and success that influence and characterize the activities of women entrepreneurs. Design/methodology/approach: A random sample of businesses with women founders, in the service sector located in the Valencia Region, were surveyed with a personalized questionnaire focusing on the factors of expansion, financing, marital and family status. Findings: The results of the exploratory research show that different internal and external factors affect the motivation, obstacles to success and performance of firms created by women. It is clear that type of financial support, demographic factors, age at which the new business venture is undertaken, use of family loans and the initial size of firm are all instrumental in subsequent business success. Research limitations/implications: The research was undertaken using a relatively small sample of firms in one region of Spain. The study needs to replicated in a range of different countries in order to further test the generality and generalizability of the substantive results. The implications centre on women entrepreneurs' motivations, business success and failure. Originality/value: This paper contributes to a better understanding of business creation by women and the factors which are instrumental in their success, together with a better understanding of the potential obstacles and barriers.     

Illegal entrepreneurship experience: Does it make a difference for business performance and motivation?

Existing studies show a positive relationship between entrepreneurs' business performance and their conventional human capital as measured by previous business experience and formal education. In this paper, we explore whether illegal entrepreneurship experience (IEE), an unconventional form of human capital, is related to the performance and motivation of entrepreneurs operating legal businesses in a transition context. Using regression techniques on a sample of 399 private business owners in Lithuania, we find that, in general, IEE is significantly and positively associated with subjective measures of business motivation. Moreover, younger entrepreneurs benefit from their IEE in terms of business performance, indicating that they have been more successful than older entrepreneurs in transferring their IEE to a market oriented setting. In addition, IEE and business performance are positively related for entrepreneurs who started completely new legal businesses. Thus, our research partially supports the notion that prior experience in the black or gray market may signal and provide valuable human capital for legal enterprising.     

Bank loan officers' perceptions of the characteristics of men,women, and successful entrepreneurs

Much anecdotal evidence suggests that women, compared to similarly situated men, have great difficulty securing financing for entrepreneurial endeavors. In addition, a mounting body of evidence illustrates how women in managerial roles are perceived in terms of sex stereotypes rather than in terms of their accomplishments. The present study extends this line of research to investigate whether female entrepreneurs are also viewed in terms of sex stereotypes.One hundred and six bank loan officers evaluated either men, women, or successful entrepreneurs on scales assessing nine attributes of successful entrepreneurs.² The nine entrepreneurial qualities were leadership, autonomy, propensity to take risks, readiness for change, endurance, lack of emotionalism, low need for support, low conformity and persuasiveness. It was hypothesized that sex stereotypes influenced perceptions that women, compared to men, did not possess the characteristics necessary for successful entrepreneurship.Results confirmed the hypothesis that characteristics attributed to successful entrepreneurs were more commonly ascribed to men than to women. On the dimensions of leadership, autonomy, risk taking, readiness for change, endurance, lack of emotionalism and low need for support, bank loan officers rated women as significantly less like successful entrepreneurs compared to men. While gender differences on the remaining three dimensions failed to reach statistical significance, women were never rated as closer to successful entrepreneurs than were men. These results are consistent with anecdotal evidence of the difficulties female entrepreneurs encounter in securing working capital. The results are also consistent with past research examining commonly held sex stereotypes of male and female managers and executives.These findings raise questions regarding the degree to which loan officers are influenced by sex stereotypes in considering loan applications from male and female aspiring entrepreneurs. From a bank's perspective, it may be important to train loan officers to avoid falling back on sex stereotypes in evaluating proposals for new businesses. Similarly, it may be important to alert female entrepreneurs to the need to dispel traditional sex stereotypes in the context of loan application interviews.     

