This chapter examines the process of adoption and diffusion of innovation. It suggests that innov... more This chapter examines the process of adoption and diffusion of innovation. It suggests that innovation is driven by three paradigms, focusing respectively on: the individual creative genius, the technology-push of systematic scientific inquiry, and market-pull. While the creation of innovative new ideas and technologies is an important goal for business, there is no value in innovation without commercialisation which is frequently fraught with challenges. The diffusion of innovation is a social process that involves inventors being imitated by adopters. Their decision to adopt – or not to adopt – is influenced by a combination of rational attitudes and subjective norms that can be shaped by peer group influence. Word of mouth can play a key role in the diffusion process as early adopters provide recommendations and role models for laggards. Successful commercialisation requires the innovation to be adopted by customers and to diffuse into markets. Customers will not always accept new ideas. They usually need to be assured that the innovation: can be integrated with their existing systems, is able to produce genuine benefits, is easy to use, and is also being accepted by others. It can take many years for a new innovation to gain acceptance in markets. Good technology development must also be accompanied by good market and business development.
This chapter has provided an overview of the financing process for entrepreneurial firms. For the... more This chapter has provided an overview of the financing process for entrepreneurial firms. For these types of businesses, there is likely to be an equity finance gap due to a lack of available risk capital. Sources of financing can include banks, financing firms, insurance companies and trade creditors that provide debt financing against either tangible assets or cash flow.
Small business owner-managers need to learn how to screen business opportunities and adopt a more... more Small business owner-managers need to learn how to screen business opportunities and adopt a more strategic mindset. Most tend to be more reactive and short range in their thinking. A lack of adequate market analysis and a reliance on guess work and intuition are common problems. Common causes of failure in small businesses are a lack of capital, poor financial management, lack of industry knowledge and managerial expertise, poor planning and staffing decisions, inadequate marketing and poor use of professional advisors, and personal problems experienced by the owner-manager.
Financing a small business venture requires the owner-manager to determine the amount of capital ... more Financing a small business venture requires the owner-manager to determine the amount of capital that will be required to achieve the level of activity and growth within the business over its early years. How large this amount of capital is will depend on the nature of the business, its industry dynamics and the ambitions or goals set for it by the owner-manager. Many small firms are established with relatively small amounts of capital. They also manage to trade successfully for long periods without seeking external funds from banks or venture capital. In this chapter, we examine the financing of a new small business venture.
Small business growth is a goal that would seem desirable for all owner-managers. However, relati... more Small business growth is a goal that would seem desirable for all owner-managers. However, relatively few small business start-ups develop into large firms (e.g. with over 250 employees) (OECD, 2002, 2010). Many disappear along the way, either due to external factors beyond the control of the owner-manager, or more commonly due to internal factors over which they do have control. Perhaps it may come as a surprise to know that the majority of small business owner-managers choose not to grow their businesses (McMahon, 1998). This appears to be as a result of their lack of understanding or skills in how to achieve growth, as well as a conscious decision to restrict expansion and thereby maintain a business of a size that they can easily control (Nightingale & Coad, 2014). In Chap. 4, the three generic strategic options facing the small firm were outlined. These comprise stasis, exit and growth. As was noted, all three strategies are viable and demanding ones for a small business to fol...
ABSTRACT The COVID-19 pandemic devastated the cruise sector with an initial global shutdown and o... more ABSTRACT The COVID-19 pandemic devastated the cruise sector with an initial global shutdown and ongoing patchy resumption, widespread reporting of virus transmission onboard and billions of dollars in economic losses. This study explores how COVID-19 has impacted Australian and UK consumers’ risk perceptions, revealing cruises are no longer considered “safe”. Consumers are more negative about, and less willing to, cruise. Cluster and Leximancer analyses identified five distinct market segments differentiated by the extent of travel risk they perceived. Specific risk reduction strategies are identified and include risk mitigation, use of risk relievers, and risk avoidance.
