Journal of behavioral and applied management, Mar 30, 2024
The purpose of this study is to advance the literature on the target side in mergers and acquisit... more The purpose of this study is to advance the literature on the target side in mergers and acquisitions (M&A) and entrepreneurial exit by developing a framework that explains how companies can prepare managers for the acquisitions, considering the different backgrounds and different initial motivations. This paper builds on the imprinting perspective and proposes that managers are motivated by different goals and objectives; and that these goals and objectives are instrumental in determining their attitude toward different exit strategies. In addition, we suggest that the relationships between motivation and preferred exit are moderated by the managers' experiences and backgrounds. The first main contribution of the paper is delineating how the manager's background may be the factor that both resolves the contradictions between different perspectives in the literature and offers greater support for previously tested hypotheses. The second main contribution is the addition of motivation for power and its relationship with the choice of exit strategies, as this specific motivation may affect the managers' preferences and thus choices.
This publication can be made available in Braille, large print, computer disk, or tape cassette a... more This publication can be made available in Braille, large print, computer disk, or tape cassette as disability-related reasonable accommodation for an individual with a disability.
The International Journal of Management Education, Nov 1, 2021
Abstract The changing demands of business and society in the 21st century have necessitated a shi... more Abstract The changing demands of business and society in the 21st century have necessitated a shift in educational priorities toward building competencies that will prepare a student for work and life. This trend has only been intensified by the outbreak of the global Covid-19 pandemic in early 2020 that has turned our focus to leveraging technology in the classroom more than ever before. From the perspective of entrepreneurship education, a focus on entrepreneurial competencies allows educators to be more intentional about the role that both curricular and co-curricular activities play in the entrepreneurial process. It has also forced us to consider technology-based solutions that can augment, or in some cases even replace, traditional classroom activities. In this paper, we highlight a novel podcast that was intentionally designed to improve the development of entrepreneurial competencies called Enfactor. We provide detail about the objectives and optimal implementation of Enfactor while discussing its role in the classroom.
Thunderbird International Business Review, May 7, 2023
This research considers how transnational entrepreneurs in emerging economies identify and develo... more This research considers how transnational entrepreneurs in emerging economies identify and develop opportunities for investment into international ventures. Specifically, this study seeks to identify common drivers for outward investment by transnational entrepreneurs from their country of origin (Brazil and India) to their adopted country (the US). Findings indicate three common drivers of this type of internationalization: formal education, effectual logic, and the leveraging of perceived market differences. Furthermore, the data show that entrepreneurs prefer a gradual process of investment rather than a large‐scale initial investment during the exploitation of international opportunities in the adopted country. The results of this study have important practical implications and are valuable additions to the scholarly understanding of the growing field of transnational entrepreneurship.
A principal advantage of open strategy as a decision-making paradigm is the magnification of both... more A principal advantage of open strategy as a decision-making paradigm is the magnification of both the accumulation and heterogeneity of knowledge. Since a key to innovation is the coalescing of dispersed knowledge, open strategy has been an attractive area of scholarly management research over the past two decades. Despite this attention, there has been a paucity of empirical studies on open strategy. Its predictions have not been adequately tested, its boundaries have not been enumerated, nor is the science settled on its application in organizational decision-making. To address this lacuna and to further explore the links between open strategy and innovation, we develop and refine the construct of open strategy and assess its relationship with a common predictor of innovation, absorptive capacity. Within this research, we assess the convergent, discriminant, and predictive validity of the open strategy construct to theoretically refine, validate, and measure it for use in future analysis.
A principal advantage of open strategy as a decision-making paradigm is the magnification of both... more A principal advantage of open strategy as a decision-making paradigm is the magnification of both the accumulation and heterogeneity of knowledge. Since a key to innovation is the coalescing of dispersed knowledge, open strategy has been an attractive area of scholarly management research over the past two decades. Despite this attention, there has been a paucity of empirical studies on open strategy. Its predictions have not been adequately tested, its boundaries have not been enumerated, nor is the science settled on its application in organizational decision-making. To address this lacuna and to further explore the links between open strategy and innovation, we develop and refine the construct of open strategy and assess its relationship with a common predictor of innovation, absorptive capacity. Within this research, we assess the convergent, discriminant, and predictive validity of the open strategy construct to theoretically refine, validate, and measure it for use in future analysis.
