The University of Michigan Ross School of Business actively
contributes to entrepreneurial research through the Center
for Venture Capital and Private Equity Finance, the Society
of Scholars, and collaboration with the Kauffman
Foundation. Additional resources of research include: books,
authored by leading Business School faculty, which explore business
strategies applicable to new venture situations; and new case
studies, developed by MBA students and Business School Faculty,
which provide insight on entrepreneurial business issues.
Center for Venture
Capital and Private Equity Finance
operates under the umbrella of the Institute and provides a
concentration of core knowledge in entrepreneurial finance.
David J. Brohpy, Associate Professor of Finance, and colleagues
conduct empirical research on private and public companies and
study different aspects of entrepreneurial financing. The Center
is host to a series of nationally recognized venture capital,
private equity finance seminars and investor events, including
its annual Michigan Growth Capital Symposium-the premier Midwest
event where financiers meet the 'best of the Midwest' in new
businesses and emerging technologies. Students, alumni, entrepreneurs,
managers, and investors, as well as public policy makers whose
decisions affect the environment for entrepreneurship and equity
investment, all benefit from the Center.
Society of Scholars
The Ross School of Business has created the Society
of Scholars (SOS) to nurture the development of a new generation
of creative researchers in academic fields related to business.
The program offers up to three-year fellowships for recent graduates
of doctoral programs in business schools, the social sciences,
and the humanities who have an interest in directing their attention
to business issues or applications. The Fellows of the Society
spend their time in residence at the University of Michigan
to bring their disciplines to bear on critical issues in the
rapidly changing business environment in the United States and
around the world. In collaboration with Michigan faculty and
students, the Fellows pursue research, writing, and learning
opportunities that allow them to make creative and intellectually
significant contributions to scholarship in and about business.
Research The Entrepreneurs Next Door
Characteristics of Individuals Starting Companies in
America: An Executive Summary of the Panel Study of Entrepreneurial
Some 10 million American adults are involved in the process
of starting nearly six million potential new businesses at any
given time, with minorities 50 percent more likely to start
a business than whites, according to a national study of entrepreneurship
funded in part by the Ewing Marion Kauffman Foundation. The
Panel Study of Entrepreneurial Dynamics (PSED) is the first
research effort to offer systematic and reliable data on the
process of business formation. The national, multi-year study
tracks a group of emerging entrepreneurs as they progress through
the entrepreneurial process, revealing that new business formation
is as widespread as getting married or the birth of a baby and
involves all racial and ethnic groups.
The study seeks to answer four questions:
- Who is involved in starting businesses in the United States?
- How do they go about the process of starting companies?
- Which of these business start-up efforts are likely to result
in new firms?
- Why are some of these business start-up efforts successful
in creating high-growth firms?
More than 120 scholars participated in the development of the
PSED. Since this project was initially conceived in 1996, 33 universities
(including the University of Michigan), private foundations and
for-profit institutions, as well as the National Science Foundation,
and the Ewing Marion Kauffman Foundation have provided more than
$2 million in financial support for the effort.
Research at the University of Michigan Ross School of Business
The Economics of Franchising
Roger D. Blair, University of Florida and Francine Lafontaine,
University of Michigan
Cambridge Press 2005
This book describes in much detail both how and why franchising
works. It also analyses the economic tensions that contribute
to conflict in the franchisor-franchisee relationship. The treatment
includes a great deal of empirical evidence on franchising,
its importance in various segments of the economy, the terms
of franchise contracts, and what we know about how all these
have evolved over time, especially in the US market. A good
many myths are dispelled in the process. The economic analysis
of the franchisor-franchisee relationship begins with the observation
that for franchisors, franchising is a contractual alternative
to vertical integration. Subsequently, the tensions that arise
between a franchisor and its franchisees, who in fact are owners
of independent businesses, are examined in turn. In particular
the authors discuss issues related to product quality control,
tying arrangements, pricing, location and territories, advertising,
and termination and renewals. The authors are two of the US's
leading scholars on the business, economics and law of franchising.
The book is designed for professionals in economics, business,
finance and law as well as MBA students and talented final-year
undergraduates; uses very little math.
Managing People in Entrepreneurial Organizations: Learning
From the Merger of Entrepreneurship and Human Resource Management
Jerome A. Katz and Theresa M. Welbourne
The last years of the 20th Century may well have reflected a
brief "golden age" for Human Resources Management. In an economy
where ideas and capital were plentiful, the critical facet for
success increasingly became human resources. Having the people
on hand, with the right skills to bring new products into existence
with a first mover advantage became the definitive factor. As
a result, policies and initiatives at the intersection of the
Entrepreneurship and Human Resources Management proliferated
in an unprecedented way, and is the focus of this volume.
As is traditional for the series, the Volume includes two major
reviews: of HRM in entrepreneurship (Robert L Heneman and Judith
W Tanssky) and of stock related rewards (Mary E Graham, Brian
Murray, and Linda Amuso). Volume 5 also includes leading-edge
papers on topics emerging from the retrospective of the do-com
boom and bust, such as optimal methods of recruitment for smaller
firms (Howard E Aldrich, Ian O Williamson, and Daniel M Cable),
defining and assessing the new concept of person-entrepreneurship
fit (Gideon D Markman and Robert A Baron), and the impact of
union relationships on small high-performance firms (Rosemary
Batt and Theresa Wellborne).
This volume is a must for researchers in HRM as well as thoughtful
HRM managers in large and small firms who are looking fort he
latest thoughts and revisions of the lessons of the dot-com
era. For entrepreneurship researchers, the volume represents
the definitive source for reference and conceptual information
on the topic of HRM in entrepreneurial firms.
Internet Business Models and Strategies (second Edition)
Allan Afuah and Christopher L. Tucci
Before the first edition of this innovative text was released,
no other text had emerged to thoughtfully address how to value
a company's internet efforts.
Now in its Second Edition, this text continues to address not
only the Internet's phenomenal impact on business and its reach
across all sectors, but it also outlines strategies for effectively
competing in this environment. In the words of the authors,
"The framework (presented here) allows users of the text to
make more informed theory-based arguments as to how successful
an Internet-based form is likely to be, how much it might be
worth, and the relative merits of formulating and implementing
an Internet strategy for an established firm."
Afuah and Tucci's Internet Business Models and Strategies:
Text and Cases draws on today's latest research to develop and
integrate a framework that helps you understand the factors
that surround a firm's performance and the central role that
business models play when taking your business to the 'Net.