This study investigates three important issues in a family business: (1) Whether there is a signi... more This study investigates three important issues in a family business: (1) Whether there is a significant difference, relative to their goals and atti-tudes, between owners of businesses with family participation and owners of businesses without family participation; (2) whether owners of businesses with family participation perceive higher levels of business-family conflict than owners of businesses without family participation; and (3) whether owners of businesses with family participation view business-family conflict as a significant impediment to their business performance. We conducted a sur-vey of 231 small business owners in midsize cities in the northeastern and midwestern United States. Of the total sample, 118 are businesses in which two or more family members are employed. This study examines both the reported conflict and the positives of family-member involvement. The find-ings indicate that there is no overall difference in business-related goals be-tween the two groups...
Education has been shown to have myriad effects on people, from increasing their incomes to chang... more Education has been shown to have myriad effects on people, from increasing their incomes to changing their views of the world. In the area of entrepreneurship, education creates opportunities and increases the rate of entrepreneurial activity. This study explores educationʼs effects on the immigrant entrepreneurship development processes and outcomes in the context of Korean-Americans by comparing a national sample of Korean-Americans with differing amounts of education. The sample is part of the National Minority Business Owners Surveys (NMBOS) carried out by the Lawrence N. Field Center for Entrepreneurship at Baruch College between 2003 and 2005. The authors hypothesize that high-education Korean-Americans will have larger and more successful businesses, have more varying types of businesses, and follow differing paths to business formation. In addition, the authors hypothesize that motivations, goals, and attitudes toward their businesses, families, and their lives generally wil...
ABSTRACT Current writing on the subject of business plan development almost uniformly follows an ... more ABSTRACT Current writing on the subject of business plan development almost uniformly follows an approach of asking an entrepreneur to use a template for a business plan or to answer numerous detailed questions regarding the various aspects of the proposed business. This method produces frustration on the part of many entrepreneurs because the templates or lists of questions do not follow the thinking processes that they engage in as they initially conceptualized the business and as they then begin to think through issues of operations, competition, finance, and others. As an alternative to the Template Model, this paper suggest a Process Model of business plan development that lays out 10 steps for the entrepreneur to follow either on his or her own or with a business advisor. These steps generally follow the more typical and more organic way that entrepreneurs develop business ideas and plans. The Process Model deals with key concepts first and then works toward developing the detail of a complete plan. INTRODUCTION Creating business plans is one of the most important functions that entrepreneurs engage in because business plans are often prerequisites for obtaining financial and other resources that entrepreneurs require for creating and growing their ventures. There is also a growing body of research that points to business plans as an effective tool for developing and monitoring internal business operations. Pedagogy for business plan creation is, therefore, one of the most important functions of entrepreneurship education programs. Most curricula in entrepreneurship include courses or programs in the development of business plans and there are numerous books on the subject. Most approaches to business plan creation use what I will call the Template Model. In this approach the author of the business plan follows an outline, or template, and basically goes through the outline filling in the blanks. Sometimes these templates are converted into lists of questions such as "How much debt do you expect to raise?" or "How much would you like to earn from your business?" While there are certain plusses to this template approach, such as quickly introducing the entrepreneur to many issues that will need attention, it often leads to frustration on the part of the entrepreneur and, ultimately, to plans that read like copies of previous plans for other businesses often from distant industries. It often seems to me that answering questions like these early in the process of plan development are like being asked to produce a shopping list for cooking a meal before you have decided what to cook. The alternative to the Template Model is an approach that follows the more logical process of thinking, analysis, and strategic planning that goes into business plan development that I will call a Process Model. In my experience working with hundreds of entrepreneurs, teaching courses on business plan development, interviewing funding sources such as bankers, venture capitalists, and angel investors, and writing on the topic, the Process Model represents a more organic approach that leads to less frustration, higher rates of plan completion, and, most importantly, better, more compelling plans. The purpose of this article is to review the literature on business plans including their use and value, detail and give some examples of the Template Model, and propose a detailed Process Model for business plan creation. The Planning Function for Entrepreneurs The value of planning is demonstrated best by looking at a profession in which virtually all the work is planning, for example architects. Architects develop plans that are usually executed by others professions for structures that are paid for and lived in by the client. Yet, new structures or modifications to existing structures of more than minimal scale are rarely carried out without the plans produced by architects. There are several reasons for this. …
