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PREDICTORS OF GROWTH AND EXPANSION INITIATIVES OF RUSSIAN ENTREPRENEURS IN A POST-SOCIOLISTIC ENVIRONMENT Harold P. WELSCH Joseph S. ROBERTS De Paul University, Chicago, Illinois, USA ABSTRACT: Research shows that entrepreneurs engage in a wide variety of activities but concentrate on two major undertakings: 1. Introduce new products or services 2. Enter new markets. With this in mind, a study of 123 entrepreneurs and their enterprises was conducted in the Nizhny Novgorod region of Russia. The focus of this study was to find those variables that can possibly predict when and how this process of growth and expansion took shape and form? How were these two activities implemented by the entrepreneurs? What were the obstacles faced by them? How were these managed? Several regression equations were used to test these two models. It is clear that entrepreneurs were driven to introduce new products and services to new markets regardless of availability of infrastructure support or financial support. Even unstable political and social forces were not enough to deter their efforts. A variety of tables showing predictors variances explain the findings. Research also shows that the process of expansion depends on several factors. Some of these were, encouragement from family and friends, individual motivation and sacrifices, corruption and lack of understanding of entrepreneurship. INTRODUCTION: Russia is currently experiencing violent turmoils as it moves from a centrally planned economy to a market economy. Although moving in the right direction with respect to economic reform, Michael Gorbachev made every mistake that could be made, according to Anders Aslund, director of the Stockholm Institute Of East European Economics and an advisor to the current Russian government. After the most recent political turmoil, the economy seems to be back on track. Looking back at almost two years of reform, Mr. Gaidar, the former economic minister, notes substantial progress: "A domestic market did not exist in 1991. Now we have a market.... We no longer have a deficit economy (in 1991 the deficit was 31% of the GDP). Now we have a money economy in which money income, not state orders plays the catalytic role".(Economist, Dec. 11, 1993, p.23). Historically the environment was essentially hostile to entrepreneurial activities and was missing a tradition of role models. In spite of this lack of entrepreneurial attitudes and behaviors, entrepreneurship in Russia is now beginning to take root. McCarthy, et al, (1993) have called for additional research to be conducted on Russian entrepreneurship. They have called for the identification and documentation of the background variables of those individuals engaged in research. What are their characteristics? What prior experience do they have? From which sector of society are they emerging, technical, scientific,

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state, black market, industry, or education? In what kind of strategies and entrepreneurial activities are they engaging? These far reaching questions only scratch the surface of the research that is called for in documenting entrepreneurship development in Russia. The other area where research is called for is a description and documentation of the emergence of a less hostile environment toward entrepreneurship. Going further, it would be beneficial to begin documentation of a historical sequence of a tradition of entrepreneurship. Some obvious measures impacting the progress of entrepreneurship would be a more stable political climate, more supportive government policies and practices for entrepreneurship, a reliable infrastructure such as sources of supply, stable currency, and readily available venture capital and technical support services. Several of these measures are utilized in constructing two predictive models reported here. Limited information about entrepreneurial activity as well as entrepreneurs themselves are beginning to trickle out of Russia. Damray (1992) suggested that many Russian entrepreneurs emanated from within state enterprises. Their education included elements of Soviet type accounting with little emphasis on accruals or on the distinction between owner's equity and debt. Also their understanding of economics came from a demonstration of the failure of the communist system. They also reported that numerous managers, professionals and other individuals saw not only opportunity, but even necessity to go into business for themselves. The law now allows individuals to organize for the purpose of engaging in offering goods and services outside state jurisdiction, and to retain profits for themselves. Entrepreneurship Development In Russia: With remarkable enthusiasm, tens of thousands of budding entrepreneurs are casting off more than 75 years of socialist brainwashing as they attempt to control their own destiny in the free market. Across the vast country "managers of state-owned firms are drumming up new business strategies, black marketers are forming respectable private-sector trading houses, fledgling financiers are setting up new profit-oriented banks and ordinary citizens with rubles to spare are banding together to launch their joint-stock companies".(Faidamb, 1991 p. 107). Vladimir Gimpleson in his analysis of the changing work attitudes in Russia's new private sector points out that the 1991 goskomstat survey indicated that 16% of the work force wanted to create jobs for themselves. This number has grown to 28% in 1992. (RFE/RL reports. Feb 1993). The head of the Central Institute Of Mathematical Sciences and leading reformer, Yevegeniy concluded: "there is no doubt that we are witnessing an upsurge of entrepreneurship" (Fairlamb, 1991, p.108). There is sort of a frontier mentality emerging, with a rusk to get in on the action. In their halting progress, punctuated by obstacles and mistakes, Russian companies are abandoning their hopeless fight to make cameras and videos to compete with cheap south Korean imports. Instead they are producing larger but simpler products such as refrigerators and freezers. Market forces are forcing what central planners refused to do, concentrating Russia's resources on the goods