Journal of Enterprising Communities: People and Places in the Global Economy, 2018
Purpose This paper describes the entrepreneurial ecosystems of three public research universities... more Purpose This paper describes the entrepreneurial ecosystems of three public research universities involved in the National Science Foundation (NSF) Midwest I-Corps TM (trademark symbol) Node. It presents a synthesis of programming, functional structure, commonly referenced university metrics and their limitations in measuring impact on commercialization and regional development. Design/methodology/approach Based on current literature, university data and discussions with entrepreneurship leaders at the University of Michigan/Ann Arbor, University of Illinois/Urbana Champaign and Purdue University, this paper provides an overview and analysis of entrepreneurial resources and education initiatives. Findings University contributions to entrepreneurial ecosystems can be described with respect to infrastructure and leadership, technology and talent and culture of innovation. Four main university entities are responsible for driving entrepreneurship initiatives. Identification of these en...
International Journal of Information Technology Project Management, 2016
Much has been written about managing information technology (IT) project contracts and their ulti... more Much has been written about managing information technology (IT) project contracts and their ultimate effect on fulfilling an organization's strategy. The integration of managing IT projects, contracts and firm strategy, however, continues to capture the attention of scholars and practitioners. This paper discusses the integration of these issues while providing a necessary process framework of how project contracts become strategic to firms when repeated transactions, increased risk identification, enhanced trust over time, and improved exploration and learning are present. IT project management has been and continues to be a growth profession, and the use of IT project contracts to outsource work has been increasing in importance as well. The authors have found that IT project management is collaborative when work is administered through information technology contracts that respond to organizational objectives. Because of the variance in how IT contracts are managed, they dev...
Becoming a successful entrepreneur is impossible without accepting risk - the question is which r... more Becoming a successful entrepreneur is impossible without accepting risk - the question is which risk to take and at what time. This guide offers practical, no-nonsense advice for marketing and financing your business, bringing on partners and employees, and launching your business as inexpensively and aggressively as possible.
As institutional innovations designed to effect societal change, this work considers public-priva... more As institutional innovations designed to effect societal change, this work considers public-private partnerships (PPPs) as exemplars of enduring entrepreneurship. By surviving beyond the initial objectives of the partnership, many PPPs exhibit continual renewal and repeated acts of entrepreneurship as they explore novel solutions to intractable social problems. With recognition of goal interdependence between partner firms and a structure of open governance, PPPs create unique opportunities for innovative ideas and knowledge exploration and exploitation. This manuscript explores the formative conditions of PPPs and suggests two important outcomes-enhanced absorptive capacity and knowledge spillovers – that contribute to enduring entrepreneurship and long-lasting partnerships.
Journal of Small Business and Enterprise Development, 2020
PurposeOwners of the US-based sport teams are seeing consistent gains on their financial investme... more PurposeOwners of the US-based sport teams are seeing consistent gains on their financial investments, no matter the success of their teams on the playing field or their impact on the surrounding community. Sports teams are a part of an ecosystem comprised of primary and secondary stakeholders. The authors explore this phenomenon using a stakeholder perspective to understand how different business models and ownership structures optimize stakeholder value.Design/methodology/approachThe authors employ an evaluative conceptual approach to examine the dominant model in the US, European ownership structures and public-private partnerships (PPPs). T finalize these comparisons by exploring a fourth business model and ownership structure – a relatively unique option in the US deployed by the Green Bay Packers – which we refer to as the maximized value partnership (MVP). These comparisons are followed by practical advice for owners in regard to these governance mechanisms.FindingsThe MVP own...
