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WEBINAR RECAP – April 12 with Dr. Frank Hoy

WEBINAR RECAP – April 12 with Dr. Frank Hoy

Dr. Frank Hoy

Dr. Frank Hoy

Professor of Foisie Business School, Beswick and Director of Collaborative for Entrepreneurship & Innovation, Worcester Polytechnic Institute

Frank Hoy is the inaugural Paul R. Beswick Professor of Innovation & Entrepreneurship in Worcester Polytechnic Institute’s School of Business. Formerly, he served as dean of the College of Business Administration at the University of Texas at El Paso, held the Carl R. Zwerner Professorship in Family Business at Georgia State University, and was state director of the Georgia Small Business Development Center while on the faculty of the University of Georgia.

Topic: Why are people ignoring Family Business?

Do you think that question is an exaggeration? Family businesses outnumber non-family businesses in most national economies. How much attention do they really get in business education? How many universities offer programs, or even a course? Do many educators believe the myth that you should not go into business with family members? Do they think that family businesses are dysfunctional? What about studies that suggest that family businesses outperform and outlive non-family businesses? Could it be that family businesses have lessons for non-family firms? Let’s think about what we can teach our students and what we still have to learn.

ICSB Family Business Essay

There is no universally accepted definition of family business. Nevertheless, I provide one of the most cited ones here to provide a context for this essay:

The family business is a business governed and/or managed with the intention to shape and/or pursue the vision of the business held by the dominant coalition controlled by members of the same family or a small number of families in a manner that is potentially sustainable across generations of the family or families.

Chua, J.H., J.J. Chrisman, and P. Sharma (1999). ‘Defining the family business by behavior’. Entrepreneurship Theory and Practice, 23(4): 19-39.

Family business is a multi-disciplinary subject. To fully appreciate the dynamics of family firms, one must look beyond business disciplines and into anthropology, family studies, psychology, sociology, and more. The effort to do so is of great importance given the volume of family owned and operated businesses worldwide. For some national economies, family enterprises represent the most significant components. Yet they have gone unappreciated, under represented, and even ignored in business and economic education and research. Scholars have the potential for contributing to the survival and prosperity of these firms.

In many universities, family business has yet to be recognized as a legitimate discipline of study. When studies of family businesses are published, authors frequently specify the impact of family-owned firms on national economies in their introductions, indicating the need for educators and practitioners to take the results of studies seriously. There is also some debate regarding the quality and rigor of research design and execution in the literature relative to more mature disciplines.

In the formative years of family business research and the publications of practitioners and consultants, the focus was predominantly on problems and conflicts. There were implicit and explicit assumptions that family-owned businesses were not professionally managed. The word ‘nepotism’ appeared in its negative connotation. In 2005, there was something of a turn of events with the publication documenting family enterprises in a more favorable light.

Danny Miller and Isabelle Le Breton-Miller reported the results of their research in Managing for the Long Run: Lessons in Competitive Advantage from Great Family Businesses (Boston, MA: Harvard Business School Press). They analyzed businesses that had survived for decades, overcoming obstacles and outperforming competitors. It turned out that such firms were disproportionally family controlled. They labeled four priorities of the successful firms as commitment to 1) continuity, pursuing the dream; 2) community, uniting the tribe; 3) connection, being good neighbors; and 4) command, acting and adapting with freedom. Suddenly, there was an awareness that family businesses not only create value, but also that they could be models for managing nonfamily firms.

In the body of knowledge that has now accumulated in the family business literature, there is much that universities can offer to students and practitioners to increase the probability of success of a family in business. And there are great opportunities for researchers to learn more.

GBSN: Design Thinking Pedagogy and Practice Webinar Highlights

GBSN: Design Thinking Pedagogy and Practice Webinar Highlights

Posted By Samara Tu, Monday, September 21, 2015, on http://www.gbsnonline.org/blogpost/760188/227192/Design-Thinking-Pedagogy-and-Practice-Webinar-Highlights

On September 9, 2015, GBSN hosted a webinar called, “Design Thinking Pedagogy and Practice,” featuring Jeanne M. Liedtka, a professor of business administration at the Darden Graduate School of Business at the University of Virginia.

The webinar discussed the process of Design Thinking using a case study, and the methods in which it can be taught to students. About 91 percent of the people who have attended the webinar had some to no experience with Design Thinking, and 84 percent planned to either incorporate elements of Design Thinking into their courses (42 percent) or design their own Design Thinking course (42 percent).

