ENTREPRENEURIAL CHARACTERISTICS AND MOTIVATION FACTORS OF NEW VENTURE OWNERS: A CASE IN THE FOOD-SERVICE INDUSTRY

Abstract

Entrepreneurs represent a major source of a country’s economic strength because it supports job creation as well as increasing household income average and consumption demand. Entrepreneurial activity also represents a major source of innovation. Therefore, it is important to understand the determinants of small business growth particularly in developing markets and growing industries. There were two main questions that we explored with this case study; i.e. what motivates entrepreneurs, and how do entrepreneurs respond to changing market conditions and trends. This comparative case study found that both new venture entrepreneurs showed similar psychological entrepreneurial characteristics but differ in terms of how they responded to internal and external factors of motivation. These characteristics also explain how the entrepreneurs identify and translate opportunities into entrepreneurial ventures. Hence, the findings of this case study serve to identify factors that motivate new venture creation as well as the issues faced by new venture and small business owners in the greater Kota Kinabalu area, which can be used as a guideline for future studies related to entrepreneurial development programs in the industry.