Entrepreneurship in Europe

This article focuses on the changes in attitude and venture capital provision that the author believes are necessary to rekindle the spirit of entrepreneurship in Europe. The article goes on to discuss technology clusters and the role of stock markets. It then describes the way the Cambridge-based Amadeus venture capital company sets about the venture capital process. It concludes with a plea for entrepreneurship centres to be set up in each university and for some changes in government policy.     

Entrepreneurship in China

Small Business Economics - China’s economic transition has greatly unleashed entrepreneurship and private enterprise development since the 1980s. In this article, we review the recent...     

Reassessing Portfolio Entrepreneurship

Portfolio entrepreneurship, that is the simultaneous ownership of several businesses, is becoming an important theme in the small business research literature. To date, however, there have been few dedicated empirical investigations of the phenomenon. This article analyses research on portfolio entrepreneurship that has been derived from a wide range of subject literatures, including economic sociology, cultural anthropology and agricultural economics. The aim is to provide a deeper understanding of the motivations for portfolio entrepreneurship approaches and the processes associated with it.     

Entrepreneurship and welfare

Here, I examine returns to entrepreneurship using a standard measure of welfare, the per-capita consumption expenditure. This analysis, using quantile regressions, reveals the existence of a welfare hierarchy in occupations. The results suggest that, across the welfare distribution, entrepreneurs who employ others have the highest returns in terms of consumption, while those entrepreneurs who work for themselves, that is, self-employed individuals, have slightly lower returns than the salaried employees. However, self-employment entails higher returns than casual labor and a relative escape from poverty.     

Entrepreneurship and Risk Aversion

Evans and Jovanovic (1989, Journal of Political Economy 97(4), 808–827) find that wealth is an important determinant of business startups due to liquidity constraints. However, Cressy (2000, Economic Letters 66, 235–240) argues that if risk aversion is a negative function of wealth, Evans and Jovanovic’s empirical results could be spurious and the positive effect of wealth could be due to the omission of risk aversion in the regression equation. In other words, according to Cressy, one’s wealth does not have any effect on business startups once the degree of risk aversion is accounted for. This paper attempts to investigate the validity of Cressy’s conjecture. We empirically examine the effect of wealth on the transition into self-employment, while allowing for the effect of risk aversion. Our empirical findings show that Evans and Jovanovic’s (1989) results are robust, i.e., wealth has a positive effect on business startups even allowing for the confounding effects of risk aversion.     

Entrepreneurship and Risk Premium

This article deals with the measurement and determination of entrepreneurship. It utilises the issue of the absence of the entrepreneur from neoclassical theory and uses the theory of portfolio management to establish a model connecting risk premium with the entrepreneurship premium. It shows that the non-systematic risk may be a satisfactory proxy of the level of entrepreneurial activity. The development of successful entrepreneurial activity proxy contributes towards the development of a theorisation of entrepreneurship and an assessment of its contribution to growth.     

Virtual Instant Global Entrepreneurship

International entrepreneurship must be hard, because so few firms attempt it. If true, perhaps it is hard because it requires knowledge about people and places far away. It is hard because it requires mastering processes to handle business across borders. And it is hard because it requires trust in the processes and eventually in the customers elsewhere. These three elements, knowledge, mastery and trust in international business are essential to the success of international entrepreneurship for SMEs.     

Potential Entrepreneurship in Japan

The aim of this paper is to investigate the potential for entrepreneurship in Japan using the Employment Status Survey, which is the only government-administered survey that includes questions about the desire to become an entrepreneur. We find that there are still a number of potential entrepreneurs in Japan, despite a recent decline in the number of new firms being established. We also find that there is a large regional variation in the distribution of entrepreneurial potential, with clustering into a few regions and the level in Tokyo being exceptional. Further, using panel data on 47 prefectures from 1982 to 1997, we examine the determinants of entrepreneurial potential. The estimation results show that the price-cost margin, market size, market growth and the unemployment rate have positive effects on the potential for entrepreneurship.     

Entrepreneurship as Recombinant Growth

The paper presents a model of the entrepreneur as an undertaker of new combinations of ideas. Technology is seen as a set of ideas in a metric technology space where new knowledge is created by the combination of older ideas in the spirit of Schumpeter (1934), Weitzman (1998) and Olsson (2000). Given some intuitive assumptions, we demonstrate that technological progress generated by the convex combination of ideas is constrained by five factors: First, the combinatory process eventually leads to the exhaustion of technological opportunity. Second, the cost of combining ideas increases with the technological distance between the originating ideas. Third, profits are maximized when ideas are combined that are technologically close. Fourth, the technology set is constrained by a social possibility set of socially acceptable ideas. Fifth, the boundaries implied by the ruling technological paradigm limit the scope for eternal recombinant growth.     

