Abstract
Introduction
By issuing our call for papers on ‘Advancing the Understanding of Value in Entrepreneurship’, we sought to examine heterogeneous perspectives on the varied contributions that entrepreneurship can make to the economy, society, and the individual. In contrast to the focus on (entrepreneurial) value in terms of economic output measures found embedded across different settings including in policy (Smith et al., 2019) and research (Ketchen Jr. et al., 2007), the collection of papers in this Special Issue give a voice to diversity, interrelationships, and context as key components of entrepreneurship and its value. For example, the interplay and heterogeneity of place and space, time, type of entrepreneurship, and entrepreneurs themselves, in the creation and experience of value in different forms are examined. The studies in this Special Issue, therefore, both create and shift knowledge regarding the value(s) being created in and by entrepreneurship.
The five articles in this Special Issue span contexts, business models, sample groups, and methodological approaches. These articles examine (a) the motivations of older entrepreneurs with a focus on affective value creation related to family and personal well-being and how these may influence subsequent business model choices made, (b) poverty and the multiple, and unexpected, value(s) of entrepreneurship that may provide a route out of poverty (c) the context-informed motivations of Indigenous peoples in South America, (d) cultural values and their role in agricultural-based entrepreneurship in rural Scandinavia, and (e) the role of foundational (value) embeddedness in small firm decision making in the creative sector. Consequently, each engagement in entrepreneurship, or ‘entrepreneuring’ as per Hashim and Gaddefors, can be positioned as an ‘opportunity’ to achieve idiosyncratic value (Kapasi et al., 2021). In summary, these papers provide an opportunity to develop the conversation regarding the construct, concept, and measurement of ‘value’, thereby enhancing our knowledge on theoretical and empirical understanding of myriad and idiosyncratic value in the entrepreneurship context.
Overview of papers
The first paper, ‘Affective value creation through business model value decision making’ by Stirzaker et al., explores the motivations of older entrepreneurs with a focus on affective value creation related to family and personal well-being and how these may influence subsequent business model choices made. Informed by socioemotional selectivity theory (Carstensen et al., 1999), a theory that addresses non-economic value creation, the paper reports motivations that prioritise family-based affective value external to the enterprise itself. This is a move away, suggest the authors, from a common understanding on the interaction between business and family as underpinned by a presupposition that the family services the firm and in turn, the firm contributes income and employment to the family. To date, there is little exploration of the family as an influence on the choice to pursue enterprise rather than other types of employment beyond the ‘family business’. The paper contributes new knowledge on the role of value sought in shaping motivations for entrepreneurship and the embedded nature of family and business, as particularly experienced by older entrepreneurs. As such, the paper provides evidence on how older entrepreneurship motivations may be prompted to realise specific age-related affective rewards that make contribution to both personal and family wellbeing. Relatedly, the paper provides evidence of the embedded nature of older entrepreneurship in terms of being a feature of, and contribution to, the improvement of personal wellbeing and family life through business model value decision making related to ongoing operations of older entrepreneurship that is deliberately shaped to make sure affective rewards are protected.
The second paper, ‘The multiple dimensions of poverty, and the multiple values of entrepreneuring’ by Hashim and Gaddefors, argues that entrepreneurship ‘is a process for socioeconomic value creation and change’. This broader understanding of the role of ‘entrepreneuring’ provides welcome respite from the dominant narratives of profit and growth that most frequently underpin the discussion regarding the purpose and value of entrepreneurship. Particularly in conversations where entrepreneurship is viewed as the route out of poverty through (presumably) increased financial return, rather this paper positions poverty not as a condition but as a process or interlinked set of experiences. Thus, rather than narrowly viewing entrepreneurship as a means to escape financial poverty, the value created from entrepreneurship can address multidimensional aspects of poverty that include access to education, the right to make decisions, social exclusion, access to resources, gender inequality, and income/money. The authors conclude that ‘recognising the concept of value as much more than money or income generation is the key to alleviating poverty’. Indeed, the change that results from engaging in entrepreneuring is the major value created and retained, and the legacy effects of entrepreneuring in the context of poverty reveals the value of entrepreneurship. The paper makes the case for a socially conscious set of interactions and behaviours which could contribute to poverty alleviation, respectful of the nuance of context and the individuals involved.
