Whether formal planning is or is not of value to small firms continues to be debated. The emergence of effectuation theory has assisted in helping to explain why formal planning may be of less value to start-up ventures, or guiding the entrepreneurial process. However, it does not refute the need for planning.
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It is important to note that the ABS only estimates the number of indigenous entrepreneurs in Australia because the task of clearly defining who or what is a "indigenous" business is difficult. This is an issue addressed by Professor Dennis Foley from the University of Newcastle in a recently published article in the Indigenous Law Bulletin. Entitled "Jus Sanguinis: The root contention in determining what is an Australian Aboriginal Business", Foley examines the nature of how indigenous businesses are defined and why this process of definition is important. In fact it is inextricably wound up with the entire issue of Aboriginal identity.
In this second of a series of articles I will overview what practical value an entrepreneur might gain from the Top-5 most cited papers published in the leading journals. In my previous article I looked at the Journal of Business Venturing, in this one we look at Entrepreneurship Theory & Practice (ETP).
Over the past twenty years the academic field of entrepreneurship has exploded. The number of journals publishing research in the area has increased significantly along with the overall volume of academic papers. Around the world there are now thousands of academics engaged in research relating to entrepreneurship and related activities. Against this background of scholarly expansion there lies the question as to what does all this research activity actually deliver that might help a practising entrepreneur?
We know very well that SMEs are where the action is. SMEs hold untapped potential for economic growth in general, and at a time when universities – more than ever – need to demonstrate their contribution to economic development, we have to show we’re working with businesses of all sizes and helping them to get results.
The supply chain of the Australian diary industry starts with some 6,686 registered dairy farms, the majority (68%) of which are located in Victoria. Most of the dairy farms in Australia are family owned and operated small businesses that produce fresh milk on a daily basis. Only about 2% of dairy farms are corporates.
The issue has the potential to further fracture existing fault lines within the government over issues effecting Australia’s rural communities. Free trade and an open door policy on foreign investment has many benefits, but if it leads to a further erosion of farmer bargaining power and squeezing of prices the political consequences will be significant.
Without doubt ‘red tape’ is one of the most politically contentious issues facing governments when seeking to develop effective small business policies. What is clear from any research into the red tape problem is that it is as much about the eye of the beholder as it is about the reality of bureaucratic obstacles.
Fixing the small-business problem should be at the top of the political agenda. Some 22 million workers are either unemployed or underemployed, or have given up looking for work. If it continues to generate new jobs at its current anaemic rate, America will not return to pre-recession employment levels until 2020.