Established Entrepreneurs Research Articles

Struggling financially but feeling good? Exploring the well-being of early-stage entrepreneurs

Purpose Many individuals start a new firm each year, mainly intending to become independent or improve their financial situation. For most of them, the first years of operations mean a substantial investment of time, effort and money with highly insecure outcomes. This study aims to explore how entrepreneurs running new firms perform financially compared with the established ones and how this situation influences their well-being. Design/methodology/approach A questionnaire survey was completed in 2021 and 2022 by a representative sample of N = 1136 solo self-employed and microentrepreneurs in the Czech Republic, with dependent self-employed excluded. This study used multiple regressions for data analysis. Findings Early-stage entrepreneurs are less satisfied with their financial situation, have lower disposable income and report more significant financial problems than their established counterparts. The situation is even worse for the subsample of startups. However, this study also finds they do not have lower well-being than established entrepreneurs. While a worse financial situation is generally negatively related to well-being, being a startup founder moderates this link. Startup founders can maintain a good level of well-being even in financial struggles. Practical implications The results suggest that policies should focus on reducing the costs related to start-up activities. Further, policy support should not be restricted to new technological firms. Startups from all fields should be eligible to receive support, provided that they meet the milestones of their development. For entrepreneurship education, this study‘s results support action-oriented approaches that help build entrepreneurs’ self-efficacy while making them aware of cognitive biases common in entrepreneurship. This study also underscores that effectuation or lean startup approaches help entrepreneurs develop their startups efficiently and not deprive themselves of resources because of their unjustified overconfidence. Originality/value This study contributes to a better understanding of the financial situation and well-being of founders of new firms and, specifically, startups. The personal financial situation of startup founders has been a largely underexplored issue. Compared with other entrepreneurs, this study finds that startup founders are, as individuals, in the worst financial situation. Their well-being remains, however, on a comparable level with that of other entrepreneurs.

Associated factors to established entrepreneurs in Colombia, a view from GEM in 2006 – 2022

The aim of this article was to analyze the key factors related to established entrepreneurs in Colombia using data from the Global Entrepreneurship Monitor (GEM) at the national level from 2006 to 2022, in cross-sectional cuts. To achieve the described objective, an asymmetric logistic model was used for rare sample events due to the low participation of established entrepreneurs in the total sample. Among the most important results, it was found that sociodemographic characteristics of individuals, such as gender, age, and level of education, as well as self-perception regarding fear of failure and the entrepreneurial environment, showed a higher association and level of significance with established entrepreneurs compared to variables associated with company or productive unit characteristics, such as sector, innovation, and use of new technology.

Exploring the Role of Perceived Behavioural Control in Shaping the Intentions of Zambian Entrepreneurs

Purpose:This paper examines the influence of perceived behavioural control on the entrepreneurial intentions of Zambian entrepreneurs using the Theory of Planned Behaviour. Established entrepreneurs, were used as study subjects, due to the need to assess the effect of practical entrepreneurial competences gained from years of experience on subsequent intentions. Design/methodology/approach: A quantitative survey approach was used to collect primary data from 223 established entrepreneurs, selected by random sampling method. The questions measured self-efficacy and a self- administered questionnaire was used. Data was collected and SPSS was used for data analysis from which descriptive statistics and regression analysis was obtained. Findings:The findings revealed that perceived behavioural control (self-efficacy to be exact) is a strong predictor (β = .146, t = 2.237, p = .032) of the entrepreneurial intentions of established entrepreneurs in Zambia. This significantly positive result was attributed to entrepreneurs’ own practical entrepreneurial competences. Research limitations/implications:. In the study only a few measuring items were captured included in the research instrument to capture the respondents’ perceptions. Future research could adopt a broader and standard conceptualisation of PBC to further explore additional dynamic between PBC and entrepreneurial intentions. Practical implications: Entrepreneurial competences (gained through practice or formal training) are pivotal in fostering entrepreneurship development. This knowledge will provide deeper insights to policymakers, educators and stakeholders work to develop entrepreneurial educational policies and strategies aimed at promoting entrepreneurship and entrepreneurial mindsets in the country. Originality/value:The study conributes research knowledge to existing literature about on the efficacy of Perceived behavioural Control in predicting entrepreneurial intentions among

