Students of entrepreneurship: Sorting, risk behaviour and implications for entrepreneurship programmes

Despite the wide adoption of entrepreneurship programmes by higher education institutions, little is known about how such programmes help students cultivate rationality in decision making. This is surprising, since individuals are bounded rational and prone to systematic biases in high-risk business processes, including entrepreneurship. This article suggests that entrepreneurship programmes should include curricula that furnish awareness of the cognitive mechanisms involved in biased decision making with financial risk. In support of our proposition, this article builds on data from a laboratory-based money games experiment in which students who enrol in entrepreneurship programmes are compared with students who do not in their risk behaviour. We show when, why and how students suffer from specific biases – namely, the prior gain effect and the degree-of-risk effect – that are relevant in environments characterised by high financial risk, and specifically in entrepreneurship. These insights challenge the adequacy of entrepreneurship programme curricula in addressing bounded-rational decision making, as topics such as risk and biased decision making are often overlooked. Second, we discuss possible ways to create such awareness in entrepreneurship learning and education.

Pedagogical Triage and Emergent Strategies: A Management Educational Program in Pandemic Times

This paper explores the post-pandemic strategic reorientation of a master in leadership and change management, investigating the conditions for its success and the side effects. The Master, which is part of the Defense Education Enhancement Plan recently approved by the Italian Ministry of Defense, led in partnership by the Center for High Defense Studies and the University of Salerno, aims at developing strategic leadership and change management competencies. The virtualization of the project work sessions that was caused by the pandemic emergency produced unexpected consequences that led the master directors to refocus the program as regards its format and method. The case-study, based on direct observation, unstructured interviews, and analysis of written documents and recorded audio, corroborates the literature regarding the emerging innovative, learner-centered approaches in management education, showing the effectiveness of an integrated educational approach based on traditional in-presence lectures, as well as experiential and project-based learning. It shows how the adjustments devised to cope with the consequences of teamwork virtualization proved to be synergistic, delivering positive outcomes in terms of participants’ satisfaction, learning, and impact. Future research avenues and practical implications are also highlighted, with a focus on the internal and external conditions for successful project-based learning in a distance learning environment.

Family entrepreneurial teams: The role of learning in business model evolution

There is limited research linking entrepreneurial learning and business models in start-up businesses. Business models are important cognitive devices that link entrepreneurial thinking and engagement with customers and suppliers during business start-up. This research examines business model evolution during the first 6 years of a family-based start-up, which was formed in 2008 by 2 young brothers. The business grew quickly and achieved a turnover of £4.5 million with 15 staff members by 2014. The case study contributes a better understanding of ways in which team-based learning in a family business links experiential and cognitive learning during business model evolution.