SBANC Newsletter
March
8, 2005
Issue
362-2005
QUOTE
"Don’t
limit yourself. Many people limit themselves to what they think
they can do. You can go as far as your mind lets you. What
you believe, remember, you can achieve."
-- Mary Kay Ash
FEATURE
PAPER
The Venture
Development Processes of “Sustainable” Entrepreneurs
This
paper was presented by David Y. Choi and Ed R. Gray of Loyola
Marymount University, at the meeting of the United States Association
for Small Business and Entrepreneurship in Indian Wells,
California on January 13-16, 2005.
This study examines the venture development processes
of “sustainable” entrepreneurs,
i.e., entrepreneurs renowned for their efforts and achievements
toward “sustainability”. Sustainable development was
initially defined as “development that meets the needs of
the present without compromising the ability of the future generation
to meet their needs” (World Commission on Environment and
Development, 1987). Over time, sustainability, as it has come to
be called, has become a multidimensional concept that encompasses
not just environmental protection but also extends to economic
development and social equity (Gladwin, et. al., 1995). In our
view, successful sustainable entrepreneurs not only create profitable
enterprises but also achieve certain social and/or environmental
objectives. They balance multiple objectives effectively and are
successful in meeting the “triple bottom-line”, i.e.,
their economic, environmental and social objectives.
Most academics and practioners would suggest that balancing multiple
objectives is forbiddingly difficult because of the harsh realities
of the marketplace. Evidence shows otherwise. We have identified
21 such high-profiled entrepreneurs in various industries, ranging
from food and personal products to biotechnology, who had delivered
strong triple bottom-line results year after year. These include
such reputable companies such as Patagonia, The Body Shop, Stonyfield
Farm, Interface Carpets, and many other entities illustrated in
this research. They show that it is possible to meet multiple objectives
simultaneously when they employ the right strategies and processes.
In some cases, sustainable identity provided companies with a competitive
advantage.
Very little formal research
has been conducted in the area of sustainable entrepreneurship.
One exception is the area of “social
entrepreneurship”, being examined in the non-profit management
or public sector management publications. Most of this literature,
however, deals with the initiation of non-profit organizations
and agencies to handle the problems of social welfare. Exceptions
are some case studies and books on a particular entrepreneur or
entrepreneurial business. These include Cohen, Greenfield and Maran
(1997) who write about their own venture Ben & Jerry’s
and Roddick (2001) who wrote about her entrepreneurial experiences
with The Body Shop. We are only aware of Gray & Balmer (2004)
that attempts to generalize findings from multiple entrepreneurs.
It identifies 12 commonalities from an examination of 5 sustainable
companies.
Our research
brings to light the accomplishments of numerous sustainable entrepreneurs
who offer a different model of entrepreneurial pursuits.
We develop useful insights into their venture development process
by rigorously studying the methods by which the founders initiated,
grew and built their companies.
Read the Entire Paper...
TIP
OF THE WEEK
Vision
It has been sad
that “if you don’t know where you are
going, any road can take you there.” To eliminate such disorientation
and provide direction, the discussion of corporate strategy necessarily
begins with vision. Its positioning in the center of the Triangle
[from undisclosed graph] reflects its central role in the formulation
and implementation of corporate strategy.
One of the strongest findings of our research was that successful
corporations were those that had a vision and were committed to fulfill
it over an extended period of time. Indeed, the ability to articulate
a coherent vision is a valuable indication that firm, in fact, has
a corporate strategy.
A powerful vision
should continually stretch the corporation’s
capabilities. For many companies, therefore, the overarching vision
is captured in an ambitious aspiration, the time frame of which may
be ill-defined and distant. In the 1920s, ford wanted to put “a
car in every home”; in the 1980s, Apple looked toward the future
and saw “a computer in every home.” By the 1990s, Bill
Gates had gone further yet: “a computer on every desk, and
in every home, running on Microsoft software.” (By the end
of that decade, this vision had grown to include the Internet.) Each
of these simple expressions offers a compelling statement that challenges
and motivates employees by providing meaning and fulfillment to their
work. Each also defines the broad domain in which the firm will operate.
Importantly, defining the domain is primarily concerned
with setting the boundaries of the firm—with describing what businesses
the corporation will not go into—more than with identifying
exactly which businesses it will compete in. Within those broad bounds,
managers will have the autonomy to operate without the distraction
of looking outside the domain or the interference of being told precisely
where to compete. Thus, a corporate vision should describe, in fairly
loose and qualitative terms, the boundary beyond which it will not
operate. Nokia’s “portable communications” vision
describes a sense of what businesses the company will operate in
without, for example, being specific as to whether or not liquid
crystal displays are part of that domain.
Often, visions also describe the ethical values a corporation will
adhere to in the conduct of its business. Called the mission in some
companies, this part of a vision usually reflects the code of behavior
by which employees are governed. While important, such statements
complement, rather than substitute for, articulations about how the
company intends to create economic value.
Collis,
David.& Montgomery, Cynthia. 2005. "Corporate
Strategy" 2
ed. p. 11-12. New York, New York: McGraw-Hill Irwin.
CONFERENCES
Global
Automotive Conference 2005
The Global Automotive Conference 2005 will be held at Sloan
Convention Center in Bowling Green, Kentucky on April 6-8,
2005. This unique
Conference serves as a venue where global industry leaders at all
levels interact with practitioners, discuss solutions to industry
challenges, and review “best-practices” and emerging
trends.