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where it may have a competitive advantage. Car ownership has risen from 45 per thousand in 1990 to 63 in 1993. Many businesses have shifted from state to private ownership with 82,000 enterprises privatizing in 1992-93 and 700 to 800 medium to large enterprises being auctioned off every month. Analysts from the CIA estimate that the private sector employed 15% of the Russian work force in 1991, while today it employs 42% of the workforce and produces 35-40% of Russia's GDP. They expect the private sector's share of the output to double by the end of 1994.(Economist. Dec. 11, 1993). More than 40 million Russians owned shares in one business or another. Many Russian entrepreneurs are making expansion plans. They are engaging in specific initiatives to introduce new products and services and to attack new markets. These two initiatives were chosen to represent the development of this study. Namely A. New products or services and B. New markets. These variables were composed of the following items: New Products or Services: 1. Adding new product or service 2. Adding operating space promotion 3. Expanding distribution channels 4. Acquiring new equipment 5. Expand current facilities 6. Adding specialized employees 7. Redesigning layout 8. Seeking additional financing 9. Seeking professional advice

New Markets: 1. Selling to a new market 2. Expanding advertising & 3. Computerizing current operations 4. Upgrading computer systems 5. Replace present equipment 6. Off site training of employees 7. Redesigning operating methods 8. Seeking additional financing 9. Researching new markets

The general question was: "What factors were related to these initiatives?" Although these "new" initiatives were not innovations in the classical sense, they were nevertheless "new" for the individual entrepreneur in the sense that these initiatives had not been undertaken before by him or her. In November 1986 the supreme parliament passed a law allowing for the first time in seventy years a term called "individual enterprise". For the first time a person could start his or her own business in three categories: restaurants, dressmaking, and auto repair. During the following year new categories were added. One year after the individual businesses became legal, there were twenty-nine categories in which one could start their own business. There were about 100 categories recently and more than 1.5 million private enterprises. On January 1, 1988, state enterprises became subject to some of the same market considerations that applied to "individual enterprise": profits, job performance, and decentralization. The following Table shows the regional privatization

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percentages's of several regional sectors: Region

