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Disruptions often call for rapid innovation at scale. Open innovation (OI) is critical in such contexts because it allows organizations to access resources beyond the firm's boundaries. Yet, many OI projects fail, posing significant risks during disruptions. This article examines 12 ventilator development projects during the COVID-19 pandemic, of which only seven succeeded. Fifty-five interviews were analyzed to understand how organizational roles influence the outcomes of OI projects in times of disruption. The key finding is that projects that succeeded involved an organizational role largely absent in those that failed: namely, a catalyst. [ABSTRACT FROM AUTHOR]

Only recently have scholars begun to explore the cross-section connection of entrepreneurship and personal selling and introduced the notion of entrepreneurial selling. This study contributes to the emerging debate by addressing the personal selling role of business owners of small and medium-sized enterprises (SMEs) in the business-to-business (B-to-B) market in the context of failure. It examines how business owners make sense of their entrepreneurial selling activities and how underperformance in this role contributes to failure. Based on a literature review and interviews, the paper concludes that entrepreneurial selling is a crucial activity for preventing business failure and one that business owners recognize. Reasons for underperformance include business owners spending too little time on selling, their lack of personal selling skills, and procrastinating their selling activities. Answering the "bird-in-the-hand sales means" questions can produce either success or failure. Future research avenues are then suggested. [ABSTRACT FROM AUTHOR]

Research Summary: Entrepreneurial firms are fertile sources of patented inventions. Yet little is known about what happens to patent assets when startups go out of business: Do the assets have a "second life" through redeployment to new owners? Based on 264 failed VC‐backed startups, we document an active market for the patents both as standalone assets and through co‐movement with inventors to the purchasing organization. We then model and test how the redeployment likelihood and mode of transfer is shaped by trading thickness in the secondary patent market and the degree to which asset value is firm‐specific and tied to the original venture. The study sheds new light on conditions that affect the redeployment of intangible assets and the abilities of startups to preserve value in liquidation. Managerial Summary: The process of innovation naturally gives rise to failed attempts and abandoned projects. While prior studies document that disbanded ventures are important sources of human capital and learning spillovers, we are the first to document an active resale market for their patent assets. This study shines new light on conditions that affect the redeployment likelihood and mode of patent transfer, whether as standalone assets or through co‐mobility with an inventor to the purchasing organization. The evidence is based on 264 VC‐backed startups in the semiconductor, software, and medical device sectors. The formal model and empirical findings suggest that trading conditions in the secondary market not only affect the likelihood that patents originating from failed startups will be sold but also influence managerial incentives to retain inventors and preserve complementarities with the human capital. [ABSTRACT FROM AUTHOR]

The aim of this study is to explore the influence of environmental, social, and governance (ESG) factors on business failure in Brazil by employing advanced machine learning techniques. We collected data from 235 companies and conducted principal component analysis (PCA) on 40 variables already used in the bankruptcy failure literature, resulting in the formation of seven variables that predict business failure. The results indicate that ESG factors significantly predict business failure in Brazil. This study has implications for investors, policymakers, and business leaders, offering a more precise tool for risk assessment and strategic decision-making. [ABSTRACT FROM AUTHOR]

Copyright of Canadian Journal of Administrative Sciences (John Wiley & Sons, Inc.) is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The construction industry plays an important role in the economy of countries and provides the necessary services to achieve the needs and welfare of societies. For this, attention should be given to this sector. The research aims to indicate the most important causes of conflicts in construction projects, the most important reasons for the failure of construction contracting companies, and to study the relationship between conflicts and failure of contractors in the construction industry. This study uses the questionnaire method to achieve its objectives. The target participants are contractor of grade 1 and 2 in Palestine. Eighteen (18) conflict factors and 17 influencing factors in contracting failure are identified and tabulated in a questionnaire form. Results show that the main conflict factors include: delaying monthly payments from the project owner, frequent variation orders, the quality of work is poor, rework, and delay in delivering the works according to the schedule. While the main factors of contractors failure are: cash flow problems, conflict between parties, bidding strategy, local political conditions and low profit due to high competitions. The results show a correlation between conflict and contracting business failure. The results of the research would be of great importance to those interested in the construction industry, as they contribute to identifying the causes of major problems in the construction sector and help in its renaissance and development. [ABSTRACT FROM AUTHOR]

Teaching entrepreneurship students about failure can help them better cope with business failure and learn from it. This is important given evidence that experienced entrepreneurs are more successful. Entrepreneurship educators raise the concern that teaching students about failure may make them apprehensive about pursuing entrepreneurship. We examine the impact of optimism training on individuals who are learning about business failure (distinguishing between large and small failure) to study the impact of failure on career choice. Using a randomized experiment, we study the underlying mechanism – the feeling of hope – in how failure magnitude impacts an individual's subsequent career choice between wage employment and entrepreneurship. Our findings show that failure magnitude negatively impacts subsequent entrepreneurship career choice by reducing hope. We also find that having an optimistic mind-set moderates this relationship. The negative effect of failure on hope, and subsequent entrepreneurship career choice, is minimized for individuals with an optimistic mind-set. [ABSTRACT FROM AUTHOR]

