Summary: The Entrepreneurial Venture
Source Core Focus Main Concept Essence
Week 1 – The Life Cycle of the Small Firm
Masurel (2019) Firm growth stages 4-Line Model (firm traits, role, Firms & founders co-evolve; growth demands
finance, organisation) personal role change.
Gelderen et al. (2021) The future of Rise of gig/everyday Entrepreneurship becomes more diverse,
entrepreneurship entrepreneurship, AI & digital & sustainability-driven; prepare for
sustainability integration. plural futures and new actors.
Winkler et al. (2023) Gen-AI’s impact on AI as co-pilot in idea Embed AI ethically in teaching and venture
entrepreneurship generation and testing; risks of design — tool for insight, not replacement of
education/practise. bias and creativity erosion. judgement.
Jones et al. (2023) Start-ups resourcing Dynamic resourcing cycle: Winning = adaptive resource configuration +
under scarcity. identify → acquire → network/legitimacy building to escape
configure → reconfigure; scarcity.
legitimacy–resource trap.
Ribeiro et al. (2025) Early team Human-capital fit between Homogeneity in education/management
composition in entrepreneur & first employee boosts early growth; diversity pays later.
tourism start-ups. (education + managerial
experience).
Schraven et al. (2020 How crowdfunding Thin-slice judgements; First impressions decisive — craft strong
success is predicted negativity bias in rapid signals (video, credibility) to offset bias.
by first impressions. evaluation.
García-Martínez et al. SMEs & growth Scale-up vs stagnation drivers Growth needs professionalisation &
(2023) innovation.
Gulati (2018) Culture of start-ups “Soul of a start-up” Meaning & autonomy fuel engagement.
Coad (2022) Nature of firm growth Lumps, bumps & jumps: Firm growth = non-linear & path-dependent.
patterns. growth is episodic with
managerial and financial
thresholds.
Week 2 – The Entrepreneurial Dilemma & Innovating New Opportunities
Masurel (2019) Founder role Professional → Manager → Growth = personal adaptation; plan exit
evolution & exits Leader → Exit pathways deliberately.
Eisenmann (2021) Failure patterns Good Idea/Bad Bedfellows → Anticipate known failure archetypes.
Cascading Miracles
,Lougui & Nyström Institutional barriers Taxes, permits, finance Remove structural friction to unlock
(2014) entrepreneurship.
Shah & Tripsas (2007) User innovation Emergent & collective “Accidental entrepreneurs” create from use.
innovation
De Jong et al. (2024) Lead-user co-creation Schumpeterian opportunities User input bridges tech & market.
Schumpeter vs Kirzner Source of innovation Creation vs Discovery Disruption vs equilibration logic.
Week 3 – Entrepreneurial Ecosystems & Mentorship
Masurel (2019 §1.2) Innovation & Triple Helix & Vibrancy Innovation = market adoption × collaboration
ecosystems Indicators × ecosystem density.
Spigel (2017) Relational ecosystem Cultural, Social, and Material Ecosystem strength = relational density, not
model attributes quantity.
Audretsch et al. (2024) Digital global Unbounded Entrepreneurial Entrepreneurs now shape borderless
ecosystems Ecosystems (UEEs) ecosystems.
Granstrand & Innovation Coopetition (C/S relations) Collaboration + competition drive value
Holgersson (2020) ecosystems capture.
Kuratko et al. (2021) Mentorship & Feedback integration & Coachability predicts innovation &
coachability learning orientation investment success.
Ballering & Masurel Sustainable business SBIs = incubators embedding Incubators as sustainability intermediaries.
(2020) incubators SDGs
Week 4 (1/2) – Financing the Start-up / Scale-up
Jones et al. (2023), Ch. Formal vs informal Start-up → informal Resourcing is continuous; cash flow is
8–9 financing across the (bootstrapping, FFF); Growth lifeblood; finance follows legitimacy.
venture lifecycle → formal (debt, equity);
Decline → credit withdrawal
Masurel (2019), §1.11 + Small-business Financial plan + micro finance “Cash = king”; microfinance expands
App. 1–2 finance & forms inclusion when paired with savings/insurance.
microfinance
Week 4 (2/2) – Sustainable Entrepreneurship & Family Businesses
Masurel (2019), §1.3 Definition sustainable Triple Bottom Line (PPL) & Sustainable entrepreneurship = profit through
entrepreneurship beyond compliance solving social & ecological issues.
