Exploring the potential: Small-scale tourism entrepreneurship in emerging markets

https://doi.org/10.35912/joste.v6i1.2081
Published: Sep 25, 2024

Abstract:

Purpose: This study explores small-scale tourism entrepreneurship in emerging markets to uncover what drives entrepreneurs in this sector. By analyzing factors such as entrepreneurial intentions, perceived opportunities, skills, and market knowledge, this study offers insights into entrepreneurship dynamics in tourism.

Research Methodology: Studying small-scale tourism entrepreneurship in emerging markets using a qualitative approach means using methods that focus on understanding the experiences, perceptions, and behaviors of individuals and organizations in the tourism industry. This method is valuable for capturing the complexity of entrepreneurial activities in these markets, where economic, social, and cultural factors significantly influence the success and sustainability of small-scale tourism businesses.

Results: Entrepreneurial skills are crucial for success, and this study identifies the essential skills for entrepreneurs in these markets. Market knowledge is key for decision making, and this study highlights its importance in fostering sustainable entrepreneurship.

Limitations: The focus on small-scale tourism entrepreneurship may overlook large-scale tourism ventures, which could also be significant drivers of economic development in emerging markets.

Contributions: By combining these elements, this study offers a thorough understanding of the potential for small-scale tourism entrepreneurship in emerging markets with the goal of providing guidance for policymakers, practitioners, and aspiring entrepreneurs to stimulate industry expansion and progress.

Novelty: This study explores how entrepreneurs in these markets tackle challenges and seize opportunities, highlighting their innovative strategies and their impact on local economies. Focusing on this less-explored area, this study aims to offer insights that can guide policymakers, empower entrepreneurs, and enrich academic discussions on entrepreneurship in emerging markets.

Keywords:
1. Small-Scale Tourism
2. Entrepreneurial Intentions
3. Emerging Markets
4. Perceived Opportunities
Authors:
1 . Hilda Yuliastuti
Universitas Insan Cita Indonesia, Indonesia
2 . Kamsariaty Kamsariaty
Akademi Maritim Nusantara Banjarmasin, Indonesia
3 . Choirum Rindah Istiqaroh
Universitas Merdeka Madiun, Indonesia
4 . Dian Nur Mastuti
Universitas Dharma AUB Surakarta, Indonesia
5 . Sri Yanthy Yosepha
Universitas Dirgantara Marsekal Suryadarma, Indonesia
6 . Nadia Dwi Irmadiani
Universitas 17 Agustus 1945 Semarang, Indonesia
7 . Ryan Firdiansyah Suryawan
Sekolah Tinggi Penerbangan Aviasi, Jakarta, Indonesia
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How to Cite
Yuliastuti, H., Kamsariaty, K., Istiqaroh, C. R., Mastuti, D. N., Yosepha, S. Y., Irmadiani, N. D., & Suryawan, R. F. (2024). Exploring the potential: Small-scale tourism entrepreneurship in emerging markets. Journal of Sustainable Tourism and Entrepreneurship, 6(1), 31–43. https://doi.org/10.35912/joste.v6i1.2081
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Vol. 6 No. 1 (2024): September
Articles
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    Maheshwari, G., Kha, K. L., & Arokiasamy, A. R. A. (2022). Factors affecting students’ entrepreneurial intentions: a systematic review (2005–2022) for future directions in theory and practice. In Management Review Quarterly (Issue 0123456789). Springer International Publishing. https://doi.org/10.1007/s11301-022-00289-2

    Martínez-Cañas, R., Ruiz-Palomino, P., Jiménez-Moreno, J. J., & Linuesa-Langreo, J. (2023). Push versus Pull motivations in entrepreneurial intention: The mediating effect of perceived risk and opportunity recognition. European Research on Management and Business Economics, 29(2). https://doi.org/10.1016/j.iedeen.2023.100214

    Meressa, H. A. (2020). Growth of micro and small scale enterprises and its driving factors: empirical evidence from entrepreneurs in emerging region of Ethiopia. Journal of Innovation and Entrepreneurship, 9(1). https://doi.org/10.1186/s13731-020-00121-9

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    Montchaud, S. (2014). The interest of private equity and venture capital for the financing of entrepreneurship in emerging markets. International Journal of Economics and Business Research, 7(2), 220–240. https://doi.org/10.1504/IJEBR.2014.060033

