A Transformation Process We outline a model that improves our understanding of the role of incubators in the entrepreneurial process. The Role of Incubators in the Entrepreneurial Process. Lois Peters Affiliated with. THE ENTREPRENEURIAL OPPORTUNITY RECOGNITION PROCESS: EXAMINING THE. We studied the role of. The role of networks in the entrepreneurial process. The extent to which the entrepreneur interacts with the networks in his local environment during the process of starting a new firm was studied. This study was based on the premise that, during this process, he is seeking not only the resources of equipment, space, and money, but also advice, information, and reassurance. Consequently the help and guidance received from both the formal networks (banks, accountants, lawyers, SBA) and the informal networks (family, friends, business contacts) will influence the nature of the firm substantially. 322 Entrepreneurial network development: Trusting in the. The role of networks in the entrepreneurial process. The role of networks in the entrepreneurial process. Thus research about the entrepreneurial process requires greater precision about the way in which the potential entrepreneur seeks to use the. Read 'Strategic networks and entrepreneurial ventures. The purpose of this study was thus to explore the role of networks in establishing an entrepreneurial venture. The study was conducted in St. Joseph County, Indiana, a county that has experienced the same economic problems as many other towns in the midwest smoke- stack belt during the 1. In 1. 98. 2, in response to this general decline in the business climate, a fund was raised to create and manage a new industrial strategy. Before this, there was no collective strategy for nurturing either the small firm or the new firm. Therefore, in order to determine the extent to which an interventionist strategy was appropriate, a research project was designed that posed three basic questions: what does the environment look like; does it need changing; and, if so, in what ways? This article reports part of that study. It was concerned with two issues: the characteristics of the St. Joseph County entrepreneur and the usage of the formal and informal networks. The results of the survey show that the aggregate characteristics of the St. Joseph County entrepreneur are similar to those found in other studies. The new firms were founded by local people from small firms who started their small firms in similar industries that were local in nature. Moreover, the majority (9. It is to be expected that such people would have a strong local network, both formal and informal, particularly in a county with a population of only 2. However, the results of the second part of the study showed that the main sources of help in assembling the resources of raw materials, supplies, equipment, space, employees, and orders were the informal contacts of family, friends, and colleagues. The only institution that was mentioned with any regularity was the bank, which was approached towards the end of the process when many of the resources were assembled and the elements of the business set in the entrepreneur's mind. This was not because the formal sources were unwilling to offer guidance, but rather that the entrepreneur and his social network appeared to be unaware of what was available. Moreover, in using only business contacts, family, and friends, the entrepreneur was likely to re- create the elements of previous employment, even when he was starting business in an entirely new market. Scholars have explored the nature of entrepreneurial networks and have focuse. Special issue on “The role of networks in entrepreneurial performance: new answers to old questions? Frustrations emerging due to failures in the entrepreneurial process. Th e role of social networks in the process of. Further, there was no significant difference between growth and no- growth firms. It would appear that in this county, the formal network was uniformally inefficient. This research shows that a major aim of the new strategy should be to increase the awareness of the community to the formal sources and types of help that are available. However, whilst most of the institutions are prepared to solve specific problems, they are not in the business of diagnosis or counseling. The network needs a hub or an enterprise office. The data on the start- up process and the role of networks in relation to new firms are very sparse and often anecdotal. This study was conducted in one environment, a small midwest county with a jaded entrepreneurial tradition. Further studies are necessary. Research questions include the extent to which networking is crucial in the start- up process, the length of time it took for the sophisticated networks of Boston's Route 1. California's Silicon Valley to develop, and the effect of different geographic, cultural, and economic conditions. Only in this way is it possible to determine the extent to which regional, regeneration strategies for new firm creation should be county specific rather than state or country wide.
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