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Edited by Kevin Hindle and Kim Klyver
Chapter 14: Cultural Context as a Moderator of Private Entrepreneurship Investment Behaviour
Fredric Kropp, Noel J. Lindsay and Gary Hancock INTRODUCTION Entrepreneurship is the driver of modern Western economic activity. If opportunities can be identified and properly exploited, entrepreneurial activity can create jobs and wealth for the entrepreneurs and investors, as well as for society as a whole. In many countries, more jobs are created by entrepreneurial business ventures than by any other form of private sector economic activity. For example, nearly 6 million people start a business every year in the US alone (Kauffman 2008). Numerous ingredients are required to help transform an idea into a viable exploitable opportunity: the right people with the right capabilities, intellectual and social capital and luck, just to name a few. In addition to all of the other components, adequate financial resources are required to bring the opportunity to fruition. Entrepreneurial business ventures (EBVs) go through many stages, and each stage has different financial requirements for different purposes (see Churchill and Lewis 1983; Friesen and Miller 1984; Scott and Bruce 1987). Although not without controversy, the stage model can be useful in identifying different needs and sources of funds. For example, it has been argued that the establishment and development stages of an EBV can be characterized by the seed, start-up and early-growth stages. In the seed stage, resources are needed to investigate and research the business concept and to determine if the idea is the basis for a viable opportunity. Financial resources are needed for research and development and for the basics, for example...
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