INTRODUCTION By the time Thelma Lewis (not her real name) showed up at the Baruch College Small B... more INTRODUCTION By the time Thelma Lewis (not her real name) showed up at the Baruch College Small Business Lab, she had been in business for six months. Her gift shop with products aimed at the Black community was growing, but she was facing a cash crunch brought on by collection problems from vendors to whom she rented booth space in her store. She had begun to believe that the lease she had negotiated was onerous. She had not been able to advertise because the radio station she wanted charged $400 per commercial: ten times more than she expected. Thelma had never produced a budget, a cash flow projection, or dealt with real estate issues. At the Small Business Lab, she took classes in planning, computers, and business law, and she was coached through the process of creating a business plan and dealing with specific issues that were threatening her gift shop. Thelma was able to renegotiate her lease, make more financially secure arrangements with her vendors, and develop a marketing plan that fit her new budget. Today, Thelma's business is still growing and her confidence has returned. On the other hand, Richard Lewis (not his real name), who was working part-time as a security guard, came to the Small Business Lab with a vision of building a real estate empire. He said he was inspired by Donald Trump and his life style and deduced that real estate was a good business. He also thought it would be good for the Black community to have a role model who was a successful entrepreneur in the real estate business. Richard wanted to know what he had to do to make that happen for him. When told that Trump's endeavors were the culmination of fifty years of real estate ventures begun by his father, and that Donald Trump had actually flirted with bankruptcy in the recent past, Richard's enthusiasm began to wane. After taking a few classes on accounting and finance, and having some counseling sessions with a professor to focus his efforts on aspects of real estate that was more realistic, Richard stopped showing up at the Lab. As different as they are, the examples of Thelma and Richard reveal some of the issues faced by Black entrepreneurs. Lack of training, experience, and resources make the task of initiating a new venture a daunting one. Some react by becoming discouraged even before they begin; others, like Richard, are simply unrealistic. It is widely accepted that entrepreneurship is the engine of economic growth. Between 1987 and 1992, 90% of new jobs were added by companies with fewer than 500 employees. Firms with fewer than 20 employees added more jobs during the period between 1985 and 1995 than did firms with more than 500 employees. Today there are 13 million sole proprietors in the U.S. and their ranks have been growing at 3% yearly for more than twenty years. This trend has largely bypassed Blacks. Light and Rosenstein studied rates of entrepreneurship as measured by self-employment in 167 metropolitan areas and concluded that Blacks are at the bottom of the scale. Neither the causes of this phenomenon nor its cures are obvious. This study compares two groups: white business owners in mid-size cities and suburban areas and aspiring Black entrepreneurs from inner city neighborhoods in New York City. One group consists of established, well-off, mostly male, business owners with an average of 13 years experience in business ownership. The other is poor, over 40% unemployed, with little or no business experience. We wanted to know just how large the gap was between these two groups on their motivations and goals for starting or operating a business. Could differences in motivations be part of the reason that Blacks lagged so badly in entrepreneurial activity? HISTORY OF BLACK ENTREPRENEURSHIP Throughout history, Blacks have been subjected to factors unique among ethnic groups, including forced migration and a century of slavery. Despite these negative factors, there has been a long tradition of Black entrepreneurship. …
Journal of Business and Entrepreneurship, Mar 1, 1997
ABSTRACT Previous research has demonstrated that education helps entrepreneurs. To understand how... more ABSTRACT Previous research has demonstrated that education helps entrepreneurs. To understand how education works in explaining entrepreneurship development, this study proposes a Dual Path Model of education effects. To test this model, a sample of entrepreneurs is divided into a higher-education group and a lower-education group and the two groups are compared on various mediating variables. The higher-education group earns more and scores significantly higher on business knowledge. A comparison of business related goals and attitudes finds no differences between the two groups. On measures of confidence and self-concept, the results are mixed, leading to an alternative explanation of this route. INTRODUCTION Various aspects of education's role in the area of entrepreneurship have been researched. The case has been made that a higher level of education leads to a higher success rate of new venture creation and growth (see Robinson and Sexton (1994) for a review). Policy formulation in entrepreneurship education is, to a large extent, dependent on conclusions from research as a basis for justifying expenditures for education or for altering programs to make them more productive. One of the goals of research in the area of entrepreneurship education is to establish a direct link between education and entrepreneurship development. While a multitude of macro-level analyses have shown that education level is directly related to a higher probability of entrepreneurship initiation and a higher longevity of the business, literature has been silent on the question of how the general level of education actually helps business owners and