Entrepreneurship and innovation networks

In this paper, we give a general introduction to the notion of entrepreneurship and how it has many complex meanings. Entrepreneurs in new firms but also in incumbent firms have a key role in local, regional and national economic development by taking risks to get things done by developing new combinations of ideas and/or doing things differently. In view of this, two of the main questions that are dealt with are: (1) which features make structural differences in institutions and innovation networks remain invariant between decades, and (2) how knowledge about such features can be employed in policy at the national and the regional level. The research questions highlighted in this special issue relate to many pertinent national and regional policy issues. The most apparent concerns conditions conducive for entrepreneurship in the form of new firms and firm growth. In this paper, we also introduce the different contributors to this special issue.     

Public Policy Toward Entrepreneurship

There is widespread support for tax policies providing special treatment for small businesses. This paper reviews standard efficiency and equity criteria for such tax-subsidies, and finds they provide little support for such policies. The review highlights a central empirical void requiring further research: the "optimal" business failure rate. Entrepreneurs do struggle, and small businesses frequently merge and nearly as frequently fail. But we do not know enough to determine which firms to target for success or failure.     

Linking Entrepreneurship and Economic Growth

In the 1980s stagflation and high unemployment caused a renewed interest in supply side economics and in factors determining economic growth. Simultaneously, the 1980s and 1990s have seen a reevaluation of the role of small firms and a renewed attention for entrepreneurship. The goal of this survey is to synthesize disparate strands of literature to link entrepreneurship to economic growth. This will be done by investigating the relationship between entrepreneurship and economic growth using elements of various fields: historical views on entrepreneurship, macro-economic growth theory, industrial economics (Porter's competitive advantage of nations), evolutionary economics, history of economic growth (rise and fall of nations) and the management literature on large corporate organizations. Understanding the role of entrepreneurship in the process of economic growth requires the decomposition of the concept of entrepreneurship. A first part of our synthesis is to contribute to the understanding of the dimensions involved, while paying attention to the level of analysis (individual, firm and aggregate level). A second part is to gain insight in the causal links between these entrepreneurial dimensions and economic growth. A third part is to make suggestions for future empirical research into the relationship between (dimensions of) entrepreneurship and economic growth.     

张庆 善创者成

<正>【人物简介】张庆,北京达博资产管理有限公司CEO,天宝世家(香港)珠宝股份有限公司执行董事上海财经大学国际金融专业获经济学博士,中国地质大学资源产业经济专业博士曾在国内大型金融集团内担任投资部总经理职务,负责资金的投资与运用管理;曾任职于中央企业,二届中央企业青联委员,三届中央企业青联常委,中央企业青年科技工作者协会副主席兼秘书长主要社会职务有中国收藏家协会玉器委员会副主任,北京市青联委员等北京达博资产管理有限公司是一家专注于股权投资及管理的专业机构,目前主要从事的有科技金融股权投资和文化产业投资及艺术品投资顾问服务,牵头发起了中国资源性艺术品基金等。     

The Emergence of Entrepreneurship Policy

Since the 1980s, many regulatory agencies were either downsized or closed and waves of publicly owned enterprises were privatized. Some scholars interpret this as signaling the retreat of government intervention. We suggest, however, that rather than retreating, public policy towards business is undergoing a profound shift. Specifically, a new set of policies designed to promote entrepreneurial activity has come to the forefront, that focuses on enabling the startup and viability of entrepreneurial firms rather than constraining existing enterprises.     

农户创业与贫困减缓

基于中国家庭追踪调查数据,研究农户创业与农村贫困减缓的关系,通过实证检验农户创业减贫效应的短期和长期表现,识别不同行为主体创业行为的减贫效果差异,并给出了农户创业实现贫困减缓的前置条件。研究表明:农户创业与贫困减缓的关系存在时间不一致性,农户创业的减贫效应集中于短期,但由于贫困主体禀赋难以与创业的要素和技能需求形成有效匹配,由之带来的贫困农户创业风险增强了贫困脆弱性;农户创业的减贫效应存在显著的组间异质性,非贫困户创业行为创业绩效更好,减贫溢出效应显著,该结论解释了针对建档立卡贫困户无差别授信信贷政策的户贷企用和套利现象,鼓励创业扶贫的政策措施应思考扶持谁创业更有助于长期减贫的问题。此外,受教育程度、信贷支持和家庭结构是实现创业减贫的重要前置条件。