This research, aims to develop a conceptual framework to assess the entrepreneurial properties of the Vietnamese reform, known as Doi Moi, even before the kickoff of Doi Moi policy itself. The authors argue that unlike many other scholars’ assertion, economic crisis and harsh realities were neither necessary nor sufficient conditions for the reform to take place, but the entrepreneurial elements and undertaking were, at least for the case of Vietnam’s reform. Entrepreneurial process, on the one hand, (...) sought structural changes and kicked off innovation, and on the other hand, its induced outcome further invited changes and associated opportunities. The paper also concludes that an assessment of possibility for the next stage of Doi Moi should take into account the entrepreneurial factors of the economy and predict the emergence of new entrepreneurial facets in the next phase of economic development. (shrink)

When dealing with complex value-driven problems such as sustainable development, individuals need to have values and norms that go beyond the appropriation of tangible business outcomes for themselves. This raises the question of the role played by individual moral antecedents in the entrepreneurial process of opportunity recognition for sustainable development. To answer this question, an exploratory empirical research design was used in which 96 would-be entrepreneurs were subjected to real-life decision-making processes in an online environment. The participants were (...) guided through the process of opportunity recognition for sustainable development. Furthermore, they were subjected to several tests linked to individual moral antecedents. The mixed methods design used to analyze the results led to the conclusion that pro-environmental behavior values and moral competencies are important indicators of the ability to recognize opportunities for sustainable development. These results provide useful insights about relating moral antecedents to idea generation for sustainable development and can help researchers, higher education institutes, and sustainable entrepreneurs to further develop the concept of sustainable entrepreneurship and its underlying processes. (shrink)

This short conference paper serves as a distillation of a keynote address delivered at the the Second National Conference on Management and Higher Education Trends & Strategies for Management & Administration hosted by Bangkok-based Stamford International University (Thailand) on November 1, 2014. Innovation is discussed as the heart of entrepreneurial processes occurring in today's capitalist economic systems, including transition economies like China and Vietnam, which underscores economic competitiveness of firms and economies. But the innovation effort and process also (...) face dilemma of "entrepreneurial curse of innovation". Advantages and disadvantages are weighed for a more balanced view, especially in the context of outnumbering SMEs and given existence of pitfalls and traps along the innovation path of development. Toward the end, the value of the market is once again stressed amid the concern of subjective assumption and illusion about availability of market opportunities in the mind of innovators, which may contrast totally with the dismal outcome the actual market realities may show ex post. (shrink)

The nationwide economic reform in 1986 transformed Vietnam from a centrally planned economy to a socialist-oriented market economy. Entrepreneurs and entrepreneurial spirits within the populace are suggested to fuel the structural changes. Despite the importance of entrepreneurship in Vietnam’s economy, studies in Vietnam mainly pay attention to the practical aspects of entrepreneurial activities and neglect the cognitive and theoretical aspects of entrepreneurship. Thus, the current study employs the information-processing perspective of the Mindsponge Theory to explore how entrepreneurs’ knowledge (...) accumulation can affect their perceived likelihood of business success. Bayesian analysis indicates that business-related experience positively affects entrepreneurs’ business success likelihood. Greater willingness/readiness to transform thinking, acting, and beliefs can improve the business success of entrepreneurs who study others’ failures carefully. However, for entrepreneurs who perceive learning from others’ failures as unnecessary, higher willingness/readiness to transform diminishes their chance of success. Based on these findings, we recommend Vietnamese entrepreneurs accumulate knowledge through experience, learning, and an open mind for better decision-making and innovation creation capabilities. However, the learning process should be selective. (shrink)

In markets globalization and increasing competition context, governments of the world’s leading countries are forced to use complex organizational and economic instruments to support the countries’ economy. One of such instruments is creation of Free Economic Zones (FEZ) with favorable conditions for doing business. Over the last decade activation process of Free Economic Zones mechanism disposal for the economy of a particular country development has been possible to observe. If in 1995 there were approximately 500 zones in the world, (...) now there are more than 4,300 zones in more than 130 countries which employ more than 68 thousand workers. In addition, global practice has shown that FEZ activities effective organization is efficient not only in giving impetus to the country’s economy development, but in bringing it into the world leaders as well. (shrink)

in academic entrepreneurship and creation of university spin-off companies has grown in South Africa. This study aims to establish the factors that inspire academics to engage in entrepreneurial activities and to identify the role that academic entrepreneurs play in the process of technology transfer and commercialization at University of Technology (UoT) X. A quantitative research approach is adopted throughout this study. As part of the quantitative research approach, structured questionnaires were directly administered to the respondents to collect the (...) data. Specifically, 52 electronic survey questionnaires were distributed. The sample is drawn from two databases compiled, using UOTX’s internal research records. One of the databases, held a list of those academics who have been active in terms of research as evident in their research outputs – technology creation and transfer. The other database (control group) holds a list of those academics that have not been active. From both groups, a purposive sample is drawn for the survey questionnaire. This study notes that pull factors tend to influence the entrepreneurial activities of academics at UOT X more than push factors and that academics are key players in the process of technology transfer. Thus, this study may assist the university senior management to develop strategies to improve academic entrepreneurship for all faculties. In line with this, it is expected that the primary function of UOT X should be to instil a greater entrepreneurial spirit among the relevant stakeholders. (shrink)

In this conceptual paper, the traditional conceptualization of sustainable entrepreneurship is challenged because of a fundamental tension between processes involved in sustainable development and processes involved in entrepreneurship: the concept of sustainable business models contains a paradox, because sustainability involves the reduction of information asymmetries, whereas entrepreneurship involves enhanced and secured levels of information asymmetries. We therefore propose a new and integrated theory of sustainable entrepreneurship that overcomes this paradox. The basic argument is that environmental problems have to be conceptualized (...) as wicked problems or sustainability-related ecosystem failures. Because all actors involved in the entrepreneurial process are characterized by their epistemic insufficiency regarding the solving of these problems, the role of information in the sustainable entrepreneurial process changes. On the one hand, the reduction of information asymmetries primarily aims to enable actors to become critical of sustainable entrepreneurs’ actual business models. On the other hand, the epistemic insufficiency of sustainable entrepreneurs guarantees that information asymmetries remain as a source of new sustainable business opportunities. Three further characteristics of sustainable entrepreneurs are distinguished: sustainability and entrepreneurship-related risk-taking; sustainability and entrepreneurship-related self-efficacy; and the development of satisficing and open-ended solutions, together with multiple stakeholders. (shrink)