Copyright of Environmental & Social Management Journal / Revista de Gestão Social e Ambiental is the property of Environmental & Social Management Journal and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In this study, we suggest policy implications for managing the risk of bankruptcy in housing presale projects in Korea. In conclusion, we find that the competing risk Cox proportional hazard model (PHM) is the best model for explaining the bankruptcy factors of projects and the banks that lend construction funds and policy authorities need to manage presale projects by considering bankruptcy factors (the initial presale rate, regional factor, the credit rating of the developers, the housing common factor). This study differs from previous studies in that it uses the competing risk Cox proportional hazard model and single-index model methodologies for empirical analysis, distinguishes the causes of business failure as default and the default of repurchase agreement options that are similar to actual defaults, and suggests policy implications based on the analysis. [ABSTRACT FROM AUTHOR]

This study explores how entrepreneurs' extent of experience of business failure affects the level of negative emotional response (NER) they experience, moderating the level of personal growth that occurs after business failure. Contrary to common assumption, the study finds no significant relationship between the extent of failure experience and the level of NER. The results show that many entrepreneurs demonstrate personal growth following business failure, however, the extent of failure experience and the level of NER. This interaction moderates the level of personal growth for the entrepreneur and suggests that high levels of failure experience interfere with the level of personal growth obtained. The study contributes to theory by providing insights into the processes and consequences of entrepreneurial failure. In particular, the study brings together key threads of debate on personal growth and failure to develop and test conceptual arguments, and further explores the way entrepreneurship scholars think about emotion, business failure and its impact on the individual and society. [ABSTRACT FROM AUTHOR]

In the digital age where changes are happening at an increasing speed, businesses are steadily moving to cloud models. New business models have many advantages, but at the same time, they are accompanied by new risks and challenges. Waterfall failures are one of the most important challenges that can have many negative consequences for businesses. Cascading failures refer to the occurrence of an unfortunate event in one part of the cloud business model, which can cause chain damage to other parts of the system and lead to the collapse of the entire system. By using appropriate approaches, the probability of these types of failures can be reduced, and if they do occur, they can be quickly identified and eliminated. The purpose of this article is to examine various factors related to waterfall failures in cloud business models and introduction of suitable approaches for forecasting is the prevention and management of these types of failures. In this article, the literature review method using natural language processing is used to collect information and analyze the topic. The sources used included scientific articles in the field of information technology and business from 2015 to 2024 from the IEEE Xplore, Google Scholar, and arXiv datasets, and 23 articles were analyzed with natural language processing methods. The use of advanced NLP techniques also adds a valuable addition to this process and allows for a more accurate assessment and deeper analysis of the factors associated with cascading failures. Also, rooting out errors and formulating a practical roadmap for their better management allows businesses to facilitate improvement and productivity in their cloud environment and take a more sustainable path. These steps not only help to increase the quality and efficiency of cloud services, but also greatly reduce the costs and time required to fix problems. Various factors related to waterfall failures in cloud business models have been examined in detail. These factors include technical problems, management problems and marketing problems. Also, different approaches for predicting, preventing and managing these types of failures have been introduced. [ABSTRACT FROM AUTHOR]

Contrary to the widely accepted adage 'do not engage in business activities with relatives', individuals from Chinese, Indian, and Pakistani backgrounds are achieving significant progress, while individual groups experience stagnation. While prior research offers substantial insights into the relationship between kinship and entrepreneurial ventures, there exists a paucity of information regarding the mechanisms through which certain kin individuals attain success while others do not. The principal inquiries revolve around the question, 'In what ways do kinship networks contribute to entrepreneurial success?' Furthermore, within a multicultural and heterogeneous framework, how might kinship networks serve as essential resources that promote entrepreneurial development, or do they instead pose additional challenges to such advancement? To address these inquiries, this study conducts an integrative review of entrepreneurship through the conceptual framework of kinship (kin-entrepreneurship), a notion distinctly from emerging disciplines. The contextual backdrop of this study is firmly anchored in the rising incidence of business failures and their resultant ramifications for sustainable economic development on a global scale. By employing an integrative review methodology that encompasses both bibliometric and content analyses of extant literature, adhering to the PRISMA guidelines, this research elucidates the fundamental components relevant to kin-entrepreneurship. In tackling this issue, the present investigation explores the trends, trajectories, and potential futures concerning the nexus of kinship and entrepreneurship. A bibliometric analysis was conducted on a dataset comprising 292 scholarly articles focused on kin-entrepreneurship, published between 1980 and 2023, sourced from the Scopus and Web of Science databases. Significant findings highlight "kinship-based business influencers" and "entrepreneurial environment and consequences", as crucial themes. Subsequent to the discovery of the themes, this paper advocates for a paradigm shift from a narrow familial perspective on business to a more expansive kinship viewpoint, which can enhance comprehension of the complex dynamics within business environments where kinship-based business influencers are multifaceted, affecting economic performance (where entrepreneurs capitalize on these affiliations for economic advantage), decision-making (which improves business sustainability through resource allocation among kin), and employee relations (as kin connections foster both formal and informal employment opportunities) for entrepreneurs. Consequently, this study posits that kinship-oriented business dynamics play a crucial role in influencing entrepreneurial decision-making by offering social capital, resources, and strategic guidance, which are essential for mitigating existing entrepreneurial attrition rates and, in turn, are fundamental for fostering economic development. [ABSTRACT FROM AUTHOR]