    Nguyen, C. Q., Nguyen, A. M. T., & Ba Le, L. (2022). Using partial least squares structural equation modeling (PLS-SEM) to assess the effects of entrepreneurial education on engineering students’s entrepreneurial intention. Cogent Education, 9(1), 1–14. https://doi.org/10.1080/2331186X.2022.2122330

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    Oke, M. O., Adejayan, A. O., Kolapo, F. T., & Mokuolu, J. O. (2020). Pull and push factors as determinant of foreign portfolio investment in the emerging market. Risk Governance and Control: Financial Markets and Institutions, 10(4), 33–43. https://doi.org/10.22495/rgcv10i4p3

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  1. Akter, S., & Rahman, S. (2020). Factors affecting entrepreneurial intention: evidence from Khulna University, Bangladesh. Journal of Sustainable Tourism and Entrepreneurship, 1(3), 255–267. https://doi.org/10.35912/joste.v1i3.398
  2. Al-Shaikh, S. S. K., Al-Refiay, H. A. N., & Abdulhussein, A. S. (2023). the Implications of Ifrs on the Credit Market: Evidence From the Emerging Market. Corporate Governance and Organizational Behavior Review, 7(1), 29–43. https://doi.org/10.22495/cgobrv7i1p3
  3. Al Halbusi, H., Soto-Acosta, P., & Popa, S. (2022). Entrepreneurial passion, role models and self-perceived creativity as antecedents of e-entrepreneurial intention in an emerging Asian economy: The moderating effect of social media. In Asia Pacific Journal of Management (Issue November). Springer US. https://doi.org/10.1007/s10490-022-09857-2
  4. Alabduljader, N., Solomon, G. T., Kang, J. H., Choi, D. Y., & Al-Abduljader, S. T. (2023). Cognitive styles and entrepreneurial intentions: A cross-cultural comparison. Journal of Small Business Management, 61(2), 738–768. https://doi.org/10.1080/00472778.2020.1816430
  5. Anichiti, A., & Butnaru, G. I. (2020). Perceptions on Entrepreneurial Strat-up Intent Using A Study Based on Global Entrepreneurship Monitor Data: Evidence From Romania. Ecoforum, 9(22), 709.e1-709.e9. http://dx.doi.org/10.1016/j.jaad.2013.01.032
  6. Babah Daouda, F., Ingenbleek, P. T. M., & van Trijp, H. C. M. (2016). Step-Change: Micro-Entrepreneurs’ Entry into the Middle-Class Market. Journal of African Business, 17(2), 129–147. https://doi.org/10.1080/15228916.2016.1126882
  7. Carmichael, B. A., & Ainley, S. (2014). Rural Tourism Entrepreneurship Research. Tourism Planning and Development, 11(3), 257–260. https://doi.org/10.1080/21568316.2014.889742
  8. Cederholm, E. A. (2018). Relational Work in Lifestyle Enterprising: Sustaining the Tension between the Personal and the Commercial. Kultura i Spo?ecze?stwo, 62(4), 3–17. https://doi.org/10.35757/kis.2018.62.4.1
  9. Chari, A. (2023). Global Risk, Non-Bank Financial Intermediation, and Emerging Market Vulnerabilities. NBER Working Paper, 20(311), 1–23.
  10. Chuluunbaatar, E., Ottavia, Luh, D. B., & Kung, S. F. (2019). The entrepreneurial start-up process: The role of social capital and the social economic condition. Asian Academy of Management Journal, 16(1), 43–71.
  11. Dalton, P. S., Rschenpphler, J., & Zia, B. (2018). Aspirations of Small-Scale Entrepreneurs: Evidence from Urban Retailers in Indonesia. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3128196
  12. Dountchev, A., Panayotov, M., Tsvetanov, N., Zhelev, P., & Yurukov, S. (2016). Consequences of non-intervention management for the development of subalpine spruce forests in Bulgaria. In Sustainable Mountain Regions: Challenges and Perspectives in Southeastern Europe. https://doi.org/10.1007/978-3-319-27905-3_5
  13. Dzogbenuku, R. K., & Keelson, S. A. (2019). Marketing and entrepreneurial success in emerging markets: the nexus. Asia Pacific Journal of Innovation and Entrepreneurship, 13(2), 168–187. https://doi.org/10.1108/apjie-12-2018-0072