Few scholars have investigated the considerations of over-empowered teams (i.e., teams creating n... more Few scholars have investigated the considerations of over-empowered teams (i.e., teams creating negative organizational outcomes from too much empowerment) from a non-consequential ethics approach. Leveraging a virtue-based ethics lens of team empowerment, we provide a framework of team ethical orientation and over-empowerment using highly influential market research teams as a basis for our analysis. The purpose of this research is to contrast how teams founded on virtue-based ethics (such as diligence, integrity, honesty) can attenuate ethical dilemmas and negative organizational outcomes from team over-empowerment. We provide a framework of four conditions that include Sophisticated , Suppressed, Contagion, and Impeded to discuss alignment between team ethical orientation and team empowerment. Through this framework, we aim to further our understanding of empowered team behavior between action that is virtuous, moral, and ethical and activity that threatens organizational values and goals.
Research on open strategy suggests that shared knowledge through collaboration can generate co‐cr... more Research on open strategy suggests that shared knowledge through collaboration can generate co‐created value. We explore this idea by assessing it as a predictor of absorptive capacity (ACAP) in cross‐sector partnerships in pursuit of social innovation. The findings of our study indicate that aspects of strategic openness, including a shared sense of interdependence toward a mutual goal, are the primary mechanisms that enhance knowledge accretion in cross‐sector partnerships. The data also suggest that formalized organizational mechanisms are more influential for producing ACAP than informal mechanisms.
Journal of behavioral and applied management, Mar 30, 2024
The purpose of this study is to advance the literature on the target side in mergers and acquisit... more The purpose of this study is to advance the literature on the target side in mergers and acquisitions (M&A) and entrepreneurial exit by developing a framework that explains how companies can prepare managers for the acquisitions, considering the different backgrounds and different initial motivations. This paper builds on the imprinting perspective and proposes that managers are motivated by different goals and objectives; and that these goals and objectives are instrumental in determining their attitude toward different exit strategies. In addition, we suggest that the relationships between motivation and preferred exit are moderated by the managers' experiences and backgrounds. The first main contribution of the paper is delineating how the manager's background may be the factor that both resolves the contradictions between different perspectives in the literature and offers greater support for previously tested hypotheses. The second main contribution is the addition of motivation for power and its relationship with the choice of exit strategies, as this specific motivation may affect the managers' preferences and thus choices.
This publication can be made available in Braille, large print, computer disk, or tape cassette a... more This publication can be made available in Braille, large print, computer disk, or tape cassette as disability-related reasonable accommodation for an individual with a disability.
The International Journal of Management Education, Nov 1, 2021
Abstract The changing demands of business and society in the 21st century have necessitated a shi... more Abstract The changing demands of business and society in the 21st century have necessitated a shift in educational priorities toward building competencies that will prepare a student for work and life. This trend has only been intensified by the outbreak of the global Covid-19 pandemic in early 2020 that has turned our focus to leveraging technology in the classroom more than ever before. From the perspective of entrepreneurship education, a focus on entrepreneurial competencies allows educators to be more intentional about the role that both curricular and co-curricular activities play in the entrepreneurial process. It has also forced us to consider technology-based solutions that can augment, or in some cases even replace, traditional classroom activities. In this paper, we highlight a novel podcast that was intentionally designed to improve the development of entrepreneurial competencies called Enfactor. We provide detail about the objectives and optimal implementation of Enfactor while discussing its role in the classroom.
Thunderbird International Business Review, May 7, 2023
This research considers how transnational entrepreneurs in emerging economies identify and develo... more This research considers how transnational entrepreneurs in emerging economies identify and develop opportunities for investment into international ventures. Specifically, this study seeks to identify common drivers for outward investment by transnational entrepreneurs from their country of origin (Brazil and India) to their adopted country (the US). Findings indicate three common drivers of this type of internationalization: formal education, effectual logic, and the leveraging of perceived market differences. Furthermore, the data show that entrepreneurs prefer a gradual process of investment rather than a large‐scale initial investment during the exploitation of international opportunities in the adopted country. The results of this study have important practical implications and are valuable additions to the scholarly understanding of the growing field of transnational entrepreneurship.