Entrepreneurs in the agribusiness sector in Ghana encounter numerous challenges due to the weak institutional framework in the country. This often leads to business failure and poor performance of agribusiness ventures. In this paper, we aim to highlight the significance of institutional support for agribusiness entrepreneurs and its crucial role in creating more opportunities for farm entrepreneurs and ensuring the success of farm ventures. The study analyzes empirical data collected from 246 maize farm entrepreneurs in Ghana using the Structural Equation Modelling technique (PLS-SEM). The findings show that regulatory and cognitive institutions have a more positive significant influence on the opportunity recognition and exploitation strategies of maize farm entrepreneurs. Both opportunity recognition and exploitation partially mediate the effects of regulatory, normative and cognitive institutional pressures and farm business performance. The study suggests that maize farm entrepreneurs appear to benefit from regulatory and cognitive institutions. The findings, therefore, have strong policy relevance. The results of this study contribute significantly to food policy aimed at boosting maize supply chain business and food security. [ABSTRACT FROM AUTHOR]

Despite much debate on Company Voluntary Arrangements (CVA) among UK retailers, understanding of retail CVAs remains limited. There is continuing uncertainty about the uptake of CVAs, what aspects lead to successful outcomes and whether CVAs can be viewed as a remedy for struggling UK retailers. To address these questions, we developed and analysed a novel and detailed dataset of Companies House records for the population of retailers' CVAs between mid‐2012 and early 2021. We find that CVAs, despite detrimental impacts on other actors (landlords and suppliers), can be a useful tool for some retailers in adjusting to the new market conditions. The uptake of CVAs among retailers is stable, though not among large retailers. Retail CVAs help to avoid immediate business failure, but we found limited evidence of the success and efficient longer term outcome of the procedure, suggesting that alternative methods could be considered. The success and efficiency of CVA do not seem to depend on the size of the business, but there are variations in both the uptake and efficiency of CVAs across retail sub‐sectors. This suggests that a range of mechanisms are required to cater to the different needs across retail categories. Despite the market challenges, CVAs are not prolonged on average. However, longer duration CVAs seem to have a lower chance of succeeding and of being efficient implying that CVA cannot remedy fundamental business issues. Finally, we observed differences related to who oversees the procedure, suggesting that greater emphasis should be put on upskilling and selection of insolvency practitioners. [ABSTRACT FROM AUTHOR]

Despite the powerful benefits of entrepreneurial failure experience with regard to experiential learning and future venture performance, our understanding of how failure experience impacts entrepreneurs' decision to reenter entrepreneurship while taking advantage of the lessons that they have learned from their previous entrepreneurial endeavors remains limited. While some studies have highlighted the potential of entrepreneurial failure experience to stimulate reentry intention, other researchers have argued that failure experience can actually decrease subsequent entrepreneurial intention. This study draws on various streams of research on entrepreneurs' responses to business failures at the cognitive, affective, and behavioral levels to propose the existence of a curvilinear relationship between entrepreneurial failure and reentry intention. We employ hierarchical regression to test a series of hypotheses by reference to a sample of 379 entrepreneurs who had experienced failure in their recent business ventures. The results reveal that the degree of failure exhibits an inverted U-shaped relationship with reentry intention. Furthermore, we find that the effect of entrepreneurial failure on reentry intention is mediated by entrepreneurs' learning from failure and that entrepreneurial passion moderates the effects of entrepreneurial failure on both learning from failure and reentry intention. This article helps explain the distinctive effects of failure experience on reentry intention and provides empirical evidence that can facilitate the development of tailor-made support programs that can help previously failed entrepreneurs address the challenges that they encounter during the process of reentry into entrepreneurship. [ABSTRACT FROM AUTHOR]

This section presents notices of corporate dissolution. These include notice of winding up of limited liability company to all creditors of and claimants against Aced Properties, LLC, notice of corporation dissolution to all creditors of an all claimants against Ashley Manor, Inc., and notice of dissolution of limited liability company to all creditors of and claimants against Castle's Shoe Shop, LLC.

This study revisits the female underperformance hypothesis by investigating the influence of CEO gender on key performance factors for VC funded firms from 2011–2016. We used a matched case-control sample approach to reduce the confounding influence of industry sector on gender differences for four key performance outcomes – total capital, raised total rounds of funding, successful exit or business failure. Results show gender does not predict funding raised or firm performance, and that key legitimacy markers, including elite education, external endorsement and high-status investors, offset potential gender discounts for women-led firms. Implications are that the female underperformance hypothesis should not be perpetuated as a legitimizing myth or stereotype predicting performance of women entrepreneurs in management studies. In practice, VCs should not rule out investments or expect poor performance based on CEO gender. [ABSTRACT FROM AUTHOR]

