Entrepreneurial and Small Business Operations Commons^™

Milestone Payments Or Royalties? Contract Design For R&D Licensing, Pascale Crama, Bert De Reyck, Zeger Degraeve

Zeger Degraeve

We study how innovators can optimally design licensing contracts when there is incomplete information on the licensee's valuation of the innovation, and limited control over the licensee's development efforts. A licensing contract typically contains an up-front payment, milestone payments at successful completion of a project phase, and royalties on sales. We use principal-agent models to formulate the licensor's contracting problem, and we find that under adverse selection, the optimal contract structure changes with the licensee's valuation of the innovation. As the licensee's valuation increases, the licensor's optimal level of involvement in the development-directly or through royalties-should decrease. Only a risk-averse …

Incorporating The Family Dynamic Into The Entrepreneurship Process, Justin Craig, Noel Lindsay

Justin B. Craig

This research furthers our understanding of the interaction between the fields of entrepreneurship and family business. It presents a framework that introduces the family dynamic to Timmons’ driving forces model of entrepreneurship. The framework highlights the influence of the family in the entrepreneurship process and the importance of the fit among the three driving forces and the family. It highlights the importance of, and the pivotal roles played by, outside boards of directors when entrepreneurial activities are undertaken by family businesses. Using extracts from interviews with family and non-family executives and board members, the research employs a single case study …

Being The Boss And Working For A Boss: Upsides And Downsides, Justin Craig, Michael Schaper, Clay Dibrell

Justin B. Craig

Comparatively, very little of the Household Income and Labour Dynamics (HILDA) data set has been used to analyse the activities of Australian small business owner-operators, even though there are currently some 1.8 million small firms in existence. Using multiple waves of the HILDA survey, in this paper we investigate two important research questions related to life in a small business in Australia. Question one seeks to uncover differences between small business respondents and employees of private sector firms, by examining issues related to (i) life satisfaction, (ii) job satisfaction, (iii) individual priorities, (iv) perceived prosperity, (v) risk preferences, and (vi) …

Overcoming Liability Of Newness Through Legitimacy: A Stakeholder Salience Perspective, Clay Dibrell, Aaron Johnson, Ken Moores, Justin Craig

Justin B. Craig

Findings are presented on how start-up ventures in search of legitimacy are affected by internal and external stakeholders. Additionally, the salience that start-up entrepreneurs place on external and internal stakeholders in pre- and post-start-up legitimacy attainment is studied. Institutional theory, resource-based view of the firm, and stakeholder salience theory inform our discussion. using case and survey research methods nine start-up and three established Australian wineries from eight different regions are studied. Data collection consisted of: (1) semi-structure interviews with owner(s); (2) field research notes; and (3) a validation questionnaire. The findings suggest that start-ups, in this instance wineries, are able …

A 10-Year Longitudinal Investigation Of Strategy, Systems, And Environment On Innovation In Family Firms, Justin Craig, Ken Moores

Justin B. Craig

This article studies innovation in family firms, filling in some gaps in existent literature. The research addresses the idea of shifting leadership, different mechanisms of facilitating communication, and the importance to the firm of technical progress, linking each to innovation. Shifting leadership is addressed through the longitudinal design. Communication mechanisms are monitored through two constructs: scope of information and timeliness of information. Technical progress is included in an environmental uncertainty factor technoeconomic uncertainty. The findings suggest that linkages between established family firms and innovation may be substantially stronger than currently assumed by many.

Toward A Better Understanding Of Family Enterprising, Morris Mervyn, Justin Craig

Justin B. Craig

By integrating stewardship theory and entrepreneurial orientation perspectives we contribute to the understanding of the concept of family enterprising. Using excerpts from a single case study we provide insight into how a third generation Australian family has evolved and transformed by embracing the notion of family enterprising, which, we suggest, places them in a strong position for sustainability across generations.