This chapter examines the process of adoption and diffusion of innovation. It suggests that innov... more This chapter examines the process of adoption and diffusion of innovation. It suggests that innovation is driven by three paradigms, focusing respectively on: the individual creative genius, the technology-push of systematic scientific inquiry, and market-pull. While the creation of innovative new ideas and technologies is an important goal for business, there is no value in innovation without commercialisation which is frequently fraught with challenges. The diffusion of innovation is a social process that involves inventors being imitated by adopters. Their decision to adopt – or not to adopt – is influenced by a combination of rational attitudes and subjective norms that can be shaped by peer group influence. Word of mouth can play a key role in the diffusion process as early adopters provide recommendations and role models for laggards. Successful commercialisation requires the innovation to be adopted by customers and to diffuse into markets. Customers will not always accept new ideas. They usually need to be assured that the innovation: can be integrated with their existing systems, is able to produce genuine benefits, is easy to use, and is also being accepted by others. It can take many years for a new innovation to gain acceptance in markets. Good technology development must also be accompanied by good market and business development.
This chapter has provided an overview of the financing process for entrepreneurial firms. For the... more This chapter has provided an overview of the financing process for entrepreneurial firms. For these types of businesses, there is likely to be an equity finance gap due to a lack of available risk capital. Sources of financing can include banks, financing firms, insurance companies and trade creditors that provide debt financing against either tangible assets or cash flow.
Small business owner-managers need to learn how to screen business opportunities and adopt a more... more Small business owner-managers need to learn how to screen business opportunities and adopt a more strategic mindset. Most tend to be more reactive and short range in their thinking. A lack of adequate market analysis and a reliance on guess work and intuition are common problems. Common causes of failure in small businesses are a lack of capital, poor financial management, lack of industry knowledge and managerial expertise, poor planning and staffing decisions, inadequate marketing and poor use of professional advisors, and personal problems experienced by the owner-manager.
Financing a small business venture requires the owner-manager to determine the amount of capital ... more Financing a small business venture requires the owner-manager to determine the amount of capital that will be required to achieve the level of activity and growth within the business over its early years. How large this amount of capital is will depend on the nature of the business, its industry dynamics and the ambitions or goals set for it by the owner-manager. Many small firms are established with relatively small amounts of capital. They also manage to trade successfully for long periods without seeking external funds from banks or venture capital. In this chapter, we examine the financing of a new small business venture.
Small business growth is a goal that would seem desirable for all owner-managers. However, relati... more Small business growth is a goal that would seem desirable for all owner-managers. However, relatively few small business start-ups develop into large firms (e.g. with over 250 employees) (OECD, 2002, 2010). Many disappear along the way, either due to external factors beyond the control of the owner-manager, or more commonly due to internal factors over which they do have control. Perhaps it may come as a surprise to know that the majority of small business owner-managers choose not to grow their businesses (McMahon, 1998). This appears to be as a result of their lack of understanding or skills in how to achieve growth, as well as a conscious decision to restrict expansion and thereby maintain a business of a size that they can easily control (Nightingale & Coad, 2014). In Chap. 4, the three generic strategic options facing the small firm were outlined. These comprise stasis, exit and growth. As was noted, all three strategies are viable and demanding ones for a small business to fol...
ABSTRACT The COVID-19 pandemic devastated the cruise sector with an initial global shutdown and o... more ABSTRACT The COVID-19 pandemic devastated the cruise sector with an initial global shutdown and ongoing patchy resumption, widespread reporting of virus transmission onboard and billions of dollars in economic losses. This study explores how COVID-19 has impacted Australian and UK consumers’ risk perceptions, revealing cruises are no longer considered “safe”. Consumers are more negative about, and less willing to, cruise. Cluster and Leximancer analyses identified five distinct market segments differentiated by the extent of travel risk they perceived. Specific risk reduction strategies are identified and include risk mitigation, use of risk relievers, and risk avoidance.
This paper reports the preliminary findings of a study examining the impact of leadership on inno... more This paper reports the preliminary findings of a study examining the impact of leadership on innovation among Small and Medium Enterprises (SMEs) within Malaysia's Multimedia Super Corridor (MSC). Leadership style has a profound impact on how an organization adapts to the changes in its environment. The ability of the leader to select the best strategy suited to his or her style will enhance the innovativeness of the organization. This paper discusses the findings from a pilot study that provides insights and lessons for both enhancing our understanding of the managerial task environment of innovation intensive SME, as well as possible implications effecting the future development of the MSC and similar initiatives like it.
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Papers by Tim Mazzarol