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Risikomanagement bei Startups

Risikomanagement bei Startups
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Year:    2022

Author:    Schulte, Reinhard, Wagenknecht, Maximilian

ZfKE – Zeitschrift für KMU und Entrepreneurship, Vol. 70 (2022), Iss. 3-4 : pp. 243–252

Abstract

Risk management in startups

Risk management of startups is driven by special features of new ventures in terms of limited resources, coherence of influence and the entrepreneurial development and growth process. This article characterizes startups this way and derives conclusions for their risk management.

Since risk management for startups cannot be separated from the planning and design of emergent growth processes, new venture growth dynamics are set in the respective context. Conventional planning as of established companies, aimed at increasing efficiency and optimizing processes, is less suitable for startups. Instead, customer-oriented product development with feedback loops is more appropriate for their risk management. Validated learning and pivoting help to limit uncertainties in the business model, minimal viable products enable low-risk development. This points the way towards lean lisk management for startups based on the lean startup method.

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Journal Article Details

Publisher Name:    Global Science Press

Language:    German

DOI:    https://doi.org/10.3790/zfke.70.3-4.243

ZfKE – Zeitschrift für KMU und Entrepreneurship, Vol. 70 (2022), Iss. 3-4 : pp. 243–252

Published online:    2022-07

AMS Subject Headings:    Duncker & Humblot

Copyright:    COPYRIGHT: © Global Science Press

Pages:    10

Keywords:    Startup Risk Management Lean Startup Method Liability of Newness Liability of Smallness Liability of Adolescence