Evaluating the significance of franchising entrepreneurial learning in higher education: a longitudinal study from two European Universities

This study delves into franchising education at HEIs and its advantages for students. It investigates its impact on knowledge and perceptions, preparing students for entrepreneurial careers and enhancing their job market competitiveness. Franchising is pivotal in contemporary entrepreneurship, offering aspiring entrepreneurs mentorship and risk reduction while enabling established entrepreneurs to expand efficiently. Hence, students must acquire franchising knowledge integral to their entrepreneurial learning. Existing literature extensively covers franchising. However, a noticeable gap exists concerning franchising education and its effects on entrepreneurship students. The research underscores the scarcity of franchising entrepreneurial learning in higher. Additionally, the literature reveals the necessity of collaboration between academia and the business sector in designing and delivering this course, considering the essential knowledge and skills required by lecturers of franchising courses. The longitudinal study spanned seven years based on two rounds of research at the University of Luxembourg (Public) and Vern University (Private) involving 203 students who attended the franchising course and assessed changes in knowledge and attitudes toward franchising through pre- and post-course surveys. The first study round occurred at Vern University, and the second at the University of Luxembourg. This study's results underscore the Franchising course's significance in shaping students' understanding and views regarding franchising. Overall, the course effectively promotes entrepreneurial learning outcomes, evident from the positive shifts in students' knowledge and attitudes toward franchising upon its completion. The study underscores the importance of franchising education in HEIs, aiding students in making informed entrepreneurial decisions and gaining a competitive advantage in the job market. Further Research can explore different groups of students and reasons for varying attitudes towards franchising in private and public Higher Education Institutions (HEIs). Keywords: Franchising, Franchise curriculum, Entrepreneurial learning, Higher Education

Validation of Decision Criteria and Determining Factors Importance in Advocating for Sustainability of Entrepreneurial Startups towards Social Inclusion and Capacity Building

The main goal of the study is to assess the decision criteria and the determining factors for the sustainability of entrepreneurial startups in order to contribute towards social inclusion and capacity building. Both concepts are in the development phase and are the outcome of entrepreneurial ecosystem and individual behavior and traits. The current study observed the research problem as entrepreneurship and entrepreneurial startups are the continuous phenomena required for every economy. The lack of an efficient ecosystem and incompetent trait of an entrepreneur brings the entrepreneurial startup to failure. Therefore, an assessment of decision criteria and determining factors categorizing them by their importance may provide the requirements to lead to a successful entrepreneurial startup, contributing to social inclusion and capacity building. The study solved the research problem by statistical assessment of decision criteria and determining factors and categorizing them by their importance may provide the requirements to lead to a successful entrepreneurial startup. The research is built on research questions, objectives, a conceptual model, and a hypothesis, which are tested based on the data collected. The collection of data was done through a survey questionnaire on a sample of established entrepreneurs. The study concludes that the five components of decision criteria are region, competition, funding opportunities, tax system, and country economic situation, whereas eight determining factors, consciousness and reliability, pursuit of results, flexibility, stress resistance, skills of identification and exploitation of potential market opportunities, leadership, creativity and innovation, and delegation of decision-making, are required for a successful entrepreneurial startup to be able to work towards social inclusion and capacity building.

Examining the Importance of Developing Entrepreneurial Communication Skills in Accelerator Programs: A Focus Group Based Approach

Entrepreneurial accelerator programs have emerged within university settings as a solution to reduce the notably high failure rate of new ventures. Accelerators seek to support entrepreneurs by providing services and experiences that prepare participants to confront challenges that occur throughout the entrepreneurial journey and connect them to a broader business ecosystem. However, despite existing research that points to a correlation between an entrepreneur’s communication skills and the firm’s ability to achieve key business milestones, the existing literature does not identify which specific communication skills entrepreneurs need nor the situations/audiences in which these skills are most applicable. Therefore, this study conducted five focus group interviews with 14 established entrepreneurs from the United States who have participated in a university accelerator program in an effort to uncover the most valuable communication skills for entrepreneurs and the situations in which these skills apply. The findings illuminate how the development of specific communication factors such as confidence when presenting, flexibility, and empathetic listening are essential for entrepreneurs to engage with a wide range of audiences. This study also provides recommendations for university accelerators seeking to facilitate the development of these communication skills in their programming.