This study considers multiperiod bankruptcy prediction models, an aspect scarcely considered in research despite its importance, since creditors must assess the risk of loans over the entire life of the debt and not at a specific point in the future. Two possibilities for the implementation of multiperiod prediction models are considered: Multi-Model multiperiod Bankruptcy Prediction Models (MMBPM) and Single-Model multiperiod Bankruptcy Prediction Models (SMBPM). The former considers the conditional probabilities obtained by individual models predicting bankruptcy at specific times in the future, while the latter is a single model predicting bankruptcy at a specific time interval in the future. The results show that there are no significant differences between the two approaches when compared using data after the learning period. However, SMBPMs have the important advantage of interpretability for decision-making, which is discussed with examples. Moreover, a comparison of SMBPM performance with external references is performed. [ABSTRACT FROM AUTHOR]

In this paper, we used data from publicly traded restaurant firms between 2000 and 2019 to test the effectiveness of multiple discriminant analysis (MDA) and logistic regression (logit) in predicting the probability of bankruptcy in the restaurant industry. We constructed various financial ratios extracted from the financial information and analyzed them to determine the optimal models. Our results show that liquid ratios (particularly the quick ratio), operating cash flow, and working capital emerge as the most crucial indicators of potential bankruptcy filings for restaurant firms. The results also show that the logit model performs better within the sample. However, both models exhibit similar predictive capacities with out-of-sample data. [ABSTRACT FROM AUTHOR]

Copyright of Çankırı Karatekin University Journal of the Faculty of Economics & Administrative Sciences is the property of Cankiri Karatekin University, Faculty of Economics & Administrative Sciences and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Purpose: The purpose of this study was to examine entrepreneurs' learning before, during and after entrepreneurial failure and understand the relationship between learning and recovery from failure. Design/methodology/approach: A qualitative multiple case study was carried out based on entrepreneur interviews who have experienced the failure of their businesses. Findings: The study finds that entrepreneurs learn both during the company's lifespan and post-failure, with distinct types and intensities of learning at different life cycle phases. It highlights the link between learning and emotions during the failure process, revealing entrepreneurs' limited awareness of their knowledge gaps, particularly during successful business phases, and shows the difference between women and men. Research limitations/implications: One limitation of this study is that the companies are all located in northern and central Portugal, and the number of entrepreneurs starting new ventures post-failure is limited. Another is a lack of comprehensive measurement of the economic impact, especially on the health of individuals who have experienced the impact of failure. The absence of concrete data hampers understanding and the development of targeted support mechanisms for these individuals. Originality/value: This study stands out for its unique approach, thoroughly exploring the intricate, profound and significant experiences during a crisis, such as a business failure, from the entrepreneurs' perspective. It delves into their learning processes before, during and after the failure, providing a comprehensive understanding. This study evidence that significant learning occurs during the operation of the business, and not during or after failure, due to the limitations imposed by the pain and disorientation it causes. Therefore, if recovery does not occur, learning does not happen either. It also highlights the differences between women and men in their learning experiences, adding a new dimension to the research. [ABSTRACT FROM AUTHOR]

Although there is abundant research into learning from business failure little is known about how micro, small and medium enterprises (SMEs) owner-managers condition learning given failure. Much attention goes to large enterprises while circumventing SMEs. Literature observes failure orientation as crucial in explaining learning from failure but avoids unpacking its constituent elements. Furthermore, although life goals, which are superior to business goals, are known to strongly influence entrepreneurial behaviour, how they play a role in conditioning learning from failure has not been explored. Therefore, drawing on self-identity, goal, upper echelons, entrepreneurial learning and knowledge management perspectives, this study theorizes how owner-managers condition learning given failure. The article presents fresh knowledge by unpacking the first-time component elements of failure orientation. It also unveils the first-time goal valence as the overarching driving force that influences failure orientation and provides an original and novel framework in this regard. [ABSTRACT FROM AUTHOR]

This article delves into the fascinating universe of business administration, and aims to analyze its key concepts, its historical evolution, its essential functions and the contemporary challenges it faces. The article was based on a bibliographic research, understood as a valuable tool for acquiring knowledge and understanding a specific topic in depth. By following a rigorous methodological approach and using the right materials and methods, reliable and relevant results are obtained that contribute to the advancement of knowledge in the field of business administration. It is concluded that: the historical evolution of business administration has been marked by different approaches and theories, each with its own contributions and limitations. From scientific management to the contingent approach, these theories have provided tools and conceptual frameworks for understanding and improving business management; contemporary challenges, such as globalization, technology, sustainability, and ethics, require managers to develop new skills and approaches. The ability to adapt to change, seize opportunities and manage risks is critical to success in today's business landscape; corporate governance has a significant impact on growth, profitability, innovation, competitiveness, and stakeholder satisfaction. Good management can make the difference between the success and failure of a business, generating benefits not only for the organization, but also for society at large and the future of business management will be marked by the need to integrate technology, sustainability and ethics in all aspects of management. [ABSTRACT FROM AUTHOR]

