Faculty Research at Bloch

The Bloch School is home to nationally recognized experts on the cutting edge of business and community issues. Bloch faculty are in demand to advise and consult with leading corporations, governmental agencies and nonprofit organizations across the nation and around the world. Our faculty scholars publish extensively in top journals and several have written nationally renowned books.

CURRENT RESEARCH:

Experience vs. Novice: How Do Entrepreneurs Think?


Michael Song, Charles N. Kimball, MRI/Missouri Endowed Chair in Management of Technology and Innovation,  has co-authored a new paper, “Marketing Under Uncertainty: a Knock on the Door,” to be published in the Journal of Marketing. The paper asks the question “do experienced entrepreneurs think the same way as novices in approaching new business opportunities?” 

The results show that novices tend to see the world as more logical and predictable. They put more faith in market research, and are more likely to use a low-price strategy to gain market share. Experienced entrepreneurs see the world as less predictable and have less faith in market research and cost-benefit analysis.

Instead, they rely more on an “effectual” strategy in which they use the resources at hand to try things, expecting to learn and adapt as they go along. They put more emphasis on partnerships and are more likely to enter the market with a high-price strategy to profit from early-adopters. They are also more imaginative, generating a broader range of new product/market possibilities.

To view the entire paper, click here.

Other research...

Faculty Focus Newsletter, Spring 2007