Shops

Restaurants

St. Petersburg Moscow Nizhny Novgorod Lipetsk

47.7% 41.9% 39.5% 37.1%

30.5% 25.2% 44.0% 76.3%

Service businesses 37.25% 35.5% 20.5% 14.5%

Others N/A 2.1% 4.8% 6.5%

The Research Site: From the above mentioned regions, Nizhny Novgorod was chosen due to its progressive climate and the positive impact it has made in Russian history and economy. Mr. Nemstov, one of Mr.Yeltsin's hand-picked supporters who was placed across the country after the 1991 coup attempt has helped turn Nizhny Novgorod into the economic reform capital of Russia. This city at the confluence of the Volga and Oka rivers, formerly known as Gorky, has become the crucible for everything from privatization to land reform.(Wall Street Journal, 9-231993). This cradle for scientific research and industry has attracted World Bank, IMF, and other countries to directly invest in this region. Entrepreneurship development is one of the main issues this region is addressing. All the above mentioned reasons made Nizhny Novgorod the obvious field site for this study. The Research Question: The stage is set for economic development through the vehicle of free enterprise and entrepreneurship. The question now is to construct a model which will measure economic development. Since this task is so complex, a surrogate measure which accurately reflects the phenomenon must be identified. What is it that entrepreneurs do? They look for opportunities in the form of new products/services and new markets. This basic form of entrepreneurial behavior was chosen as the dependent variable(s) in this study, i.e. how does a country or region proceed to achieve economic development? Entrepreneurs must establish plans to create new products or services and to attack new markets. Since Russia is in the formative stages of establishing these plans, it was determined to be an appropriate question at this stage of development. Since these two dependent variables are slightly different from each other, they are expected to have a different combination of predictors. Therefore the models were separated into Model A (Predictors of new products/services) and Model B (Predictors of attacking new markets). The Model: In a previous survey of 99 firms in St. Petersburg, Russia revealed three major constraints in the business environment. 1. Frequently changing tax laws, 2. Inflation, 3. Poor banking systems. There was no mention of privatization laws or lack of entrepreneurial spirit or lack of entrepreneurs. Further the study showed that growth and expansion issues were considerably more difficult for entrepreneurs than start-up issues. There were deep concerns about the lack of overall economic development policies by the government. This was viewed as a stumbling block for the free growth of private enterprises. (Webster, 1993).

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A review of studies of entrepreneurship development in Eastern Europe such as by Roman 1991, Sterlin & Kozlov, Mar. 1993. , Welsch & Roberts, Doc 1992, " Russia Reborn", The Economist, Dec, 1992 and Ivancevich, DeFrank & Gregory, 1992, all showed that growth is not only dependent on governmental macro-economic policy, but it is also related to a variety of social, political and individual variables such as the motivations of the entrepreneur, availability of financing, sacrifices the entrepreneur is willing to make, problems/obstacles encountered and sources of advice/information the entrepreneur may seek. A variety of personal developmental, socio-psychological, and economic behavioral theories indicated that these variables had the potential for explaining the variance of offering new products or services. Rationale: Russian entrepreneurs are driven by a variety of motives. Fulfillment of personal goals and enjoyment of life were goals that Russian entrepreneurs felt could be achieved through the vehicle of entrepreneurship, specifically by planning to offer new products and enter new markets. These opportunities provided them a unique vehicle to achieve their goals. Since each country is subject to a unique variety of circumstances, financing sources will reflect the idiosyncratic nature of that particular country's infrastructure, capital availability and historical precedents. Family savings and family member are anticipated to be primary sources of funding. A multitude of problems exist in Russia which may inhibit or restrict the entrepreneur from pursuing his or her expansion plans. It is anticipated that those with fewer problems will be in a position to expand products and markets. There are costs to being an entrepreneur and every one of them pays the price for choosing a very demanding and time consuming profession. Also, when entrepreneurs take on new projects, they necessarily reject others, thereby incurring inherent opportunity costs. Since resources are limited, and expansion is being pursued, other commitments such as family, friends and other professions must be sacrificed. Russian entrepreneurs do not live in a vacuum, but are influenced by the primary social groups around them. Given the volatile situation in Russia, it is expected that entrepreneurs will seek out advice primarily from family members rather than from external sources. Model A: Product/Service Expansion. Hypothesis #1: (Motivation) There is a positive relationship between "to increase status & prestige of my family" and , "only thing I can do" and , "freedom to adopt own approach to work" and planning to offer a new product or service. Hypothesis #2: (Financing) There is positive relationship between financing sources