Israeli women entrepreneurs: An examination of factors affecting performance

This article examines individual factors influencing performance of 200 Israeli women-owned businesses. Whereas research on women entrepreneurs is extensive in developed countries, especially in the United States and Europe, there are comparatively few studies of performance of women-owned businesses in non-OECD countries. There is evidence that social structures (work, family, and organized social life) vary among developed and developing countries as these relate to women entrepreneurs. However, these differences have not been considered as they may relate to theories explaining performance of women-owned businesses. The extent to which existing theories are useful in the context of non-OECD countries is of increasing importance as women in these countries are assuming a greater role in enterprise creation and economic development as a result of radical geopolitical and economic policy changes worldwide.In Israel, women suffer from occupational segregation and typically earn less money than their male counterparts, despite a generally high level of education. Entrepreneurship offers a vehicle for Israeli women to achieve economic parity. Approximately 5.1% of Israeli women are self-employed (compared with 15% of Israeli men) of the 816,800 Israeli working women. This study is the first systematic investigation of performance variation among Israeli women entrepreneurs, thereby contributing to our understanding of women's entrepreneurship in non-OECD countries.Five theoretical perspectives explain performance: individual motivations and goals; social learning (entrepreneurial socialization); network affiliation (contacts and membership in organizations); human capital (level of education, business skills); and environmental influences (location, sectoral participation, and sociopolitical variables). Each of these perspectives is associated with empirical work showing relationships between these individual level factors and performance. Three questions directed this study: (1) Which factors influence the performance of Israeli women entrepreneurs? (2) Which factors explain any variance in performance among businesses established by Israeli women entrepreneurs? (3) How similar are these explanatory factors to those found in other countries?A sample of 220 Israeli women business-owners responded to a survey instrument originally composed by Hisrich and Brush (1982, 1985) that was translated into Hebrew and adapted to the particular conditions of the Israeli population. A majority of the questionnaires was distributed at meetings of professional associates of women entrepreneurs and returned by mail, but one-fourth was distributed to women who were not members of any professional association. No significant differences were found between the respondents who were members or non-members of associations. Reliability testing showed alpha coefficients of 0.65 and higher for scaled questions, which is acceptable for survey data. Statistical analyses, including Pearsons's correlations and multiple regressions, examined relationships between factors identified from theoretical perspectives and performance, which was measured by profitability, income, size (number of employees), and revenues.Demographic variables were examined, and the age of the woman entrepreneur's children was significantly related to profitability (p < .01). The majority of Israeli women entrepreneurs are married and became entrepreneurs after their children were grown. This is consistent with the strong family orientation prevalent in the Israeli culture and the existence of institutional arrangements that support the working mother model as long as she gives priority to family responsibilities.Of the five theoretical perspectives, results showed network affiliation, motivation, human capital, and environmental factors affected different aspects of performance, whereas social learning theory or existence of a role model had no significant effect on performance outcomes. Network affiliation was significantly related to profitability (p < .001), and the use of outside advisors also was related to revenue. In contrast, participation in multiple networks was negatively related to revenue, income, and size of the business.Motivations showed a strong relationship to performance. Factor analysis identified three basic groups of motives: achievement, independence, and economic necessity. Similar to findings in other countries, achievement motives were highly related to personal income, whereas economic necessity was significantly related to both profitability and revenue.Analyses of human capital variables showed mixed results; education level, areas of study, and previous entrepreneurial experience had no effect on previous experience. The fact that this population was highly educated (51% had university degrees) may have impacted on this result. Consistent with prior research findings, previous experience in the industry had a direct and significant effect on performance (p < .001). Previous salaried employment and involvement in the creation of a business were significantly correlated with sales and number of employees. Results also showed that indexes of women entrepreneurs' business skills (obtaining financing, budgeting, labor management, and planning ahead) were highly correlated with revenues (p < .01). Regression analysis showed the business skill index significantly related to profitability (p < .01). Environmental factors were significantly related to performance in that the sectoral affiliation (service versus manufacturing) was related to revenues and employees, but not to profitability and income.This study supports previous research from the United States and Europe on women entrepreneurs, which found that performance is related to previous industry experience, business skills, and achievement motivation. However, the differential effects of network affiliations was significantly more important for women entrepreneurs in Israel. Affiliation with a single network was highly related to profitability, whereas involvement in multiple networks was detrimental to both revenues and the number of employees. These findings imply that to perform well, Israeli women entrepreneurs should gain related industry experience, develop business skills, and seek to achieve success. Most importantly, commitment to a single network for support and advice is better than a loose alignment with many support groups.This research has implications for studies of women entrepreneurs in other non-OECD as well as developing countries. In countries such as Russia or China, anecdotal evidence shows self-employment offers women an opportunity to improve their economic status as more capitalistic policies are adopted. The extent to which individual factors found important in this study, such as business skills, motivations, previous industry experience, and network affiliation, affect performance in these countries is a topic for future investigation. This study suggests that individual factors affect performance differentially as a consequence of variations in social structures, work, organized social life, and family. Future research should explore the extent to which this is the case. Examination of aspects of organizational strategies and government policies as these influence performance is another topic for future study.     