Choongo (2017) CSR → firm Longitudinal CSR framework CSR pays off; environmental actions drive
performance (Social vs CSR) profit, reputation & loyalty.
,De Vaio et al. (2022) Incubators as drivers Filtering · Capacity-building · Incubators = transition intermediaries; they
of sustainability Network-broker · Institutional shape systemic change via selection &
transitions influence networks.
Masurel & Kester SMEs & their Barriers: Firm (time, money) · 2/3 of SMEs underuse potential; context limits
(2018) sustainability Environment (stakeholders) > action more than mindset.
potential + obstacles Entrepreneur (attitude).
Masurel (2023) Micro/small SDG #12 (Responsible Waste normalised; awareness rises with data
(Food-waste study) restaurants & food Consumption) → 17.8 % avg. → need for measurement & training.
waste perceptions waste + low awareness
Week 5: Family businesses, VC & left-overs
Daan (Family Structure, strengths, Three-Circles Model (Family Family firms mix patient capital and strong
Businesses) and challenges of · Ownership · Business) + values with complex governance and
family-owned Familiness + succession risks. Success depends on
enterprises Socio-Emotional Wealth managing overlap between family, ownership,
operations.
Job Wever (Antler / VC) How venture capital Antler Model: founder-first Invest early, back exceptional people, not
works and what investing + VC structure + hype. VC returns follow a power law; few
makes a founder Investment Fit Framework big wins drive fund performance. Grit, timing,
investable (Team, Product, Market) and scalable problems define investable
ventures.
Veliyath & Tan (2013) Impact of network Network embeddedness Optimal network = diverse, moderately dense,
characteristics on model: balance between size, mix of strong & weak ties → best knowledge
SME performance density, diversity, and tie flow & adaptability.
strength
Mole (2021) Linking individual Institution–entrepreneur Entrepreneurship is bidirectional: institutions
entrepreneurship with interaction model: embedded shape entrepreneurs, but entrepreneurs
institutional context agency & institutional logics reshape institutions.
Weiss & Kanbach Corporate venturing Integrated DC–OA–CV CV becomes a dynamic capability enabling
(2021) as a driver of renewal framework: sensing, seizing, organisational ambidexterity and long-term
transforming through competitiveness.
venturing
, Week 1: Introduction & Life Cycle of the Small Firm
🧠 Core idea
Entrepreneurship = creation, discovery, and exploitation of value-adding opportunities; small
firms evolve through stages with shifting firm traits, founder roles, financing, and internal
organisation, and growth is non-linear.
📘 Key lecture insights
Definition & scope
● Entrepreneurship: creation, discovery, exploitation of value-adding opportunities (economic +
social).
○ Creation: adding incremental value (small wins, every day).
○ Discovery: research (pilot, quan/qual, AI).
○ Exploitation: no lack of ideas, but it can be hard to materialise.
○ Adding value: not only economically, but also socially, for society.
○ Opportunities: you can discover and create them.
● Future entrepreneurship will be more multifaceted: gig/side-hustle, everyday
entrepreneurship, corporate entrepreneurship, shaped by digitalisation + sustainability.
Life cycle
● Generic path: conception → start-up → scale-up → maturity → decline → demise.
● Four lines change over time: (1) firm characteristics, (2) entrepreneurial roles, (3)
financing forms, (4) internal organisation.
Stage Firm Characteristics Entrepreneurial Role(s) Financing Forms Internal Organisation
Start-up Product or service Professional – hands-on Bootstrapping, family & Informal, flexible,
launched; small team; founder runs operations, friends, crowdfunding, founder-centric; decisions
limited structure; focus on sales, finance, HR; close to microloans, early subsidies. made intuitively and
survival and validation. customers. directly.
Scale-up Rapid growth; validated Leader – focuses on vision, Angel or VC funding, Emerging structure –
market; need for systems hiring, delegation, building bank loans, strategic roles defined, first layers of
and people; increased a team and culture. partnerships, reinvested management, formal
competition. profits. processes begin.
Maturity Stable revenue; slower Manager – emphasises Retained earnings, Formal hierarchy,
growth; focus on efficiency, control, process, cost long-term loans, IPO or functional departments,
optimisation, and brand management, and stability. equity funding for standardised procedures,
strength. expansion. KPIs.
Decline Market saturation, Change agent / Restructuring, Either bureaucratic
(or bureaucracy, loss of agility, Re-founder – seeks divestments, new investors rigidity (status quo) or
Renewal) or new disruption. renewal, pivot, or exit for turnaround, or M&A. renewal structure with
lean teams and innovation
focus.