A principal advantage of open strategy as a decision-making paradigm is the magnification of both... more A principal advantage of open strategy as a decision-making paradigm is the magnification of both the accumulation and heterogeneity of knowledge. Since a key to innovation is the coalescing of dispersed knowledge, open strategy has been an attractive area of scholarly management research over the past two decades. Despite this attention, there has been a paucity of empirical studies on open strategy. Its predictions have not been adequately tested, its boundaries have not been enumerated, nor is the science settled on its application in organizational decision-making. To address this lacuna and to further explore the links between open strategy and innovation, we develop and refine the construct of open strategy and assess its relationship with a common predictor of innovation, absorptive capacity. Within this research, we assess the convergent, discriminant, and predictive validity of the open strategy construct to theoretically refine, validate, and measure it for use in future analysis.
A principal advantage of open strategy as a decision-making paradigm is the magnification of both... more A principal advantage of open strategy as a decision-making paradigm is the magnification of both the accumulation and heterogeneity of knowledge. Since a key to innovation is the coalescing of dispersed knowledge, open strategy has been an attractive area of scholarly management research over the past two decades. Despite this attention, there has been a paucity of empirical studies on open strategy. Its predictions have not been adequately tested, its boundaries have not been enumerated, nor is the science settled on its application in organizational decision-making. To address this lacuna and to further explore the links between open strategy and innovation, we develop and refine the construct of open strategy and assess its relationship with a common predictor of innovation, absorptive capacity. Within this research, we assess the convergent, discriminant, and predictive validity of the open strategy construct to theoretically refine, validate, and measure it for use in future analysis.
Journal of Enterprising Communities: People and Places in the Global Economy, 2018
Purpose This paper describes the entrepreneurial ecosystems of three public research universities... more Purpose This paper describes the entrepreneurial ecosystems of three public research universities involved in the National Science Foundation (NSF) Midwest I-Corps TM (trademark symbol) Node. It presents a synthesis of programming, functional structure, commonly referenced university metrics and their limitations in measuring impact on commercialization and regional development. Design/methodology/approach Based on current literature, university data and discussions with entrepreneurship leaders at the University of Michigan/Ann Arbor, University of Illinois/Urbana Champaign and Purdue University, this paper provides an overview and analysis of entrepreneurial resources and education initiatives. Findings University contributions to entrepreneurial ecosystems can be described with respect to infrastructure and leadership, technology and talent and culture of innovation. Four main university entities are responsible for driving entrepreneurship initiatives. Identification of these en...
International Journal of Information Technology Project Management, 2016
Much has been written about managing information technology (IT) project contracts and their ulti... more Much has been written about managing information technology (IT) project contracts and their ultimate effect on fulfilling an organization's strategy. The integration of managing IT projects, contracts and firm strategy, however, continues to capture the attention of scholars and practitioners. This paper discusses the integration of these issues while providing a necessary process framework of how project contracts become strategic to firms when repeated transactions, increased risk identification, enhanced trust over time, and improved exploration and learning are present. IT project management has been and continues to be a growth profession, and the use of IT project contracts to outsource work has been increasing in importance as well. The authors have found that IT project management is collaborative when work is administered through information technology contracts that respond to organizational objectives. Because of the variance in how IT contracts are managed, they dev...
Becoming a successful entrepreneur is impossible without accepting risk - the question is which r... more Becoming a successful entrepreneur is impossible without accepting risk - the question is which risk to take and at what time. This guide offers practical, no-nonsense advice for marketing and financing your business, bringing on partners and employees, and launching your business as inexpensively and aggressively as possible.
As institutional innovations designed to effect societal change, this work considers public-priva... more As institutional innovations designed to effect societal change, this work considers public-private partnerships (PPPs) as exemplars of enduring entrepreneurship. By surviving beyond the initial objectives of the partnership, many PPPs exhibit continual renewal and repeated acts of entrepreneurship as they explore novel solutions to intractable social problems. With recognition of goal interdependence between partner firms and a structure of open governance, PPPs create unique opportunities for innovative ideas and knowledge exploration and exploitation. This manuscript explores the formative conditions of PPPs and suggests two important outcomes-enhanced absorptive capacity and knowledge spillovers – that contribute to enduring entrepreneurship and long-lasting partnerships.
