PurposeThe purpose of this study is to investigate the need for an evolving business model that accounts for social, as well as business-related risks/rewards considerations, that is, for owner-managers with lifestyle as opposed to growth-oriented objectives.Design/methodology/approachThe methodological approach undertaken involved in-depth interviews with the firm’s owner-managers, supplemental interviews with members of staff, observation, plus examining documents from secondary sources. Data gathering involved a period of three years to account for an evolving business model over time.FindingsThe findings from an instrumental case study demonstrate the need to adapt a firm’s business model in the light of changing circumstances. Additionally, in the context of owner-managers with lifestyle as opposed to growth-oriented objectives, to account for social in addition to business-related considerations in planning activities.Originality/valueThe originality of the study is to incorporate a longitudinal case study in to the entrepreneurial marketing literature. Specifically, this offers implications for business support organisations that advise prospective owner-managers; that is, in respect of the need for effective planning in formulating an evolving and enduring business model. Implications also highlight in a business sense, that turnaround of a poorly performing firm may be possible, for example, to overcome initial inadequate marketing planning. However, for owner-managers with lifestyle as opposed to growth-oriented objectives, a combination of both business and social factors need consideration to maintain a work/life balance. A venture that relies on personal and business relationships may not be viable if the partners cannot work together, no matter if the venture is performing well.
Qualitative Market Research: An International Journal – Emerald Publishing
Published: Apr 9, 2018
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