Emerging market entrepreneurs’ narratives on managing business ethical misconduct

Orientation: South Africa’s entrepreneurial landscape faces multiple challenges that minimise the growth of established firms. Ethical misconduct is one of the main challenges entrepreneurs encounter in their business activities.Research purpose: To gain deeper insight into the entrepreneurs’ narratives of the types and management of ethical misconduct when engaging in entrepreneurial activities.Motivation for the study: Entrepreneurs are central to economic development and alleviating challenges, such as poverty, employment creation and economic inclusion. Therefore, managing challenges that hinder their growth will contribute to the country’s economic development.Research design, approach and method: This study used narrative qualitative research to gather data on business ethical misconduct types and their management strategies. A sample of 17 established entrepreneurs participated in one-hour semi-structured interviews. Focusing on established entrepreneurs with more than three years in business provided real experiences of ethical misconduct and their management. Thematic narrative analysis was used to analyse the participants’ experiences and develop key themes from the data.This study used narrative qualitative research to gather data on business ethical misconduct types and their management strategies. A sample of 17 established entrepreneurs participated in one-hour semi-structured interviews. Focusing on established entrepreneurs with more than three years in business provided real experiences of ethical misconduct and their management. Thematic narrative analysis was used to analyse the participants’ experiences and develop key themes from the data.Practical/managerial implications: This study provides an ethical misconduct management framework that entrepreneurs could use in business practice and teaching.Contribution/value-add: This study contributes to entrepreneurial ethics literature and South African entrepreneurship knowledge development.

Current assets management: a comparative study between nascent and established entrepreneurs

Current assets management: a comparative study between nascent and established entrepreneurs

The upside of narcissism as an influential personality trait: exploring the entrepreneurial behaviour of established entrepreneurs

PurposeAs research emerged in terms of how narcissism, a negative or dark trait, has been found to be constructive in enhancing entrepreneurial behaviour, there are mixed results regarding the significance of narcissism in the field of entrepreneurship. Additionally, this previous research has mostly been conducted on student or nascent entrepreneur samples within developed economies. Therefore, the purpose of this paper is to explore how narcissistic traits of established entrepreneurs in an emerging economy context infuence their entrepreneurial behaviour both positively and negatively.Design/methodology/approachGioia methodology was applied in the qualitative study by means of in-depth interviews, which allowed for the unpacking of narcissistic traits among established entrepreneurs in South Africa. Four themes emerged from the data, and included insights related to entrepreneurial experience influencing behaviour; business growth linked to personal development; opportunity identification versus loss; and identity separation in relation to authentic identity versus an entrepreneurial identity.FindingsThe findings of the paper contribute to creating an understanding of how to hone individual narcissistic traits for positive influences that develop entrepreneurs while also contributing to their business development, opportunity realization and identity. In addition, the findings highlighted a separation between established entrepreneurs’ authentic personality and the inputs that end up resulting in the entrepreneurial personality.Originality/valueThis paper highlights the possibility of narcissism functioning as a business process involved in entrepreneurship rather than a necessary personality trait. An interesting dynamic contributed to what seems to be a constant battle between the authentic identity and the entrepreneur identity, gaining deeper insight surrounding established entrepreneurs’ experiences to survive and, more importantly, thrive as entrepreneurs.

Contributions of Social Entrepreneurs:A Study from the Perspective of the Society, Culture, and Environment of Bangladesh

Purpose – This research paper has emphasized on the crucial impacts of social entrepreneurship (SE) on society, culture, and environment to shape a new horizon in the corporate world with a view to ensuring a sustainable development. Methodology -This paper first examines the socio-economic conditions of Bangladesh to identify the areas where the social entrepreneurs could play their vital roles for the sustainable development. It then develops a five-point Likert Scale Questionnaire containing thirteen factors which are related with the impact of SE on Culture, Society, and Environment. The data was conducted through the interviews with the young and established entrepreneurs. Findings – Social entrepreneurs play crucial roles for the socio-economic development of a country through their entrepreneurial activities. Research Implications/limitations –The result of the research has proposed a number of suggestions of social entrepreneurship for a developing country like Bangladesh, which introduces new ways of business that sustain social change. The main limitation of this paper is the relatively small sample size of the young entrepreneurs in Bangladesh .Yet, the field is still young and needed further related research. However, the paper shows the strong evidence to support the social entrepreneurship in the country for the socio-economic development. Originality/value – This paper identifies some crucial factors that are needed for the progress of social entrepreneurship for contributing socio-economic development in a country.