When will larger‐sized female models in advertisements be viewed positively? The moderating effects of instructional frame,gender, and need for cognition

A variety of negative consequences for girls and women have been associated with women's and men's viewing unrealistic portrayals of women in advertising. However, research on the positive consequences of presenting larger‐sized women in advertisements, and the conditions under which they are effective, has been lacking. The present research examined such positive effects and found that larger‐sized female models in ads were rated as more attractive when an instructional frame activated nontraditional beliefs (a new women's magazine that features larger‐sized models) than when it activated traditional beliefs (a traditional women's magazine). These effects were more pronounced for women than for men, and particularly for women who scored higher in their need for cognition. The degree to which women generated positive thoughts about themselves in response to the ads tended to correspond with their ratings of increased attractiveness of the models in the ads. Implications of findings for using positive larger‐sized female models in ads are discussed. © 2004 Wiley Periodicals, Inc.     

Start-Up Capital: "Does Gender Matter?"

Female and male entrepreneurs differ in the way they finance their businesses. This difference can be attributed to the type of business and the type of management and experience of the entrepreneur (indirect effect). Female start-ups may also experience specific barriers when trying to acquire start-up capital. These may be based upon discriminatory effects (direct effect). Whether gender has an impact on size and composition of start-up capital and in what way, is the subject of the present paper. The indirect effect is represented by the way women differ from men in terms of type of business and management and experience. The direct effect cannot be attributed to these differences and is called the gender effect. We use of a panel of 2000 Dutch starting entrepreneurs, of whom approximately 500 are female to test for these direct and indirect effects. The panel refers to the year 1994. We find that female entrepreneurs have a smaller amount of start-up capital, but that they do not differ significantly with respect to the type of capital. On average the proportion of equity and debt capital (bank loans) in the businesses of female entrepreneurs is the same as in those of their male counterparts.     

Novice,portfolio, and serial founders: are they different?

There is growing interest in entrepreneurs who have been involved in more than one venture, yet to date there has been relatively little theoretical development and systematic empirical examination of the topic. In particular, there has been little attention to the potential heterogeneity of habitual entrepreneurship. This study aims to contribute to this emerging area in two ways. First, it outlines a conceptual typology of habitual entrepreneurs who have founded, purchased, or inherited businesses. Second, the empirical part of the study focuses on owner-managers, providing an exploratory analysis of the characteristics and effects of independent business ownership by novice, portfolio, and serial founders. Novice founders are those that have no prior entrepreneurial experience as either a founder, an inheritor, or a purchaser of a business. Portfolio founders retain their original business and inherit, establish, and/or purchase another business. Serial founders are those who sell their original business but at a later date inherit, establish, and/or purchase another business.The study derives propositions suggesting differences among the three types of founders. At the individual founder level of analysis, similarities as well as differences in the personal background, work experiences, reasons leading to the start-up of businesses, and personal attitudes to entrepreneurship of these three types of entrepreneurs are explored. At the organizational level of analysis, finance, employment and performance differences among the businesses owned by the three types of entrepreneurs are presented.The issues are examined using a sample of entrepreneurs who were the principal owner-managers of independent businesses in Great Britain. The sample included 389 novice founders (62.6%), 75 portfolio founders (12.1%), and 157 serial founders (25.3%). No statistically significant differences were found among the three groups of entrepreneurs with regard to the main industrial activity, geographical location, and the age of their businesses. Univariate and multivariate tests were used to examine potential differences between the groups.The results of the study show significant differences between portfolio and serial founders with regard to their parental background, work experience, and their age when they started their first business. Differences were also found with respect to reasons leading to start-up, personal attitudes to entrepreneurship, and sources of funds used during the launch period of the surveyed business. These findings suggest that habitual entrepreneurs cannot be treated as a homogeneous group. The analysis, however, failed to find any significant differences between the performance of the surveyed firms owned by habitual founders and novice founders and between the two types of habitual founders.The findings of the study indicate for researchers that there is a need to carefully define the unit of analysis in any examination of entrepreneurs. In particular, there is a need to take note of the heterogeneity of types of entrepreneur and to consider the entrepreneur as the appropriate unit of analysis rather than simply the firm. Although this study focused on habitual founders of businesses, the theoretical section of the study also identified other types of habitual entrepreneurs, such as serial corporate entrepreneurs and serial management buy-out and buy-in cases. These other types of habitual entrepreneurs would appear to warrant further analysis.The findings of this study have a number of implications for practitioners, especially venture capitalists. The absence of significant performance differences between novice and habitual entrepreneurs, which is consistent with the results from other studies, emphasizes the need for venture capitalists screening potential investees not to rely solely on previous experience.The study also has implications for policy-makers, especially with respect to decisions concerning the allocation of resources to assist nascent entrepreneurs, novice entrepreneurs, and habitual entrepreneurs. The similarities in business performance among novice, serial, and portfolio entrepreneurs suggests that policy-makers need to be careful in targeting scarce resources. Most notably, targeting resources to encourage talented nascent entrepreneurs to become novice entrepreneurs may offer returns which are at least as good as targeting resources to more experienced entrepreneurs.     