Journal of Small Business and Enterprise Development, 2020
PurposeOwners of the US-based sport teams are seeing consistent gains on their financial investme... more PurposeOwners of the US-based sport teams are seeing consistent gains on their financial investments, no matter the success of their teams on the playing field or their impact on the surrounding community. Sports teams are a part of an ecosystem comprised of primary and secondary stakeholders. The authors explore this phenomenon using a stakeholder perspective to understand how different business models and ownership structures optimize stakeholder value.Design/methodology/approachThe authors employ an evaluative conceptual approach to examine the dominant model in the US, European ownership structures and public-private partnerships (PPPs). T finalize these comparisons by exploring a fourth business model and ownership structure – a relatively unique option in the US deployed by the Green Bay Packers – which we refer to as the maximized value partnership (MVP). These comparisons are followed by practical advice for owners in regard to these governance mechanisms.FindingsThe MVP own...
Few scholars have investigated the considerations of over-empowered teams (i.e., teams creating n... more Few scholars have investigated the considerations of over-empowered teams (i.e., teams creating negative organizational outcomes from too much empowerment) from a non-consequential ethics approach. Leveraging a virtue-based ethics lens of team empowerment, we provide a framework of team ethical orientation and over-empowerment using highly influential market research teams as a basis for our analysis. The purpose of this research is to contrast how teams founded on virtue-based ethics (such as diligence, integrity, honesty) can attenuate ethical dilemmas and negative organizational outcomes from team over-empowerment. We provide a framework of four conditions that include Sophisticated , Suppressed, Contagion, and Impeded to discuss alignment between team ethical orientation and team empowerment. Through this framework, we aim to further our understanding of empowered team behavior between action that is virtuous, moral, and ethical and activity that threatens organizational values and goals.
Research on open strategy suggests that shared knowledge through collaboration can generate co‐cr... more Research on open strategy suggests that shared knowledge through collaboration can generate co‐created value. We explore this idea by assessing it as a predictor of absorptive capacity (ACAP) in cross‐sector partnerships in pursuit of social innovation. The findings of our study indicate that aspects of strategic openness, including a shared sense of interdependence toward a mutual goal, are the primary mechanisms that enhance knowledge accretion in cross‐sector partnerships. The data also suggest that formalized organizational mechanisms are more influential for producing ACAP than informal mechanisms.
A principal advantage of open strategy as a decision-making paradigm is the magnification of both... more A principal advantage of open strategy as a decision-making paradigm is the magnification of both the accumulation and heterogeneity of knowledge. Since a key to innovation is the coalescing of dispersed knowledge, open strategy has been an attractive area of scholarly management research over the past two decades. Despite this attention, there has been a paucity of empirical studies on open strategy. Its predictions have not been adequately tested, its boundaries have not been enumerated, nor is the science settled on its application in organizational decision-making. To address this lacuna and to further explore the links between open strategy and innovation, we develop and refine the construct of open strategy and assess its relationship with a common predictor of innovation, absorptive capacity. Within this research, we assess the convergent, discriminant, and predictive validity of the open strategy construct to theoretically refine, validate, and measure it for use in future analysis.
Entrepreneurs and small business owners are ruthless pragmatists, effectuators, and exploiters of... more Entrepreneurs and small business owners are ruthless pragmatists, effectuators, and exploiters of resources. They are nimble, quick to eliminate what does not add value, and are not afraid to make bold decisions and even cut corners. Managers are deliberate, patient, and stewards of resources. They assess risk, perfect operations, dive deeply into processes and keep a company humming along. This is not a book for managers.
