The role of owner motivation in resource allocation, firm performance, and satisfaction: The case of new entrepreneurial ventures.

摘要

The neoclassical theory of the firm assets that the primary objective of a business owner is to maximize profit, producing the largest possible return from the resources deployed. However, the National Federation of Independent Business (NFIB) surveyed nearly 5,000 new business owners and found that only about 20 percent of the respondents stated that they undertook their new ventures mainly to make more money. The other 80 percent stated mainly nonpecuniary objectives. If entrepreneurial goals deviate from pure profit maximization, embracing other objectives, what are the implications for resource allocation, firm performance, and owner satisfaction? Using this NFIB three-year panel sample of entrepreneurs, this dissertation investigates the impact of the firm owner's primary business goal on resource allocation, firm performance, and owner satisfaction.;The main goal choices were, avoid working for others, do work I want to do, make more money, and build a successful organization. Using the make more money entrepreneurs as the reference group, tests revealed that there were significant differences in the allocation of resources between the groups in the first year. Further tests revealed a convergence of resource deployment by the third year. In addition, when compared to the money group, all of the other groups extracted less money from their firms and reported significant decreases in firm asset values. There no differences in overall satisfaction by main goal group.;Gender and racial differences also emerged from the study. Female entrepreneurs worked fewer hours per week, utilized more unpaid family hours, hired fewer employees, and had lower levels of initial capital investment. Female entrepreneurs reported lower levels of entrepreneurial wealth but higher levels of overall satisfaction with their ventures after three years than male entrepreneurs.;There were significant differences in resource allocation, firm value, and entrepreneurial wealth between minority and non-minority entrepreneurs. Minority entrepreneurs worked more hours per week for their firms yet reported lower levels of firm value and entrepreneurial wealth than non-minority entrepreneurs. There were no differences in overall satisfaction between the minority and non-minority groups, though minorities reported being less satisfied than non-minorities with specific satisfaction measures.