This study investigates the impact, recovery and resilience of COVID-19 on South Africa's Limpopo Province's tourism industry. The study utilises surveys (n = 115) and interviews (n = 50) to examine the impact, recovery, resilience, success and challenges of various tourism-related businesses, including national parks, restaurants, and hotels. Despite minimal government support and significant challenges like erratic utilities, high inflation, and a global economic downturn, the sector showed resilience, with few business failures. While some businesses in the accommodation sector diversified into areas like student accommodation, some survived by cutting the number of staff, tapping into savings, borrowing and adopting various cost containment measures to survive the pandemic. Post the pandemic, the sector faces issues like decreased demand due to technological changes in meetings and conferences and employee mental health concerns. The study underscores the need for strategic management and specific policy interventions to ensure the sector's resilience and survival post-pandemic. [ABSTRACT FROM AUTHOR]

The thesis explores the entrepreneurial intentions of individuals after experiencing business failure. It examines the impact of factors such as accessibility to business failure information, personal experience and demonstrated knowledge, with overall failure in business including bankruptcy and insolvency. The study is based on the Theory of Planned Behaviour (TPB), a widely recognised psychological theory that predicts human behaviour, especially in entrepreneurship. It aims to provide evidence that awareness of business failure positively influences the knowledge and perseverance of businessmen in business and other who are planning to start anew. The research shows that awareness of business failure positively influences current business owners' intentions, enhancing their knowledge and resilience. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Estudios Empresariales Segunda Época is the property of Editorial de la Universidad de Jaen and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper provides an introduction to the concept of responsibility and a brief account of the emergence of Responsible Tourism as a movement at the turn of the millennium. It then discusses the ways in which businesses and governments, acting on behalf of communities can use tourism to achieve sustainable development while avoiding being used by it. Overtourism is briefly discussed as a consequence of the failure of businesses, tourists, and governments to take responsibility. The paper concludes with some suggestions for research. The assertion that "You cannot escape the responsibility of tomorrow by evading it today" is widely attributed to Abraham Lincoln. As von der Leyen, President of the European Commission, has recently reminded us "The future will be what we make it" (Riekeles, 2021, p. 4). Tourism is a form of human social activity with positive and negative impacts. "Tourism is what we make it ... the future will be what we make it" (Goodwin, 2016, p. 262). [ABSTRACT FROM AUTHOR]

Copyright of Tiempos Modernos is the property of Tiempos Modernos and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

One of the most valid definitions for the concept of "survival" is the possibility of paying salaries and wages to the startup's employees and owners for at least 42 months. Given that the highest failure rate of businesses is in the early years paying attention to the factors affecting new firms' performance processes will reduce their failure rate, leading to success, growth and sustainability. This article, reviews and analyzes all the articles in the Scopus database that are related to the survival of firms in terms of their number over time, the most common keywords, authors, journals, and countries publishing these articles, bibliometric method, and VOSviewer software are used. In the following, the factors that have been emphasized and repeated in the literature have been identified with a systematic literature review and meta-synthesis method. In the bibliometric section, 1959 articles have been analyzed and in the meta-synthesis review section, 85 articles have deeply been studied. Based on the findings of the research, 32 main factors affect the survival of businesses, which are categorized into five general categories including individual, organizational, supporters, financial, and environmental factors, and presented in a conceptual framework model. [ABSTRACT FROM AUTHOR]

The subject of entrepreneurship has generated swathes of interest from a variety of stakeholders seeking to address economic challenges in Africa. At the heart of this interest is the fact that the businesses created by entrepreneurs create employment opportunities which, in turn, have the potential to reduce poverty at all levels of African society. Yet, while research into entrepreneurial activity is well established in the developed countries of the western world, there remain large gaps in knowledge about key issues such as why entrepreneurs in Africa start businesses, how these businesses are sustained, and the specific contextual influences and challenges which affect African entrepreneurs' decision-making and behavior. In this introductory paper, we highlight the importance of attempting to understand how African entrepreneurs, working outside the strictures of strong formal institutions, navigate difficult challenges and make decisions using fragments of informal traditions originating from prevalent African philosophies such as Ubuntu. We also draw attention to the need to assess the notion of entrepreneurial business success or failure in Africa from a cultural context perspective which takes into account considerations aside from the solely rational-economic. We conclude with a series of questions which remain largely unanswered but will, we trust, be addressed in future research on entrepreneurship and Africa's cultural context. [ABSTRACT FROM AUTHOR]

This paper explores predicting early signals of business failure using modern models for bankruptcy prediction. It reviews how continuous operations enhance market value, strengthening competitiveness and reputation among stakeholders. The study involves medium and large companies in the Montenegrin market from 2015 to 2020, comprising 30 bankrupt and 70 financially stable firms. Logistic regression is also employed to create a logit model for early detection of bankruptcy signals in companies. This research establishes the empirical validity of modern models in predicting business failure in the Montenegrin market, particularly through logistic regression. Significant indicators, such as the Degree of Indebtedness (DI) and turnover ratio of business assets (TR), exhibit strong predictive power with a p-value less than 0.001 according to Likelihood ratio tests. The paper underscores the potential benefits of bankruptcy prediction for both internal and external stakeholders, especially investors, in enhancing the competitiveness of Montenegro's large and medium-sized companies. Notably, the research contributes by bridging the gap between theory and practice in Montenegro, as bankruptcy prediction models have not been extensively applied in the market. The authors suggest the possible applicability of the created logit model to neighboring countries with similar economic development levels. In that sense, the concept of predicting bankruptcy is positioned as integral to corporate strategy, impacting the overall reduction of bankruptcies. The paper concludes by highlighting its role as a foundation for future research, addressing the literature gap in the application of bankruptcy prediction models in Montenegro. The created logit model, tailored to the specific needs of Montenegrin companies, is presented as an original contribution, emphasizing its potential to strengthen the competitiveness of companies in the market. [ABSTRACT FROM AUTHOR]