Entrepreneurship education with a focus on sustainable development primarily teaches students to develop a profit‐driven mentality. As sustainable development is a value‐oriented and normative concept, the role of individual ethical norms and val‐ ues in entrepreneurial processes has been receiving increased attention. Therefore, this study addresses the role of moral competence in the process of idea generation for sustainable development. A mixed method design was developed in which would‐ be entrepreneurs were subjected to a questionnaire (n = 398) (...) and to real‐life deci‐ sion‐making processes in a case assignment (n = 96). The results provide stepping stones for implementing (moral) competencies in entrepreneurship education as a possible avenue to move away from a sole focus on a profit‐driven mentality. (shrink)

The article studies the impact of Fintech on entrepreneurship in Arabic region by using Crowdfunding platforms as the field of study. The article focuses on Arabic Crowdfunding platforms. The population of (12) platforms consist of: individuals, entrepreneurs, investors, employees at Crowdfunding platforms. Descriptive and quantitative approach used in this article, and a questionnaire used as a tool to collect primary data. The results indicate an impact for Fintech on entrepreneurship in general and obvious obstacles to use it widely in Arabic (...) region cause of legislations or e-payments. The article recommended more awareness for innovative products and services such as Fintech, Crowdfunding and adopting the culture of e-business models. Also the article promoting the process of developing regulations that organize e-business models, especially Fintech and Crowdfunding, the use of modern communication technology to serve the development of society, more interest to innovation and creativity as a key factor for entrepreneurial success. (shrink)

This paper analyzes the evolution of the Professional Technical Modality in Secondary Education in Argentina since its inception. How has it been traversed by the various productive models, from the foundation of the first technical school with Fordism to local development? What were the main policy milestones throughout this process? In particular, the study incorporates the design and principles of entrepreneurship in the current educational model and the basic tools for entrepreneurial development that contribute to local technological innovation. (...) To conclude, the impact of these new educational policies is evaluated in this dynamic socio-economic context. (shrink)

In assessing the efficacy of academic programs, tracer studies serve as indispensable tools, offering insights into graduates' whereabouts and performance in the workforce. This study focuses on tracing the trajectories of Agusan Colleges Incorporated (ACI) graduates from 2014-2015 to 2017-2018, shedding light on the relevance and effectiveness of the institution's degree programs. It determined the demographic profile, employment characteristics of the graduates, evaluated the curriculum’s usefulness of the skills and the relevance of the courses to their professional lives. The study (...) was anchored on Yorke and Knight's employability theory (2004) and applied the Input, Process, Output (IPO) model. A sample size of 146 participants was considered applied with convenient sampling. Descriptive survey method was used and adapted the CHED tracer study questionnaire with other tracer studies of higher educational institutions. Profile variables and employment characteristics were treated with frequency and percent distribution. Relevance and effectiveness were subjected to weighted mean. The study revealed that a majority of participants were young adult females, with almost equal numbers married and single. Currently, 84% are employed, primarily in teaching, government agencies, and business-related roles, with salaries ranging from 10,000 to 34,000 pesos per month, typically with one to six years of service. The findings highlighted the high utility of teaching, communication, entrepreneurial, and human relations skills in participants' workplaces. Core and professional courses were moderately relevant across most programs, while co-curricular courses showed slight relevance, and extracurricular courses were deemed irrelevant to their professional work. Hence, a curriculum evaluation is proposed and also, to future researchers may conduct another tracer study that would include assessment of employers and the live experiences of the employed graduates. (shrink)

The development of technology is unbelievably rapid. From limited local networks to high speed Internet, from crude computing machines to powerful semi-conductors, the world had changed drastically compared to just a few decades ago. In the constantly renewing process of adapting to such an unnaturally high-entropy setting, innovations as well as entirely new concepts, were often born. In the business world, one such phenomenon was the creation of a new type of entrepreneurship. This paper proposes a new academic discipline (...) of computational entrepreneurship, which centers on: (i) an exponentially growing (and less expensive) computing power, to the extent that almost everybody in a modern society can own and use that; (ii) omnipresent high-speed Internet connectivity, wired or wireless, representing our modern day’s economic connectomics; (iii) growing concern of exploiting “serendipity” for a strategic commercial advantage; and (iv) growing capabilities of lay people in performing calculations for their informed decisions in taking fast-moving entrepreneurial opportunities. Computational entrepreneurship has slowly become a new mode of operation for business ventures and will likely bring the academic discipline of entrepreneurship back to mainstream economics. (shrink)

Abstract: Entrepreneurship education is very imperative in Nigeria especially now that unemployment rate has reached an alarming proportion. Entrepreneurship education is not a straight-jacketed process in any nation. It is a function of many factors which include good leadership, creation of business-friendly environment, drawing academic curriculum that will inculcate skill acquisition. This study, against this backdrop, focuses on the enterepreurship education alongside trade subjects. Also, the place of entrepreneurship training, government/institutional support, societal value re-orientation, entrepreneurial career selection were (...) interrogated. The study relied heavily on content analysis technique. The position of the paper is inter alia: provision of financial assistance for self-employment through a properly articulated micro credit scheme that would enable enterprising youths obtain soft loans for the establishment of micro businesses. Beefing up electricity generation. Currently 3,231 MHW generated as against 50,000 MHW calls for serious rethinking by the Federal Government of Nigeria. (shrink)

The purpose of the article is to analyze the prerequisites, advantages, problems and prospects for the development of the processes of financial decentralization in Ukraine. Initially, the article reveals the features of the federal and unitary arrangements of states. As research has shown, the principles of fiscal federalism have been increasingly used by unitary states. The legislative and normative legal acts regulating the implementation of the decentralization policy in Ukraine are justified and given. Characteristics of the formation of new structures, (...) such as: united territorial societies and their sources of financing are characterized. Changes in incomes in local budgets as a result of decentralization are analyzed, and their significant growth is observed. The mechanism of horizontal leveling of the tax ability of territories has been developed, which helps to remove imbalances and unevenness, most of the budgets of Ukraine are recipients of budgetary funds, since they receive a basic subsidy. The influence of the development of information technologies on entrepreneurial activity in small towns and villages is determined. Information technology is a tool of points of growth of territories. Decentralization will not gradually increase due to urbanization processes, but will be accompanied by new development mechanisms, where the labor force and the means of production will unite and help create a qualitatively new environment. (shrink)

