The literatures on venture financing mainly focus on proposing resolutions of entrepreneurial moral hazard. However, those researches ignore the fact that venture capital firms might behave opportunistically as well. Hence, this paper offers an effective mechanism to resolve the double moral hazard raised between venture capital firms and entrepreneurs. Three main conclusions are drawn as follow: It is shown that although convertible preferred stock could prevent venture capital firms from opportunistic behavior, it has poor efficiency in dealing with entrepreneurial moral hazard. On the other hand, staged financing, as opposed to convertible preferred stock, could effectively mitigate entrepreneurial moral hazard, but hardly avert from moral hazard raised from venture capital firms. In its conclusion, this study illustrates that both convertible preferred stock and staged financing act as an effective complementary mechanism for each other. Compared with any single approach, this joint mechanism could relatively resolve a certain extent of double moral hazard.

Computer industry is one of the most outstanding paradigms of value growth in the twentieth century. And Taiwan¡¦s computer-related industry has also developed since the early beginning of the twentieth century. Since 1980, the electronics industry in Taiwan has taken only twenty years or so to be the main competence advantage, which creates the highest value of output. Seeing the module characteristic of Taiwan¡¦s electronics industry, and the awareness of the entrepreneur network, this study hopes to combine the two concepts to have a clear understanding of the phenomenon about how the electronics industry rose rapidly in Taiwan, and also hopes to figure out the business performance of each leading firm in the most important five component areas in Taiwan¡¦s electronics industry. This study has chosen current operating value (COV) to be the main concept, which was advocated by G. Bennett Stewart (1990). And through the study of each company¡¦s free cash flows, this study then further examines the relationships among the free cash flows (FCF), the company¡¦s current operating value (COV) and market value (MV). That is, this thesis is to study whether a firm makes proper use of its cash flows will help bring positive market values to itself, and to see the range of the market value added (MVA) it will bring to the firm. This study has used the dimensions mentioned above. Based on the references, the sample firms are those with a long history or the leading companies in the areas of the top five components in Taiwan¡¦s electronics industry. And all the finance-related information of the sample firms is derived from the TEJ Database with a period of from 1991 to 2006. The variables then are calculated, and the hypotheses are defined and testified. At last, statistics is used to analyze the data of the outcomes. The study shows that if we examine a firm¡¦s performance by way of the free cash flows, the more stable business performance the sample firms has, the more the firm¡¦s current operating value at the t period can anticipate the firm¡¦s market value at the t+1 period. Besides, for those component firms with a higher accumulated operating cash flows than accumulated investment cash flows, their current operating value can create more added market values. Based on the two results, a firm¡¦s conduction of free cash flows will have a direct influence on the firm¡¦s stability of business performance, and those firms with more stable performance will create positive added market values.

The idea of developing cultural and creative industries has been putting forward by the government in recent years. As the result of regarding virtual channel and fashion flea market as a place to test market and well conditions to start an enterprise, there are more and more designers build their own manufacture's brand in the cultural and creative field. However, there are just a few brands can stand out from the crowd. This study was carried by case study and regarded 5 small-and-medium-sized enterprises in cultural and creative industries branding successfully as its sample. Use different dimensions to probe into the stage from case company¡¦s brand building, brand positioning to brand¡¦s marketing strategies drafting. Through the categorization and contextualization analysis establish a theoretical framework. According to this study, the power of self-actualization and dissatisfaction of industry conditions push designers to build a brand as a medium of living, creating and self-expression. To the small-and-medium-sized brands that own mostly 1 or 2 designers, the look of a brand is the style the designers have. Brand¡¦s designers use their prior knowledge and experiences to form the brand¡¦s spirit with their frame of mind. The process of brand position is the pattern or works added company¡¦s competitive advantages, launched differential products and consumed by customers. On the other hand, brand owners hook up with consumers by exhibition, blog or each channel to pass product concept and brand spirit to. Consumers will combine and assimilate the perception of the brand while they buying and the meaning of the brand they realize while interacting with brand owners, then feedback to the brand owners. Such a feedback mechanism can help brand owners adjust the way they do to meet their ideal brand position with consumers¡¦ perception. Furthermore, case companies set a niche market position into market. In the virtuous circle, brand community management lead companies and brand close to their customers and build an inseparable relationship.