The third paper, ‘Understanding the motives and values of entrepreneurship with indigenous people: the case of indigenous-led social enterprises in Colombia’ by Calvo and Morales Pachon, examines heterogeneity across and within entrepreneurship, its outputs/outcomes, and the people who engage in it. This paper offers an opportunity to explore these characteristics of entrepreneurship with a rare sample of indigenous communities in Colombia, specifically exploring the importance of the environment and how it shapes, informs, and constitutes value in entrepreneurship within this context. Underpinned by structuration theory (Giddens, 1984), the five indigenous social enterprise case studies reveal a mix of internal and external motives and values that have informed the pursuit of and engagement in social entrepreneurship. Notably, the values and motives expressed are strongly informed by their indigenous values combined with other external drivers. The authors conclude that mixed motivations play a role in entrepreneurship activity and entrepreneurship provides a means for mixed value also.
In the fourth paper, ‘Farmers that engage in entrepreneurship for the “wrong” reason and the moderating role of cultural intolerance’ by Hunter et al., the role that Jante Law – a Scandinavian form of cultural tolerance – has on entrepreneurial motivations is examined. It is suggested in the paper that these cultural values may play an important role in the perceived desirability and feasibility of engaging in entrepreneurship. Through an experimental design-based study of 122 Swedish university students studying agricultural and rural management. Findings underline and extend that of previous research by showing that cultural ties, characterised by Jante-ness, may lead to fewer entrepreneurial activities—at least in an agricultural context. While Jante and similar cultural values have been explored in previous entrepreneurship studies, these findings contribute to knowledge on why agricultural entrepreneurs differ in their strategic decision-making as culturally biased or even culturally embedded professional advice may inhibit perceived room for manoeuvring. This opens up opportunities for entrepreneurship scholars to isolate the influence of Jante (or similar phenomena) in sectors outside of agriculture and to capture its inhibitory effects related to entrepreneurship.
The final paper, ‘Embeddedness, values and entrepreneur decision-making: evidence from the creative industries’ by Jacob Salder, focuses on the occurrence and form of foundational embeddedness active within small creative firms, addressing the question of how key dependencies within the organisation are developed consistent with their foundational values. In contrast to the previous focus of embeddedness studies, this paper draws attention to the values around which firms develop identities and shape strategic or operational responses. Using case studies of six creative industries small and micro firms, Salder argues foundational embeddedness influences firm-based practices and relationships over conventional business logics. Certain flexibilities in this foundational embeddedness can be seen, responding to external challenges through formation of esoteric relations and iterative systems. The extent of this flexibility is however limited by the entrepreneurs’ willingness to compromise individual values. Foundational embeddedness is thus a necessary consideration in understanding entrepreneurial decision-making. The findings of this paper pose questions for theory and practice. Notably, greater consideration of the entrepreneur's personal and emotional context and embedded individual values within the entrepreneurship process.
Conclusion
The papers in this Special Issue have examined and advanced our understanding of value in entrepreneurship. Notably, the papers have challenged current assumptions on what entrepreneurship is, who it is for, and what it is for. In doing so, how we conceptualise entrepreneurial patterns, practices, and outcomes within context provides richer understandings of entrepreneurship and its function in and for diversity. By broadening the scope of our theoretical and applied understanding, this Special Issue has provided an opportunity to develop more meaningful and relevant research that reflects the multidimensionality of entrepreneurship, contributing to the conceptual and empirical growth of the field. We position this editorial, and set of papers, as a call to action to add nuance to our understanding of entrepreneurship and value and thereby change the dominant focus on financial/capitalist success indicators. We ask that you continue to explore, expose, and understand the multitude of factors that drive entrepreneurship and its (valuable) outcomes and impact.