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Redefing the Success Standards of New Ventures with the Agile Florida State University Libraries Honors Theses The Division of Undergraduate Studies 2014 The New Venture Manifesto: Redefining the Success Standards of New Ventures with the Agile Methodology Kai Daniels Follow this and additional works at the FSU Digital Library. For more information, please contact [email protected] ABSTRACT This is an exploratory study on the characteristics of the agile methodology and its possible contribution to the success of new ventures within an entrepreneurial orientation. We explore this relationship by asking three research questions. First, what characteristics of the agile methodology can be adapted for entrepreneurs starting and managing new ventures? Second, how can the synthesis of the characteristics of the agile methodology and the core concepts of strategic management become a tool for new ventures to achieve success within an Entrepreneurial Orientation? Third, can the Agile Manifesto be adapted to the context of “new ventures”? This study answers these questions through a review of the literature and qualitative data collection from agile experts within the IT function and entrepreneurial professors. We have discovered that the agile characteristics of a lean mentality, acceptance of uncertainty, communication, team composition and iterative development can be adapted to assist entrepreneurs in operating successful new ventures within an entrepreneurial orientation. Also this produced New Venture Success Standards and a New Venture Manifesto in order to further support new ventures in their objective to become successful, sustainable enterprises. Through this study we see that the methodology of agile may not only be beneficial to the field of entrepreneurship, specifically to new ventures, but other business disciplines. THE FLORIDA STATE UNIVERSITY COLLEGE OF BUSINESS THE NEW VENTURE MANIFESTO: REDEFINING THE SUCCESS STANDARDS OF NEW VENTURES WITH THE AGILE METHODOLOGY By KAI EVELYN SMITH DANIELS A Thesis submitted to the Department of Entrepreneurship, Strategy and Information Systems in partial fulfillment of the requirements for graduation with Honors in the Major Degree Awarded: Spring, 2014 2 The members of the Defense Committee approve the thesis of Kai Evelyn Smith Daniels defended on April 16, 2014. Professor Deborah Armstrong Thesis Director Professor Ken Armstrong Outside Committee Member Professor James Dever Committee Member 3 Acknowledgement Foremost, I must acknowledge my truly special and unique thesis director Dr. Deborah J. Armstrong who has revolutionized my collegiate experience and has helped to shape me into an academic. Her patience with me during this process has meant the entire world to me and her honesty has made me a stronger academic and person. I believe that God made Dr. Armstrong with particular care because she really has been a unique and pivotal professor in my academic career. I know I would not have a work at this level without her experience, wisdom, and guidance. For that and so much more I acknowledge her contributions to my academic career and this study with a degree of pride to have her as my thesis director. I also would like to thank my committee members Dr. James Dever and Dr. Timothy Kinney for their support and wisdom throughout this study. I would next like to acknowledge that is a true blessing to be able to conduct research at an institution like Florida State University that proudly educates some of the most amazing new minds and change agents of our time. I am deeply humbled by this experience and the opportunity to share on this topic, which I truly believe is important and relevant to the academic community. I must thank my mother Rosalind Smith who has encouraged and supported me throughout my academic career with love, patience and wisdom in a manner in which only she could. I lastly acknowledge my four special friends D’Mitri Broome, Nicole Juanita Donnell, Katrina Herrera and Joshua Mardice who have supported me through long nights of research and moments of frustrations by always reminding me the importance of my research not only to the academic community but to myself. For there support I will forever be grateful. 4 TABLE OF CONTENTS TABLE OF CONTENTS ............................................................................................................................. 5 LIST OF TABLES ........................................................................................................................................ 6 ABSTRACT .................................................................................................................................................. 7 INTRODUCTION ........................................................................................................................................ 8 LITERATURE REVIEW AND THEORY ............................................................................................. 10 SECTION 1: DEFINITIONS ..................................................................................................................................... 10 SECTION 2: THE AGILE METHODOLOGY ........................................................................................................... 11 Section 2.2 Theoretical Perspectives of Agile .......................................................................................... 12 Section 2.3: Common Characteristics of Agile......................................................................................... 14 Section 2.4: Theoretical Perspectives Connections to Characteristics......................................... 18 SECTION 3: STRATEGIC MANAGEMENT............................................................................................................. 20 Section 3.1: History of Strategic Management ....................................................................................... 20 Section 3.2: Defining Strategic Management ......................................................................................... 21 SECTION 4: UTILIZING THE AGILE METHODOLOGY & STRATEGIC MANAGEMENT FOR NEW VENTURES .................................................................................................................................................................................. 23 4.1 Introduction to Entrepreneurial Orientation .................................................................................. 23 4.2 New Ventures and New Venture Success ........................................................................................... 24 Section 4.3: Agile and Strategic Management ........................................................................................ 25 METHOD................................................................................................................................................... 28 SECTION 5: DATA SOURCE & ANALYSIS ............................................................................................................ 28 Section 5.1: Data Source ................................................................................................................................... 28 Section 5.2: Data Collection and Analysis ................................................................................................. 29 RESULTS AND DISCUSSION ................................................................................................................ 32 SECTION 6: RESEARCH THEMES ......................................................................................................................... 32 SECTION 6.2 RESEARCH QUESTIONS ................................................................................................................. 37 Section 6.3 Limitations & Future Research .............................................................................................. 43 Section 6.4 Significance of this Study .......................................................................................................... 44 CONCLUSION ........................................................................................................................................... 46 REFERENCES ........................................................................................................................................... 47 APPENDIX A. THE AGILE MANIFESTO........................................................................................... 54 APPENDIX B: TWELVE PRINCIPLES OF THE AGILE MANIFESTO .......................................... 55 APPENDIX C. THE NEW VENTURE MANIFESTO .......................................................................... 56 APPENDIX D. GENERAL MOTORS IT FUNCTION SUBGROUP INTERVIEW QUESTION ... 56 APPENDIX E. JIM MORAN INSTITUTE SUBGROUP INTERVIEW QUESTIONS .................... 58 5 LIST OF TABLES Table 1: Agile Definitions………………………………………………….9 Table 2: Agile Characteristics & Theoretical Perspectives ……………18 Table 3: New Venture Success Standards…………………...…………..33 6 ABSTRACT This is an exploratory study on the characteristics of the agile methodology and its possible contribution to the success of new ventures within an entrepreneurial orientation. We explore this relationship by asking three research questions. First, what characteristics of the agile methodology can be adapted for entrepreneurs starting and managing new ventures? Second, how can the synthesis of the characteristics of the agile methodology and the core concepts of strategic management become a tool for new ventures to achieve
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