The focus of the dissertation is to be a flâneur in Shanghai and explore the relationship between ¡§urban space¡¨ and ¡§flowing body¡¨. In this paper, I attempt to describe the connection between daily practices and identities by interviewing Taiwanese entrepreneurs. As result, some major findings emerged from the study¡GFirstly, Taiwanese enterprenuers enjoy the flexible status based on the accumulation of their (original)capitals. Second, Shanghai is presented in both nostalgia and modernization. Due to the Satisfication of their daily life in shanghai, Taiwanese entrepreneurs like to join this global city.Third, Taiwan is less competitive for Taiwanese entrepreneurs in shanghai.

<p>There is no reason to refuse the fact that, in the coming years, Europe is going to face a new wave of immigration. The birth rate is in decline and life expectancy in the European continent is higher than before. As a consequence, there are two major problems: a shortage of labour and the financing of the pensions (Kohler, Billari & Ortega, 2002). World Bank warns European Union that for stabilizing the amount of working age population in 2050 like in 1995, would involve a net migration of 79 million within the EU25. There should be new flow of immigration. As a consequence, the phenomenon combines immigration and entrepreneurship will be vital for countries’ future growth within Europe. However, consider Sweden as the area of study by combining the immigration entrepreneurship study and business start-up abroad. Therefore, the questions of why the entrepreneurs choose to go to other countries for business venture and why they choose Sweden as the host country become a topic to study in this research paper.</p><p>The purpose of the research is going to find out the motivations for the initiative of entrepreneurial immigrants’ choice of Sweden as a host country. In order to find the result for the purpose, the research chose to use an inductive and exploratory approach to find out why those entrepreneurial immigrants indented to come to establish business in Sweden. Those reasons were investigated from previous research; experts working with foreigners who arrived in Sweden for business purpose, and the entrepreneurial immigrants who arrived in Sweden for new ventures. The data collection based on a qualitative method. According to the research purpose, the theories were chosen in the field of migration and entrepreneurship. Determinants of immigration and entrepreneurship were listed and explained. Based on the interview, information was categorized with the determinants listed in the theoretical frame work.</p><p>Based on the analysis, the empirical information shows that entrepreneurs came to Sweden not only for business reasons. All of the Local Development Managers and entrepreneurs interviewed considered that entrepreneurial immigrants chose to create business in Sweden with immigration purpose. However, if we want to apply this result to all entrepreneurial immigrants, further quantitative study would be required.</p>

<p>Problem- In the townships and rural areas of the Western Cape province of South Africa unemployment can be as high as 60%. For many, starting a business is the only viable option to survive. There are many organizations seeking to help entrepreneurs to successfully start and manage a business, but services are significantly lacking. We therefore wish to determine what business service providers in the Western Cape are doing today to help necessity entrepreneurs succeed, and what can be done better in the future to facilitate entrepreneurship in the region.</p><p>Purpose- The purpose of our research is to identify measures necessary to facilitate successful entrepreneurial start-up activities in the Western Cape province of South Africa for necessity entrepreneurs.</p><p>Method- To address our purpose we have used snowball sampling to conduct six in-depth interviews with necessity entrepreneurs and eight with Business Service Providers using semistructured interviews. In addition, we have utilized convenience sampling to interview 27 necessity entrepreneurs with whom we conducted brief interviews.</p><p>Results- From our research it can be concluded that the most important measure necessary to facilitate entrepreneurship for necessity entrepreneurs in the Western Cape is to increase the entrepreneurial capacity of the people. People must be provided with the resources to develop the skills and mindsets necessary to succeed as an entrepreneur and see entrepreneurship as a way of making a career. Secondly, resources must be diverted so that those necessity entrepreneurs with a viable business plan and necessary capacities are provided financial assistance to establish their business. Thirdly, the provincial government must make significant improvements in the abilities of entrepreneurs to access markets. Currently entrepreneurs cannot efficiently access markets and are thereby withheld from valuable business opportunities. Fourthly, the services offered by business service providers must be made more effective and achieve a much greater standard of quality in order to help those most in need better. We are optimistic with regards to development of entrepreneurship in the Western Cape, but must emphasize the fact that there is a significant need for change with regards to services offered to necessity entrepreneurs.</p>

<p>Nature of work : Bachelor Thesis, 10 credits</p><p>Enterprising and Business Development</p><p>Number of pages : 68 pages</p><p>Title : EBW-phenomenon</p><p>- The Driving Forces Behind Businesswomen in Nybro</p><p>Author : Leonnie Tabanan Ingholt</p><p>Examiner : Richard Nakamura, Växjö University, Sweden</p><p>Mentor : Pernilla Nilsson, Växjö University, Sweden</p><p>Date : May 30, 2007</p>

Many entrepreneurial research studies underline implicitly the positive evidence of a connection between the economic success and networks. However, any social relationship which an entrepreneur maintains does not necessarily have positive effects and consequently does not represent a capital to the new established organization. Dysfunctional effects result from the circumstance that the different actors have different, sometimes contrary requirements on networks. The aim of our article is to explore dilemmatic constellations within networks and to enable entrepreneurial founders or consultants to face the related challenges.