entrepreneurs. Specifically, studies are needed to determine what types or elements of education contribute most to entrepreneurial success. To begin to fill this gap in the literature, this study examines three possible avenues of educational influence as plausible mediating variables: (a) through business knowledge change, (b) through attitude change, and (c) through self-confidence change. The significance of the mediating role of these three variables is empirically tested using a survey of small business owners. PREVIOUS RESEARCH ON EDUCATION'S IMPACT ON ENTREPRENEURSHIP Most of the previous research on the impact of education on entrepreneurs has focused on earnings as a possible function of education level. Numerous studies have shown that the education levels of the self-employed exceed those of wage and salary workers. Most studies use self-employment as interchangeable with business ownership and entrepreneurship (Boyd, 1990; Bearse, 1985; Borjas, 1985). However, depending upon the mode of action that one supposes education to have on entrepreneurship, it is possible to see both positive and negative impacts of education on levels of entrepreneurship. In fact, the literature offers two alternative theories of education's impact on entrepreneurship development. The theory of liquidity constraint posits that individuals with a lower stock of human capital, including education, are less able to make the move to entrepreneur or business owner. Proponents of this approach include Evans and Jovanovic (1989) and Brush (1992). Others who have found evidence of this effect include Light and Rosenstein (1995) and Evans and Leighton (1987). Bates (1990) studied the impact that increased levels of education had on business performance and concluded that increased education correlates positively with increased business survival rates. An alternative approach is the theory of the disadvantaged worker, which holds that individuals who face discrimination or who, due to economic conditions, have limited employment opportunities, turn to entrepreneurship. A logical extension of this theory is that increased education will offer these groups alternatives outside of entrepreneurship. Light and Rosenstein (1995), Min (1984), and Evans and Leighton (1987) also provide evidence of this relationship. …
The understanding of entrepreneurship is very much guided by the data available to study the peop... more The understanding of entrepreneurship is very much guided by the data available to study the people and processes that comprise this most important activity. This paper reviews existing entrepreneurship databases, provides detail on their methodologies, makes observations as to their strengths and weaknesses relative to their usefulness to entrepreneurship researchers, and, in some cases, proposes way to improve them. A hierarchy of these databases is presented that groups the databases into categories based on their overall usefulness. The paper also makes recommendations about what types of data entrepreneurship research would provide the most benefit to this field of study.
Purpose– This empirical study aims to test the impact of four types of entrepreneurial context on... more Purpose– This empirical study aims to test the impact of four types of entrepreneurial context on the growth and success rates of new ventures in China and related the findings to the theory and practice of entrepreneurship dating back 2,500 years to ancient China.Design/methodology/approach– After describing the business guidelines given by Fan Li, an entrepreneurial merchant selling Chinese medicines in ancient times, a conceptual framework was extracted as the basis for a discussion of the relationship between entrepreneurial context and entrepreneurial activity. Entrepreneurial context was conceptualized as being composed of family, social, business and institutional components. Five hypotheses about the influence of these different context variables on entrepreneurial activities were developed. From data compiled from the sampling of 239 business entrepreneurs in Beijing, a hierarchical regression was formed and the hypotheses tested.Findings– The impact of entrepreneurial cont...
This study examines the impact of the manufacturers' pricing strategy on the growing spending... more This study examines the impact of the manufacturers' pricing strategy on the growing spending in the drug industry in the case of hemophilia treatment. Testable hypotheses of non-competitive pricing policies are posited to examine whether drug companies manipulate the prices of new drugs at each stage of market adoption. Then, we empirically examine our hypotheses using data from a regional hemophilia drug-purchasing consortium over an eight-year period. The key finding confirms that the pharmaceutical companies engage in non-competitive pricing behavior to maximize their profit given the limited competition in the market. The implications of the findings are considered.
This special issue of the Journal of BusinessVenturing seeks to further the understanding of fami... more This special issue of the Journal of BusinessVenturing seeks to further the understanding of family as a major source ofentrepreneurship. Entrepreneurship cannot grow without mobilization of thefamily forces, and families who own businesses thrive best when the family caneffectively mobilize the business for its well-being. The emphasis of thespecial issue is the relationship between family and business that leads tocreation and sustenance of each other. Similarities and differences betweenfamily businesses and entrepreneurship are discussed. Family business researchhas underutilized the family systems theory and sometimes treated business assecondary to the family. Researchers are encouraged to investigate such variables as family resourcemanagement, family functioning, family viability, interface between the familyand the business and the sustainable business model. (VRS) Table of Contents Evolving Research in Entrepreneurship and Family Business: RecognizingFamily as the Oxygen t...