Source Core Focus Main Concept Essence
Week 1 – The Life Cycle of the Small Firm
Masurel (2019) Firm growth stages 4-Line Model (firm traits, role, Firms & founders co-evolve; growth demands
finance, organisation) personal role change.
Gelderen et al. (2021) The future of Rise of gig/everyday Entrepreneurship becomes more diverse,
entrepreneurship entrepreneurship, AI & digital & sustainability-driven; prepare for
sustainability integration. plural futures and new actors.
Winkler et al. (2023) Gen-AI’s impact on AI as co-pilot in idea Embed AI ethically in teaching and venture
entrepreneurship generation and testing; risks of design — tool for insight, not replacement of
education/practise. bias and creativity erosion. judgement.
Jones et al. (2023) Start-ups resourcing Dynamic resourcing cycle: Winning = adaptive resource configuration +
under scarcity. identify → acquire → network/legitimacy building to escape
configure → reconfigure; scarcity.
legitimacy–resource trap.
Ribeiro et al. (2025) Early team Human-capital fit between Homogeneity in education/management
composition in entrepreneur & first employee boosts early growth; diversity pays later.
tourism start-ups. (education + managerial
experience).
Schraven et al. (2020 How crowdfunding Thin-slice judgements; First impressions decisive — craft strong
success is predicted negativity bias in rapid signals (video, credibility) to offset bias.
by first impressions. evaluation.
García-Martínez et al. SMEs & growth Scale-up vs stagnation drivers Growth needs professionalisation &
(2023) innovation.
Gulati (2018) Culture of start-ups “Soul of a start-up” Meaning & autonomy fuel engagement.
Coad (2022) Nature of firm growth Lumps, bumps & jumps: Firm growth = non-linear & path-dependent.
patterns. growth is episodic with
managerial and financial
thresholds.
Week 2 – The Entrepreneurial Dilemma & Innovating New Opportunities
Masurel (2019) Founder role Professional → Manager → Growth = personal adaptation; plan exit
evolution & exits Leader → Exit pathways deliberately.
Eisenmann (2021) Failure patterns Good Idea/Bad Bedfellows → Anticipate known failure archetypes.
Cascading Miracles
,Lougui & Nyström Institutional barriers Taxes, permits, finance Remove structural friction to unlock
(2014) entrepreneurship.
Shah & Tripsas (2007) User innovation Emergent & collective “Accidental entrepreneurs” create from use.
innovation
De Jong et al. (2024) Lead-user co-creation Schumpeterian opportunities User input bridges tech & market.
Schumpeter vs Kirzner Source of innovation Creation vs Discovery Disruption vs equilibration logic.
Week 3 – Entrepreneurial Ecosystems & Mentorship
Masurel (2019 §1.2) Innovation & Triple Helix & Vibrancy Innovation = market adoption × collaboration
ecosystems Indicators × ecosystem density.
Spigel (2017) Relational ecosystem Cultural, Social, and Material Ecosystem strength = relational density, not
model attributes quantity.
Audretsch et al. (2024) Digital global Unbounded Entrepreneurial Entrepreneurs now shape borderless
ecosystems Ecosystems (UEEs) ecosystems.
Granstrand & Innovation Coopetition (C/S relations) Collaboration + competition drive value
Holgersson (2020) ecosystems capture.
Kuratko et al. (2021) Mentorship & Feedback integration & Coachability predicts innovation &
coachability learning orientation investment success.
Ballering & Masurel Sustainable business SBIs = incubators embedding Incubators as sustainability intermediaries.
(2020) incubators SDGs
Week 4 (1/2) – Financing the Start-up / Scale-up
Jones et al. (2023), Ch. Formal vs informal Start-up → informal Resourcing is continuous; cash flow is
8–9 financing across the (bootstrapping, FFF); Growth lifeblood; finance follows legitimacy.
venture lifecycle → formal (debt, equity);
Decline → credit withdrawal
Masurel (2019), §1.11 + Small-business Financial plan + micro finance “Cash = king”; microfinance expands
App. 1–2 finance & forms inclusion when paired with savings/insurance.
microfinance
Week 4 (2/2) – Sustainable Entrepreneurship & Family Businesses
Masurel (2019), §1.3 Definition sustainable Triple Bottom Line (PPL) & Sustainable entrepreneurship = profit through
entrepreneurship beyond compliance solving social & ecological issues.
Choongo (2017) CSR → firm Longitudinal CSR framework CSR pays off; environmental actions drive
performance (Social vs CSR) profit, reputation & loyalty.