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(commercial finance companies, suppliers, and entrepreneur's mother) and planning to offer a new product or service. Hypothesis #3: (Problems) There is a negative relationship between problems (finding employees trained in marketing, lack of legal services, and corruption) and planning to offer a new product or service. Hypothesis #4: (Sacrifice) There is a positive relationship between sacrifice an entrepreneur is willing to make (Giving up his friends, working 60 hrs a week and attending to undesirable duties) and planning to offer to a new product or service. Hypothesis #5: (Advice) There is a positive relationship between sources of advice (spouse) and planning to offer a new product or service. Model B: Market Expansion. Spanning over 11 time zones, Russia is a vast country with huge market potential. Entrepreneurs were making plans to service these new markets, and opportunities were waiting. What factors were related to these attempts? A similar set of general factors (model B) were predicted to be related to these new market plans, but the components of the factors were configured differently: Hypothesis #6: (Motivation) There is a positive relationship between motivation and plans to enter new markets. Hypothesis #7: (Financing) There is a positive relationship between sources of financing (former owners, leasing agents, wholesalers, co-workers, and family savings) and plans to enter new markets. Hypothesis #8: (Problems) There is a negative relationship between problems and plans to enter new markets. Hypothesis #9: (Sacrifice) There is a positive relationship between sacrifice the entrepreneur is willing to make (undesirable responsibilities, wrath of family, risk of failure) and plans to enter new markets. MODEL A (+) Motivation ---------------(+) | Finance ----------------| PLANS TO INTRODUCE (-) |----> NEW PRODUCT OR Problems ----------------| SERVICE (+) | Advice ----------------| (+) | Sacrifice ---------------MODEL B

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(+) Motivation ---------------(+) | Finance ----------------| PLANS TO (-) |----> ENTER NEW Problems ----------------| MARKET (+) | Sacrifice ----------------| (+) | Advice ---------------Hypothesis #10: (Advice) There is a positive relationship between sources of advice (son, other family members, former owners and bankers) and plans to enter new markets Methodology: 123 of the 200 questionnaires were returned and found to be valid for analysis. The average age of the respondents was 38.3 years. The males to females percentages were at 83.9% and 16.1% respectively. 90% of the entrepreneurs answered that they were married and 83.7% had at least one child. More than 80% of the entrepreneurs had college diplomas. Over 99% were Russian born. This was because of the make up of the population and the lack of the transient populations trends, that were eliminated by the communist regimes. 13.3% of the businesses were in existence for less than a year. The majority of the businesses 35.4% were in business for over 5 years. This was rather unique to the Nizhny Novgorod region. Due to the richness of the entrepreneurial spirit in the pro free market community, as soon as the 1988 legalization of entrepreneurship occurred, many of the illegal business owners legitimized their entrepreneurial efforts. 10.5% of the businesses were in existence between one to two years. The other 17.7% were in existence between 3-4 years. The majority of the businesses were started between 1989 to 1992. The break-down was as shown in the following table. Year Started % 1985 .9 1987 2.6 1988 5.1 1989 12.0 1990 15.4 1991 30.8 1992 29.9 It is important to point out that business existence was longer in many cases because of the distinction between present legal business entities and older business forms which were considered illegal by the communist regime. The typical scenario is that of a state employee involved in an illegal business activity which he or she then legalizes according to the regulations. This also explains discrepancies between the existence of the businesses and the years the businesses were started. The year business was started was interpreted as the year the business was legalized. The laws passed in 1988 addressed co-op's, and then were extended to other joint stock companies. The last

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legislative attempts were designed to treat business entities as western countries treat them. Sample: Types of Businesses:* Service Organizations Retail (includes restaurants) Finance/Insurance/Real Estate Transportation Education Distribution/wholesale Manufacturer Construction Other