This article presents a bibliometric analysis of venture teams in technology-based firms (TBFs). The study aims to identify the success and failure factors of TBFs and analyze the changes in the intellectual structure of this field. The analysis is based on data collected from the Web of Science and SCOPUS databases from 1987 to 2020. The results show a growing publication trend since 2009, with the highest production of articles between 2014 and 2019. The United States is the most influential country in this field, followed by China and Italy. The research also identifies the most influential sources in this area. The main contribution of this work is to provide insights into the evolution of venture teams in TBFs for future research and theoretical frameworks. [Extracted from the article]

This article examines how passion affects an entrepreneur's business failure experiences. Our study explores the link between the type of passion an entrepreneur exhibits and the effect this has on the entrepreneurs' attitudes and reactions to business failure. We analyse the way in which passion type informs entrepreneurs identification with their business, and the entrepreneurial process. Entrepreneurs who experienced harmonious passion maintained an emotional distance from their business failure. Harmoniously passionate entrepreneurs had a rational perspective and were reflective, self-aware, adaptive and future oriented. Entrepreneurs who experienced obsessive passion, were defensive and reactionary about their business failure. Obsessively passionate entrepreneurs attached contingencies and experienced increased stress and conflict. Our findings suggest promising opportunities for future research on the interplay between heterogeneous passions, adaptive/maladaptive entrepreneurial action and regulated goal pursuit. [ABSTRACT FROM AUTHOR]

Copyright of Transformations in Business & Economics is the property of Vilnius University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Decades into the digital era, publicly available data on Black, indigenous, and people of color (BIPOC) owned businesses are still remarkably lacking. In this commentary piece, the authors cover recent literature on the importance of BIPOC-owned businesses for equitable growth and BIPOC wealth-building. The authors then examine the sources of data that are available – public and private – for tracking the success or failure of such businesses. A BIPOC business database was constructed from a variety of sources and used by the authors to examine the potential pitfalls of such exercises. The authors close with a call for better data collection on BIPOC businesses. [ABSTRACT FROM AUTHOR]

Research has shown that most ventures fail, yet there has been limited work on investors' views of entrepreneurs who have failed in the past. We address this gap and call attention to an innate asymmetry between past failure and success. This asymmetry arises because success requires skill and luck jointly, whereas failure materializes due to either lack of skill (mistakes) or bad luck (misfortune). We ask: Are investors "failure-averse" and discount a failed entrepreneur even in the presence of additional information about entrepreneurial skill? Or do they make "rational inferences" in light of the additional skill information and proceed to fund the new startup? To test whether investors are failure-averse or engage in rational inference, we use experiments in the context of equity crowdfunding. The results suggest that prospective crowdfunding investors rationally integrate informational cues regarding past outcomes and entrepreneurial skill. [ABSTRACT FROM AUTHOR]

How does a social enterprise pursue its ethical mandate of social impact growth while navigating the perils of the most vulnerable stage in a venture's life—scaling up? We observe a small inclusivity social enterprise attempting to scale up rapidly to create equality for people with disabilities throughout the world. Our embedded, ethnographic study is terminated with the venture's unfortunate demise after their dramatic effort to scale up failed. By examining scaling decision-making and conflicts around creation reasoning longitudinally, our study identifies over-use of effectual logic—a creation reasoning type considered more ethical and more appropriate for high-innovativeness contexts than causal logic—as a major factor in the venture's failure. From this insight, we extend the parameters of effectuation theory to scaling up and dimensionalize its ethical implications. Guidance for social entrepreneurs to scale up successfully while maintaining ethical integrity is also provided. [ABSTRACT FROM AUTHOR]

This study examines and analyzes the influence of Organizational Culture on business alignment and business performance in large manufacturing companies. This study used a quantitative research method; data were collected using a questionnaire using SmartPLS 4. This study involved 47 large manufacturing companies as unit analysis with multistage sampling in sample selection, first by purposive sampling and second by the Slovin formula. The results of this study stated that organizational culture affects IT-business alignment significantly but has no effect on the business performance. The collaboration and formalization indicators effect on strengthening organizational culture on IT-business alignment. On the other side, the lack of creative and innovative culture in the organizational culture of manufacturing companies has an impact on failure in supporting business performance. The results of this study provide valuable insight for IT and business executives in developing the organizational culture of large manufacturing companies that is suitable to cope with IT implementation strategically namely IT-business alignment in supporting business performance successfully. [ABSTRACT FROM AUTHOR]