Balanced Scorecards To Drive The Strategic Planning Of Family Firms, Justin Craig, Ken Moores

Justin B. Craig

The focus of this research is the measurement and management tool known as the Balanced Scorecard (BSC) and how it can be applied in the family business context. In this article we add familiness to the four BSC perspectives (financial, innovation and learning, customer, internal process) and illustrate how this can assist business development, management, and succession planning in family-owned businesses. We use an action research project to highlight how family businesses can professionalize their management by the adoption of a BSC strategy map that includes a family business focus and links the core essence of the family business with …

Entrepreneurs And Venture Capital: Attitudes And Understanding In New Zealand And Australia, Dean Prebble, Stephen Kelly

Adjunct Professor Stephen J Kelly

No abstract provided.

Venture Capital Across The Ditch: How Australian And New Zealand Firms View The Vc Option, Stephen Kelly, Dean Prebble

Adjunct Professor Stephen J Kelly

No abstract provided.

An Exploratory Study Of Venture Capital In Regional Australia, Stephen Kelly, Margaret Drever, Jeremy Buultjens

Adjunct Professor Stephen J Kelly

No abstract provided.

Lapdogs Or Leaders? Small Business' Role In The Globalisation Of The Australian Economy, Damian Hine, Stephen Kelly

Adjunct Professor Stephen J Kelly

No abstract provided.

Strategic Emphasis, Planning And Performance: Isvs In The Asia Pacific, Jennifer Harrison, Stephen Kelly

Adjunct Professor Stephen J Kelly

No abstract provided.

Strategic Benefits And The Small Firm, Stephen Kelly

Adjunct Professor Stephen J Kelly

No abstract provided.

Tickets To Asia: Foreign Market Entry And Sustained Competitiveness By Smes, Damian Hine, Stephen Kelly

Adjunct Professor Stephen J Kelly

No abstract provided.

So What Do I Get And Why Do I Need It? Understanding Why Small Firms Commit To Suppliers, Stephen Kelly, Jennifer Harrison

Adjunct Professor Stephen J Kelly

No abstract provided.

The Function And Character Of Relationship Benefits: Transferring Capabilities And Resources To The Small Firm, Stephen Kelly

Adjunct Professor Stephen J Kelly

Purpose – This paper aims to critique the foundations of the relationship benefits concept and develop a theoretical model that is tested and validated. Design/methodology/approach – A series of exploratory in-depth interviews were initially conducted and the results considered against extant literature. This was followed by a mail survey of the selected population that resulted in 254 usable responses that represented an effective response rate of 21.4 per cent. Findings – The findings demonstrate that relationship benefits sought by small firms collaborating with larger partners can be classified as cost, service, image and flexibility benefits and suggest that their transfer …

Venture Capital And The Development Of Regional Smes: Constructing A Conceptual Framework, Stephen Kelly, Steven French, Margaret Drever, Jeremy Buultjens

Adjunct Professor Stephen J Kelly

No abstract provided.

Standing Alone: Small Business And The Global Market, Damian Hine, Stephen Kelly

Adjunct Professor Stephen J Kelly

This paper takes a multi-disciplinary approach to the exploration of the role small businesses play in the globalization of the Australian economy. We ask: do SMEs exist primarily to service the demands of their larger counterparts, relying on large firms to enter foreign markets, or do they have the ability to enter global markets as 'independent' entities, sustaining a consistent competitive advantage. A multiple case study approach has been applied to answer the research questions. Findings indicate that small firms are indeed independent and dynamic operators, crucial to Australia's economic success, and small firms are effective in entering foreign markets …

A Comparison Of Attitudes Toward Venture Capital Among Sme Principals And Their Advisors In New Zealand And Australia, Dean Prebble, Stephen Kelly

Adjunct Professor Stephen J Kelly

No abstract provided.

Export Commitment, Success And The Management Of Small Service Exporters, Stephen Kelly, Damian Hine

Adjunct Professor Stephen J Kelly

No abstract provided.

Singapore And Surroundings, Thomas Menkhoff

Thomas MENKHOFF

No abstract provided.

