Michael Hay

Entrepreneurial Intent among Students in Scandinavia and in the USA

An application of the theory of planned behaviour is developed here to analyse factors influencing entrepreneurial intent among university students. The study provides a test of the robustness of the intent approach using international comparisons. The samples are from Finland (Helsinki University of Technology), Sweden (Linkoping University), USA (Stanford University and University of Colorado, Colorado Springs), and the UK (London Business School). The international comparisons indicate a good robustness of the model. Perceived behavioural control emerges as the most important determinant of entrepreneurial intent.

Executive forum: A study of informal investing in 29 nations composing the Global Entrepreneurship Monitor

This study examined informal investment in the 29 nations that participated in the Global Entrepreneurship Monitor (GEM) study in 2001. Investment was tabulated by gender, age of investor and amount invested for the 29 nations combined. Prevalence of opportunity-pull entrepreneurship was correlated with informal investment, entrepreneurial capacity, and perception of start-up opportunities in a subset of 18 GEM nations. In contrast, necessity-push entrepreneurship had no significant correlation with those same variables.

Business angel contracts: the influence of context

Relying on agency theory for guidance, a model is developed and empirically tested to examine the influence that various attributes of the contracting parties and of the deal itself can have on the form of the contract adopted between business angels and entrepreneurs. Findings are based on survey responses obtained from 106 UK-based business angels that had completed at least one investment to date.

Business schools: a new sense of purpose

Purpose – The aim of this paper is to investigate the purpose of the business school in light of the growing globalization of the business world.Design/methodology/approach – The paper investigates the purpose of the business school, with views from the literature. It also presents views as to the purpose of the business school today.Findings – The paper finds that the purpose of the business school is to create value in the forms of academic, personal and public or social value.Originality/value – This paper has interesting information as to the purpose and role of business schools in the globalizing modern world.

Good strategy: the view from below

Abstract In most companies, strategies are subjected to rigorous quality tests from above; that is, by top management. Yet, the view from below—from the point of view of those working lower down in the organization—is, we believe, equally important, though neglected. In this article we identify the key difficulties associated with prevailing stereotypes of strategy, the sources of much disenchantment with strategy and the qualities that people would look for in a ‘good’ strategy. We then outline an approach to strategy that will ensure that it passes the quality test defined by the managers and employees who have to implement it. In conclusion, we spell out the role that senior management has to play in ensuring that their companys strategy looks just as good when viewed from below as from above.

Strategic staircases: planning the capabilities required for success.

Creating an adequate supply of the requisite skills and competitive capabilities is a fundamental objective of strategy. Managing this process in an effective and systematic manner is difficult. Employing the strategic staircase is a proven way of overcoming this difficulty. The framework enables managers to break the strategic agenda into bit-sized pieces, it guides the selection of priorities and provides a powerful device for communicating strategy throughout the organization, thereby bridging the gap between strategy and action.

Successful new ventures: Lessons for entrepreneurs and investors

Abstract Why do some ventures succeed and not others? Traditional answers usually invoke poor management, flawed product, insufficient cash or weak marketing. This paper proposes a new set of answers. From an analysis of 37,000 new U.S. businesses and a number of U.K. case studies, it is clear that other factors also play a decisive role including: a products purchase frequency, service requirements, customer/distributor fragmentation and labour intensity. Careful analysis of such product market characteristics prior to start-up significantly increases the chances of survival and success. This article demonstrates that choosing the right battlefield is absolutely critical. It provides a framework to guide both the new venturer and investor in making this key decision—where to fight?

Time and Strategic Action: A Cross-Cultural View

A business organizations sense of time is revealed through action and, specifically, through its approach to strategic planning. This paper presents a way of analysing an organizations temporal identity. We develop a framework showing the levels of strategic planning and their cross-cultural variability, especially in relation to Japanese temporal culture (Makimono time). The example of the strategies pursued by international banks originating from the US, the UK, Germany and Japan illustrates how a strategic time perspective is a reflection of the temporal cognitive styles prevailing in a particular culture. We further show the influence exerted by the constituencies to which an organization is beholden, the definition of performance criteria and their reinforcement through human resource management policies.