The perceived benefits of agritourism: The provider’s perspective

This study examines the perceived benefits of agritourism by examining the importance of this activity in accomplishing 16 goals of farmers receiving visitors for recreation on their farms. This study also examines several farm household and business attributes associated with the accomplishment of four goal dimensions driving agritourism development. Data were derived from a survey conducted among 164 agritourism farms in Missouri. Results showed that agritourism mostly serves to capture new farm customers, educate the public about agriculture and enhance the quality of life for the farm family, which represents both, economic and non-economic benefits. Organized by goal dimensions, findings showed that agritourism is perceived as most important for market related goals, suggesting that the economic role of agritourism should not only be measured in terms of increased profits but also as a marketing tool. Four significant regression models showed that several farm business and household attributes are associated to the perceived agritourism benefits within four goal dimensions, suggesting opportunities for tailored promotional messages and policy considerations for the entrepreneurial development of agritourism.     

The nature of ethical entrepreneurship in tourism

This article examines ethical entrepreneurship in tourism by developing a Weberian Ideal-Type Construct for an ethical tourism entrepreneur, and thereby deeper understanding of ethical tourism entrepreneurship. This research contributes to the extremely scarce literature at the academic juncture of ethics, tourism and entrepreneurship, which is significant as tourism is characterised by entrepreneurial idiosyncrasies with ethical challenges. The study is methodologically rooted in Personal Construct Theory. The qualitative findings from 15 semi-structured interviews with entrepreneurs, who have been commended for their ethical business conduct, show that ethical entrepreneurship in tourism is based on intuitionism, care and relationships, future-orientation, humility and benevolence as key virtues. These findings challenge the more traditional views of entrepreneurial attributes, such as egoism, risk-taking and opportunism.     

The angel investment decision: insights from Australian business angels

While much has been written about the investment criteria of business angels, few studies explore why these particular criteria are important to them. The Australian context has a diverse range of actors along with complex jurisdictional arrangements, making for an interesting background for investigation of the angel finance phenomenon. We examine 12 business angels in the rapidly changing Australian context and use nine corroborating participants to validate responses and identify four key drivers – personal experience, trust, the need to contribute and realistic expectations – that influence business angels during the initial investment process.     

Criteria used by venture capitalists to evaluate new venture proposals

A questionnaire was administered to one hundred venture capitalists to determine the most important criteria that they use to decide on funding new ventures. Perhaps the most important finding from the study is direct confirmation of the frequently iterated position taken by the venture capital community that above all it is the quality of the entrepreneur that ultimately determines the funding decision. Five of the top ten most important criteria had to do with the entrepreneur's experience or personality. There is no question that irrespective of the horse (product), horse race (market), or odds (financial criteria), it is the jockey (entrepreneur) who fundamentally determines whether the venture capitalist will place a bet at all.The question is if this is the case, then why is so much emphasis placed on the business plan? In a business plan there is generally little to indicate the characteristics of the entrepreneur—it is generally devoted to a detailed discussion of the product/service, the market, and the competition. To us, the implications are obvious—such content is necessary, but not sufficient. The business plan should also show as clearly as possible that the “jockey is fit to ride” —namely, indicate by whatever feasible and credible means possible that the entrepreneur has staying power, has a track record, can react to risk well, and has familiarity with the target market. Failing this, he or she needs to be able to pull together a team that has such characteristics and show that he or she is capable of leading that team.Factor analysis of the results indicate that venture capitalists appear to assess ventures systematically in terms of six categories of risk to be managed. These are: risk of losing the entire investment: risk of being unable to bail out if necessary; risk of failure to implement the venture idea; competitive risk; risk of management failure; and risk of leadership failure.Finally, three clusters of venture capitalists were identified: those who carefully assess the competitive and implementation risks: those who seek easy bail out; and those who deliberately keep as many options open as possible.     

