ABSTRACT
In recent years, entrepreneurship and innovation have been highly propagandised for Macau's economic development, diversification, and the Greater Bay Area (GBA). Since 2013, efforts have been exerted by the Macau government to encourage and support entrepreneurship, from the launching of the Young Entrepreneurs' Aid Scheme in 2013 and the Macau Young Entrepreneur Incubation Centre in 2015. While the failure rate of startups has been considered high in most parts of the world, the rate was only as low as 14% in Macau, with many businesses created every year. This research aims to study the unique entrepreneurial environment for small-to-medium enterprises (SMEs) starting up in Macau from the experience of local entrepreneurs who are benefactors of government support. In-depth interviews were conducted to understand the experience and perceptions of these entrepreneurs as they go through each stage of the entrepreneurial process. Existing research on entrepreneurial processes varies from the two-stage process, which focuses on the beginning of an enterprise, to the different models of various stages from ideas generation to exit or long-term development. From the consolidation of the literature on the entrepreneurial process, five key stages were taken to guide this qualitative research. Findings suggested that idea validation at the start of the entrepreneurial process is almost non-existent amongst our research subjects. Yet it does not affect the implementation and growth of these SMEs. The growth strategies tend to be steady and for the long term, with most SMEs having no consideration of an exit plan.
- Macau SAR Government. The Five-Year Development Plan of the Macau Special Administrative Region (2016-2020). https://www.cccmtl.gov.mo/files/plano_quinquenal_en.pdf.Google Scholar
- Government of the Macao Special Administrative Region - Economic and Technological Development Bureau. DSEDT website. https://www.dsedt.gov.mo/en/web/public/pg_ead_lsye_intro?_refresh=true.Google Scholar
- Rizzolio, M.D. An overview of Macau's startup ecosystem. Macau Business. June 10, 2019. https://www.macaubusiness.com/an-overview-of-macaus-start-up-ecosystem/.2019.06.10Google Scholar
- Alves, J.C., Osorio, A.E. Macau's Business Clusters: Present and Future. 2015. Available at SSRN: https://ssrn.com/abstract=2657263 or http://dx.doi.org/10.2139/ssrn.2657263Google ScholarCross Ref
- Lai, T, Moura, N. Looking north. Interview with Tai Kin Ip, Director of the Macau Economic Bureau. Macau Business. January 15, 2019. https://www.macaubusiness.com/looking-north/Google Scholar
- Pokharel, D.R. Entrepreneurial Process: A case of Deep Jyoti Family Resort and Restaurant Pvt. Ltd. Prahava Journal. 2018.50-57.pp.53Google Scholar
- Davidson, P. The entrepreneurial process as a matching problem. In Annual Meeting of the Academy of Management (65th). Queensland University of Technology, Brisbane, Australia. Retrieved from https://eprints.qut.edu.au/2064/Google Scholar
- Cormican, K. Technology Innovation & Entrepreneurship: Learning Manual for the Diploma in Technology Commercialisation. Ireland: Atlantic University Alliance. 2008.Google Scholar
- Fabia, F, Ndofor, H.A. The context of entrepreneurial processes: one size does not fit all. In Lumpkin, G.T. & Katz, J. A. Entrepreneurial Strategic Processes - Advances in Entrepreneurship, Firm Emergence and Growth. Oxford: JAI. Press; 2007, 10, 249-279.Google Scholar
- Lumpkin, G.T., Katz, J. A. An introduction to the special volume on entrepreneurial strategic processes. In Lumpkin, G.T. & Katz, J. A. Entrepreneurial Strategic Processes - Advances in Entrepreneurship, Firm Emergence and Growth, Vol. 10, 249-279. Oxford, UK: JAI. Press. 2007.Google Scholar
- Stokes, D., Wilson, N., Mador, M. Entrepreneurship. Hampshire, UK: Cengage Learning EMEA. 2010.Google Scholar
- Bhave, M. A process model of entrepreneurial venture creation. Journal of Busiess Venturing. 1994; 9, 223-242.Google Scholar
- Gibb, A., Ritchie, J. Understanding the process of starting a business. European Small Business Journal. 1982, 1:1, 26-45.Google ScholarCross Ref
- Bygrave, W. D. The entrepreneurial process. In W. D. Bygrave & A. Zacharakis (Eds.). The Portable MBA in entrepreneurship. NJ: Kohn Wiley & Sons. 2004.Google Scholar
- Hisrich, R.D., Peters, M.P. Entrepreneurship. New York, U.S.A.: McGraw-Hill/Irwin. 2002.Google Scholar
- Anderson, A.R, Dodd, S.D., Jack, S. Netowrk practices and entrepreneurial growth. Scandinavian Journal of Management. 2010, 26:2, 121-133.Google ScholarCross Ref
- Brush, C.G., Ceru, D.J., Blackburn, R. Pathways to entrepreneurial growth: The influence of management, marketing, and money. Business Horizons. 2009, 52, 481-491.Google ScholarCross Ref
- Dawn, R.D. Entrepreneurial exit as a critical component of the entrepreneurial process: Theoretical development. Journal of Business Venturing. 2010, 25, 203-215.Google ScholarCross Ref
- Certo, S.T., Covin, J.G., Daily, C.M., Dalton, D.R. Wealth and the effects of founder management among IPO‐stage new ventures. Strategic Management Journal. 2001, 22 :641-58.Google ScholarCross Ref
- Wennberg, K., Dawn, R.D. What do we really mean whenn we talk about 'exit'? A critical review of research on entrepreneurial exit. International Small Business Journal. 2014, 32:1, 4-16.Google ScholarCross Ref
- Holmberg, S. Value creation and capture: entrepreneurship harvest and IPO strategies. In: Churchill, N. (Ed.), Frontiers of Entrepreneurship Research. Wellesley: Babson College. 1991.Google Scholar
- Hammarberg, K., Kirkman, M., de Lacey, S. Qualitative research methods: when to use them and how to judge them, Human Reproduction. https://doi.org/10.1093/humrep/dev334. 2016, 31(3), 498–501.Google ScholarCross Ref
- Anderson, R. Thematic content analysis (TCA): Descriptive presentation of qualitative data. Retrieved from http://www.sacredsciencecircle.org/wp-content/uploads/2016/11/Anderson-2005-Thematic-Content-Analysis.pdf. 2005.Google Scholar
Index Terms
- Entrepreneurial Process of SMEs in Macau
Recommendations
Entrepreneurial Spawning and Firm Characteristics
We analyze the implications of the decision to spawn or to retain a new product for the nature and evolution of the firm. In our model, a new product is spawned if the fit between the product and its parent firm organization is not adequate. We focus on ...
Entrepreneurial Orientation Dimensions and the Development of SMEs
ICBIM '18: Proceedings of the 2nd International Conference on Business and Information ManagementContemporary dynamics and complexity of the environment force small and medium-sized enterprises to build a sustainable competitive advantage by exploring new market opportunities. The concept of entrepreneurial orientation reflects the degree to which ...
Comments