Author Details

Schulte, Reinhard

Wagenknecht, Maximilian

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  5. Chemmanur, T. J., Chen, Z. (2014): Venture Capitalists Versus Angels: The Dynamics of Private Firm Financing Contracts. Review of Corporate Finance Studies, 3(1–2), 39–86. https://doi.org/10.1093/rcfs/cfu009.  Google Scholar
  6. Crovini, C., Ossola, G., Britzelmaier, B. (2021): How to reconsider risk management in SMEs? An Advanced, Reasoned and Organised Literature Review. European Management Journal, 39(1), 118–134. https://doi.org/10.1016/j.emj.2020.11.002.  Google Scholar
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  9. Hyytinen, A., Pajarinen, M., Rouvinen, P. (2015): Does innovativeness reduce startup survival rates? Journal of Business Venturing, 30(4), 564–581. https://doi.org/10.1016/j.jbusvent.2014.10.001.  Google Scholar
  10. Kelly, P., Hay, M. (2003): Business angel contracts: the influence of context. Venture Capital, 5(4), 287–312. https://doi.org/10.1080/1369106032000141940.  Google Scholar
  11. Schulte, R. (2006a): Begriff und Merkmale junger Unternehmen. Wirtschaftswissenschaftliches Studium, 35(7), 419.  Google Scholar
  12. Schulte, R. (2006b): Innovative Unternehmensgründung. Wirtschaftswissenschaftliches Studium, 35(11), 637–638.  Google Scholar
  13. Sedláček, P., Sterk, V. (2017): The Growth Potential of Startups over the Business Cycle. American Economic Review, 107(10), 3182–3210. https://doi.org/10.1257/aer.20141280.  Google Scholar
  14. Todeschini, B. V., Boelter, A. S., Souza, J. S. D., Cortimiglia, M. N. (2017): Risk Management from the Perspective of Startups. European Journal of Applied Business Management, 3(3), 40–54.  Google Scholar
  15. Trabelsi, D., Siyahhan, B. (2021): Startup cash flows and venture capital investments: A real options approach. Managerial and Decision Economics, 42(3), 737–750. https://doi.org/10.1002/mde.3269.  Google Scholar
  16. Bitz, M. (1993): Grundlagen des finanzwirtschaftlich orientierten Risikomanagements. In: G. Gebhardt, W. Gerke und M. Steiner (Hrsg.), Handbuch des Finanzmanagements: Instrumente und Märkte der Unternehmensfinanzierung (S. 641–669). München: Beck.  Google Scholar
  17. Bortolini, R. F., Nogueira Cortimiglia, M., Danilevicz, A. de M. F., Ghezzi, A. (2021): Lean Startup: a comprehensive historical review. Management Decision, 59(8), 1765–1783. https://doi.org/10.1108/MD-07-2017-0663.  Google Scholar
  18. Brüderl, J., Schüssler, R. (1990): Organizational Mortality: The Liabilities of Newness and Adolescence. Administrative Science Quarterly, 35(3), 530–547. https://doi.org/10.2307/2393316.  Google Scholar
  19. Brustbauer, J. (2016): Enterprise risk management in SMEs: Towards a structural model. International Small Business Journal: Researching Entrepreneurship, 34(1), 70–85. https://doi.org/10.1177/0266242614542853.  Google Scholar
  20. Chemmanur, T. J., Chen, Z. (2014): Venture Capitalists Versus Angels: The Dynamics of Private Firm Financing Contracts. Review of Corporate Finance Studies, 3(1–2), 39–86. https://doi.org/10.1093/rcfs/cfu009.  Google Scholar
  21. Crovini, C., Ossola, G., Britzelmaier, B. (2021): How to reconsider risk management in SMEs? An Advanced, Reasoned and Organised Literature Review. European Management Journal, 39(1), 118–134. https://doi.org/10.1016/j.emj.2020.11.002.  Google Scholar
  22. Dahlhaus, C. (2009): Investitions-Controlling in dezentralen Unternehmen. Wiesbaden: Gabler. https://doi.org/10.1007/978-3-8349-9461-5.  Google Scholar
  23. Freeman, J., Carroll, G. R., Hannan, M. T. (1983): The Liability of Newness: Age Dependence in Organizational Death Rates. American Sociological Review, 48(5), 692–710. https://doi.org/10.2307/2094928.  Google Scholar
  24. Hyytinen, A., Pajarinen, M., Rouvinen, P. (2015): Does innovativeness reduce startup survival rates? Journal of Business Venturing, 30(4), 564–581. https://doi.org/10.1016/j.jbusvent.2014.10.001.  Google Scholar
  25. Kelly, P., Hay, M. (2003): Business angel contracts: the influence of context. Venture Capital, 5(4), 287–312. https://doi.org/10.1080/1369106032000141940.  Google Scholar
  26. Schulte, R. (2006a): Begriff und Merkmale junger Unternehmen. Wirtschaftswissenschaftliches Studium, 35(7), 419.  Google Scholar
  27. Schulte, R. (2006b): Innovative Unternehmensgründung. Wirtschaftswissenschaftliches Studium, 35(11), 637–638.  Google Scholar
  28. Sedlácek, P., Sterk, V. (2017): The Growth Potential of Startups over the Business Cycle. American Economic Review, 107(10), 3182–3210. https://doi.org/10.1257/aer.20141280.  Google Scholar
  29. Todeschini, B. V., Boelter, A. S., Souza, J. S. D., Cortimiglia, M. N. (2017): Risk Management from the Perspective of Startups. European Journal of Applied Business Management, 3(3), 40–54.  Google Scholar
  30. Trabelsi, D., Siyahhan, B. (2021): Startup cash flows and venture capital investments: A real options approach. Managerial and Decision Economics, 42(3), 737–750. https://doi.org/10.1002/mde.3269.  Google Scholar

Section Title Page Action Price
Reinhard Schulte / Maximilian Wagenknecht: Risikomanagement bei Startups 243
Zusammenfassung 243
Abstract 243
I. Begriffliche Grundlagen 244
II. Merkmale von Startups und ihre Bedeutung für das Risikomanagement 246
III. Risikomanagement und Entwicklungsprozess von Startups 248
Literatur 251