What is Design Thinking?

Design Thinking is a problem-solving approach in which managers apply the mindset and approaches of designers to develop innovative products, processes and business models to fuel growth and innovation. Design Thinking centers around identifying stakeholders’ needs, brainstorming solutions to these needs without constraints like budgeting, and testing these solutions in the most cost-effective way. It is very much a hypothesis-driven approach.

>Watch the webinar below:

According to professor Liedtka, there are 15 steps to designing for growth:

  1. Identify an Opportunity
  2. Scope Your Project
  3. Draft your Design Brief
  4. Make Your Plans
  5. Do Your Research
  6. Identify Insights
  7. Establish Design Criteria
  8. Brainstorm Ideas
  9. Develop Concepts
  10. Create Some Napkin Pitches
  11. Surface Key Assumptions
  12. Make Prototypes
  13. Get Feedback from Stakeholders
  14. Run Your Learning Launches
  15. Design the On-Ramp

While professor Liedtka did not go over all 15 steps for designing for growth, she did segment the steps into the following groups: “What Is?” “What If?” “What Wows?” and “What Works?”

Steps 1-4 require managers to identify the problem.

Steps 5-7, which fall under the “What Is?” category, require managers to conduct research into the stakeholders’ experience with the product and service. Here, professor Liedtka highlights journey-mapping, a design tool that traces the journey of a customer as they experience a product or service. Journey-mapping seeks to understand the customers’ emotions when they interact with a product or service, and therefore requires managers to establish a deep understanding of human needs and motives.

Steps 8-10, which fall under the “What If?” category, are where managers start to brainstorm solutions to the stakeholders’ unmet emotional and practical needs. Here, professor Liedtka additionally discusses co-creation, a design tool that invites key stakeholders into the design process.

Steps 11-12, which fall under the “What Wows?” category, are where managers begin to create prototypes of possible solutions.  These prototypes can be as simple as building a non-functional website or storyboard. In this stage, managers seek practicality of solutions and begin to narrow solutions that were brainstormed.  A prototype that is economically sustainable, can be produced, and has the possibility of being desired by stakeholders can be a product that wows.

Once a prototype is decided on, managers can implement steps 13-15, which fall under the “What Works?” category. In these steps, managers run the prototype by stakeholders and review feedback from them. If stakeholders do not like the prototype, managers begin the Design Thinking process again.

>>Download the presentation.

If you would like to suggest a topic for future webinars, please email Lisa Leander, GBSN’s senior program officer at lleander@gbsn.org.

Samara Tu is a Communications and Event Planning Intern at the Global Business School Network. 

Business Leadership Series Webinar — Innovation Next Door

Business Leadership Series Webinar — Innovation Next Door

Innovation Next Door
July 7, 2015 | 2:00 PM – 3:00 PM EST

Creativity and innovation are integral to an organization’s ability to survive and thrive in today’s competitive marketplace. This webinar provides participants with an understanding of how creativity and innovation can be facilitated and managed in a work setting. Participants will learn about theoretical conceptualizations of creativity and innovation as well as practical applications involved in fostering creativity and innovation in the workplace. Participants will be encouraged to play an active role in learning through open discussions and interaction with the guest speakers.

Speakers

Philip Vang  

Founder, Foodhini – Winner of USPAACC’s Ideas Marketplace: What’s Your Pitch? competition, Foodhini, is a for-profit social enterprise which delivers ready to eat ethnic meals directly to customers within 60 minutes through a mobile on-demand platform

Dr. Charles Matthews

Distinguished Teaching Professor of Entrepreneurship and Strategic Management, Founder Center for Entrepreneurship Education & Research at Lindner College of Business, University of Cincinnati

Moderator

Dr. Ayman El Tarabishy

Associate Teaching Professor of Management at The George Washington University School of Business (GWSB)

About BLS

USPAACC’s BLS series will consist of a total of sixteen (16) live webinar sessions, where participants will explore current issues in the small and minority business community related to starting, managing and growing an entrepreneurial venture. Each webinar session will have a Guest Speaker and a topical focus. At the end of the BLS series, participants will have a better understanding of key management principles and ideas that will help them to grow their business, or new business idea, into the mainstream marketplace in the U.S., Asia, and/or the Indian Sub-continent. The BLS webinar series is aimed at three types of business leaders: (1) those just beginning or ‘starters,’ (2) emerging leaders or ‘builders,’ and (3) reflective leaders or ‘thinkers.’