42.6% 31.3% 7.0% 14.8% 5.2% 37.4% 47.05% 28.7% 31.3%

* The totals are more than 100% since some of the firms are engaged in multiple activities. The "other" category is primarily a catch all for the types of businesses like people selling gasoline on black markets which are now legal. The ownership distribution of these 77 businesses were as follows. A majority 55.5% were partnerships and 29.4% were sole proprietorships. The others were co-ops and joint stock companies at 10.1% and 5.0% respectively. The entrepreneurs of Nizhny Novgorod worked an average of 63.13 hours a week. They were willing to sacrifice their leisure and time spent with their families to promote their businesses. The research question addressed this part adequately. The premise was that not only does business climate and macro economic policies affect expansion and growth of businesses but also individual motivation, sacrifice and advice play an important role. This is also the rationale for the stated hypotheses. Model A. RELATIONSHIP REGRESSION MODELS FOR INTRODUCING NEW PRODUCTS OR SERVICES: Sig. "F" Value Motivation F = 8.274

Financing F = 6.445

Items in this Category To increase status & prestige of my family. Only thing I can do. Freedom to adopt own approach to work..Commercial finance companies. Suppliers as a source. Mother as a source of financing.

Beta Value

.2499 -.1817 .1353 -.5208 .2035 .2876

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Problems F = 6.091

Sacrifice F = 6.444

Advice F = 5.404

Finding good location. Lack of family encouragement. Lack of legal services. Corruption. Lack of employees trained in marketing. Attending to undesirable duties. 60 hrs. of work per week.

.1462 -.1452 -.2229 .12991 .3018

.1953 .2392

Closest friend. Spouse.

.19278 -.1823

Model A Continued Sig. "F" Value Motivation F = 8.274

Financing F = 6.445

Problems F = 6.091

Sacrifice F = 6.444 Advice F = 5.404 Results for Model A:

"t" value

SIG. Value

R2 Value

3.372 -2.728 1.504

.0010 .0074 .0134

.12

-3.735 2.911 2.156

.0003 .0046 .0334

.16

2.464 -2.101 -3.127 2.305 3.954

.0152 .0380 .0023 .0230 .0002

.12

2.201 2.145

.0298 .0341

.10

2.325 -1.160

.0260 .2542

.13

(Product/Service Expansion)

The series of predictors used to explain expansion plans in form of offering a new product or service were essentially confirmed. Entrepreneurship is composed of individual as well as social and environmental phenomena. Therefore any set of predictions must reflect a complex, multi-level variables based in reality. The five categories of predictions outlined in the model were verified.

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Three important motives may have driven the entrepreneur to consider and plan for new product or service offerings. Increasing the status and prestige of the entrepreneur's family and the desire for freedom to adopt his/her own approach to work served as important predictors. The third variable, "It was the only thing I could do", was negatively related and rejected as a reason for planning new product offerings. This indicated that the entrepreneur had several options to pursue and was not limited to product expansion alternative alone. With many opportunities opening, entrepreneurs were presented many potentially lucrative options.(R2=12%). In terms of financing, the mother and suppliers served as important sources of capital. Commercial finance companies were summarily rejected as a financing source, perhaps because of their infrequent appearance or their reputation as lenders with high interest rates.(R2=15.95%). Three sets of problems were associated with product expansion: finding a good location, corruption, and lack of employees trained in marketing. A timing question now appears. Did these entrepreneurs develop their expansion plans in spite of the existence of these problems or did they identify these problems as a result of pursuing their expansion plans. Two negative relationships appeared with respect to two problems: lack of legal services and a lack of family encouragement.(R2=12.25%) i.e. They were not instrumental in their expansion plans. Russian entrepreneurs were willing to make significant sacrifices in order to push their expansion plans. They were willing to attend to undesirable duties and work 60 hrs. a week in order to successfully implement their expansion plans.(R2=10.1%). Entrepreneurs with product expansion plans were willing to listen to advice from their closest friend, but were not willing to listen to their spouse. In fact, they not only did not listen to their spouse, but it appears they may have rejected his/her advice.(R2=13%). Model B: RELATIONSHIP REGRESSION MODELS FOR ENTERING NEW MARKETS Sig. "F" Value Motivation F = 7.10

Items in this Category To be challenged by starting & growing a business. To be respected by friends. To give family and self more security. To achieve high position in society.

