Entrepreneurship in a Developing Market: The Role of Socio-cultural and Environmental Hostilities
This paper examines environmental hostilities and entrepreneurship in a developing market focusing on Ghana. A qualitative assessment is provided on the influence of socio-cultural factors and environmental hostilities on entrepreneurship issues in emerging markets. Recent findings have implied that entrepreneurial businesses in emerging markets are not as proactive and dynamic as their western peers while facing intense competition. They are less likely to invest heavily in research and development (R&D) or in building up a strong brand name when the environment is hostile and competitive. The findings of a qualitative study with financial services providers, firm relationship managers and their micro-enterprise customers demonstrated the dual impact that socio-cultural factors and environmental hostilities had on entrepreneurship; that is, each of these influences co-creation by enhancing or limiting firm-customer collaboration, dialogical interactions, learning and creativity. while the negative implications of environmental hostilities on entrepreneurship are perhaps more obvious, the findings also illustrate how operating in economies are constrained by the market, and institutional failures act as a stimulant. It stimulates creativity and learning between firms and customers as they attempt to manage these issues through creativity techniques. Taken together, the study findings extend theories on entrepreneurship by incorporating a developing market perspective and by illustrating the importance of leveraging entrepreneurial resources while developing innovative solutions and product services for developing markets.
Elliot, E.A., Abban, R. and Cavazos, C. (2022) ‘Entrepreneurship in a Developing Market: The Role of Socio-cultural and Environmental Hostilities’, Journal of Management Entrepreneurship, 16(1), pp. 33–46.
Journal of Management Entrepreneurship