When intentions turn into action: pathways to successful firm performance

Abstract

Entrepreneurship brings wealth to nations and contributes to their economic growth. People can take many paths to become entrepreneurs. Some join the family business, whilst others are born entrepreneurs, letting their innate intuition lead them into firm creation. For many, though, being able to learn and acquire the right skills is critical for a successful career as an entrepreneur. Like other human capital factors, entrepreneurial skills can be acquired. In today’s fast-changing society, it is of utmost importance for entrepreneurs not only to gain these skills but also to be surrounded by a supportive environment that will (1) guide them in the creation of their business idea and (2) help them succeed and keep their business alive. Taking the theory of planned behaviour (TPB) as an initial theoretical framework, this paper studies the pathways that lead newly established entrepreneurs to successful firm performance. In this paper, qualitative comparative analysis (QCA) is used to study a sample of 49 entrepreneurs who responded to an online survey. The results reveal different pathways leading to successful firm performance. This study fills a theoretical and empirical gap and makes a valuable contribution to the literature on entrepreneurial behaviour by exploring the combinations of factors that best explain entrepreneurs’ success in achieving high firm performance. Examining the entrepreneurial process and the factors that guide entrepreneurs towards new firm success provides valuable insights that can help universities, policymakers and prospective entrepreneurs take better decisions.