  14. Edwards, T., Schnyder, G., & Fortwengel, J. (2019). Mapping the impact of home- and host-country institutions on human resource management in emerging market multinational companies: A conceptual framework. Thunderbird International Business Review, 61(3), 531–544. https://doi.org/10.1002/tie.22036
  15. Firmansyah, A., & Triastie, G. A. (2020). The role of corporate governance in emerging market: Tax avoidance, corporate social responsibility disclosures, risk disclosures, and investment efficiency. Journal of Governance and Regulation, 9(3), 8–26. https://doi.org/10.22495/jgrv9i3art1
  16. Garg, V. (2018). Opportunity for Startups and Entrepreneurship. International Journal for Research in Applied Science and Engineering Technology, 6(4), 3047–3050. https://doi.org/10.22214/ijraset.2018.4509
  17. Hsueh, Y. H. (2020). Exploring Terroir Zone and Tourism Cluster Based on GIS Mapping. Encyclopedia of Organizational Knowledge, Administration, and Technology, 10(4), 1661–1678. https://doi.org/10.4018/978-1-7998-3473-1.ch114
  18. Karrer-Rueedi, E., & Trueb, D. (2011). Empowering micro - entrepreneurs and small businesses through mobile phones in emerging markets and developing countries. Atdf, 8(3/4), 13–18. http://www.atdforum.org/IMG/pdf_paper2.pdf
  19. Kekkonen, A., Pesor, R., & Täks, M. (2023). Stepping towards the Green Transition: Challenges and Opportunities of Estonian Companies. Sustainability (Switzerland), 15(5). https://doi.org/10.3390/su15054172
  20. Krueger, N. (2013). The Impact of Prior Entrepreneurial Exposure on Perceptions of New Venture Feasibility and Desirability. Entrepreneurship Theory and Practice, 18(1), 5–21. https://doi.org/10.1177/104225879301800101
  21. Kummitha, H. R. (2020). Eco-entrepreneurs organizational attitude towards sustainable community ecotourism development. Deturope, 12(1), 85–101. https://doi.org/10.32725/det.2020.005
  22. Lebambo, M., & Shambare, R. (2020). Entrepreneurship development framework for smallscale rural tourism establishments in South Africa. African Journal of Hospitality, Tourism and Leisure, 9(1), 1–19.
  23. Maheshwari, G., Kha, K. L., & Arokiasamy, A. R. A. (2022). Factors affecting students’ entrepreneurial intentions: a systematic review (2005–2022) for future directions in theory and practice. In Management Review Quarterly (Issue 0123456789). Springer International Publishing. https://doi.org/10.1007/s11301-022-00289-2
  24. Martínez-Cañas, R., Ruiz-Palomino, P., Jiménez-Moreno, J. J., & Linuesa-Langreo, J. (2023). Push versus Pull motivations in entrepreneurial intention: The mediating effect of perceived risk and opportunity recognition. European Research on Management and Business Economics, 29(2). https://doi.org/10.1016/j.iedeen.2023.100214
  25. Meressa, H. A. (2020). Growth of micro and small scale enterprises and its driving factors: empirical evidence from entrepreneurs in emerging region of Ethiopia. Journal of Innovation and Entrepreneurship, 9(1). https://doi.org/10.1186/s13731-020-00121-9
  26. Modimootsile, K. (2015). Possibilities and Constraints to Development of Small-Scale Entrepreneurs That Cater For The Tourism Industry In Ngamiland District of Northern Botswana. Sociology and Human Geography, 4(12).
  27. Molina, J. E. H. (2017). New Immigrants’ Perceptions of Ethnic Small Businesses (Issue March). Concordia University.
  28. Montchaud, S. (2014). The interest of private equity and venture capital for the financing of entrepreneurship in emerging markets. International Journal of Economics and Business Research, 7(2), 220–240. https://doi.org/10.1504/IJEBR.2014.060033
  29. Nguyen, C. Q., Nguyen, A. M. T., & Ba Le, L. (2022). Using partial least squares structural equation modeling (PLS-SEM) to assess the effects of entrepreneurial education on engineering students’s entrepreneurial intention. Cogent Education, 9(1), 1–14. https://doi.org/10.1080/2331186X.2022.2122330
