Making wine and making successful wineries.pdf

927 argue that the word dynamic in dynamic

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, p. 927) argue that the word “dynamic” in dynamic capabilities is a critical qualifier that serves to distinguish resources and the ability to solve a certain type of problem in the present from the ability to reform the way the firm solves problems. In their model, resources and the problem-solving ability which resources confer “precede dynamic capabilities”. Thus, the dynamic capabilities perspective assumes that the initial positions or configurations of resources are known to the organization’s decision-makers. If a founder does not yet understand completely what resources he/she needs to build the new business, then thinking through how to move from one resource configuration to another simply makes no sense. The second category of research often explores specific types of resources, usually at discrete stages in the new venture’s development. Cross-sectional studies about knowledge resources ( Wiklund and Shepherd, 2003 ), social network resources ( Davidsson and Honig, 2003 ; Dubini and Aldrich, 1991 ), management team resources 125 Making wine and making successful wineries Downloaded by Walden University At 08:05 13 November 2018 (PT)
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( Heirman and Clarysse, 2007 ) and technology resources ( Newbert et al. , 2007 ), in what are generally termed young companies, represent the approaches taken in the bulk of this stream. In part, this body of work is helpful because it provides evidence that certain types of resources are, in fact, important in the development of new ventures. But this body of work fails to address the key questions we raise in the present study about “which resources, at what stage” for two reasons. First, research in this stream tends to focus on a single type of resource or subsets of resources rather than examining a comprehensive set. In addition, this research does not account for stages or phases of a firm’s development or the context of the strategic challenges that firms are facing. What is missing from the focus on individual resources at specific times is a more nuanced view of the priority among possible resource investments and the relative importance of types of resources for unfolding strategic challenges over time. There is a third category of empirical resource-based new venture research, but it includes only a small number of studies that examine resource development over short periods in new ventures. For example, Lichtenstein and Brush (2001) tracked resource development changes in three small companies longitudinally over just a 12-month period. They found that certain resources and bundles of resources are more salient at different stages of organizational development discernible within this short time frame and that these resource bundles change in response to the changing strategic conditions confronted by the firm. Brush et al. (2001) observed the same process in their study of two technology companies founded by the same individual. But another empirical study of resource development ( Lichtenstein et al. , 2006 ) using a single case study over a short period (two years) concludes that entrepreneurs
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