Entrepreneurial orientation, entrepreneurial resources, and entrepreneurial success: The need for further exploration

Abstract

Starting new businesses is important for the social and economic development of each country (Esfandiar et al., 2019; Fayolle & Liñán, 2014). However, research on starting a business has so far been more about clarifying the influence of factors on the intention of starting a business (Duong, 2022; Ghosh, 2022; Loan et al., 2021; Vasilev, 2022; Vuong et al., 2020), and there have not been many studies on entrepreneurial success—the determinant of the meaning of starting a business (Wang et al., 2023; Welsh et al., 2023). Entrepreneurial success is defined as a complex phenomenon, and it covers both financial and non-financial criteria (Glosenberg et al., 2022). Initially, entrepreneurial success is often equated to financial/economic indicators (Staniewski & Awruk, 2019). For example, it includes business efficiency, growth rate, profitability, liquidity, market share (Glosenberg et al., 2022), and staff growth rate (Welsh et al., 2023). Meanwhile, it is criticized that, if “entrepreneurial success” is measured only by financial (or economic) indicators, it is difficult to fully reflect the meaning of this term and it should not be limited in one way (Cumming et al., 2022). Entrepreneurial success does not necessarily equate to wealth, and researchers are very interested in entrepreneurs' work-life balance (Yu et al., 2022).