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No description available.

No description available.

No description available.

The purpose of this research project was to determine the role and contribution of tacit knowledge in the formulation of small company strategy. A literature review was carried out to identify the gaps in knowledge regarding these issues. Using a case study methodology, evidence from 3 small firms was collected around the recounting of specific strategic episodes, where the different types of knowledge being used were identified. Four criteria were used to analyse the evidence - plausibility, credibility, internal and external validity. The findings relating to each firm were presented in 3 case study reports. A comparative analysis of the findings enabled the following conclusions to be reached. The managers in the 3 small companies were capable of providing credible accounts of the ways in which they practice strategy-making to accompany the development of their firms. They have devised and developed a series of drivers which have accompanied their strategic practice. These drivers have been present since company creation; they have continued to shape the trajectories taken by each company and they are associated with specific learning patterns. They directly influence the processes the managers use to formulate strategy. Each manager has developed a specific approach to formulating strategy. The use of intuition, alongside more rational mechanisms to analyse and validate decisions was identified in the 3 cases. Intuition plays an integrating, synthesising role in paving the way for possible directions and orientations within the options envisaged. The managers in the small firms call on a wide range of personal and professional knowledge and experience when formulating strategies for their companies. In activating their strategy formulation processes, they rely on mobilising their specific versions of tacit knowing.

The thesis examines the contribution of the business incubator to the networking activities of the small entrepreneurial firm. Consequently, in so doing the thesis explores how these activities evolve throughout the entrepreneurial transformation process whilst considering the effect of close firm proximity. As such, the thesis draws on the business incubator, cluster, entrepreneurship and networking literature in order to provide a platform from which an appreciation of how the incubator contributes to the networking activities of the entrepreneurial firm is gained. The key element of the business incubator is the entrepreneurial firm. The entrepreneurial firm is one which is driven by an individual with an opportunity focus and a commitment to growth orientated strategies. The identification of the entrepreneurial firm as a 'firm under transition' recognises the entrepreneurial effort as a dynamic rather than static phenomenon. The impact of the business incubator on small firm survival rate has been noted. However, this study provides new insights from a networking perspective. Therefore, the thesis focuses on the relationship between proximity of the incubator and the networking activities of the firms in the incubator. Moreover, an emphasis is placed on the intangible benefits of networking rather than the widely cited tangible benefits such as shared facilities. This coupled with the recognition of the importance of the management of networks has led to the identification of an area requiring research, that of the networked incubator. Within this thesis, the empirical work is cited within the qualitative tradition with an exploration of two incubators, eighteen firms in total using a two stage interview process which took place over a six month time period. The thesis focuses on addressing the generic issue of the entrepreneurial firm within the business incubator. However, as the research progressed the comparative dimension of the research became evident. Consequently, the research acknowledges the impact of the inclusion of two different incubator types on the wealth and richness of the data collected. This thesis makes five notable contributions to the area of business incubation research. Firstly, by focusing on the tensions inherent in incubation networks the research added a new dimension to how networks were understood within the business incubator. Secondly, trust and empathy were necessary in order to address these tensions in the business incubator. Thirdly, entrepreneurial networks were identified as an important function in the opportunity identification and opportunity realisation process within the business incubator. Fourthly, the entrepreneurial firm within the business incubator as a firm under transition was identified. Finally, the neglect of social networks within the incubator leads to a wealth of intimate knowledge and intelligence remaining untapped.

Corporate Social Capital theory has been used as a prism through which diverse economic issues have been explored (Leenders and Gabbay 1999). This thesis draws upon it once again, to provide a framework for understanding the attitudes to business networking held by the owner-managers of Small to Medium Sized Enterprises (SMEs) in Northern Ireland. Using a multiple case study approach as outlined by Yin (2009), the research was conducted in Rotary clubs and golf clubs, which have traditionally fostered such exchanges but in secondary function to wider social welfare or sporting aims. Through the use of in-depth interviews the individual's opportunities to engage with others, motivation for doing so and ability to produce value from the interactions were explored (Adler and Kwon 2002). Respondents provided clear examples of when their business had benefited (or indeed suffered) as the result of their social network. The overarching themes emerging from the data are increased access to information that could be converted into competitive advantage and the accelerated development of trust among network members. This, however, was tempered by frequent mention of the ‘dark side' (Gargiulo and Benassi 1999) where an unpropitious reputation is easy to form but difficult to shed and the very idea of overt networking is still considered by some to be uncouth. The research identified five factors that impacted on an individual SME owner-managers ability to generate social capital, specifically: the location and age profile of the club and the gender/ occupation and personality of the SME owner-manager. This thesis provides a new perspective on the experiences of the SME owner-manager in a time of continued economic uncertainty.