The collective monograph «Determinants of Innovation and Investment Development of Multisectoral Entrepreneurship, Tourism and Hospitality Industry» is devoted to the 20th anniversary of the Educational and Scientific Institute of Economics and Law of Cherkasy Bohdan Khmelnytsky National University and is a continuation of the research tradition on the development of entrepreneurship, innovation, finance, competition, accounting and auditing problems, tourism, hotel and restaurant business. The results of the scientific research presented in the collective monograph show the achievements of the representatives of (...) various scientific schools, allow analyzing the experience gained and, considering current economic and political realities, contribute to the scientific substantiation of the prospects for the development of entrepreneurship, tourism industry, hotel and restaurant economy, enrich the intellectual potential of higher schools. The topics of sections and subsections identify the problem issues of innovation, investment and information technology in entrepreneurship, consider the competitive environment in the field of entrepreneurship, investigate the financial-economic and social problems, various directions of tourism industry development, declared by the World Economic Forum jointly with the World Tourism Organization (UN WTO). Particular attention is paid to the development of new trends in the hotel and restaurant business. A common task for scientists, educators, and employers in the conditions of international environmental instability is the formation and dissemination of new knowledge to achieve ambitious goals concerning the entrepreneurship development of tourism, hotel and restaurant business. The proposed discussion of current issues, experience and recommendation exchange will contribute to problem solving, research intensifying in the specified areas of activity. An important component of the modern economics is entrepreneurship; and the intensification of entrepreneurial activity should ensure overcoming of economic crises and their social and economic consequences, and determine the dynamic progress of a society and future welfare of people. It is entrepreneurship that is considered in many economically developed countries as a defining condition for a social and economic prosperity. Entrepreneurial activity involves all branches of economy including industrial, humanitarian and service areas. Therefore, it is necessary to study the key factors for the development of entrepreneurial activity in Ukraine. The current problems of entrepreneurship, tourism, hotel and restaurant business are extensively investigated by both domestic and foreign scholars. A number of researches focuses on these problems. Without diminishing the importance of their contribution to science, the need for further research and improvement should be noted. Therefore, in the monograph, special attention is paid to the state support of business structures, the regulation mechanisms of entrepreneurship, tourism, hotel and restaurant business, social sphere and interaction of market and state institutions, etc. The research was carried out using the developed scientifically substantiated methodological approaches based on the scientific developments of leading foreign and domestic scientists, which allowed proposing the specific directions of entrepreneurship development in the fields of economy, tourism, hotel and restaurant business. The unique nature of the monograph is not only its scientific significance, but also its practical application; since the substantiated positions, measures, proposals for the further transformation of economic processes in Ukraine and in the world have practical value. (shrink)

The effective functioning of a modern enterprise necessitates the awareness of the owners and managers of its strategic orientations, the state of the internal and external environment, its competitive advantages, entrepreneurial potential and development prospects. A well-built business model of the enterprise helps to face these urgent and permanent challenges. However, the formation of a real business model of the enterprise necessitates mastering of theoretical and methodological bases and implementation of long-term practical measures in the field of assessment, shaping, (...) organization and control. This study offers a comprehensive business model of the enterprise that systematically identifies key factors which influence business activity of the enterprise and provide value logic for doing business in the global economic environment. (shrink)

The role and importance of entrepreneur’s network for International New Ventures (INVs) are highlighted in much research. However, there is a lack of more profound studies on how different perspectives of network influence INVs. Therefore, this thesis aims to develop a deeper understanding of the multiple aspects of entrepreneurs’ networks involvement in INVs with regard to opportunity development process. Theoretical framework constitutes of three aspects of entrepreneur’s networks: type, strength and functions of relationships, put in the context of (...) class='Hi'>entrepreneurial opportunity’s exploration and exploitation. The theoretical framework is empirically examined through two cases study of two prominent business models in Vietnam economy: State-owned company and Private-owned company. Lastly, empirical part validates and contributes to a better understanding of the framework, hence, answers the research question. It is found that entrepreneurs utilize social network as the most efficient means of rapid internationalization. While entrepreneurs’ weak relationships positively impact business opportunities exploration, strong relationships greatly affect business opportunities exploitation. This study also uncovers more clearly the functions of networks in various critical activities related to opportunity exploration and exploitation. (shrink)

Communication problems not only every year arouse more and more interest among people of different ages, diffrent professions and education, but, above all, are a necessary component of the professional competence of specialists in all areas of their activity. In 1941, Fethullah Gülen, an Islamic scholar and Turkish public figure, said that "thanks to advances in communications and transport, one of the driving forces of globalization, the distances between countries and peoples are rapidly blurring". But during communication, a person commits (...) many mistakes and stupidities. Foolishness is visible in those moments when a person should be silent, and he speaks, or when it is necessary to speak, and he is silent, - Zufar Fatkudinov said. The same thing happens in entrepreneurial communications. Business communications are a set of contacts in the business environment that each firm establishes and reproduces in the process of carrying out entrepreneurial actions, participation in business relations. Business communications are interfirm or intrafirm in nature. Business communications should be distinguished from ordinary communication. They represent ways of organizing the interaction of business entities with their intra-firm and inter-firm environment, during which all parties of the interaction strive to defend their interests in business. The materials of this book can be used in the study of the disciplines "Ethics of business relations", "Business communication", "Psychology of business communication", "Psychology of management" in higher and secondary educational institutions. The textbook is practically oriented: at the end of each chapter there are control questions and tasks, as well as literature for independent study. (shrink)

