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Review of Managerial Science
Published in: Review of Managerial Science 3/2021

01-10-2019 | Original Paper

Learning the ropes of entrepreneurship: understanding internal corporate venturing for family firms from an entrepreneurial learning perspective

Authors: Conrad Wiedeler, Nadine Kammerlander

Published in: Review of Managerial Science | Issue 3/2021

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Abstract

Future firm managers must build up entrepreneurial capabilities to ensure the long-term survivability of their firms. Anecdotal evidence as well as recent scholarly work, especially of family firms, indicate that internal corporate venturing might foster such capabilities; yet they also reveal substantial challenges associated with conducting such activities. Based on entrepreneurship, entrepreneurial learning, and family business research, we conceptually develop a framework on contingency factors under which internal corporate venturing activities of future (family-internal) firm managers foster—or impede—the development of entrepreneurial capabilities beyond traditional classroom education. In particular, we focus our discussion on attributes related to the (next gen) family manager, the family support, and the venture-family firm relationship. We also link our theorizing to existing theories on entrepreneurial learning. Our conceptual article contributes to our understanding of entrepreneurial learning, corporate entrepreneurship, and family business.
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Footnotes
1
This motivation can stem from both, an individual’s personality as well as from own formative experiences made during childhood and adolescent years, for example from previous entrepreneurial experiences.
 
2
Yet there might also be situations where experiential learning is not the most effective way of learning for future family managers. For example in the case of obtaining financial, legal, or regulatory knowledge and capabilities it might be a more effective way of learning to visit an academic or practitioner-oriented class to learn the key concepts from experienced teachers or professors.
 
3
While our theorizing is purely conceptual, we use examples from practice to illustrate the theorized mechanisms and influences.
 
4
Chronic regulatory focus describes relatively stable motivational configurations of two distinct, mutually independent dimensions—promotion and prevention focus—that define a person’s goals and how she wants to achieve them (Higgins 1997; Higgins et al. 2001; Stam et al. 2010; Strauman 1996). Promotion focus motivates individuals to maximize their achievements, while prevention focus motivates individuals to fulfil their duties and circumvent failure (Brockner and Higgins 2001; Idson et al. 2000).
 
5
Typically, among all family members, the incumbent has the power and authority (Carney 2005) to influence firm, family, and future family managers as well as external third parties.
 
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Metadata
Title
Learning the ropes of entrepreneurship: understanding internal corporate venturing for family firms from an entrepreneurial learning perspective
Authors
Conrad Wiedeler
Nadine Kammerlander
Publication date
01-10-2019
Publisher
Springer Berlin Heidelberg
Published in
Review of Managerial Science / Issue 3/2021
Print ISSN: 1863-6683
Electronic ISSN: 1863-6691
DOI
https://doi.org/10.1007/s11846-019-00354-3

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