Business Media Segmentation for Services Marketers: Education and the Gender Gap

An exploratory study of mâle and female business media use was undertaken to ascertain whether education has levelled sex differences. Social changes in women's work status and access to higher education cause similar needs for financial information. Prior research on business media use presents conflicting evidence about male and female habits. Findings reveal four segments based on sex and education, for education has only partially levelled sex differences. Higher-educated men make greater use of business television than higher-educated women. Lower-educated men rely on print media, and lower-educated women use all business media least. Marketing implications for financial and related services are suggested to appeal to the segments.     

Motivations and Obstacles for Small Business Entrepreneurship in Russia: Fifteen Years in Transition

A longitudinal survey of small business entrepreneurs was conducted in Russia in two stages: in 1994 and in 2008. This study examined entrepreneurial climate and developments in Russia's small businesses with a focus on motivations and obstacles in starting up and operating businesses. It also aimed at analyzing entrepreneurs’ needs for training, consulting, and other types of assistance in a comparative context. Russia's climate for small and medium enterprises (SME) and entrepreneurship has improved, although it is still a work in progress. The 2008 survey indicated younger age, greater share of female entrepreneurs, and remaining small size of the firms. Though the level of SME entrepreneurial activities in Russia is still lower than in major developed economies, the gap is diminishing. Thise study found no significant differences between 1994 and 2008 in terms of entrepreneurial motivations and obstacles; several shifts and trends in motivations and obstacles were identified in their relative importance in SME dynamics.     

Innovation and risk-taking in a transitional economy: A comparative study of chinese managers and entrepreneurs

This research was set in the People's Republic of China. As former socialist China moves from central planning toward a more market-driven economy, improved knowledge about the new environment and firm decisions within such an environment has significant implications. For organizational researchers, such a transition represents a genuine shift of paradigm, and thus offers a unique opportunity to test existing organizational theories and develop new ones. For multinational businesses seeking business opportunities, they have to compete or cooperate with these Chinese firms, whether state-owned or privately owned.Motivated by a deep curiosity in, using the language of Williamson (1996), “What is going on there” behind the “bamboo curtain,” and underpinned by a strong conviction that organizational researchers have much to gain as well as to offer by focusing on transitional economies, I undertook this study to examine characteristics of a regulatory environment and the impact on innovation and risk-taking among Chinese managers and entrepreneurs. I collected original primary data that represents managers from large state-owned enterprises (SOEs) and entrepreneurs from small privately-owned enterprises (POEs) through personal interviews and a survey. Significant differences were found between managers and entrepreneurs in their reported environmental characteristics, strategic orientations, size, and firm performance, indicating that managers are not as innovative and are less willing to make risky decisions than entrepreneurs. Being smaller and faster than SOEs, entrepreneurial firms have adopted some strategies that distinguish them from their larger and more established competitors. Speed, stealth, and sound execution allow entrepreneurs to harvest first-mover advantages and thus increase their chances for survival in a turbulent environment.     