Register

Register online at https://attendee.gotowebinar.com/register/6642280951419918081
After registering, you will receive a confirmation email containing information about joining the live webinar session.

For more information, please visit http://uspaacc.com/programs/business-leadership-series

Free Webinar: Social Entrepreneurial Activity in West Africa: The Role of Intercultural Competence for Creating and Implementing New Ideas

Free Webinar: Social Entrepreneurial Activity in West Africa: The Role of Intercultural Competence for Creating and Implementing New Ideas

Title: Social Entrepreneurial Activity in West Africa: The Role of Intercultural Competence for Creating and Implementing New Ideas

Presenters:
Lead-author: Heike Grimm, University of Erfurt, Brandtschool (Germany)
Social Entrepreneur: Juan David Rivero Acevedo

Date: July 10, 2015 at 13:00 CET / 07:00 AM EST

ABSTRACT The following case is about the emergence of a new social business idea while highlighting the role of entrepreneurs who a) are characterized by different professional, educational and socio-cultural backgrounds (Gambia and Columbia); b) have the ability to realize a business and social entrepreneurial opportunity while being confronted with challenges in a so-called developing country; c) have the strong will to change the situation at hand; d) exchange their ideas and knowledge because of shared interests and mutual trust. The case demonstrates how a social entrepreneurial idea has been generated and realized by exceptional personalities with high intercultural competences with the goal to sustainably change the situation of women in a peripheral region in West Africa.

NOTE We will email copies of the slides, as well as the access link and any further notifications to those who have RSVP’d for the event. Don’t miss out!

RSVP BELOW OR CLICK HERE TO ACCESS THE FORM DIRECTLY

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ECSB webinar: How to Get Published in the Best Entrepreneurship Journals

ECSB webinar: How to Get Published in the Best Entrepreneurship Journals

The latest ECSB Webinar was hosted with Professor Alain Fayolle (EM Lyon). He will share his expertise on the topic “How to Get Published in the Best Entrepreneurship Journals”.

Fayolle-Alain_photo_cvAlain FAYOLLE current research works are focusing on the dynamics of entrepreneurial processes, the influences of cultural factors on organisations’ entrepreneurial orientation and the evaluation of entrepreneurship education. His last published research has appeared in Academy of Management Learning & Education, Entrepreneurship and Regional Development, International Journal of Entrepreneurship and Innovation, Frontiers of Entrepreneurship Research.

 

Click here for the full recorded webinar >

The Effectuation Experiment – Distinguishing Risk from Ambiguity with Dr. Ewald Mittelstaedt

The Effectuation Experiment – Distinguishing Risk from Ambiguity with Dr. Ewald Mittelstaedt

On Thursday, April 2nd, Dr. Ewald Mittelstaedt hosted an ICSB Webinar on his latest research topic, The Effectuation Experiment – Distinguishing Risk from Ambiguity.

Click here to view the recorded webinar >

Ambiguity tolerance is the ability to cope with inconsistencies, discrepancies, ambiguous information or just the unpredictability of life. People with a low ambiguity tolerance feel emotionally stressed and uncomfortable in uncertain situations. They show a tendency to simple and inconsiderate behavioral patterns. Ambiguity tolerance plays a decisive role for the personality development. It is important for intercultural education and is considered as key trait for successful entrepreneurs.

Furthermore the experiment can be traced back to Ellsberg (1961) and is also known as the Ellsberg-Paradox, which also has been validated outside the lab in real life decision making recently. Apart from personality diagnosis and referring to the work of Knight (1921) the experiment makes a distinction between risk and uncertainty. It will be discussed that modern management has squeezed ambiguity into the construct of risk when trying to make economic life calculable and success projectable. Thus, the management paradigm is: Only phenomena, which we can measure and predict, can also be controlled by us. In contrast to that there is the Effectuation approach. There, the predominant opinion is: Everything that we can influence in a regulative way and together with others, we do not have to predict. Thus, the Effectuation approach comprises ambiguity tolerance.

Facilitator:

Mittelstaedt HeadshotDr. Ewald Mittelstaedt is a Professor at South Westphalia University of Applied Sciences, Meschede, Germany. His research interests include entrepreneurship education, behavioral economics and complexity sciences. He publishes regularly in international journals and conducted studies on business and entrepreneurship education in Germany, Eastern Europe, USA and across Asia.