Theory of Entrepreneurship: new results and prospects (Research papers)
Настоящий сборник включает в себя выступления преподавателей и студентов Высшей Школы Экономики и их зарубежных партнеров по материалам исследований в области теории предпринимательства, сделанные на конференциях и семинарах в 2010-2011 гг.
The paper considers the financial choice of entrepreneurs at their initial stage of development as a key criterion of a new firm potential riskiness. The main objective of the research is the methodology elaboration aimed at the numerical estimation of the role of informal financial resources involved in the small business creation. Two fundamental considerations have been tested. The former implies that informal investment is a substitution for unavailable formal sources, including venture capital (because of the lack of essential networks and connections with business associations). The latter performs the opposite concept of negative effects: economic reasoning discouragement and inefficient resources allocation. A special technique is introduced in order to measure the credit quality of early entrepreneurial activity and to estimate its contingency with the financial strategy. The methodology validation is realised under Global Entrepreneurship Monitor conceptual framework. The results are received for 42 countries in 2006-2007, depicting the influence of informal support on potential losses under the second consideration. As a result, informal investments are inefficient when the concentration of credit risk in the economy is rather high. Investorsђ expectations about the entrepreneurial growth of the firm are pessimistic, anticipated returns on investments are too low to be economically reasonable. The outcome leads to the irrecoverable losses, both financial (short-received profitability) and nonfinancial (decreased output, the lack of innovativeness, flexibility, and inventiveness).
The paper differentiates the main reasons of entrepreneurial motivation to start-up, and what supports ability to innovate among entrepreneurs in the Netherlands and Russia.
Objectives of the present paper is a comparison of the socio-demographic characteristics of early - stage entrepreneurs in Russia and the Netherlands and its dynamics in 2006-2009.
Object of our research – persons involved in early-stage entrepreneurial activity in Russia and the Netherlands (nascent entrepreneurs and new business owners).
Subject of our research – socio-demographic characteristics of nascent entrepreneurs and new business owners in Russia and the Netherlands.