Journal of Global Entrepreneurship Research (2024) 14:3

https://doi.org/10.1007/s40497-024-00376-6

RESEARCH

Nascent tourism entrepreneurship: the effect of business planning

on new venture creation in the hospitality and tourism sector
Sufia Mohand‑Amar1

Received: 18 October 2023 / Accepted: 22 January 2024

© The Author(s), under exclusive licence to Faculty of Entrepreneurship, University of Tehran 2024

Abstract
This study aims to analyze the factors that promote new venture creation in the hospitality and tourism sector. Concretely,
we focus on the critical role of business planning and explore the mechanism that explains business creation through entre-
preneurial efforts invested by nascent tourism entrepreneurs. We are based on a sample of 90 nascent entrepreneurs from
the Panel Study of Entrepreneurial Dynamics (PSED I and PSED II), who are involved in the new venture creation process
within the hospitality and tourism sector. The results show that business planning directly relates to the entrepreneurial effort
invested into the start-up process. On the other hand, it does not influence directly new venture creation in the hospitality and
tourism sector; however, we test an indirect relationship through entrepreneurial effort. The present study offers important
practical implications for policymakers who are dedicated to designing programs and policies that support the growth of the
tourism and hospitality sector in the region.

Keywords Nascent tourism entrepreneurship · Business planning · Early-stage entrepreneurship · Hospitality and tourism
sector

Introduction 2007), in which entrepreneurs face numerous obstacles and

challenges (Rotefoss & Kolvereid, 2005).
Since the late 1980s, the importance of small and medium- Nascent entrepreneurship is a field of research that stud-
sized enterprise (SME) creation in economic growth has ies business gestation and new venture creation (Reynolds
been recognized (Carree & Thurik, 2010). SMEs are one of & White, 1997). In this process, the nascent entrepreneur
the main sources of job creation and economic development initiates a series of activities to establish a new venture
(e.g., Birch, 1987; Birch & McGracken, 1982; Reynolds, (Hechavarria & Reynolds, 2009). According to Reynolds &
1986). Over the years, numerous studies have supported the Curtin (2008), the earliest phases of the entrepreneurial pro-
idea that entrepreneurship promotes competitiveness, inno- cess are divided into conception (or entry into the process),
vation (Wennekers & Thurik, 1999), and social development gestation, birth, and establishment of the new company.
(Ribeiro-Soriano, 2017). Consequently, entrepreneurship is Therefore, the nascent process represents the earliest stage,
now a focal point in various policies, with many govern- also known as the gestation phase, which begins when the
ments allocating significant resources to foster entrepreneur- entrepreneur decides to become an entrepreneur and engages
ial activity through different programs and measures (Boz- in a set of initial activities such as developing a business
Smerci and Çimen, 2017). However, despite these efforts, plan, obtaining permits and licenses, and securing both pub-
interventions often fail (Lerner, 2010), resulting in the loss lic and private funding, among others (Gartner et al., 1999).
of both public and private resources. The creation of a new The gestation process concludes with the successful creation
company is not an instantaneous process (Reynolds, 2017), of a new venture or, alternatively, with the abandonment of
but rather a lengthy, dynamic, and complex one (Reynolds, the efforts invested during the new venture creation (Hopp
& Sonderegger, 2015; Hopp & Stephan, 2012).
As Dias et al. (2002) highlighted, the World Tour-
* Sufia Mohand‑Amar ism Organisation has emphasized the key role of entre-
[email protected] preneurship and business creation in promoting tourism
1 development. The tourism industry constitutes a specific
University of Granada, Granada, Spain

Vol.:(0123456789)
 3 Page 2 of 12 Journal of Global Entrepreneurship Research (2024) 14:3