The use of strategic tools for decision making to aid growth has been the focus of historic research, more recently strategic alliances have received attention from researchers and practitioners as an option for strategic growth for SMEs. There has however been few empirical studies into the motivation of managers for strategic alliances, researchers have chosen to focus on the success or failure of the alliances and the type of alliance undertaken. This study helps to fill the gap by investigating the relationship between managerial & firm demographics and strategic alliance success in high tech SMEs. Strategic management models used by other researchers were used for example the dynamic strategic management model for SMEs was reviewed and has resulted in a specific strategic model for SMEs in the high tech industry being created. A postal survey to managers of SMEs in the UK generated 444 usable responses to a questionnaire that sought information about the manager, the firm and their alliance experiences. Descriptive statistics were used to present the findings and correlation analysis was undertaken to test the hypothesis generated by the two research questions. Findings from this study support and contribute to the upper echelon theory that manager's demo graphics contribute to their decision making and influence firm behaviour. Findings support prior work that there are two types of managers in the high tech sector and their homogeneity and heterogeneity are found to be typical of firms in the high tech sector in the UK. Findings also indicate that SMEs do understand the need to align their strategies and that effective planning is important. This study has provided some insights into the behaviour of successful firms that may be useful for managers of SMEs when considering strategic alliances.

Small businesses are regarded by policy makers and academics alike as being significant sources of wealth creation, employment generation and innovation. Yet, few small businesses grow. One possible way of explaining why so many businesses do not succeed is through the notion of 'barriers'. Social networks can mitigate those barriers. Previous studies on networks typically identify and predict what kinds of networks affect firm success, rather than attempt to explain how or why this is the case. This thesis' aim is to elaborate on the understanding of the impact of networks on small business growth. To achieve this aim, a qualitative study was conducted on 107 ethnic, small business owners in Sri Lanka and 86 South-Asian ethnic, small business owners in the United Kingdom using semi-structured interviews. The purpose of the study was three-fold: firstly, its purpose was to examine how and why small business networks develop, from the perspectives of ethnic, small business entrepreneurs, secondly, to explore whether and to what extent the effect of the institutional context on social networks differed between the UK and Sri Lanka, and thirdly to explore what the implications of these differences had for business performance. Data was analysed using non-parametric statistical techniques. First, the study examined how and why small business networks developed. The results supported the conflicting pattern from the literature and were able to reconcile it. The analysis confirmed that access to different resources required different types of relations in terms of density and ties strength. Next, the research found ethnic entrepreneurs in the UK and SL show institutional differences in trust and social network characteristics. Finally, the findings suggested that the relationship between networks and small business growth is mixed. While structural characteristics of advisor and business network are more robust in explaining sales performance in the UK, relational characteristics of advisor and business networks are more forceful in explaining sales performance in Sri Lanka. These findings imply that successful entrepreneurs are those who can develop the right kind of relationship with others. The result of this research indicates the value of studying small businesses owned by a particular ethnic group and the importance of gaining a greater understanding of ethnic entrepreneurship.

The value based management approaches aim primarily at listed major corporates. Through the equity cost rate they are linked to the capital market theory (CAPM) and portfolio theory. Medium-sized enterprises in the sense of the present research are never listed on stock markets, but are owned by an entrepreneur, a few companies or, as the case may be, further family members as well. Considering the very low application rate of value based concepts in SMEs, despite their large macro economical importance and the significant untapped potential, there is a clear demand in theory and praxis for a holistic integrated framework that better considers the constitutive SME characteristics and identified requirements regarding the implementation in medium-sized enterprises (SMEs). The research method applied to develop such a framework is on one side exploratory, i.e. logic-deductive. The theoretical basis constitutes the shareholder value approach, the stakeholder theory, the intellectual capital management theory, as well as the business economics of SMEs. On the other side, to fulfil the practical objective the research project is based on a second pillar. Within the scope of the dissertation, an empirical case study of a typical medium-sized enterprise is conducted. The case study findings affirm the practical relevance and value adding, the applicability and relability of the implemented framework. Furthermore, concrete practical recommendations are given for the implementation of the developped risk and value based management framework in SMEs. The risk and value based management framework, considering the normative, methodological and instrumental perspectives, brings together elements of shareholder theory, stakeholder theory and intellectual capital concepts applied to the actual findings in SME research. This has significant practical implications for managers and entrepreneurs. Management and entrepreneurs can break down the overall target of value creation to single intellectual capital (IC) or stakeholder related events. Such a value-oriented management concept provides a basis for top management and entrepreneurs, and serves as starting point for a differentiated operational control and early warning system that identifies and quantifies value and risk drivers for managing employee, customer and supplier capital, or from an IC perspective, structural, relational and human capital, all in a value-oriented and quantitative way. Additionally, as the premises, i.e. the conceptual underpinnings of valuation, have radically changed, the impact on valuation practice is consequently significant, as it opens the possibility for valuation practitioners to develop corresponding specialised valuation approaches, e.g. focusing on IC or stakeholder valuation, not only for (unlisted) SMEs.