The ever-growing literature within the field of entrepreneurial failure has helped to yield several practical contributions. Yet the literature remains fragmented and inconsistent, and hence an up-to-date review is required to identify current theoretical contributions. To address these issues, we conducted a comprehensive systematic literature review of 180 publications on entrepreneurial failure and rebound literature. Three analytical themes were identified: antecedents, experiences, and overcoming failure to restart a business. We discuss how the three analytical themes have been used, and form linkages between them, to develop an integrative framework that maps a firm owner's experience of a business demise and how the owner can rebound to venture again. Our review provides a nuanced view of the connections between the differing streams and sub-streams of research on entrepreneurial failure and rebound. We argue for a more integrated approach to examining the relationships between the causes, experiences, recovery, and learning from an entrepreneurial collapse. [ABSTRACT FROM AUTHOR]

Family firms have continued to register low survival rates. Across the world, research puts the survival rate of family businesses beyond the third generation at a mere single digit. The dilemma is also that despite the high failure rate of family-owned firms, the world’s most enduring companies also belong to this class. What do they do differently from the majority of their peers? Succession planning tops the list of the 21st century’s paradoxical challenges facing family business enterprises. Past studies have been barely conclusive on whether and how succession planning, or the lack of it, affects business economic performance. The current study assesses the effect of succession planning on business economic performance. The study used a deductive approach, a survey research strategy, and an explanatory research design to fulfil its objectives. Data analysis was done through descriptive as well as inferential analyses. Regression analysis results indicated that succession planning is a statistically significant determinant of business economic performance. The study recommends that firms should improve their measures targeted towards the prior identification of roles and leadership positions that require successors. The study also recommends the enhanced preparation, grooming, and development of identified successors. [ABSTRACT FROM AUTHOR]

Several jurisdictions in the Commonwealth Caribbean have undertaken reform and modernisation of their insolvency legislation. The dominant model for the new enactments has been Canada's federal statute, the Bankruptcy and Insolvency Act, RSC 1985, which has already been transplanted into six jurisdictions of the region. The transplantation has introduced lexicon which, while part of the vocabulary of the old statutes for personal insolvency, has, traditionally, been unfamiliar to the region's corporate insolvency law, hence the phrase, '"old–new" lexicon', in the title. This article examines the meanings of some of this lexicon, particularly 'bankruptcy' and cognate terms, including 'acts of bankruptcy'. The examination extends to the term 'receiving order', operationally related to bankruptcy. Legal interpretation of the terms is enriched in the discussion by insights from linguistics. While showing that the importation of these terms into the region's corporate insolvency law is semantically problematic, the article elucidates the signification of the terms. It points out that some of the 'old–new' terms may tend to reduce the efficacy in the contemplated lay administration of the statutes. It also warns that the 'old–new' lexicon threatens to undermine key goals of the reform exercise, suggesting a need for deeper scrutiny in the transplantation process. [ABSTRACT FROM AUTHOR]

Despite the key role of start-ups in economic development and job creation, one of the biggest problems of these start-up businesses is their legendary failure rate. One of the main reasons for the failure of these businesses is marketing limitations in the form of lack of financial resources, time, market knowledge and marketing expertise. Also, these companies lack strategic plans and their management is based on personal experience and business intuition. Entrepreneurial networking is one of the solutions that have been proposed to solve these limitations, because networking is considered to be the factor of restructuring the world trade architecture. The current research was conducted with the aim of explaining the role of entrepreneurial networking ability on the marketing performance of start-ups, taking into account the role of entrepreneurial orientation and market knowledge. The statistical population was 550 start-ups and fledgling businesses in Isfahan. The sample size was calculated using the Krejci and Morgan table of 225 companies that were selected by simple random sampling. A standard questionnaire was used to collect research data. Validity of the questionnaire was confirmed by experts and reliability using Cronbach's alpha coefficient. Data analysis was done using structural equation modeling with partial least squares approach and SmartPLS software to test fit and relationships between variables. According to the research results, entrepreneurial networking ability plays an important role in improving the marketing performance of start-up businesses; Therefore, managers who want to increase their marketing performance must identify and form strategic alliances faster than competitors. [ABSTRACT FROM AUTHOR]

In the context of public administrations after COVID-19, this paper formulates and validates a digital model of tutoring (e-tutoring) for small and medium enterprises (SMEs) by public administrations or PAs to help the former reduce their risks to fold in their first few years of existence and with the support of private professionals (economists, accountants, business advisors, managers, etc.). The model draws on ideas about relational administration (RA), a concept that is yet to be fully exploited or assessed in the literature. Several hypotheses derived from the model are formulated and tested using a polytomic-nominal logistic regression. A questionnaire was sent to and returned by 236 small and medium entrepreneurs in Spain facing insolvency proceedings to identify main reasons for business failure and if or how they would accept online tutoring from private professionals associated with PAs. Findings suggest that SM entrepreneurs agree with receiving selected forms of tutoring, requiring public administrations to enhance capabilities for joint information provision and decision making through the use of information and communication technologies or ICTs. These findings have important implications for the potential restructuring of public administrations, their collaborations with professionals, and the future co-design and implementation of e-government services by PAs [ABSTRACT FROM AUTHOR]