Problem: De flesta människor associerar entreprenörskap med framgång, vilket också är den bild som massmedia vanligtvis ger av entreprenörskap. Men att vara entreprenör är kopplat till risk, risk som ibland leder till misslyckanden som kan uppfattas negativt av samhället. Utifrån detta resonemang har vi intresserat oss för hur entreprenörer själva ser på misslyckande.   Syfte: Syftet med uppsatsen är att öka förståelsen för hur entreprenörer ser på misslyckanden. Vår förhoppning är att detta ska inspirera till entreprenörskap genom att minska rädslan för misslyckande.   Metod: För att uppnå vårt syfte och besvara vår frågeställning har vi utifrån tidigare forskning byggt upp en teoretisk referensram som vi sedan utgått från för att samla in empiriskt material. Detta har skett genom intervjuer med tre entreprenörer. Det vi har sökt efter är entreprenörernas subjektiva uppfattningar. Genom att analysera entreprenörernas berättelser har vi sett likheter och skillnader, utifrån vilka vi fått en förståelse för hur entreprenörer ser på misslyckanden.   Slutsats: Vi har genom vår studie sett hur entreprenörer väljer att se positivt på misslyckanden och fokuserar på den erfarenhet och de lärdomar de kan få av det. Vi har också sett en tendens till att entreprenörer undviker branscher där de tidigare misslyckats för att istället fokusera på områden där de tidigare nått framgång. / Problem: Most people associate entrepreneurship with success, which is also how media usually describe entrepreneurship. But being an entrepreneur is closely related to risk, risk that sometimes leads to failure that can be perceived negatively by society. Due to this we have become interested in how entrepreneurs themselves view failure.   Purpose: The purpose of this thesis is to increase the understanding of how entrepreneurs view failure. Our hope is that this will inspire to entrepreneurship by reducing the fear of failure.    Method: To reach our purpose and to answer our problem we have built a theoretical frame out of previous research. Based on this we have gathered empirical data through interviews with three entrepreneurs. Our goal has been to reach the entrepreneurs subjective point of view. By analyzing the stories told by the entrepreneurs we have seen similarities and differences, from which we have reached an understanding about how entrepreneurs view failure.   Conclusion: Through our study we have seen how entrepreneurs choose to keep a positive attitude towards failure and the experience and knowledge they can gain from it. We have also noted a tendency that entrepreneurs avoid businesses where they have previously failed. Instead they focus their energy on business areas where they previously have been successful.

Les enjeux sociaux et écologiques liés aux effets de la globalisation économique exigent des alternatives et des solutions. Localement, des entrepreneures et entrepreneurs mettent de l'avant des pratiques alternatives par l'offre de consommation responsable. Ces entreprises proposent des produits issus du commerce équitable et entretiennent des pratiques écologiques (par exemple l'agriculture biologique, récupération, etc.). D'après une étude réalisée auprès de 40 hommes et femmes entrepreneurs de la consommation responsable établis aux quatre coins du Québec, l'auteure de ce mémoire fait un retour sur les contradictions et défis qui s'imposent dans cette forme de propositions d'alternatives économiques. À la lumière de la nouvelle théorie critique de la valeur proposant une critique du capitalisme à partir des catégories marxiennes (travail, temps, marchandise, etc.), cette étude explore les réalités de ce secteur à travers les critiques formulées autour de l'organisation économique actuelle. Bien qu'il y ait un changement de paradigme souhaité, les contradictions du système capitaliste prennent souvent le dessus sur les ambitions des entrepreneurs qui désirent faire les choses autrement. ______________________________________________________________________________ MOTS-CLÉS DE L’AUTEUR : Alternatives, consommation responsable, commerce équitable, critique de la valeur, critique du capitalisme, critique du travail, entrepreneuriat, mode de production et pratiques écologiques.