Established and Nascent Entrepreneurs: Comparing the Mental Health, Self-Care Behaviours and Wellbeing in Singapore.

Mental health problems currently affect a quarter of the world's population. Recent research in western societies has started to examine the relationship between entrepreneurship and mental health problems such as Attention Deficit Hyperactivity Disorder (ADHD) and dyslexia. However, little has been done to categorize entrepreneurs into different types and investigate how their levels of mental health and well-being correspond to these types. This study divided entrepreneurs into established and nascent categories and examined this topic in Singapore. By distributing two sets of surveys, a total of 834 responses were collected, with 346 responses from established entrepreneurs and 488 responses from nascent ones. The results showed that the nascent entrepreneurs' levels of well-being were found to be much lower than those of the established entrepreneurs. Furthermore, entrepreneurs with ADHD or dyslexia symptoms generally had a much lower level of life satisfaction, compared with those without. However, the self-care behaviours observed in this sample differed somewhat from observations made in western societies, which might be explained by the different cultures and habits in Singaporean society. The findings not only highlight the need for relevant organizations to support nascent entrepreneurs but serve to remind veteran entrepreneurs to practice more healthy self-care behaviours.

Current Assets Management: A Comparative Study between Nascent and Established Entrepreneurs

Current Assets Management: A Comparative Study between Nascent and Established Entrepreneurs

The Development of Personalised Training Needs Analysis for Malaysian Arts Culture Entrepreneurs (ACEs) Using Psychometric Approach

Entrepreneurship training programmes (ETPs) are regularly regarded as one of the most effective approaches for training prospective and established entrepreneurs with critical entrepreneurial mastery. While numerous selected segments of the entrepreneurial community have undergone such ETPs successfully, a greenhorn segment of the creative economy industry known as the Malaysian arts culture entrepreneurs (ACEs) community is emerging. However, the current ETPs training needs analysis (TNA) instruments are considered too mainstream, disregarding the ACEs’ distinctive psychometric inventory, making the training process less appealing. As a result, this proposed study would update and improvise the current entrepreneurial psychometric assessment by capturing the psychometric inventory of ACEs that are distinct from the rest of the entrepreneurs’ community. This study will take a mixed-method approach. The proposed main study output is the ACE- Psychometric Inventory instrument, which could develop a personalised TNA that allows for more individualised ETPs content and delivery for ACEs. This paper concludes with discussions and implications of the research

Entrepreneurial Mentorship and Business Education Students’ Development in Nigeria

This paper is a descriptive study on the topic: Entrepreneurial mentoring for students’ development in Nigeria: Business education perspective. Entrepreneurship is a popular concept among management scholars in recent times. Its relevance is geared toward grooming young people to become well established entrepreneurs of the future, taking into cognizance the unemployable and under-employable nature of graduates in today’s economy. Thus mentoring students to develop into established entrepreneurs is imperatives especially in a nation like Nigeria. This paper explores approaches, needs and challenges of entrepreneurial mentoring in Nigeria. The main focus of the paper is on business education students, who are skilled in business development orientation. Business education as a course is built on management skill, marketing skills, office technology skills and accounting skills. It is also synthesizes the ideas of critical thinking, problem solving and technological savvy skills. Thus, The paper recommends among others that entrepreneurial mentoring should be carried out and built through a formal and organized process. That best approaches and experience entrepreneurs(lecturers) should be employed when carrying out mentoring. Finally, that students’ potentials should be identify and developed through entrepreneurial education and mentoring. The paper concludes that entrepreneurial mentoring offers potentially transformative impact on career focus of students and establish basis for sustainable venture in post school life. Keywords: Entrepreneurship, Mentoring, Entrepreneurial Mentoring, Students Development, Business Education DOI: 10.7176/JEP/12-19-05 Publication date: July 31 st 2021

