Entrepreneurship in Regional Communities : Exploring the Relevance of Embeddedness, Networking, Empowerment and Communitarian Values

Focusing on nascent firms, established growing firms and established plateaued forms within the northern inland New South Wales regional locations in Australia, this book explores the manifestation of entrepreneurship. In particular, the authors examine the state and status of regional entrepreneurship in the bioregions and investigate how gender plays out in the entrepreneurial space. The authors present a detailed macro environmental framework, national and international literature syntheses and the differences between regional and urban businesses exploring the secondary data. Through interviews and primary data gathering, the authors explore the context in which the businesses operate and showcase the uniqueness of regional embeddedness, place-based initiatives, networking opportunities and communitarian values. Insightful reading for anyone interested in the facets regional entrepreneurship and gender studies, this book provides important implications for academic scholars, government officials, business practitioners, financial institutions, and other stakeholders who are involved in effective formulation of innovative business growth strategies. Associate Professor Sujana Adapa works in the UNE Business School at the University of New England. Her research interests include gender studies covering leadership and entrepreneurship in the regional context. She is one of four Board of Directors for Small Enterprise Association of Australia and New Zealand. Dr. Subba Reddy Yarram is a Senior Lecturer in Finance in the UNE Business School at the University of New England. His research covers corporate governance and small business economics/management and his research appeared in reputed journals. He serves on the Australian and New Zealand Academy of Management Board. Professor Alison Sheridan is a Professor of Management in the UNE Business School at the University of New England. Her research interests include gender studies. She is a Graduate of the Australian Institute of Company Directors and a Life Fellow of the Australian and New Zealand Academy of Management. Foreword Acknowledgments Contents Acronyms and Abbreviations List of Figures List of Tables 1 Setting the Scene Introduction Entrepreneurship Social Entrepreneurship Entrepreneurship in Context Phases of Entrepreneurship Relevance Theories for Nascent Stages Entrepreneurial Identities Gender and Regional Entrepreneurship Statement of Aims Definitions of Australian Businesses Book Structure Conclusion References 2 How Does Australia Rate? Introduction Global Competitiveness Index (GCI) Global Entrepreneurship Monitor (GEM) Global Entrepreneurship Index (GEI) International Studies on Regional Entrepreneurship Enabling Conditions for Entrepreneurship Small Business in Australia Innovation in Australian Businesses Australian Studies on Regional Entrepreneurship The Gendering of Business Conclusion References 3 Australian Entrepreneurship: Distinguishing by Region and Gender Introduction Female Versus Male-Owned Businesses CAUSEE Venture Idea Gestation Activities Product Team Resources Functional Areas Business Contacts Business Idea Novelty Sources of Advice Owner Family Members Friends, Employers or Colleagues External Investors Customers Suppliers Chartered Accountants Lawyers Consultants Sources of Funding Founders/Owners Personal Savings Founders/Owners Credit Cards Government Grants Relative Advantage and Disadvantage Conclusion References 4 Setting the Scene for the Bioregions Introduction Populations in Regional Australia Employment in Urban and Regional Australia Human Capital Business Churn What Do We Make of This? The Bioregions—Tamworth and Armidale Tamworth Armidale SMART Region Incubator Conclusion References 5 Place-Based Entrepreneurs Introduction Method and Sample Profile of Nascent Firms Ryan and Tina, Founders of an Agribusiness Start-up Colin, Founder of Financial Services Firm Louise, Founder of an Education and Training Start-up Amy, Founder of a Consulting and Professional Services Start-up Jason, Founder of an Aviation Start-up Raj, Founder of a Restaurant Jenny, Founder of a Personal Services Start-up Profile of Established Growing Firms Dan, Owner-Manager of a Livestock Consulting Business Robyn, Partner in High Tech Agricultural Instruments Manufacturing Company Michael, Owner-Manager of Agricultural Aerial Services Company Barbara, Owner-Manager of HR Consulting Firm Rick, Serial Entrepreneur with Hospitality and Recreation Businesses Marcus, Owner-Manager of a Boutique Hotel Justine, Owner-Manager of Health Services Company Michelle, Joint Owner of a Technology Company Kay, Owner, Consulting and Professional Services Business Jim, Joint Owner of an Information Systems Company Matthew, Founder of a Portfolio Businesses Across Construction, Manufacturing Mark, Serial Entrepreneur with Hospitality Businesses Profile of Established Plateaued Firms Trevor, Owner-Manager of an Agribusiness Brian, Owner-Manager of Coffee Roaster and Cafe Vicky, Founder of a Retail Jewellery Store Kate, Owner-Manager of a Hair Salon James, Owner of Shoe Repairs Store Jai, Owner-Manager of a Curry House Brett, Founder of a Saddlery Equipment Firm Craig, Owner-Manager of a Tours Service Firm Steven, Owner-Manager of an Agribusiness Grain Trading Mary, Owner-Manager of Agricultural Machinery Emily, Owner-Manager of a Hair Salon Conclusion References 6 Nascent Firms Introduction Advantages to Their Regional Location Social Capital Technology Increasing Attention to Women in Business Challenges of Being Where They Are Access to Finance Regulation Human Capital External Shocks Aspirations Growth Making a Difference Being the Change You Want to See Recognition Gender Conclusion References 7 Established Growing Firms Introduction Embeddedness Advantages to Their Regional Location Social Capital Support from Their Local Community Business Networks Lower Costs Challenges of Being Where They Are Financial Capital Human Capital Creative Solutions Other Challenges What Does Growing a Business Look like for These Business Owners? Growth as an Outcome The Outcome of Growth Is Their Entrepreneurial Ecosystem Able to Sustain Their Ambitions? Technology Transport Other considerations Gender Conclusion References 8 Established Plateaued Firms Introduction Advantages to Their Regional Location Social Capital Intrinsic Satisfaction in Serving Customers Family Support Business Knowledge Challenges of Being Where They Are Human Capital Regulations External Shocks and the Changing Environment Keeping the Business Manageable No Growth Keeping Small What Are the Plans for Exiting? Closure Voluntary Exit Management Buyout Lack of Succession Gender Conclusion References 9 Doing Entrepreneurship in Regional Communities Introduction Entrepreneurial Activity in Australia Entrepreneurial Activity in Regional and Urban Australia Our Bioregions The Local Entrepreneurs Nascent Firms Growing Firms Plateaued Firms Doing Regional Entrepreneurship Implications for the Entrepreneurial Ecosystems Policy Finance Culture Support Human Capital Markets Policy Implications Final Remarks References References Index