Pursuing Venture Growth Through External Participation Among Entrepreneurs in the Philippines: Evidence from the Global Entrepreneurship Monitor

Abstract

In pursuing entrepreneurial venture growth, domestic market expansion strategies such as product development, innovation, and diversification need to be reinforced by looking at international opportunities. We establish the power of external participation, composed of the foreign customer and export orientations, in driving entrepreneurial venture growth. By subjecting the Global Entrepreneurship Monitor data for the Philippines, for the years 2013, 2014, and 2015, to a linear generalised method of moments regression analysis, we found evidence that external participation is a significant in ensuing entrepreneurial venture growth. Our emergent empirical findings are as follows: entrepreneurial strategies on external participation are positively and highly statistically significant in positively making a difference on entrepreneurial venture growth; and export orientation can significantly drive entrepreneurial venture growth. Hence, we recommended policies and strategies that will capacitate Philippine enterprises to produce internationally oriented products and allow them to increase their external participation through enhanced access to global markets and value chains.