This study investigates three important issues in a family business: (1) Whether there is a signi... more This study investigates three important issues in a family business: (1) Whether there is a significant difference, relative to their goals and atti-tudes, between owners of businesses with family participation and owners of businesses without family participation; (2) whether owners of businesses with family participation perceive higher levels of business-family conflict than owners of businesses without family participation; and (3) whether owners of businesses with family participation view business-family conflict as a significant impediment to their business performance. We conducted a sur-vey of 231 small business owners in midsize cities in the northeastern and midwestern United States. Of the total sample, 118 are businesses in which two or more family members are employed. This study examines both the reported conflict and the positives of family-member involvement. The find-ings indicate that there is no overall difference in business-related goals be-tween the two groups...
Education has been shown to have myriad effects on people, from increasing their incomes to chang... more Education has been shown to have myriad effects on people, from increasing their incomes to changing their views of the world. In the area of entrepreneurship, education creates opportunities and increases the rate of entrepreneurial activity. This study explores educationʼs effects on the immigrant entrepreneurship development processes and outcomes in the context of Korean-Americans by comparing a national sample of Korean-Americans with differing amounts of education. The sample is part of the National Minority Business Owners Surveys (NMBOS) carried out by the Lawrence N. Field Center for Entrepreneurship at Baruch College between 2003 and 2005. The authors hypothesize that high-education Korean-Americans will have larger and more successful businesses, have more varying types of businesses, and follow differing paths to business formation. In addition, the authors hypothesize that motivations, goals, and attitudes toward their businesses, families, and their lives generally wil...
ABSTRACT Current writing on the subject of business plan development almost uniformly follows an ... more ABSTRACT Current writing on the subject of business plan development almost uniformly follows an approach of asking an entrepreneur to use a template for a business plan or to answer numerous detailed questions regarding the various aspects of the proposed business. This method produces frustration on the part of many entrepreneurs because the templates or lists of questions do not follow the thinking processes that they engage in as they initially conceptualized the business and as they then begin to think through issues of operations, competition, finance, and others. As an alternative to the Template Model, this paper suggest a Process Model of business plan development that lays out 10 steps for the entrepreneur to follow either on his or her own or with a business advisor. These steps generally follow the more typical and more organic way that entrepreneurs develop business ideas and plans. The Process Model deals with key concepts first and then works toward developing the detail of a complete plan. INTRODUCTION Creating business plans is one of the most important functions that entrepreneurs engage in because business plans are often prerequisites for obtaining financial and other resources that entrepreneurs require for creating and growing their ventures. There is also a growing body of research that points to business plans as an effective tool for developing and monitoring internal business operations. Pedagogy for business plan creation is, therefore, one of the most important functions of entrepreneurship education programs. Most curricula in entrepreneurship include courses or programs in the development of business plans and there are numerous books on the subject. Most approaches to business plan creation use what I will call the Template Model. In this approach the author of the business plan follows an outline, or template, and basically goes through the outline filling in the blanks. Sometimes these templates are converted into lists of questions such as "How much debt do you expect to raise?" or "How much would you like to earn from your business?" While there are certain plusses to this template approach, such as quickly introducing the entrepreneur to many issues that will need attention, it often leads to frustration on the part of the entrepreneur and, ultimately, to plans that read like copies of previous plans for other businesses often from distant industries. It often seems to me that answering questions like these early in the process of plan development are like being asked to produce a shopping list for cooking a meal before you have decided what to cook. The alternative to the Template Model is an approach that follows the more logical process of thinking, analysis, and strategic planning that goes into business plan development that I will call a Process Model. In my experience working with hundreds of entrepreneurs, teaching courses on business plan development, interviewing funding sources such as bankers, venture capitalists, and angel investors, and writing on the topic, the Process Model represents a more organic approach that leads to less frustration, higher rates of plan completion, and, most importantly, better, more compelling plans. The purpose of this article is to review the literature on business plans including their use and value, detail and give some examples of the Template Model, and propose a detailed Process Model for business plan creation. The Planning Function for Entrepreneurs The value of planning is demonstrated best by looking at a profession in which virtually all the work is planning, for example architects. Architects develop plans that are usually executed by others professions for structures that are paid for and lived in by the client. Yet, new structures or modifications to existing structures of more than minimal scale are rarely carried out without the plans produced by architects. There are several reasons for this. …