Small and medium enterprises (SMEs) in Albania, similar to other markets, operate in complex, fast-paced and unpredictable environments due to their size and nature. In our contemporary knowledge-based economy, business is constantly changing, and SMEs are thus continually faced with the challenge to find new and innovative ways to improve and adapt to the rapid transformations. As a result, there is a growing interest and necessity for SMEs to explore and adapt new and innovative mechanisms for better decision making, which (...) will then lead to improved performance and competitiveness. Digitalization of SMEs with the use of Business Intelligence (BI) and Knowledge Management (KM) systems is one such innovative instrument open to SMEs for a better performance and increased competitiveness. The research for this doctoral thesis is then set precisely in this configuration whereby: on one hand the current level of adoption and use of advanced ICTs and technological innovation within SMEs, or business digitalization as will be coined later, is relatively limited due to a variety of factors; and on the other hand ICTs themselves as technological systems or tools as well as part of business landscape, i.e. ICT as a sector, are a major driver of innovation, modernization and growth for the Albanian economy. This doctoral thesis addresses the gap in the current state of research regarding the development, adoption and use of advanced ICTs systems, i.e. business digitalization, within SMEs. In addition, the research for the doctoral thesis expands the challenge to the impact of business digitalization on performance of SMEs in Albania. Clearly, SMEs have been selected as the central ground of research not only to contribute towards filling a research gap in management and ICTs studies in Albania, but also because of the central role that SMEs play in Albanian economy and their future potential in the digital world. The results show that business digitalization impacts positively the overall performance of SMEs in Albania. Size, age and location of the SME dominate performance and are related to the business digitalisation more than strategy. Also, the entrepreneurial characteristics of the owner – manager also impact the digitalization. Having a clear business plan was also found to be important when it comes to using BI. SMEs in Albania are a vital part of the national economy and the research shows that there is growing interest in ICTs, digitalisation, BI and KM, but innovation is still at relatively low levels due to financial and human resources, which are limited. However, the research highlights that SMEs are very flexible and easy to adopt to change and when this is combined with a visionary owner- manager they tend to move towards business digitalisation. Another finding of this study is that digitalisation have lead SMEs to reconsider and re-conceptualise their business models attempting to move towards innovations that impact performance. Also, the concept of business model innovations is also gaining ground in SMEs in Albania. Findings show that the use of BI and other digitalisation processes is mainly driven by strategic and innovation related motives that are internal to the company and the owner-manager. The use of BI as a result of external technological factors also plays a role. Analysis of the findings show that the use of BI and digitalisation have a positive impact on business performance. The findings of this research paper have practical implications for the SMEs sector in Albania not only in providing an assessment of the current use of BI, but also in exploring the benefits and potential usage of BI as a necessary activity for deriving improved performance. Findings of this research can be used by owners-managers to better understand how firms can engage with digitalisation and BI and how their adoption and implementation affect business performance. Another implication for business sector is that digitally mature companies have better performance and thus derive more revenue and become more competitive. Finally, the research shows that digitization has a variety of dimensions and can be understood differently by different SMEs, owner-managers and staff, but it is a major contributor to business performance. Future research is needed to explore further the role of digitalisation processes in SMEs in Albania particularly related to enabling and hindering factors. In addition, further research is needed regarding the business model innovations, particularly in terms of human and organizational factors. This study is one of the first research contributions in the case of Albania to analyse the impact of digitalization, specifically the impact of BI on SMEs in Albania. (shrink)

Purpose: To develop proposals on the directions of institutional support for the processes of creativity of the Ukrainian economy. Design/methodology/approach: The analysis of trends in the creativity of the Ukrainian economy is carried out and proposals are developed for conceptualizing institutional support for these processes. The authors set out to develop proposals for institutional support for creativity processes and offer recommendations for systematic updating of Ukrainian legislation in the areas of state regulation of high-tech business. The information base was the (...) information materials of the State Statistics Service of Ukraine, Ministry of Economic Development and Trade of Ukraine, the statistical databases of the European Commission, OECD and World Bank for the period 2014–2020. The research methodology is based on scientific tools that include comparative analysis and economic and mathematical modeling. Findings: Building a national program of public investment in creative development will allow us to systematically approach the issue of institutional support for technological breakthroughs. Research limitations/implications: Recommendations on the development and improvement of legislative instruments of deregulatory policy, harmonization with European standards are substantiated. Directions of systematic updating of legislation on guaranteeing foreign investment of creative projects and targeted investment of joint research projects of academic science and creative organizations are proposed. The implementation will allow a systematic approach to the issue of institutional support for the technological breakthrough of Ukraine. Originality/value: There is a need to step up institutional activities in the field of organizing research centers, introduce targeted investment in the academic science and research activity of creative organizations. (shrink)

Entrepreneurship plays an indispensable role in the economic development and poverty reduction of emerging economies like Vietnam. The rapid development of technologies during the Fourth Industrial Revolution (Industry 4.0) has a significant impact on business in every field, especially in the innovation-focused area of entrepreneurship. However, the topic of entrepreneurial activities with technology applications in Vietnam is under-researched. In addition, the body of literature regarding entrepreneurial finance tends to focus on advanced economies, while mostly neglecting the contextual differences (...) in developing nations. Therefore, this research contributes to these topics by investigating the main characteristics of a high potential market for entrepreneurs in Vietnam, which is the English language training market (ELTM). It also aims at indicating the impacts of technology on the entrepreneurial firms within this market, with an emphasis on financing sources. To answer the research questions, this study employs a qualitative analysis and conducts 12 in-depth, semi-structured interviews with entrepreneurs and researchers in the field. The key findings in our study highlight the main contributing factors to the growth of the market, both universally and context-specific for a developing nation like Vietnam. It also lists the leaders in each market segment and the industry’s potential profit margin. The results also show that most entrepreneurs in the ELTM utilized private sources of finance rather than external ones, such as bank loans. It again confirms the idea from previous works that even with the rapid development of the economic and technological landscape, entrepreneurial activities in general barely benefit from additional sources of funding. However, it also points out the distinct characteristics of the ELTM that may influence these financing issues; for example, English training services usually collect revenues from customers before delivering their classes. This is of advantage for entrepreneurs in this area and helps significantly reduce the financial barriers. These findings, which are among the first attempts to contribute to a better understanding of entrepreneurial opportunities in the Industry 4.0 in Vietnam, provide valuable insights for policymakers and entrepreneurs, as well as investors. (shrink)