Beta Value

.4237 -.3339 .2541 .2407

Finance

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F = 5.389

Problems F = 6.04

Sacrifice F = 15.1

Advice F = 5.88

Someone you work with as source. Former owners as source. Leasing agencies. Former owners as partners. Lack of understanding of entrepreneurship. Lack of encouragement from family. Attending to mundane & undesirable duties. Lost time with one's family. Risk of total failure. Other family members. Immediate family members. Former owners. Bankers as sources of advice.

Model B Continued Sig. "F" Value Motivation F = 7.10

Finance F = 5.389

Problems F = 6.04 Sacrifice F = 15.1

Advice F = 5.88

-.18793 .2128 .1719 -.1761

.2193 -.1933

.3571 .2071 .2136 -.7542 -.5036 -.5871 .5172

"t" Value

SIG. Value

R2 Value

3.642 -3.537 2.052 2.348

.0004 .0006 .0426 .0207

.206

-2.629 2.263 2.287 -2.230

.0099 .0273 .0242 .0279

.134

2.976 -2.506

.0036 .0317

.098

4.008 2.406 2.719

.0001 .0177 .0137

.2091

-3.258 -2.870 -2.752 2.194

.0027 .0072 .0097 .0356

.221

Model B: Market Expansion: The second research question focussed on what factors contributed

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to plans of entrepreneurs to enter new markets. The model proposed was essentially verified on a multi-dimensional set of predictors. These accurately reflected the expansion phenomenon under investigation. Individual motivations, financing sources, types of problems encountered, sacrifices and sources of advice explained a significant amount of the variance in the dependent variable. Three different motivations were positively related to market expansion. These included a willingness to be challenged by starting & making the business grow, the desire to give family and self security, and the desire to achieve a high position in society. These combined, served as an important thrust to venture into new markets. A fourth motivational variable was also significant but negatively: to be respected by friends. Apparently, these entrepreneurs did not care what their friends thought, they simply unilaterally charged ahead without considering their friends' reaction. They felt independent enough for them not to look for approval from their friends. Financing played an important role in new market expansion. Former owners (perhaps government) were instrumental in helping the entrepreneurs to attack new markets, at least initially. In addition, leasing provided some financial leverage to assist in expanding new markets. Two negative relationships which were not helpful were someone they worked with and former owners who provided no operating funds after the company was started. These four variables combined helped to explain 13.4% of the variance (R2) of market expansion. Problems encountered during the entrepreneurship were expected to inhibit the market expansion process. Lack of understanding of entrepreneurship proved to be the biggest obstacle to market expansion. Lack of encouragement from family members proved to be a negative problem, i.e. entrepreneurs must have received strong encouragement from family members to pursue their market expansion plans. Both predictors combined explained 9.8% of the variance of market expansion. Sacrifices entrepreneurs made were also accurate predictors of market expansion. These were all verified in the predicted direction. They included attending to undesirable duties, lost time with the family and assuming the risk of total failure. The amount of variance explained was 20.91%. With limited resources, entrepreneurs are often faced with dilemmas of how to allocate their time and attention. With new market potential staring them in the face, undesirable duties had to be performed and the family had to be neglected. The predictor of sources of advice took a surprising turn. Only banker's advice was positively related to market expansion. Family sources and former owners were deliberately ignored for advice, to a significant degree. Perhaps these latter sources were seen as not credible or not knowledgeable in their quest for information about new markets. DISCUSSION:

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It is the nature of entrepreneurs to either identify new products or services and seek new markets for existing products. This opportunistic feature of entrepreneurship seems to be universal. Therefore, a research project was designed to test what factors were associated with these expansion initiatives. Two separate models were created since product development may have somewhat different predictors than new market development. In both cases however, five sets of predictors were formulated. Individual, social, and environmental variables were chosen as predictors to explain the variances in the dependent variables. The five predictors included entrepreneurial motivation, types of financing sources, types of problems encountered, individual sacrifices that had to be made and sources of entrepreneurial advice. The model was tested in Nizhny Novgorod (Gorky) Russia, a region known for it's aggressive pursuit of business development and home of some far-thinking entrepreneurs. Because of the vast expansion opportunities in Russia, the dependent variable was deliberately chosen to be expansion plans. Russian entrepreneurs in this region were very actively pursuing these types of growth and development goals. This research site was chosen because it served as a vanguard of future Russian business development. Furthermore Russian entrepreneurs were motivated to expand by a desire to engage in certain challenges and achievement quests. The freedom to adopt their own approach without government interference as well as to share their rewards with their family were both instrumental. Various financing sources helped them to advance these expansion plans: These included their mothers, suppliers, former owners. There were also various leasing mechanisms which allowed them to expand instead of purchasing warehouses, for example. Competition and ignorance surrounding the idea of entrepreneurship seemed to serve as stumbling blocks. There were shortages of good locations and employees trained in marketing. Family support and encouragement was in evidence. They were willing to pay the price of being entrepreneurs. They recognized hard work, undertook undesirable duties, and made family sacrifices which were inevitable in their chosen profession. Determination and task orientation characterized their behavior. They did not shy away from hard work. Entrepreneurs took their advice from bankers their closest friends, and recognized that their families(particularly their spouse) may not have been informed or knowledgeable in these new undertakings. These entrepreneurs seemed to have a smaller circle of close advisors when contrasted to their western counterparts. CONCLUSION: This multi-dimensional model was proven to be accurate in it's

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predictions with respect to expansion plans. Extending this model to other regions (as well as countries) will determine which variables are the same and which may be unique or idiosyncratic to this particular region. Russian entrepreneurs are imitating their western counterparts. There may be some strong common factors which unite entrepreneurial behavior as an universal phenomenon. Schumpeter may have been right, the nature of entrepreneurship is introducing new products or services and seeking new markets. BIBLIOGRAPHY: After Glasnost: Russia, (1992, October 2). Radio Free Europe, Radio Liberty. Inc. Blackwell, W. (1968). The beginning of Russian industrialization, 1800-1860. Princeton, NJ: Princeton University Press. Borenstein, Eduardo and Montiel, Peter, When Will Eastern Europe Catch Up With The West, Finance And Development Journal, Vol:29 September 1992. Country Marketing Plan, (Russia, 1992). The Central Intelligence Agency, Commercial Division, Trade Branch. National Trade Data Banks. Chepurenko A. et al. Analysis Of Attitude Towards Entrepreneurship In Russian Society. Entrepreneurship And Marketing Research Institute Of The Council Of Ministers Of RF. 1992. Ekaterinoslayskii, I.I. (1992). In S.M. Puffer (Ed), The Russian Management revolution: Preparing managers for the market economy. Armonk, NY: M.E. Sharpe. Eastern European Economies Looking Up. (1992, December). The Economist. Forker, L.B. (1991). Quality: American, Japanese, and Soviet perspectives. Academy of Management Executive, 63-74. Hisrich, R.D. (1988, October). Entrepreneurship: Past, present, and future. Journal of Small Business Management, pp. 1-8. Jenssen S. Kolvereid L., The Entrepreneurs' Reasons Leading To Start-Up As Determinants Of Survival And Failure Among Norwegian New Ventures. International Perspectives On Entrepreneurship Research. Ed., By S. Birley, I. Macmillan. North-Holland, 1992. Poznyakov V. (1992). Perspectives Of Entrepreneurship And Privatization In Russia. Sociologicheskiye Issledovaniya, N.I. pp. 2-26. The Wild East. (1992, January 4). The Economist, p 40-41. The Mess In Moscow. (1994, January 29). The Economist, p 13-14. Welsch & Roberts, (1992, Dec. 31). Entrepreneuship-Hungarian Style, I.C.S.B. 1993 Annual Conference, Las Vegas, Nevada. Zoltan, Roman, Entrepreneurship And Small Business: The Hungarian Trajectory, Journal Of Business Venturing, November, 1991. pp. 5-14.

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