Entrepreneurial ecosystems and the public sector: A bibliographic analysis

Entrepreneurial ecosystems represent an active and growing area of research. Recognized as a contributor to foster regional competitiveness by stimulating economic growth and promoting innovativeness, interest in the concept spans across disciplines. Despite evolving and inter-disciplinary discussions on entrepreneurial ecosystems, a comprehensive understanding of the research directions and latest developments in the field is elusive. At the same time, a clear understanding of the current lay of the land is necessary to assist in public sector decision-making and policy development. To address this gap, this bibliometric study presents a bibliographic analysis of extant literature in the field, as referenced as the focal topic of concern in academic journal articles spanning 1995–2019. The aim is to provide an overview of the origins of the entrepreneurial ecosystems concept in literature, to offer insight into key concepts that have emerged in research over the past twenty-five-years. The paper employs bibliographic techniques to track knowledge, identify trends, and highlight the primary emerging patterns and conceptual clusters. The analysis offers a map of the covered territory and facilitates the identification of gaps and under-researched areas in the field, with a particular focus on public sector interaction. Using the visualization of similarities, VOSviewer, software tool, citation, co-citation, co-authorship, as well as the co-occurrence of keywords are presented to offer a comparative overview of the diverse representation of entrepreneurial ecosystems developments across disciplines, countries, institutional clusters, networks and teams.     

Entrepreneurial intention and startup preparation: A study among business students in Malaysia

Intention, as the starting point of pursuing self-employment and creating new ventures, is crucial before actually establishing a business enterprise. Entrepreneurship is understood to be an essential ingredient for enhancing a country's economic competitiveness, growth, and sustainability while confronting the escalating challenges of globalization, such as increasing unemployment. This study provides empirical evidence on the factors influencing entrepreneurial intention and startup preparations among university students in Malaysia. The findings provide scholars and academic policymakers with insights into the effectiveness of Malaysia's entrepreneurial education as designed and practiced by public universities. The Malaysian government should apply these findings to fortify existing policies and programs and formulate new ones to support graduate entrepreneurs, while universities and other higher education institutions should provide high-quality entrepreneurial courses and programs to young Malaysians to foster an inclination toward entrepreneurship.     

The cumulative nature of the entrepreneurial process: The contribution of human capital,planning and environment resources to small venture performance

The study is theoretically grounded in the resource-based view and applied to a service industry-tourism. It examined the performance of small ventures by utilizing an integrated dynamic model of entrepreneur choices and resource accumulation. Each phase in the process is added to previous one. Findings from 305 small tourism ventures revealed that the human capital of the entrepreneur, particularly managerial skills, were the greatest contributing factor to performance. This was followed by venture type. The study illustrates the unique nature of the entrepreneurial process among small ventures, often defined as “lifestyle businesses”.     

Entrepreneurial rents and the theory of the firm

The creation of entrepreneurial rents occurs under conditions of uncertainty. Yet current theories of rent appropriation such as transactions cost theories of the firm focus their efforts primarily on how quasi-rents – rents that have already been created – are appropriated by parties to that exchange. Entrepreneurs face a dual challenge, that of creating entrepreneurial rents and appropriating some of these rents. Moreover, this challenge usually exists at a time when the entrepreneurial rents that might be created are not known or anticipatable. Indeed, entrepreneurs not only concern themselves with ensuring that they are able to appropriate at least some of the rents that might be eventually created but in fact they may not create any rents or potentially lose value. Understanding the dual nature of the rent creation and the rent appropriation problem has a variety of implications for the study of entrepreneurial organizations and generally for theory of the firm discussions.     

A Toy Store(y)

This article was used as the starting point for a series of seven analyses that comprise a special issue on entrepreneurial narrative. This article was given to scholars with the title “A Toy Store(y)” with no other identifying characteristics. The story describes the founding and operation of a toy store in Rutland Vermont in 1965. The story describes the process of realizing an opportunity, identifying and acquiring resources to pursue this opportunity, involving and managing others, and adapting to unforeseen circumstances as new competitive conditions are encountered.