At the centenary of Frank H. Knight’s Risk, Uncertainty, and Profit (1921), we explore the continuing relevance of Knightian uncertainty to the theory and practice of entrepreneurship. There are three challenges facing such assessment. First, RUP is complex and difficult to interpret. The key but neglected element of RUP is that Knight’s account is not solely about risk and uncertainty as states of nature, but about how an agent’s beliefs about uncertain outcomes and confidence in those beliefs guide their choices. (...) Second, RUP is Knight’s only effort in this area. His subsequent career led elsewhere, so he did not engage with subsequent interpretations of this work. Third, much of the current literature emphasizes that decisions must be different under the two states of nature with a consequent misunderstanding of entrepreneurial agency. This paper addresses each challenge in sequence. First, we explicate Knight’s (1921) approach and explain why that approach is murky. Second, as a complement to Knight’s interpretation, we examine Frank P. Ramsey’s approach to subjective probabilities to help clarify Knight’s murky approach. What links Knight and Ramsey is a shared pragmatism about entrepreneurial agency under uncertainty that depends upon the beliefs about, and confidence in, their judgments of possible outcomes. This Knight-Ramsey approach does not require actor’s behaviors to be determined by the class of uncertain environment (whether risk, uncertainty, or ambiguity) they face. We focus on the response by the entrepreneur to the existence of uncertainty in all its forms. We argue that this reductive account provides a foundation to examine common problems in management, including managerial hubris, the interaction between entrepreneurs and venture capitalists, and the need for experimentation (such as prototyping and market research) in advance of new product and venture launches. Third, we critique current literature that favors epistemic purism about the ontology of risk and uncertainty and ignores Knight-Ramsey pragmatism in meeting uncertainty, such as using formal and informal institutions for uncertainty mitigation. Our account locates Frank Knight’s subtleties in entrepreneurial behavior firmly in the literature on entrepreneurial agency a century later. (shrink)

This research explore factors influencing entrepreneurial sustainability and financial stability within the context of the fashion industry, with a focus on the perceptions of fashion designers in Abia State. Descriptive survey methods were employed to provide a comprehensive understanding of the subject matter. The total population for the study was 487, which comprises all registered fashion designers operating in Aba, hence the whole population was used for the study. The study was carried out in Aba which is one of (...) the major fashion hubs in Abia State. Data was collected through structured questionnaire titled Questionnaire on Perceived Entrepreneurial Sustainability and Financial Stability among Fashion Designers (QPESFAFD). The data collected was analyzed using mean and standard deviation to answer the items on each objective. The findings revealed that there are perceived entrepreneurial sustainability strategies adopted by fashion designers, and perceptions influence the financial stability of fashion businesses. It also revealed that there are challenges and opportunities faced by fashion designers in sustaining their businesses and achieving financial stability. Based on the findings, recommendations were made that, there should be regular workshops and training sessions that will focus on financial management and planning specifically tailored for fashion designers and networking and collaboration platforms should facilitate knowledge sharing, resource pooling, and collaboration among fashion designers in Abia State. (shrink)

The purpose of the study is to determine the impact of entrepreneurial initiative on the development of innovation activity of country enterprises. The theory of entrepreneurship by clarifying the essence of entrepreneurial initiative got further elaboration in the article. The methodical approach to the analysis and evaluation of the entrepreneurial initiative and its impact on the innovation activity of the enterprises, the results of which are the basis for further development of proposals to stimulate entrepreneurial initiative (...) and development of their innovation activity is suggested. The estimation of innovation activity of 1758 enterprises of Ukraine by calculating the integral indicator of innovation activity revealed its low level for innovation active enterprises. The method of one-dimensional linear regression has determined that an increase in the number of business structures per 10 thousand people of the country's population at a rate of 1.0 causes an increase in the indicator of innovation activity by 0.172. It is proved in the article that development of infrastructure of enterprenerial environment and creation of centers for entrepreneurship development act as an important mechanism of increasing innovation activity of enterprises of the country. (shrink)

Editorial Office MDPI St. Alban-Anlage 66 4052 Basel, Switzerland This is a reprint of articles from the Special Issue published online in the open access journal Journal of Risk and Financial Management (ISSN 1911-8074: SI Entrepreneurial Finance).

Owing to the differences in the practice of entrepreneurship as occasioned by gender, culture and marital status, widow entrepreneurship ought to be studied separately. This is increasingly being re-echoed by the resilience of widow entrepreneurs in spite of the disinheritance, dehumanizing and discriminatory characteristics of the persisting widowhood practices in South Eastern Nigeria. This study therefore seeks to investigate the moderating role of entrepreneurial self-efficacy in the entrepreneurial experience, financial and non-financial performance of widow entrepreneurships in South Eastern (...) Nigeria. The study adopts cross sectional research design and simple random sampling technique. The generated data via questionnaire were analyzed based on Baron and Kenny’s (1986) four step approach for testing moderation. It was found that entrepreneurial self-efficacy moderates the relationships. The researchers conclude that entrepreneurial self-efficacy can increase or decrease the strength of the relationship between entrepreneurial experience, and financial and non-financial performance of widow entrepreneurships in the long run. (shrink)

Aim: Underscoring the xenophobic violence that has befallen African immigrants in South Africa in the recent past is the perception held in certain quarters that African immigrants take away entrepreneurial opportunities among others from the Natives. This paper sought to determine how African immigrant entrepreneurs identify business opportunities in South Africa in tandem with what South African entrepreneurs could learn from African immigrants. -/- Method: The paper was based on quantitative data from 220 participants collected by way of a (...) semi-structured questionnaire. As such, the study benefited from the qualitative insights associated with the use open-ended questions in the questionnaire. The data was analyzed using version 24 of the Statistical Package for Social Sciences (SPSS) software. -/- Results: suggest that African immigrants uncover entrepreneurial opportunities through: startup partners, previous employment, families, through ethnic networks, prior knowledge of the market need, prior knowledge of how to serve the market and prior knowledge of the challenges serving the market. Value/Contribution: this study is premised on the fact that no previous study has attempted to investigate how immigrants identify business opportunities, in tandem with what South African entrepreneurs could learn from African immigrants. -/- Implications: Considering the close parallel between African immigrants and the indigenous black South Africans, it is to be hoped that the study would be of interest to the latter in particular, policy makers and academics in general. (shrink)