This book is designed for founders of early-stage ventures and would-be entrepreneurs. In our view, these are the business leaders most in need of pragmatic advice and most open to receiving it. In this book, we will not be delving into each and every aspect of starting and growing a business since that would require an exhaustive treatise that no entrepreneur would have time to read. You will find that there are aspects of the entrepreneurial journey where we have only scratched the surface (e.g., social media marketing, accounting, legal compliance, etc.) or have ignored altogether (e.g., creativity, exit strategies, site selection, etc.). These decisions were made, in part, for parsimony but mostly because this book prioritizes bold action over second-guessing and risk aversion. And there are also plenty of other resources available on these topics. Diving too deeply into areas of risk for entrepreneurs has alarming potential to derail an entire venture, no matter its potential. As a result, our goal for this book is to cut to the quick of the lessons that we have learned over years of working in early-stage entrepreneurial ventures, discuss some topics that have not been adequately addressed before, and to encourage readers to continue their entrepreneurial journeys.
This book builds from the lean startup approach to launching a business (Ries, 2011), which aims to shorten development cycles and rapidly discover whether a business model is viable in the marketplace. The assumption of lean startup is that when entrepreneurs use an iterative process to building their business and focus on quickly gaining and responding to customer feedback, they reduce resource requirements, time, and risk. Following the lean startup logic, this book has been designed to help entrepreneurs move quickly while providing guideposts for managing the risks of business startup. It presumes a rudimentary level of business concepts and jargon or the willingness to pick up the nomenclature as you digest the book.
Becoming a successful entrepreneur is impossible without accepting risk – the question is which risk to take and at what time. It is not a challenge to find published work on entrepreneurship that can help determine whether it is the path for you. There are textbooks that cover the process of business startup from an academic perspective, there are articles that dive more deeply into particular aspects of the entrepreneur’s journey, and there are plenty of unicorn stories that lionize the entrepreneurs who have found success. Very few, however, focus on providing guidance for founders of early stage ventures regarding what risks to take and when to take them. We hope that this book can help to provide a roadmap for making those incredibly important early decisions.
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Papers by Thomas Pittz
This book is designed for founders of early-stage ventures and would-be entrepreneurs. In our view, these are the business leaders most in need of pragmatic advice and most open to receiving it. In this book, we will not be delving into each and every aspect of starting and growing a business since that would require an exhaustive treatise that no entrepreneur would have time to read. You will find that there are aspects of the entrepreneurial journey where we have only scratched the surface (e.g., social media marketing, accounting, legal compliance, etc.) or have ignored altogether (e.g., creativity, exit strategies, site selection, etc.). These decisions were made, in part, for parsimony but mostly because this book prioritizes bold action over second-guessing and risk aversion. And there are also plenty of other resources available on these topics. Diving too deeply into areas of risk for entrepreneurs has alarming potential to derail an entire venture, no matter its potential. As a result, our goal for this book is to cut to the quick of the lessons that we have learned over years of working in early-stage entrepreneurial ventures, discuss some topics that have not been adequately addressed before, and to encourage readers to continue their entrepreneurial journeys.
This book builds from the lean startup approach to launching a business (Ries, 2011), which aims to shorten development cycles and rapidly discover whether a business model is viable in the marketplace. The assumption of lean startup is that when entrepreneurs use an iterative process to building their business and focus on quickly gaining and responding to customer feedback, they reduce resource requirements, time, and risk. Following the lean startup logic, this book has been designed to help entrepreneurs move quickly while providing guideposts for managing the risks of business startup. It presumes a rudimentary level of business concepts and jargon or the willingness to pick up the nomenclature as you digest the book.
Becoming a successful entrepreneur is impossible without accepting risk – the question is which risk to take and at what time. It is not a challenge to find published work on entrepreneurship that can help determine whether it is the path for you. There are textbooks that cover the process of business startup from an academic perspective, there are articles that dive more deeply into particular aspects of the entrepreneur’s journey, and there are plenty of unicorn stories that lionize the entrepreneurs who have found success. Very few, however, focus on providing guidance for founders of early stage ventures regarding what risks to take and when to take them. We hope that this book can help to provide a roadmap for making those incredibly important early decisions.