Mgt 355 Negotiations

Dr. Harold Welsch

This course relies upon experiential learning to enhance students ability to get what they want through the negotiation process. It is a skill building course designed to help each student become more persuasive, both personally and professionally. The course makes use of lecture, class discussion, various street negotiation assignments, and a major bargaining exercise. It enables students to compete effectively in future negotiations.

Mgt 398 New Venture Lab

Dr. Harold Welsch

This practicum course is for students who have already developed a business plan for a new commercial or social venture and intend, or have begun, to implement the plan. The course helps students accelerate their progress and manage risk by focusing on important milestones in the new venture development process: acquiring funding and other resources; identifying and selling to prospective customers; managing limited financial resources; building a team and network, including advisors and service providers; presenting the business opportunity to key stakeholders; and assembling infrastructure such as office and technology needs. Course requirements include a detailed action plan, milestone achievement …

Masters Of Business Administration (Mba) In Entrepreneurship

Dr. Harold Welsch

DePaul’s Entrepreneurship program is an internationally recognized, award-winning program. The program is designed for individuals who are preparing to start their own businesses, or who are managing innovative processes in established firms.

The Entrepreneurship concentration will provide you with the skills and abilities needed to:

· Think creatively and generate new business ideas

· Develop your business idea through market analysis

· Write a business plan

· Assess your entrepreneurial leadership skills

· Implement successful growth strategies

· Build an entrepreneurial spirit within established firms

· Consult for area businesses

· Interact directly with entrepreneurs and innovators

Mgt 370 Business Plan Development

Dr. Harold Welsch

A business plan is an important strategic tool required to help establish the direction of an enterprise and attract capital required to run the business. It incorporates and integrates the functional areas of business and puts into practice many of the concepts and theories acquired in other classes. It describes the overall business venture, the product or service, the customers, the competition, the marketing, the legal structure, the operations, the human resources plan, the break-even analysis, the financing and all those things that are required to run a business. It helps to identify many unanticipated factors and reality-tests critical assumptions, …

Mgt 521 Management Of Fast Growing Firms

Dr. Harold Welsch

Alternative growth strategies for companies in the second stage of their life cycle are examined. After initial start-up, a unique set of problems and constraints confront the firm limiting its growth. Expansion of product line and services, new market development, redefinition of organizations, financial resource allocation, second stage financing using a case study approach, and going public are some issues that are covered. Proposed revisions are critically evaluated. Offered once a year.

Mgt 393 Internship And Management Consulting Program

Dr. Harold Welsch

Students encounter real work experience improving linkages between classroom efforts and the business world.

Mgt 373 Creativity & Entrepreneurship

Dr. Harold Welsch

This course will provide an overview of the opportunity recognition and evaluation process by examining how people, the industry, and the social environment interact to identify, create and shape entrepreneurial opportunities. The focus of this course is on creativity and innovation within an entrepreneurial context. Students learn creative tools and applications to assist in designing new business ideas and ventures.

Mgt 570 Entrepreneurship And New Venture Management

Dr. Harold Welsch

The focus of the course is on new venture initiation and the preparation of a business plan that can be used to generate financing and to begin operations in a new business enterprise. It examines the critical factors involved in the conception, initiation and development of new business ventures. Topics covered include the identification of characteristics of prospective entrepreneurs, identifying innovations, market potential analysis for new products or services, acquiring seed capital, obtaining venture capital for growth or purchase of an existing business and organization and operation of the new business. Each student is required to develop a business plan …

Masters Of Science In Entrepreneurship (Mse)

Dr. Harold Welsch

The Master of Science in Entrepreneurship (MSE) builds upon a reputation for excellence with a new specialized program of study that will propel students to reach their enterprising dreams faster. Entrepreneur Magazine and The Princeton Review have rated the DePaul university graduate entrepreneurship program among the best in the nation with rankings in the top ten for over ten years. Engage your passions and become a part of the vibrant DePaul entrepreneurial community. For students interested in turning good opportunities into thriving businesses, the DePaul MSE will equip graduates to start and grow new ventures on their own, or within …