CEO successions represent critical junctures for firms. Although extant research explores the performance consequences resulting from different succession types, what remains underexplored is what happens when the firm rehires a former CEO (e.g., a “boomerang CEO”).
Learning from negative outcomes is of fundamental interest to scholars. Yet most research in this area explores learning from actual outcomes. By contrast, we add to the literature by setting forth a theoretical framework that highlights learning from the anticipation of negative outcomes rather than actual outcomes. Using an inductive, multiple case research design, we develop an emergent typology for how anticipatory learning occurs.
As firms mature, their founders are often replaced with seasoned executives. When founders are retained, the surrounding top management team (TMT) members are viewed as critical resources in helping compensate for the founder's managerial deficiencies. Surprisingly, however, little is known about how TMT members affect a founder‐led firm's performance later in a firm's life.
We recently introduced a research program on how firms can effectively capture fleeting opportunities using heuristics. Heuristics, we advocate, are the essence of strategy, especially in unpredictable markets where opportunities are often numerous, fast moving, and uncertain. Our emphasis on heuristics invites comparison with prominent research programs in cognitive psychology. We address this opportunity by comparing our “simple rules” heuristics approach with “heuristics-and-biases” and “fast-and-frugal” heuristics research. Collectively, the three approaches offer a rich understanding of heuristics.
Accelerators are entrepreneurial programs that attempt to help ventures learn, often utilizing extensive consultation with mentors, program directors, customers, guest speakers, alumni and peers. While accelerators have rapidly emerged as prominent players in the entrepreneurial ecosystem, entrepreneurs, policy makers, and academics continue to raise questions about their efficacy.
We find that although team structure has a significant impact on the performance of nonfounder‐led firms (consistent with past literature), it has little to no effect on the operating performance of founder‐led firms, suggesting that founder chief executive officers (CEOs) may exert too much control. Thus, the irony is that founders are retained to propel progress but their very retention may prevent progress.
Research and practice suggest that co-founded ventures outperform solo-founded ventures on average. Yet, little work has explored the conditions under which solo founding might be possible or even preferable to co-founding. Combining an inductive case-oriented analysis with a Qualitative Comparative Analysis of 70 new entrepreneurial ventures, we examine why and how solo founders can be as successful as their peers in co-founded ventures. We find that successful solo founders strategically use a set of co-creators rather than co-founders to overcome liabilities, retain control, and mobilize resources in unique and unexpected ways. A primary contribution of this paper is an emergent configurational theory of entrepreneurial organizing. Overall, we reveal the broader significance and theoretical importance of adopting a configurational lens for both practitioners and scholars of entrepreneurship.