For more information, visit: http://www.gac.ky.net
The
Professional MBA Seminar
The Professional MBA Seminar will be held at the Marriott Courtyard San Jose
Airport, San Jose, California on April 6-7, 2005. The Professional MBA Seminar
is a two-day market planning,
product
planning and financial planning seminar.
This
business
seminar
is a
practical and cost-effective version of the multiple-week, multiple-thousand
dollar executive programs, offered by some of the major business schools.
For more information, visit: http://www.professionalmba.com/
Allied
Academies International Conference Submission Changes
The
Allied Academies will hold its 2005 International meeting at the Hilton
Hotel in Memphis, Tennessee. Presentation dates will be April 14 -
16, 2005, with registration on the evening of April 13. Allied Academies
has extended the submission deadline for those of you who
could use some extra time. The award submission deadline is now March
14.
For more information,
visit: http://www.alliedacademies.org/memphis-call.html
Gateway Series for Entrepreneurship
The topic of the 2005 Gateway
conference is "Assessing Outcomes in Entrepreneurship Education." The
conference will aid in learning about and discussing world-class outcome
assessment techniques, and is co-sponsored by the Kauffman Foundation
and the
Entrepreneurship Affinity Group of the AACSB.
The conference will be held at Saint Louis University on April 14-16, 2005.
For more information, visit: http://www.slu.edu/centers/jsces/programs.html
To register for this conference, email the Jefferson Smurfit Center for Entrepreneurial
Studies at jsces@slu.edu or
katzja@slu.edu or call 314-977-3850
4th
Annual Life Science Technology Venture Forum
The 4th Annual Life Science
Technology Venture Forum will be held at Jones School, Rice Campus
in Houston, Texas on March 11, 2005. The Forum will include presentations
by 9 of the most promising early-stage life science companies in Texas.
A panel of leading venture life science capitalists/investors will
follow these new venture presentations.
For more information, visit: http://www.alliance.rice.edu/assnfe/ev.asp?SnID=9411711&ID=13
CALL
FOR PAPERS
The
CIBER Research Institute
The Ciber Research Institute will hold its EABR Conference (business & economics)
and TLC Conference (teaching methods, styles, and administration) at the Athens
Marriott on June 13-17, 2005.
Submission Deadline: May 15, 2005
For more information, visit: http://www.ciberinstitute.org/EABRCMain.htm
Society
for Marketing Advances Annual Conference
The Society for
Marketing Advances (SMA) will hold
its Annual Conference at the Sheraton Gunter Hotel in San
Antonio, Texas on November 2-5, 2005. This year’s meeting will include
the Elsevier Science Distinguished Scholars Series, the Sherwin-Williams Distinguished
Teaching Competition Award, and the McGraw-Hill/Irwin Stephen J. Shaw Award for
Outstanding Conference Paper.
Submission Deadline: April 1, 2005
For more information, visit: http://www.marketingadvances.org
EFMD
35th EISB Conference
The European Foundation
for Management Development (EFMD) will be holding its 35th EISB Conference in
Barcelona, Spain on September 12–14, 2005. The Conference theme is "Sustaining
the Entrepreneurial Spirit Over Time: Implications for young companies, family
businesses, and established companies."
Submission Deadline:
March 31, 2005
For more information, visit: http://www.iese.edu/en/events/OtrosEventos/EISB/CallForPapers/CallForPapers.asp
IPSI Transactions
Journals, Research with Multidisciplinary Elements
IPSI is planning some special issues in late 2005 and early 2006, and you are
welcome to submit your paper. Papers are requested for submission for the Special
Issue on Research with Multidisciplinary Elements.
Submission Deadline: March 31, 2005
For more information, visit: http://www.internetjournals.net
IPSI Transactions
Journals, E-Education: Concepts and Infrastructure
IPSI is planning some special issues in late 2005 and early 2006, and you are
welcome to submit your paper. Papers are requested for submission for the Special
Issue on E-Education: Concepts and Infrastructure.
Submission Deadline: March 31, 2005
For more information, visit: http://www.internetjournals.net
ANNOUNCEMENTS
Women's History
Month
In recognition of Women's History Month (March), the National Women's
Business Council has updated its fact sheet, Women Business Owners
and their Enterprises.
For more information, visit: http://www.nwbc.gov/ResearchPublications/keyFacts.html
The SBANC Newsletter is provided as
a service to the members of our affiliates: Academy
of Collegiate Marketing Educators (ACME), Association
for Small Business& Entrepreneurship (ASBE), Decision Sciences
Institute (DSI), Federation of Business
Disciplines (FBD), International Council for Small
Business Congress (ICSB), Institute
for Supply Management, The International Small Business
Congress (ISBC), Marketing Management Association
(MMA), Small Business
Administration
(SBA), Service Corps of Retired Executives, Small Business
Institute (SBI), Society for
Marketing Advances (SMA), United States Association
for Small Business& Entrepreneurship
(USASBE), U.S. Department of Veterans Affairs and Western
Decision Sciences Institute (WDSI). If you are interested
in membership or would like
further information on one of our affiliates, please
see our web site at http://www.sbaer.uca.edu
SBANC STAFF
Main Office Phone: (501) 450-5300
Dr. Don B. Bradley III, Executive
Director of SBANC & Professor
of Marketing
Direct Phone: (501) 450-5345, E-mail: donb@uca.edu
Esther
Mead, Co-Lead Development Director, E-mail: estherledelle@yahoo.com
Amanda Harris, Development Intern,
E-mail: abharris84@yahoo.com
Michael Flanagin, Development Intern, E-mail: whiffleball@aol.com
To subscribe or unsubscribe to the SBANC
Newsletter, please E-mail SBANC at sbanc@uca.edu