The extent and nature of opportunity identification by experienced entrepreneurs

Guided by insights from cognitive theories, this article explores the links between entrepreneurs' prior business ownership experience and their opportunity identification behavior. Hypotheses were tested using data from 630 entrepreneurs. Experienced entrepreneurs identified more opportunities and exploited more innovative opportunities with greater wealth creation potential. Entrepreneurs that had owned more than 4.5 businesses, however, identified fewer opportunities. The nature of prior business ownership experience also shaped opportunity identification behavior. An inverse U-shaped relationship was detected between the proportion of failed businesses relative to the number of businesses owned and the number of opportunities identified in a given period. Business failure experience was not associated with the innovativeness of exploited opportunities.     

Personal value systems of men and women entrepreneurs versus managers

Many have suggested that the type of individual who becomes an entrepreneur is psychologically distinguishable from the type of individual who becomes a manager. Moreover, it has been argued that within these occupations men and women are fundamentally different. This paper discusses a study that evaluated the accuracy of these characterizations by comparing the personal value systems of men and women entrepreneurs and managers. This information should prove useful to a variety of audiences.First, individuals exploring career alternatives can evaluate the appropriateness of entrepreneurial and managerial careers for themselves by determining whether or not their own value systems match those of individuals already in these roles. Second, venture capitalists, bank loan officers, and individuals in organizations who are in positions to support women's entrepreneurial and managerial pursuits will be able to determine whether or not women and men in these roles are “made from the same cloth” and thus deserve the same consideration. Third, the current research will also shed some light on the compatibility of the entrepreneurial and managerial roles, a role transition that entrepreneurs make as their businesses mature. Finally, by studying the values of individuals in these two fields an assessment of the basic nature of these individuals can be made.Two hundred fifty-five men and women entrepreneurs and managers rank-ordered 15 terminal (desired end states) and 15 instrumental (methods used by individuals to achieve desired end states) values using a modified version of the Rokeach (1973) Value Survey. The results of the study revealed that individuals' gender had very little influence on their value systems. Women valued the terminal value of equality more than men, and men valued “family security” more than women. In contrast, managers and entrepreneurs had vastly different value systems. Entrepreneurs gave significantly greater weight than managers to the following terminal values (listed from most to least important): self-respect, freedom, a sense of accomplishment, and an exciting life, and the following instrumental values (listed front most to least important): being honest, ambitious, capable, independent, courageous, imaginative, and logical. In contrast, managers gave greater weight than entrepreneurs to the terminal values of (listed from most to least important): true friendship, wisdom, salvation, and pleasure, and the instrumental values of (listed from most to least important): being loving, compassionate, forgiving, helpful, and self-controlled.The results of the present study suggest that entrepreneurs want something different out of life than managers. Whereas the latter prefer to enjoy the pleasures that life has to offer, entrepreneurs want to be free to achieve and actualize their potential. Overall, it appears that knowing whether an individual is an entrepreneur or a manager appears to be a better indicator of his/her values than knowing whether an individual is male or female. These results suggest that men and women who become entrepreneurs or, alternatively, secure jobs in the management profession, are more similar to members of the opposite sex within their profession than they are to members of their own sex in a complementary profession. These findings suggest that customers, subordinates, superiors, bank loan officers, and venture capitalists—or in other words, anyone who is involved with men and women entrepreneurs or managers—should be careful not to categorize them according to traditional sex-role stereotypes. As was demonstrated here, these stereotypes are not applicable across the board. Moreover, previous research has shown that they can result in sex discriminatory decisions.Finally, once a business is well underway, managing the operation becomes central to its success. The results of the present study suggest that this change in role emphasis may not be satisfying to the entrepreneur, because the value system of individuals who are committed to the managerial role is at odds with the value preferences of entrepreneurs. This may help explain why many entrepreneurs become less interested and motivated in their ventures once the entrepreneurial component of their job is overtaken by the management aspect.     

Female consumers as agents of change for transforming the environmental sustainability landscape

Faith in others (FIO; governments and businesses) can be seen as society's predisposition to handle environmental problems. The article examines whether women, who undertake a large majority of household purchases, can influence change in consumption practices so as to contribute to sustainability initiatives. Understanding women's character in this manner is informative, it helps us to consider how a women's role as a household purchasing agent is an important nexus to environmental sustainability. The study found that FIO has an influence on women's purchasing decisions. The study provides additional support to strengthen women's role in environmental matters. Not all women were found to be sustainability‐minded. In the challenges faced by women with respect to their influence, evidence from this research suggests that if women have more faith in governments and businesses it would make them more eco‐savvy to act as agents of change for transforming the environmental sustainability landscape.