,De Vaio et al. (2022) Incubators as drivers Filtering · Capacity-building · Incubators = transition intermediaries; they
of sustainability Network-broker · Institutional shape systemic change via selection &
transitions influence networks.
Masurel & Kester SMEs & their Barriers: Firm (time, money) · 2/3 of SMEs underuse potential; context limits
(2018) sustainability Environment (stakeholders) > action more than mindset.
potential + obstacles Entrepreneur (attitude).
Masurel (2023) Micro/small SDG #12 (Responsible Waste normalised; awareness rises with data
(Food-waste study) restaurants & food Consumption) → 17.8 % avg. → need for measurement & training.
waste perceptions waste + low awareness
Week 5: Family businesses, VC & left-overs
Daan (Family Structure, strengths, Three-Circles Model (Family Family firms mix patient capital and strong
Businesses) and challenges of · Ownership · Business) + values with complex governance and
family-owned Familiness + succession risks. Success depends on
enterprises Socio-Emotional Wealth managing overlap between family, ownership,
operations.
Job Wever (Antler / VC) How venture capital Antler Model: founder-first Invest early, back exceptional people, not
works and what investing + VC structure + hype. VC returns follow a power law; few
makes a founder Investment Fit Framework big wins drive fund performance. Grit, timing,
investable (Team, Product, Market) and scalable problems define investable
ventures.
Veliyath & Tan (2013) Impact of network Network embeddedness Optimal network = diverse, moderately dense,
characteristics on model: balance between size, mix of strong & weak ties → best knowledge
SME performance density, diversity, and tie flow & adaptability.
strength
Mole (2021) Linking individual Institution–entrepreneur Entrepreneurship is bidirectional: institutions
entrepreneurship with interaction model: embedded shape entrepreneurs, but entrepreneurs
institutional context agency & institutional logics reshape institutions.
Weiss & Kanbach Corporate venturing Integrated DC–OA–CV CV becomes a dynamic capability enabling
(2021) as a driver of renewal framework: sensing, seizing, organisational ambidexterity and long-term
transforming through competitiveness.
venturing
, Week 1: Introduction & Life Cycle of the Small Firm
🧠 Core idea
Entrepreneurship = creation, discovery, and exploitation of value-adding opportunities; small
firms evolve through stages with shifting firm traits, founder roles, financing, and internal
organisation, and growth is non-linear.
📘 Key lecture insights
Definition & scope
● Entrepreneurship: creation, discovery, exploitation of value-adding opportunities (economic +
social).
○ Creation: adding incremental value (small wins, every day).
○ Discovery: research (pilot, quan/qual, AI).
○ Exploitation: no lack of ideas, but it can be hard to materialise.
○ Adding value: not only economically, but also socially, for society.
○ Opportunities: you can discover and create them.
● Future entrepreneurship will be more multifaceted: gig/side-hustle, everyday
entrepreneurship, corporate entrepreneurship, shaped by digitalisation + sustainability.
Life cycle
● Generic path: conception → start-up → scale-up → maturity → decline → demise.
● Four lines change over time: (1) firm characteristics, (2) entrepreneurial roles, (3)
financing forms, (4) internal organisation.
Stage Firm Characteristics Entrepreneurial Role(s) Financing Forms Internal Organisation
Start-up Product or service Professional – hands-on Bootstrapping, family & Informal, flexible,
launched; small team; founder runs operations, friends, crowdfunding, founder-centric; decisions
limited structure; focus on sales, finance, HR; close to microloans, early subsidies. made intuitively and
survival and validation. customers. directly.
Scale-up Rapid growth; validated Leader – focuses on vision, Angel or VC funding, Emerging structure –
market; need for systems hiring, delegation, building bank loans, strategic roles defined, first layers of
and people; increased a team and culture. partnerships, reinvested management, formal
competition. profits. processes begin.
Maturity Stable revenue; slower Manager – emphasises Retained earnings, Formal hierarchy,
growth; focus on efficiency, control, process, cost long-term loans, IPO or functional departments,
optimisation, and brand management, and stability. equity funding for standardised procedures,
strength. expansion. KPIs.
Decline Market saturation, Change agent / Restructuring, Either bureaucratic
(or bureaucracy, loss of agility, Re-founder – seeks divestments, new investors rigidity (status quo) or
Renewal) or new disruption. renewal, pivot, or exit for turnaround, or M&A. renewal structure with
lean teams and innovation
focus.