The 21st century imposed many challenges on mankind, among them there is a very important problem of entrepreneurial leadership transformation. Entrepreneurship gradual modification under the pressure of factors of innovation, informatization of the environment and the need for socialization of the relations between businessmen and society has led to the need of new understanding of leadership positions. The purpose of this scientific research is to substantiate the style of entrepreneurial leadership, which will become dominant in the 21st century. (...) Analyzing and systematizing the scientific works of many modern scholars by the methods of theoretical synthesis, analysis and synthesis, we have solved the problems of entrepreneurial leadership transformation. The use of the historical and logical method has revealed the relationship between the entrepreneurial leadership development and entrepreneurial types. The study found that the global business environment requires new leaders, whose key competences will meet the needs of society, educational space, ethical requirements, etc. Studying the similarities and differences of various leadership styles has become the basis for the allocation of a new style – the leadership of conscious influence, the main characteristics of which are given in this research. In order to achieve the goals, set by the leader-entrepreneur, it is proposed to systematize the leadership opportunities on tactical and strategic, the factors of influence on their realization in the future are generalized. By the method of scientific and theoretical prediction the portrait of an entrepreneur in a global perspective has been formed. Prospects for further research in this area are the development of a methodology for evaluating the effectiveness of business leaders' actions and systematization of ways to increase their effectiveness in the future. (shrink)

Most studies on entrepreneurship have highlighted the relative importance of a conducive environment for the development of entrepreneurship. This notwithstanding, entrepreneurship has been noted to thrive even under the most adverse conditions, such as during economic, social and political instabilities. Using resilience as the propensity to bounce back after adversity and xenophobia, crime, unhealthy competition, etc. as correlates of adversity or an unconducive business environment, this paper investigated the preponderance of Somali grocery shops in South African township despite the perceived (...) hostility of the business environment. Anchored on the qualitative research approach, a purposive sample of 13 participants provided the required data for analysis. Specifically, the data collection took the form of focus group interviews in which two groups of 6 and 7 informants were purposively selected to be part of the interviews. Prominent in the results was the fact that almost all the current Somali grocery shops in the study area have been victims of crime and theft. Furthermore, virtually all the Somali grocery shops that were victimized during the xenophobic outburst have since re-opened. The foregoing themes of resilience and adversity unmistakably indicate the propensity of Somali grocery shop owners’ ability to bounce back. As to what township entrepreneurs worry or fear most, clearly, the fear of the re-occurrence of the xenophobic attacks surpassed that of burglary, theft and death. As to what fuels Somali’s persistence and preponderance in townships, both push and pull factors were reported. Reporting on risk aversion, it was noted that most of the founders (here referred to as an entrepreneur) are not actively involved in running the shops. They simply recruit others to do the job on their behalf. Under this circumstance, the risk is limited to financial risk. This approach is quite different for other African immigrants in the same township. -/- . (shrink)

Entrepreneurship education is among the key drivers of the country’s economy, and teachers are primarily responsible for its integration into teaching and finding the best and most useful method. The purpose of this research is to determine the level of entrepreneurial competence and teaching methods among entrepreneurship education teachers. Focusing on the concept of entrepreneurial competencies combining conceptual, human relations, strategic, commitment, opportunity, organizational and strategic competencies. Using quantitative – descriptive survey, the study tested its significant difference and (...) relationship when grouped with the profile variables. The findings indicate a significant correlation between the variables particularly, with the technical competence which has the strongest correlation. The paper sheds some light concerning the status of the current entrepreneurial competence of the teachers in the division and recommends training curriculum to develop their competencies in handling the subject. (shrink)

Monists and pluralists disagree concerning how many ordinary objects there are in a single situation. For instance, pluralists argue that a statue and the clay it is made of have different properties, and thereby are different. The standard monist’s response is to hold that there is just a single object, and that, under the description “being a statue”, this object is, e.g., aesthetically valuable, and that, under the description “being a piece of clay”, it is not aesthetically valuable. However, Fine (...) provided an ontological reading of the expression “an object under a description”: the theory of rigid embodiments. The debate between monists and pluralists reduplicates in the domain of ordinary occurrences, like walks and conferences. Specifically, they disagree whether an occurrence in progress (also called “process”) like John’s walk that is happening at tn is identical to some completed occurrence (also called “event”) like John’s walk that happened between, e.g., t1 and tn. Under the adoption of the pluralist’s position, the article aims to provide a novel theory of ordinary occurrences that develops the ontological reading of “under a description” to account for occurrences in progress and completed occurrences. As a first result, we formulate a theory according to which both occurrences in progress and completed occurrences are rigid embodiments. As a second result, we argue that the suggested theory is explanatorily powerful to the extent it solves two puzzles that we call “the Puzzle from the Completion of a Process” and “the Metaphysical-cum-Semantical Puzzle”. (shrink)

Predictive processing (PP) accounts of perception are unique not merely in that they postulate a unity between perception and imagination. Rather, they are unique in claiming that perception should be conceptualised in terms of imagination and that the two involve an identity of neural implementation. This paper argues against this postulated unity, on both conceptual and empirical grounds. Conceptually, the manner in which PP theorists link perception and imagination belies an impoverished account of imagery as cloistered from the external world (...) in its intentionality, akin to a virtual reality, as well as endogenously generated. Yet this ignores a whole class of imagery whose intentionality is directed on the actual environment—projected mental imagery—and also ignores the fact that imagery may be triggered crossmodally in a bottom-up, stimulus-driven way. Empirically, claiming that imagery and perception share neural circuitry ignores relevant clinical results in this area. These evidence substantial perception/imagery neural dissociations, most notably in the case of aphantasia. Taken together, the arguments here suggest that PP theorists should substantially temper, if not outright abandon, their claim to a perception/imagination unity. (shrink)