  30. Nnadi, C. (2014). Entrepreneurship Development and its Impact on Small Scale Business Enterprises in Developing Countries: A Nigerian Experience. Journal of Entrepreneurship & Organization Management, 03(02). https://doi.org/10.4172/2169-026x.1000119
  31. Oke, M. O., Adejayan, A. O., Kolapo, F. T., & Mokuolu, J. O. (2020). Pull and push factors as determinant of foreign portfolio investment in the emerging market. Risk Governance and Control: Financial Markets and Institutions, 10(4), 33–43. https://doi.org/10.22495/rgcv10i4p3
  32. Okumus, F., Rasoolimanesh, S. M., & Jahani, S. (2023). Advanced Research Methods in Hospitality and Tourism. Advanced Research Methods in Hospitality and Tourism. https://doi.org/10.1108/9781801175500
  33. Ottesen, G. G., & Grønhaug, K. (2018). Perceived opportunities and pursued strategies in an emerging industry: The case of Norwegian Blue Mussel farming. Aquaculture Economics and Management, 8(1–2), 19–39. https://doi.org/10.1080/13657300409380351
  34. Pérez-Macías, N., Fernández-Fernández, J. L., & Vieites, A. R. (2022). Analyzing the past to prepare for the future: a review of literature on factors with influence on entrepreneurial intentions. Journal of International Entrepreneurship, 20(1), 52–114. https://doi.org/10.1007/s10843-021-00289-5
  35. Phiri, M. A., & Chasaya, W. (2023). Entrepreneurship Education As a Driver of Entrepreneurial Intentions Among University Students. Corporate Governance and Organizational Behavior Review, 7(4), 161–170. https://doi.org/10.22495/cgobrv7i4p14
  36. Ros-Tonen, M. A. F., & Werneck, A. F. (2009). Small-scale Tourism Development in Brazilian Amazonia: The Creation of a ‘Tourist Bubble.’ European Review of Latin American and Caribbean Studies | Revista Europea de Estudios Latinoamericanos y Del Caribe, 0(86), 59. https://doi.org/10.18352/erlacs.9610
  37. Sahputri, R. A. M., Mawardi, M. K., Yumarni, T., & Sujarwoto. (2023). Entrepreneurship education, family entrepreneurial orientation and entrepreneurial intention among students in Indonesia. Journal of International Education in Business, 16(3), 295–311. https://doi.org/10.1108/JIEB-02-2022-0010
  38. Shahab, Y., Chengang, Y., Arbizu, A. D., & Haider, M. J. (2019). Entrepreneurial self-efficacy and intention: do entrepreneurial creativity and education matter? International Journal of Entrepreneurial Behaviour and Research, 25(2), 259–280. https://doi.org/10.1108/IJEBR-12-2017-0522
  39. Steinhauser, V. P., & da Rocha, A. (2019). Bureau de Eventos: internationalization of an emerging country event planning company. CASE Journal, 15(4), 279–294. https://doi.org/10.1108/TCJ-08-2018-0091
  40. Terán-Pérez, B. M., Valdez-Lafarga, C., Miranda-Félix, A., & Flores-Leal, P. (2021). Academic Entrepreneurial Intention: a study through the Theory of Planned Behavior. Nova Scientia, 13(26), 1–27. http://www.scielo.org.mx/scielo.php?script=sci_arttext&pid=S2007-07052021000100116&lng=es&nrm=iso&tlng=en%0Ahttp://www.scielo.org.mx/scielo.php?script=sci_abstract&pid=S2007-07052021000100116&lng=es&nrm=iso&tlng=en
  41. Tiwari, S. K., Sen, S., & Shaik, R. (2016). Internationalization: A study of small firms from emerging markets. The Journal of Developing Areas, 50(6), 355–364. https://doi.org/10.1353/jda.2016.0135
  42. Ufere, N., & Gaskin, J. (2021). Evasive entrepreneurship: Circumventing and exploiting institutional impediments for new profit opportunity in an emerging market. PLoS ONE, 16(2 February), 1–22. https://doi.org/10.1371/journal.pone.0247012
  43. Vedanthadesikan, G. (2018). Greening Rural Development Approaches Aand Challenges With Reference to India. JETIR, 5(7), 41–44.
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