South African female entrepreneurs’ motivational factors: Differences between young and established businesses owners

Entrepreneurship has been pointed out as a contributing factor leading to increased job creation, sustained economic development and, ultimately, economic growth. However, many young businesses struggle to survive the first three years, subsequently jeopardising the full potential they may have in terms of contributing to the economy. The literature suggests that motivational factors may play a contributing role in business sustainability and that the reason people decide to start or remain in business might play a part in the survival of a business. The purpose of this study was to determine which motivational factors female entrepreneurs deem most important and whether these factors differ between young and more established entrepreneurs in the South African context. The study made use of primary data obtained through self-administered questionnaires. A convenience sampling technique was used, resulting in a final sample of 515 female owners of small to medium-sized business in South Africa. Various statistical techniques were employed to analyse the data including internal-consistency reliability, descriptive statistics, factor analysis and an independent sample t-test. Results indicated that one’s contribution to others and independence as motivational factors yielded the highest means, followed by self-fulfilment and having high status in the community. Furthermore, a statistically significant difference between entrepreneurs with less than three years of experience and those with more than three years of experience was only observed for motivation derived from self-fulfilment. In more established businesses, the entrepreneurs had greater motivation to focus on self-fulfilment aspects. The study showed that South African female entrepreneurs could be considered more socially motivated and less profit-driven, which is also supported by the literature to an extent.

ГЕОЭКОНОМИЧЕСКАЯ СИСТЕМА И ГОСУДАРСТВЕННОЕ РЕГУЛИРОВАНИЕ ПРЕДПРИНИМАТЕЛЬСТВА

The article has an overview nature in order to make researchers familiar with individual results of the Global Entrepreneurship Monitor (GEM) for 2019. The GEM methodology studies the behavior of entrepreneurs from different countries, national specifics of regulation and their impact on the development of the modern geo-economic system. Since 2019, according to the GEM method, the entire world economy is subdivided by income level: with low, middle and high incomes of the population. Russia is among the group with middle incomes of the population. The study shows that entrepreneurial activity and economic growth depend on a country's economic development. Analysis and assessment of the main factors characterizing the most positive attitude of society towards entrepreneurship are observed in Poland, India, Sweden, and China. The lowest level is in Japan (10%), the Russian Federation and Belarus (30%). The article describes the main trends in business development, based on the Global Entrepreneurship Monitor studies. With a low income level, the entrepreneurial activity of the population is higher. In countries with a high level of GDP per capita, the level of entrepreneurial activity is declining. However, these countries show a high percentage of established entrepreneurs compared to start-ups. Over the past 5 years, the gender gap among entrepreneurs in the global economy has been leveled. The effectiveness of government regulation directly affects the growth of entrepreneurial activity. The author notes that the modern geo-economic system needs to study the best practices of institutional mechanisms for stimulating the potential of small and medium-sized businesses.

Examining the perceived value of extracurricular enterprise activities in relation to entrepreneurial learning processes

PurposeThis study contributes towards increased understanding of the perceived value of extracurricular enterprise activities from an entrepreneurial learning perspective. Past decades have witnessed a global increase in the provision of enterprise and entrepreneurship education alongside a growing suite of extracurricular enterprise activities. However, there is a paucity of research examining how entrepreneurial learning might be understood in the context of these activities.Design/methodology/approachThe study draws on an empirical study of student and educator participants across 24 United Kingdom (UK) universities using semi-structured surveys and in-depth interviews. Three main learning theories drawn from the entrepreneurial learning literature: experiential, social and self-directed learning provided a conceptual framework to frame the research phenomenon.FindingsFindings posit that extracurricular enterprise activities provide perceived value in the experiential and social learning opportunities afforded for students. However, these activities are restricted in enabling the experiential learning cycle to be completed due to limited reflection opportunities. Positioning these extracurricular activities outside the main curriculum also empowers participants to self-direct aspects of their learning and develop their autonomous learning capabilities.Originality/valueThe existing literature focusses upon the entrepreneurial learning processes of established entrepreneurs rather than latent and nascent entrepreneurs within a higher education (HE) setting. The limited literature examining HE entrepreneurial learning does so by concentrating upon entrepreneurial learning resulting from in-curricular activities. This study offers novel insights into students’ entrepreneurial learning processes, highlighting the importance of experiential, social and self-directed learning opportunities to the entrepreneurial learning process and the perceived value of extracurricular activities as a platform for these types of learning.