Predictive processing models of perception take issue with standard models of perception as hierarchical bottom-up processing modulated by memory and attention. The predictive framework posits that the brain generates predictions about stimuli, which are matched to the incoming signal. Mismatches between predictions and the incoming signal – so-called prediction errors – are then used to generate new and better predictions until the prediction errors have been minimized, at which point a perception arises. Predictive models hold that all bottom-up processes are (...) signals conveying prediction errors to higher areas, which respond by updating their predictions. We take issue with this claim and argue that object recognition requires bottom-up processing that cannot be understood in terms of prediction errors. Along the way, we expand on previous work casting doubt on the framework's ability to account for attention. Specifically, we argue that the type of attention that allows us to rapidly extract the gist of an object or scene presents an additional challenge to the predictive approach. We conclude by considering how the framework may be augmented to avoid these problems. (shrink)

In a number of papers, Kit Fine introduced a theory of embodiment which distinguishes between rigid and variable embodiments, and has been successfully applied to clarify the ontological nature of entities whose parts may or may not vary in time. In particular, he has applied this theory to describe a process such as the erosion of a cliff, which would be a variable embodiment whose manifestations are the different states of erosion of the cliff. We find this theory very (...) powerful, and especially appropriate to capture the intuition that the same process may go on at different times. However, its formal principles have been subject to some criticisms, mainly concerning the mereological structure of a variable embodiment. Moreover, since the notion of variable embodiment is very general, simply saying that processes are variable embodiments is not enough to understand their ontological nature. To address these concerns, in this paper we proceed in two phases: first, we propose a revised version of Fine’s original theory adapted to the case of processes, which adopts a classical mereology instead of Fine’s hylomorphic mereology, and a temporalized constitution relation in place of Fine’s function of variable embodiment; second, we go deeper into the ontological nature of processes by revisiting the notions of homogeneity, intentionality, and telicity discussed in the literature, and propose an account based on ontological principles and not on semantic properties of predicates. This allows us to organize processes into a novel taxonomy based exclusively on their unity and individuation principles. (shrink)

Many previous studies evaluated factors influencing entrepreneurial intention including psychological factors, social economic factors, family circumstance, etc. In contrast, there are very few studies examine the relationship between entrepreneurial competencies and entrepreneurial intention. Thus, this paper aim to identify the list of competencies that impact entrepreneurial intention among Southeast Asian students who influenced by Confucianism. The conceptual model was established based on the list of previous studies in this field with a sample size of 1000 students (...) who study in University of Economics-The University of Danang. The main finding indicated that (i) from eleven independent variables listed from previous studies, only six independent variables remain; (ii) there are no evidences to prove that risk management and tenacity/ perseverance were associated with entrepreneurship intention. These results have important values in developing entrepreneurship training programs to promote students' entrepreneurial intention among Southeast Asian Countries. (shrink)

Many philosophers claim that the neurocomputational framework of predictive processing entails a globally inferentialist and representationalist view of cognition. Here, I contend that this is not correct. I argue that, given the theoretical commitments these philosophers endorse, no structure within predictive processing systems can be rightfully identified as a representational vehicle. To do so, I first examine some of the theoretical commitments these philosophers share, and show that these commitments provide a set of necessary conditions the satisfaction of which allows (...) us to identify representational vehicles. Having done so, I introduce a predictive processing system capable of active inference, in the form of a simple robotic “brain”. I examine it thoroughly, and show that, given the necessary conditions highlighted above, none of its components qualifies as a representational vehicle. I then consider and allay some worries my claim could raise. I consider whether the anti-representationalist verdict thus obtained could be generalized, and provide some reasons favoring a positive answer. I further consider whether my arguments here could be blocked by allowing the same representational vehicle to possess multiple contents, and whether my arguments entail some extreme form of revisionism, answering in the negative in both cases. A quick conclusion follows. (shrink)

This paper aims to show that Selim Berker’s widely discussed prime number case is merely an instance of the well-known generality problem for process reliabilism and thus arguably not as interesting a case as one might have thought. Initially, Berker’s case is introduced and interpreted. Then the most recent response to the case from the literature is presented. Eventually, it is argued that Berker’s case is nothing but a straightforward consequence of the generality problem, i.e., the problematic aspect of (...) the case for process reliabilism (if any) is already captured by the generality problem. (shrink)

I argue that virtue reliabilism and virtue responsibilism are complementary. They do not give competing accounts of epistemic virtue. Rather they explain the excellent functioning of different parts of our cognitive apparatus. Reliabilist virtue designates the excellent functioning of fast and context-specific Type 1 cognitive processes, while responsibilist virtue means an excellent functioning of effortful and reflective Type 2 cognitive processes. This account unifies reliabilist and responsibilist virtue theory. But the virtues are not unified by designating some epistemic norm that (...) both aim at. Instead, I unify them through their cognitive foundations. Because Type 1 and Type 2 cognition are complementary, reliabilist and responsibilist virtues are complementary. Thereby, this dual-process theory of epistemic virtue gives a naturalised account of virtues as well as an explanation of how reliabilism and responsibilism relate. This approach offers a solution for both the generality problem and the situationist challenge to virtue epistemology; additionally it preserves the epistemological autonomy of each virtue type. (shrink)

"The high unemployment rate that has become characteristic of the South African economy has generated some spinoffs that bode undesirable consequences, not only for economic development but also for sane social-cultural coexistence of the people. Recourse to entrepreneurship rather than clinging on to an endless hope for formal employment has been touted as a possible antidote for confronting the situation. However, a prerequisite to self-employment is entrepreneurial intention. This study therefore explores factors that may influence student entrepreneurial intention. (...) The study is based on quantitative data collected in a cross-sectional manner, from students at a South African university. Empirical results suggest that the respondent group strongly accede to the usefulness of entrepreneurship education for economic development which reveals that they are well-versed with the role and gains of entrepreneurship at a macro level. The study also found that perceived competency of the lecturing team demonstrates a moderate and positive correlation with student entrepreneurial intention. The implication of this is that institutions offering entrepreneurship programmes must saddle the responsibility to ensure that persons used to deliver the courses are not only highly competent but can kindle the entrepreneurial intention flame in students." . (shrink)

A widely debated issue in contemporary metaphysics is whether the modal profile of ordinary objects has to be explained in non-modal terms (that is, Thesis 1). However, how to solve such an issue with respect to occurrences – namely, processes and events – is a question that has been largely neglected in the current metaphysical debate. The general goal of this article is to start filling this gap. As a first result of the article, we make it plausible that, if (...) Thesis 1 holds for objects, then it also holds for processes and events. Then, we develop a metaphysical account of processes derived from Fine’s (1999, 2022) suggestions, according to which a process is a variable embodiment that is manifested by different events at the different times it goes on – namely, Thesis 2. We raised the challenge from the completion of a process that asks the Finean account of processes to explain relevant modal features of processes in non-modal terms. As a second result, we argue that four initially plausible strategies for solving such a challenge fall short of solving it. As a third result, we show that the theory of variable embodiments Fine formulates for objects must differ from the theory of variable embodiments that aims to model processes. We conclude by investigating some revisions to a theory of variable embodiments that aims to model processes. (shrink)

We introduce the predictive processing account of body representation, according to which body representation emerges via a domain-general scheme of (long-term) prediction error minimisation. We contrast this account against one where body representation is underpinned by domain-specific systems, whose exclusive function is to track the body. We illustrate how the predictive processing account offers considerable advantages in explaining various empirical findings, and we draw out some implications for body representation research.