INTRODUCTION By the time Thelma Lewis (not her real name) showed up at the Baruch College Small B... more INTRODUCTION By the time Thelma Lewis (not her real name) showed up at the Baruch College Small Business Lab, she had been in business for six months. Her gift shop with products aimed at the Black community was growing, but she was facing a cash crunch brought on by collection problems from vendors to whom she rented booth space in her store. She had begun to believe that the lease she had negotiated was onerous. She had not been able to advertise because the radio station she wanted charged $400 per commercial: ten times more than she expected. Thelma had never produced a budget, a cash flow projection, or dealt with real estate issues. At the Small Business Lab, she took classes in planning, computers, and business law, and she was coached through the process of creating a business plan and dealing with specific issues that were threatening her gift shop. Thelma was able to renegotiate her lease, make more financially secure arrangements with her vendors, and develop a marketing plan that fit her new budget. Today, Thelma's business is still growing and her confidence has returned. On the other hand, Richard Lewis (not his real name), who was working part-time as a security guard, came to the Small Business Lab with a vision of building a real estate empire. He said he was inspired by Donald Trump and his life style and deduced that real estate was a good business. He also thought it would be good for the Black community to have a role model who was a successful entrepreneur in the real estate business. Richard wanted to know what he had to do to make that happen for him. When told that Trump's endeavors were the culmination of fifty years of real estate ventures begun by his father, and that Donald Trump had actually flirted with bankruptcy in the recent past, Richard's enthusiasm began to wane. After taking a few classes on accounting and finance, and having some counseling sessions with a professor to focus his efforts on aspects of real estate that was more realistic, Richard stopped showing up at the Lab. As different as they are, the examples of Thelma and Richard reveal some of the issues faced by Black entrepreneurs. Lack of training, experience, and resources make the task of initiating a new venture a daunting one. Some react by becoming discouraged even before they begin; others, like Richard, are simply unrealistic. It is widely accepted that entrepreneurship is the engine of economic growth. Between 1987 and 1992, 90% of new jobs were added by companies with fewer than 500 employees. Firms with fewer than 20 employees added more jobs during the period between 1985 and 1995 than did firms with more than 500 employees. Today there are 13 million sole proprietors in the U.S. and their ranks have been growing at 3% yearly for more than twenty years. This trend has largely bypassed Blacks. Light and Rosenstein studied rates of entrepreneurship as measured by self-employment in 167 metropolitan areas and concluded that Blacks are at the bottom of the scale. Neither the causes of this phenomenon nor its cures are obvious. This study compares two groups: white business owners in mid-size cities and suburban areas and aspiring Black entrepreneurs from inner city neighborhoods in New York City. One group consists of established, well-off, mostly male, business owners with an average of 13 years experience in business ownership. The other is poor, over 40% unemployed, with little or no business experience. We wanted to know just how large the gap was between these two groups on their motivations and goals for starting or operating a business. Could differences in motivations be part of the reason that Blacks lagged so badly in entrepreneurial activity? HISTORY OF BLACK ENTREPRENEURSHIP Throughout history, Blacks have been subjected to factors unique among ethnic groups, including forced migration and a century of slavery. Despite these negative factors, there has been a long tradition of Black entrepreneurship. …
Journal of Business and Entrepreneurship, Mar 1, 1997
ABSTRACT Previous research has demonstrated that education helps entrepreneurs. To understand how... more ABSTRACT Previous research has demonstrated that education helps entrepreneurs. To understand how education works in explaining entrepreneurship development, this study proposes a Dual Path Model of education effects. To test this model, a sample of entrepreneurs is divided into a higher-education group and a lower-education group and the two groups are compared on various mediating variables. The higher-education group earns more and scores significantly higher on business knowledge. A comparison of business related goals and attitudes finds no differences between the two groups. On measures of confidence and self-concept, the results are mixed, leading to an alternative explanation of this route. INTRODUCTION Various aspects of education's role in the area of entrepreneurship have been researched. The case has been made that a higher level of education leads to a higher success rate of new venture creation and growth (see Robinson and Sexton (1994) for a review). Policy formulation in entrepreneurship education is, to a large extent, dependent on conclusions from research as a basis for justifying expenditures for education or for altering programs to make them more productive. One of the goals of research in the area of entrepreneurship education is to establish a direct link between education and entrepreneurship development. While a multitude of macro-level analyses have shown that education level is directly related to a higher probability of entrepreneurship initiation and a higher longevity of the business, literature has been silent on the question of how the general level of education actually helps business owners and entrepreneurs. Specifically, studies are needed to determine what