The Origin and Evolution of New Businesses

Paperback | September 22, 2004

byAmar V. Bhide

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What is this mysterious activity we call entrepreneurship? Does success require special traits and skills or just luck? Can large companies follow their example? What role does venture capital play? In a field dominated by anecdote and folklore, this landmark study integrates more than ten years of intensive research and modern theories of business and economics. The result is a comprehensive framework for understanding entrepreneurship that provides new and penetrating insights. Examininghundreds of successful ventures, the author finds that the typical business has humble, improvised origins. Well-planned start-ups, backed by substantial venture capital, are exceptional. Entrepreneurs like Bill Gates and Sam Walton initially pursue small, uncertain opportunities, without muchcapital, market research, or breakthrough technologies. Coping with ambiguity and surprises, face-to-face selling, and making do with second-tier employees is more important than foresight, deal-making, or recruiting top-notch teams. Transforming improvised start-ups into noteworthy enterprises requires a radical shift, from "opportunistic adaptation" in niche markets to the pursuit of ambitious strategies. This requires traits such as ambition and risk-taking that are initially unimportant. Mature corporations have to pursueentrepreneurial activity in a much more disciplined way. Companies like Intel and Merck focus their resources on large-scale initiatives that scrappy entrepreneurs cannot undertake. Their success requires carefully chosen bets, meticulous planning, and the smooth coordination of many employeesrather than the talents of a driven few. This clearly and concisely written book is essential for anyone who wants to start a business, for the entrepreneur or executive who wants to grow a company, and for the scholar who wants to understand this crucial economic activity.

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What is this mysterious activity we call entrepreneurship? Does success require special traits and skills or just luck? Can large companies follow their example? What role does venture capital play? In a field dominated by anecdote and folklore, this landmark study integrates more than ten years of intensive research and modern theori...

Amar Bhide, an associate professor on leave from Harvard Business School, is teaching at the University of Chicago. A former consultant at McKinsey and Company and proprietary trader at E.F. Hutton, Bhide received a doctorate and an M.B.A. from the Harvard Business School, where he was a Baker Scholar, and a B.Tech. from the Indian In...

other books by Amar V. Bhide

The Origin and Evolution of New Businesses
The Origin and Evolution of New Businesses

Kobo ebook|Oct 16 2003

$20.09 online$25.99list price(save 22%)
Format:PaperbackDimensions:432 pages, 5.91 × 9.09 × 1.1 inPublished:September 22, 2004Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0195170318

ISBN - 13:9780195170313

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"This groundbreaking work shows the complementary roles held by innovative startup companies in areas with high uncertainty and little financial investment and by more established companies, which focus on large-scale projects with more certain payoffs....Offering a wealth of avenues forfuture research as well as insights for potential entrepreneurs, this book is sure to be cited for years to come."--Library Journal