Research Summary: We inductively examine how the careers of employee entrepreneurs unfold, uncovering the role of motives and attribution for failure. Founders expressing organizational misalignment motives for leaving established organizations engaged in "venture crafting" whereby they actively sought to build well‐functioning organizations. They built successful initial ventures and careers. Founders lacking organizational misalignment motives generally founded initial ventures that failed: however, those making internal attributions altered their behaviors and built successful careers; in contrast, founders making external attributions continued founding unsuccessful ventures. These findings suggest that building organizational capabilities—and not merely inheriting capabilities from existing organizations—is a cornerstone of building successful entrepreneurial careers. Our findings are based on detailed career history and archival data on employee entrepreneurs in the disk‐drive industry. Managerial Summary: Our study follows careers of individuals leaving employment to create ventures, providing insights for entrepreneurs and managers. Though entrepreneurs often choose to focus solely on building a stellar product, our study underscores the importance of crafting well‐functioning organizations for career and venture success. Moreover, in case where initial ventures fail, founders who make internal attribution generate a "second chance" at success, whether as serial entrepreneurs or by returning to paid employment. Those who attribute failure to external factors, however, repeat their mistakes. For managers, our study reveals that the genesis of successful entrepreneurial careers is rooted in organizational deficiencies that prevent talented employees from thriving as intrapreneurs. The venture crafters typically left their jobs only after attempts to amend these issues were unsuccessful. [ABSTRACT FROM AUTHOR]

Despite a growing body of research on business failure and eco‐innovation, these two streams of research have developed in isolation, thus lacking an organizing framework to account for how businesses can utilize peer companies' failures as a source of eco‐innovation. This study addresses this gap in the current literature by advancing an integrated conceptual framework that illuminates failure as a catalyst for learning and the mechanisms through which organizations can enhance their environmental innovation efforts and competitiveness. The study proposes a multidimensional 2 × 2 typology encompassing dimensions of process and product eco‐innovation, alongside two underlying factors of business failure. These factors further elucidate the mechanisms through which organizations can learn from others' failures, ultimately becoming more resilient and adaptable in the face of new challenges. The implications of this analysis for future research and practice will be further examined, shedding light on promising domains for learning from failure and fostering innovation. [ABSTRACT FROM AUTHOR]

The book "Putting Skills to Work: How to Create Good Jobs in Uncertain Times" by Nichola Lowe explores the decline of skill development opportunities in the United States and its impact on the workforce. The author argues that the responsibility for skill development has shifted from businesses to educational institutions, resulting in new workers entering the workforce without the necessary skills. Lowe presents her findings based on research, field work, and interviews with various stakeholders, highlighting the role of workforce intermediaries in addressing the skill gap. The book also discusses the importance of inclusive innovation and the potential for technology companies to create good jobs. However, the author acknowledges that the economic impacts of the Covid-19 pandemic and the financial viability of companies involved in skill development are areas of concern. Overall, the book provides valuable insights for policymakers, economic development planners, and individuals interested in labor studies and economic development. [Extracted from the article]

Failed entrepreneurs often encounter negative societal perceptions that impede their ability to learn from failure, take risks, and innovate business models. Reducing this stigma appears crucial to support entrepreneurship and foster innovation. However, the precise relationship between stigma reduction and desired outcomes remains uncertain. This study addresses this gap by examining the variables influencing the perception of business failure. Through a systematic literature review and content analysis, we identified 20 variables within the network. A subsequent cross-impact analysis helped delineate these variables as critical, influential, dependent, inert, or neuter. Stigma emerged as the critical variable, exerting significant influence. Culture, bankruptcy laws, social capital, the frequency of business failures, and entrepreneurial attributes played pivotal roles as influential variables. Dependent variables encompassed the rate of entrepreneurship, entrepreneurial intention, and learning from failure. This study underscores the importance of comprehending the interplay between these variables and their impact on entrepreneurial outcomes. Although the influence of societal perceptions on business model innovation proved minimal, failed entrepreneurs displayed resilience in defying stigma and engaging in innovative endeavors. Our findings shed light on the significance of societal perceptions within entrepreneurial ecosystems and the adaptability of entrepreneurs in innovating existing business models. This study lays a foundation for further research into the dynamics of these influences. [ABSTRACT FROM AUTHOR]

Business failure and exit are concomitants of business discontinuance which must be extensively studied as businesses such as tutorial centers can experience unfavorable events. This paper investigated the internal (i.e., owner/founder orientations) and external (i.e., compliance with government policies) antecedents leading to business failure and the eventual exit in the shadow education industry in 2013, particularly of Philippine privately owned tutorial centers which are divided into non-registered and registered services. Using the multiple case study approach, empirical findings showed that business failure is primarily caused by internal factors specifically the owner/founder orientations, while non-compliance with government regulations is secondary. The owner/founder orientations were comprised of motivation, characteristics/behavior, skill managerial deficiencies, capabilities, and financial knowledge shortcomings. Nonregistered tutorial centers asserted that only skill/managerial deficiencies and capabilities lead to failure while registered tutorial services perceived all as reasons for business failure. Not complying with government policies can affect more the registered tutorial services than the non-registered centers. Business exit was chosen by all the owners of tutorial centers as a viable option in case of business failure. Future studies can consider obtaining more participants and comprehensively investigating tutorial centers from different countries to enrich cross-country research in shadow education. [ABSTRACT FROM AUTHOR]