Most process theologians have rejected the creation of the world out of nothing, holding that our universe was created out of some antecedent universe. This article shows how on process grounds, and with faithfulness to much of what Whitehead had to say, process theologians can and should affirm the creation of our universe out of nothing. Standard process objections to this are refuted.

We begin by describing recent developments in the burgeoning discipline of applied ontology, focusing especially on the ways ontologies are providing a means for the consistent representation of scientific data. We then introduce Basic Formal Ontology (BFO), a top-level ontology that is serving as domain-neutral framework for the development of lower level ontologies in many specialist disciplines, above all in biology and medicine. BFO is a bicategorial ontology, embracing both three-dimensionalist (continuant) and four-dimensionalist (occurrent) perspectives within a single framework. We (...) examine how BFO-conformant domain ontologies can deal with the consistent representation of scientific data deriving from the measurement of processes of different types, and we outline on this basis the first steps of an approach to the classification of such processes within the BFO framework. (shrink)

The goal of this piece is to put some pressure on Brian O’Shaughnessy’s claim that perceptual experiences are necessarily mental processes. The author targets two motivations behind the development of that view. First, O’Shaughnessy resorts to pure conceptual analysis to argue that perceptual experiences are processes. The author argues that this line of reasoning is inconclusive. Secondly, he repeatedly invokes a thought experiment concerning the total freeze of a subject’s experiential life. Even if this case is coherent, however, it does (...) not show that perceptual experiences are processes. (shrink)

While some process philosophers have denigrated the emergent theory of mind, what they have denigrated has been ‘materialist’ theories of emergence. My contention is that one of the most important reasons for embracing process philosophy is that it is required to make intelligible the emergence of consciousness. There is evidence that this was a central concern of Whitehead. However, Whitehead acknowledged that his metaphysics was deficient in this regard. In this paper I will argue that to fully understand (...) the emergent theory of mind and its relation to process philosophy it is necessary to recast the whole history of modern philosophy in terms of efforts by philosophers grappling with the relationship between mind and body, or more broadly, consciousness and nature. This will involve granting a central place to Schelling’s philosophy, the ideas that influenced it and how Schelling’s insights were developed by subsequent philosophers. Process philosophy will then be seen as the tradition generated by efforts to transcend the opposition between idealism and materialism, and its promise in this regard, apart from anything else, is what makes it the most promising philosophy for the future. (shrink)

Multisensory processing encompasses all of the various ways in which the presence of information in one sensory modality can adaptively influence the processing of information in a different modality. In Part I of this survey article, I begin by presenting a cartography of some of the more extensively investigated forms of multisensory processing, with a special focus on two distinct types of multisensory integration. I briefly discuss the conditions under which these different forms of multisensory processing occur as well as (...) their important perceptual consequences and interrelations. In Part II, I then turn to examining of some of the different possible ways in which the structure of conscious perceptual experience might also be characterized as multisensory. In addition, I discuss the significance of research on multisensory processing and multisensory consciousness for philosophical attempts to individuate the senses. (shrink)

One attractive feature of process reliabilism is its reductive potential: it promises to explain justification in entirely non-epistemic terms. In this paper, I argue that the phenomenon of epistemic defeat poses a serious challenge for process reliabilism’s reductive ambitions. The standard process reliabilist analysis of defeat is the ‘Alternative Reliable Process Account’ (ARP). According to ARP, whether S’s belief is defeated depends on whether S has certain reliable processes available to her which, if they had been (...) used, would have resulted in S not holding the belief in question. Unfortunately, ARP proves untenable. I show, by way of counterexample, that ARP fails to articulate either necessary or sufficient conditions on defeat. Process reliabilists must either provide an alternative reductive account of defeat or renounce their reductive aspirations. (shrink)

The majority of our linguistic exchanges, such as everyday conversations, are divided into turns; one party usually talks at a time, with only relatively rare occurrences of brief overlaps in which there are two simultaneous speakers. Moreover, conversational turn-taking tends to be very fast. We typically start producing our responses before the previous turn has finished, i.e., before we are confronted with the full content of our interlocutor’s utterance. This raises interesting questions about the nature of linguistic understanding. Philosophical theories (...) typically focus on linguistic understanding characterized either as an ability to grasp the contents of utterances in a given language or as outputs of this ability—mental states of one type or another. In this paper, I supplement these theories by developing an account of the process of understanding. I argue that it enables us to capture the dynamic and temporal aspect of understanding and reconcile philosophical investigations with empirical research on language comprehension. (shrink)

In this paper I argue that even the most radical metaphysics of powers (such as that adopted by Mumford & Anjum, Cartwright, or Groff) are compatible with eternalism. I first offer a taxonomy of powers ontologies, and attempt to characterise the difference between moderate and radical powers ontologies – the latter are characterised by an emphasis on production and dynamicity. I consider an argument by C. Friebe to the effect that the productive character of powers is inconsistent with Eternalism and (...) find it wanting. I then elucidate the notion of dynamicity that radical powers theorists employ by making apparent their link with an ontology of irreducible processes. Finally, I respond to an argument by Donatella Donati to the effect that eternalism entails a reductive account of change which is inconsistent with process ontologies, and show that the the two are compatible. I conclude that we have no reason to think that radical powers metaphysics (and, a fortiori, every powers ontology) are not compatible with eternalism. (shrink)