Sustainability through the tourism entrepreneurship journey: a gender perspective

Women’s tourism entrepreneurship has been identified as fundamental to meeting the UN’s Sustainable Development Goals of both ‘gender equality’ and ‘decent growth and economic growth’ but neither entrepreneurship nor sustainability are gender neutral in the tourism industry. Therefore, further research is required into how gender influences sustainable entrepreneurship, providing insights for tourism entrepreneurship policy. In response to a prevalent essentialism in much of the literature, this paper adopts a post-structuralist framework, alongside a mixed-methods approach, to understand the complex role of gender and sustainability at different stages of entrepreneurship. The initial focus is on a survey of 539 tourism students (women and men) which analyses the latent and nascent entrepreneurship stages, while 19 interviews with established tourism entrepreneurs provide further insights into these issues. The analysis focusses especially on the individual characteristics of risk, personal attitudes to entrepreneurship and behavioural control. While broad gender differences are observed, notably in societal perceptions of risk aversion, there is also considerable blurring of the approaches of established entrepreneurs in particular to sustainability and entrepreneurship. If entrepreneurship is to enhance sustainability, policy needs to account for the non-essentialised gendered dimensions that inhibit and enable sustainable tourism entrepreneurship.

Administration for Integrated Sustainability – AIS: A Technology for Perenity of the Organizations

The article has as objective to analyze the model of the Administration for Sustainability Integrated as an administration technology that favors the perenity and the success of the organizations. It investigated the problem “how the Administration for Integrated Sustainability, while administration technology, based on the Theory of Entrepreneurship, impacts on the perenity and success of organizations?” As a method, literature and field researches in a universe of 1,700 industrial companies, 15,112 of services rendered, 17 hospitals and 03 universities. The sample data received statistical treatment, with analysis of variance, correlation and regression tests with stratified random samples and for accessibility. In the collection of data the technique was the questionnaire. The data received statistical treatment, with descriptive analysis, variance analysis, correlation tests and regression. Among the results and conclusions, the Rate of Entrepreneurs in Early Stage of Brazil, grew in the world ranking in 2014, 2015 and 2019, and that of Established Entrepreneurs, grew in 2014 and 2015, but decreased in 2019. In industrial organizations, it suggests that Administration for Integrated Sustainability favors the continuity of micro and small companies, and in public ones, productivity with efficiency, quality in the provision of services and satisfaction of society, with transparency, suitability and ethics, being relevant to society. Among the theoretical and methodological contributions, it expands the field of application of administration technologies in academy and organizations.

Wishful Thinking versus Reality: High-growth Aspirations of Start-ups and Established Entrepreneurs in ASEAN

Most enterprises in the Association of Southeast Asian Nations (ASEAN) are micro and small enterprises. Few have aspirations to “dream big.” From an economic perspective, high-growth firms provide many benefits. This empirical study explores both country-level contextual factors such as country competitiveness or innovativeness and individual-level factors associated with high-growth, such as an entrepreneur’s market expansion plans, new product perceptions, export orientation and use of latest technologies. In this context, we investigate whether to “dream big” is associated with specific strategic intentions and which influencing factors hinder or foster aspirations to grow the business by more than 20 employees within five years while developing it into an established business. Utilising random sampling of data in six ASEAN countries, collected in the years 2013 to 2015 and comparing male to female entrepreneurs, the regression results of this empirical study show that although high growth-oriented entrepreneurs in both start-ups and established enterprises account for only 2.7% of all enterprises in this study, high-growth aspirations can only partially be sustained by early-stage entrepreneurs into the next business phase since it depends on several factors: (1) receiving funding (for both genders); (2) being export oriented (for male entrepreneurs); and (3) perceptions of having new products or services to offer to the market (for women entrepreneurs). Both genders are less prone to pursue their initial early-stage growth goals as established entrepreneurs. We infer that established entrepreneurs gain more clarity on the deployment of growth through implementation in the organisation while running their businesses and therefore may be more realistic in their predictions or less confident in their pursuit of ambitious goals.