types or elements of education contribute most to entrepreneurial success. To begin to fill this gap in the literature, this study examines three possible avenues of educational influence as plausible mediating variables: (a) through business knowledge change, (b) through attitude change, and (c) through self-confidence change. The significance of the mediating role of these three variables is empirically tested using a survey of small business owners. PREVIOUS RESEARCH ON EDUCATION'S IMPACT ON ENTREPRENEURSHIP Most of the previous research on the impact of education on entrepreneurs has focused on earnings as a possible function of education level. Numerous studies have shown that the education levels of the self-employed exceed those of wage and salary workers. Most studies use self-employment as interchangeable with business ownership and entrepreneurship (Boyd, 1990; Bearse, 1985; Borjas, 1985). However, depending upon the mode of action that one supposes education to have on entrepreneurship, it is possible to see both positive and negative impacts of education on levels of entrepreneurship. In fact, the literature offers two alternative theories of education's impact on entrepreneurship development. The theory of liquidity constraint posits that individuals with a lower stock of human capital, including education, are less able to make the move to entrepreneur or business owner. Proponents of this approach include Evans and Jovanovic (1989) and Brush (1992). Others who have found evidence of this effect include Light and Rosenstein (1995) and Evans and Leighton (1987). Bates (1990) studied the impact that increased levels of education had on business performance and concluded that increased education correlates positively with increased business survival rates. An alternative approach is the theory of the disadvantaged worker, which holds that individuals who face discrimination or who, due to economic conditions, have limited employment opportunities, turn to entrepreneurship. A logical extension of this theory is that increased education will offer these groups alternatives outside of entrepreneurship. Light and Rosenstein (1995), Min (1984), and Evans and Leighton (1987) also provide evidence of this relationship. …
The understanding of entrepreneurship is very much guided by the data available to study the peop... more The understanding of entrepreneurship is very much guided by the data available to study the people and processes that comprise this most important activity. This paper reviews existing entrepreneurship databases, provides detail on their methodologies, makes observations as to their strengths and weaknesses relative to their usefulness to entrepreneurship researchers, and, in some cases, proposes way to improve them. A hierarchy of these databases is presented that groups the databases into categories based on their overall usefulness. The paper also makes recommendations about what types of data entrepreneurship research would provide the most benefit to this field of study.
Purpose– This empirical study aims to test the impact of four types of entrepreneurial context on... more Purpose– This empirical study aims to test the impact of four types of entrepreneurial context on the growth and success rates of new ventures in China and related the findings to the theory and practice of entrepreneurship dating back 2,500 years to ancient China.Design/methodology/approach– After describing the business guidelines given by Fan Li, an entrepreneurial merchant selling Chinese medicines in ancient times, a conceptual framework was extracted as the basis for a discussion of the relationship between entrepreneurial context and entrepreneurial activity. Entrepreneurial context was conceptualized as being composed of family, social, business and institutional components. Five hypotheses about the influence of these different context variables on entrepreneurial activities were developed. From data compiled from the sampling of 239 business entrepreneurs in Beijing, a hierarchical regression was formed and the hypotheses tested.Findings– The impact of entrepreneurial cont...
This study examines the impact of the manufacturers' pricing strategy on the growing spending... more This study examines the impact of the manufacturers' pricing strategy on the growing spending in the drug industry in the case of hemophilia treatment. Testable hypotheses of non-competitive pricing policies are posited to examine whether drug companies manipulate the prices of new drugs at each stage of market adoption. Then, we empirically examine our hypotheses using data from a regional hemophilia drug-purchasing consortium over an eight-year period. The key finding confirms that the pharmaceutical companies engage in non-competitive pricing behavior to maximize their profit given the limited competition in the market. The implications of the findings are considered.
This special issue of the Journal of BusinessVenturing seeks to further the understanding of fami... more This special issue of the Journal of BusinessVenturing seeks to further the understanding of family as a major source ofentrepreneurship. Entrepreneurship cannot grow without mobilization of thefamily forces, and families who own businesses thrive best when the family caneffectively mobilize the business for its well-being. The emphasis of thespecial issue is the relationship between family and business that leads tocreation and sustenance of each other. Similarities and differences betweenfamily businesses and entrepreneurship are discussed. Family business researchhas underutilized the family systems theory and sometimes treated business assecondary to the family. Researchers are encouraged to investigate such variables as family resourcemanagement, family functioning, family viability, interface between the familyand the business and the sustainable business model. (VRS) Table of Contents Evolving Research in Entrepreneurship and Family Business: RecognizingFamily as the Oxygen t...
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Papers by Edward Rogoff