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To link to full-text access for this article, visit this link: http://dx.doi.org/10.1016/j.jbusvent.2009.04.001 Byline: Deniz Ucbasaran (a), Paul Westhead (b)(c), Mike Wright (d)(e), Manuel Flores (f) Keywords: Comparative optimism; Entrepreneurial experience; Business failure experience; Habitual (repeat) entrepreneurs; Sequential (serial) and portfolio entrepreneurs Abstract: Entrepreneurial (i.e. business ownership) experience may enable some entrepreneurs to temper their comparative optimism in subsequent ventures. The nature of entrepreneurial experience can shape how entrepreneurs adapt. Using data from a representative survey of 576 entrepreneurs in Great Britain, we find that experience with business failure was associated with entrepreneurs who are less likely to report comparative optimism. Portfolio entrepreneurs are less likely to report comparative optimism following failure; however, sequential (also known as serial) entrepreneurs who have experienced failure do not appear to adjust their comparative optimism. Conclusions and implications for entrepreneurs and stakeholders are discussed. Author Affiliation: (a) Nottingham University Business School, Jubilee Campus, Wollaton Road, Nottingham, NG8 1BB, England, UK (b) Durham Business School, Durham University, Mill Hill Lane, Durham City, DH1 3LB, England, UK (c) BodA[cedilla] Graduate School of Business, Norway (d) Center for Management Buy-out Research, Nottingham University Business School, Jubilee Campus, Wollaton Road, Nottingham, NG8 1BB, England, UK (e) Erasmus University, Netherlands (f) Lancaster University Management School, Bailrigg, Lancaster, LA1 4YW, England, UK Article History: Received 6 September 2008; Revised 27 March 2009; Accepted 14 April 2009

To link to full-text access for this article, visit this link: http://dx.doi.org/10.1016/j.jbusvent.2008.01.008 Byline: Deniz Ucbasaran (a), Paul Westhead (b)(c), Mike Wright (d)(e) Keywords: Repeat entrepreneurs; Business ownership experience; Business failure; Opportunity identification; Innovative opportunities Abstract: Guided by insights from cognitive theories, this article explores the links between entrepreneurs' prior business ownership experience and their opportunity identification behavior. Hypotheses were tested using data from 630 entrepreneurs. Experienced entrepreneurs identified more opportunities and exploited more innovative opportunities with greater wealth creation potential. Entrepreneurs that had owned more than 4.5 businesses, however, identified fewer opportunities. The nature of prior business ownership experience also shaped opportunity identification behavior. An inverse U-shaped relationship was detected between the proportion of failed businesses relative to the number of businesses owned and the number of opportunities identified in a given period. Business failure experience was not associated with the innovativeness of exploited opportunities. Author Affiliation: (a) Nottingham University Business School, Jubilee Campus, Wollaton Road, Nottingham, NG8 1BB, England, UK (b) Durham Business School, Durham University, Mill Hill Lane, Durham City, DH1 3LB, England, UK (c) BodA[cedilla] Graduate School of Business, Norway (d) Center for Management Buy-out Research, Nottingham University Business School, Jubilee Campus, Wollaton Road, Nottingham, NG8 1BB, England, UK (e) Erasmus University, The Netherlands Article History: Received 1 May 2006; Revised 1 May 2007; Accepted 1 January 2008

Private family firm ownership can alternatively depend on Management buyouts (MBOs) and buyins for their firmEs success. Of the eight private family firms that had selected MBOs or MBIs (which are examined from vendor-purchaser relationship, balance of information and trust and negotiating behavior angle), all of them confirmed their firmEs progress to be smooth due to fewer information asymmetries and closer relationships between the parties involved.

Univariate and multivariate tests were conducted to assess the difference between novice, portfolio and serial founders. No marked differences were observed among the three types of entrepreneurs in terms of main industrial activity, geographical location and business age. On the other hand, considerable differences were noted between portfolio and serial entrepreneurs when parental background, work experience and age related to starting first business operation were taken into consideration.

Technology-based firms located on and off Science Parks do not show statistically significant differences concerning their innovative R & D input and output. However, it is not implied that the value-added derived from Science Parks should be neglected because park-based firms also respond to market forces that require them to avoid high risk, and high technology product and service strategies. Instead, future policies should encourage more formal technical links between pure research centers and the industry to optimize benefits of close collaboration.

A survey of enterpreneurs in the UK revealed that there are at least eight principal reasons why these managers decided to start up their own business. Among these factors are the need for approval, need for independence, need for personal development, welfare considerations and perceived instrumentality of wealth. In addition, these businessmen believed that they should follow their role models and considered the tax reduction and indirect benefits of putting up a business. Majority of these businessmen were categorized as insecure by the researchers.

The study explores the partner selection criteria reported by maritime firms on Norway, particularly how a company's competitive advantage is enhanced by the selection of the right partner with reference to a strategic alliance. Results suggest that a successful strategic alliance is associated with partners who have built trustful relationships, have common strategic goals and who supply resources and competencies.

A comparative study of the parameters affecting the success or failure of small exporting and non-exporting firms is presented. In particular the assumption that positive benefits will accrue from exporting is investigated.