Evolving Concepts and Processes
European Research in Entrepreneurship series
Edited by Odd Jarl Borch, Alain Fayolle, Paula Kyrö and Elisabet Ljunggren
Chapter 6: Entrepreneurs’ Social Capital Enhancing Performance and Venture Advancement
Hannes Ottósson and Thomas Schøtt INTRODUCTION Many studies in the field of entrepreneurship, borrowing from sociology and economics, have investigated the effects of social capital on entrepreneurial performance, such as growth in sales, employees or profit (Lee et al., 2001; Westhead et al., 2001; Baum and Locke, 2004). Some of this line of research has been criticized for the performance measures used (Robinson, 1999; Witt, 2004) and recommendations made for increased integration of outcome and process-oriented research (Hoang and Antoncic, 2003). Hoang and Antoncic (2003) call for increased integration between process and outcome-oriented research by exploring how concepts from one research stream can usefully extend theoretical models in the other. They argue that outcome-oriented research can become richer when combined with theoretical insights arising from research on network dynamics. With a dynamic panel research design that covers the whole entrepreneurial process scholars can stop asking ‘whether’ questions and start asking ‘when’ and ‘how’ questions. Furthermore, by using a panel design it is possible to limit the ‘success’ bias, where potential entrepreneurs who abandon their intentions are often excluded from sampling. Gartner (1985) describes the process of new venture creation in a framework of four perspectives. The perspectives include the characteristics of the individuals, the process, the environment and the organization. The individual perspective covers background of entrepreneurs, such as age and entrepreneurial parents, human capital such as education and experience, and personality or psychological characteristics, such as need for achievement and propensity for risk-taking. The social capital is...
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