context for entrepreneurship and has diverse business As a theoretical framework, we based the present study
opportunities in sectors such as accommodation and food on goal-setting theory (Locke and Latham, 1991; Locke &
(Dias et al., 2022). In addition, the tourism sector plays Latham, 2002). According to this theory, the more difficult
an important role in national economic growth (Ateljevic the task, such as creating a new company, the greater the
and Page, 2009) and national policies around the world effort exerted in its execution because individuals fit their
have identified that tourism is an appropriate mechanism level of effort to the difficulty of the goal. In fact, business
for sustainable development and poverty alleviation (Spen- planning involves goal setting to launch a new company,
celey & Goodwin, 2007). Therefore, as the H&T sector and according to the goal-setting theory (Latham & Locke,
can be a growing source of employment and economic 1991; Locke & Latham, 2002), the establishment of goals
development for the region, it is important to understand in the business plan improves entrepreneurial effort during
the factors that drive entrepreneurial activities in the hos- the business gestation (Hechavarria et al., 2012), leading to
pitality and tourism sector. This knowledge is very useful a positive impact on creation.
for policymakers to formulate policies to encourage entre- This study contributes to tourism entrepreneurship
preneurial activity in this sector (Li et al., 2020). research in several ways. This study is the first empirical
However, research on tourism entrepreneurship is still paper that explains the new venture creation process in the
scarce now, and its theoretical development is still defi- hospitality and tourism sector and provides a better under-
cient (Cetin et al., 2022). Recent studies (e.g., Fu et al., standing of the tourism nascent entrepreneurship. This first
2019; Ratten, 2020) acknowledge this gap and call for empirical knowledge is very useful for governments and
more theoretical development to enhance our understand- policymakers who want to increase entrepreneurial activity
ing of entrepreneurship within the hospitality and tourism in the H&T sector. The present study proceeds as follows.
sector. Concretely, Dias et al. (2022) emphasize that the First, we explore the scarce theoretical framework devel-
gestation stage of new tourism ventures is a complex and oped in tourism entrepreneurship and explain the hypoth-
dynamic process that deserves a dedicated research focus eses established. Second, we present the methodology of
and the body of knowledge on nascent entrepreneurship the study using the PSED program from the USA. Third, the
in tourism and hospitality remains at the infancy stage. results obtained in the present study are shown and finally,
Therefore, tourism nascent entrepreneurship is an impor- we discuss these results and offer theoretical and practical
tant research area that has not been explored, and to the implications.
best of our knowledge, we do not find any empirical study
that explores the gestation process in the H&T sector. Koh
and Hatten (2002, p. 22) called tourism entrepreneurs the Theoretical framework and hypotheses
“persona causa” of tourism development, and for this rea- development
son, it is important to explore the determinant that guides
the behavior and entrepreneurial effort of the individuals Hospitality and tourism entrepreneurship
involved in the start-up process.
To fill this research gap, the current study aims to empir- Tourism entrepreneurship is an emerging area of study that
ically explore the determinants that promote new venture has a lot of practical importance (Ratten, 2020). Tourism and
creation within the hospitality and tourism sector during hospitality entrepreneurship plays a key role in economic
business gestation. Concretely, in the present study, we focus development and has proved to be extremely important in
on the key role of business planning in the start-up process. both industrialized and developing countries (Ateljevic and
Writing a business plan is particularly useful in the context Page, 2009; Mottiar & Ryan, 2007). Indeed, tourism entre-
of new venture creation (Delmar & Shane, 2003). However, preneurship serves as a tool for the sustainable development
the effect of entrepreneurship on the gestation process is not of the economy, revitalization of rural areas, and poverty
clear, and the previous literature has presented arguments alleviation in developing countries (Banki & Ismail, 2015;
both in favor and against it (Mueller et al., 2023). There- Spenceley & Goodwin, 2007). In addition, Fu et al. (2019)
fore, in the present study, we want to answer the follow- highlighted that small y medium H&T enterprises play a
ing research question: How does preparing a business plan prominent role in job creation and the image building and
increase the likelihood of creating a new venture within the development of destinations (Carlisle et al., 2013; Hallak
hospitality and tourism sector? Drawing on a sample from et al., 2015).
the Panel Study of Entrepreneurial Dynamics (PSED), we However, tourism and hospitality entrepreneurship
pretend to respond to this research question in our study. The research is relatively young (Li et al., 2020), and few
PSED program is a longitudinal project focused on nascent researchers have conducted studies in the tourism and
entrepreneurs who are involved in business gestation (Reyn- hospitality sector (e.g., Altin et al., 2017; Figueroa-
olds & Curtin, 2008). Domecq et al., 2020; Wang et al., 2019; Cetin et al., 2022;
Journal of Global Entrepreneurship Research (2024) 14:3 Page 3 of 12 3

Meira-Teixera et al., 2019). In addition, as pointed out by Business planning and new venture creation
Fu et al. (2019), the research on hospitality and tourism
entrepreneurship currently exhibits poor theoretical devel- Business planning is defined as the process undertaken by
opment, given that the number of entrepreneurship arti- the entrepreneur to gather information about a business idea
cles in the field of hospitality and tourism is significantly with the objective of implementing it and creating a new
less than expected (Li, 2008; Solvoll et al., 2015). Ratten company (Castrogiovanni, 1996). Business plans are writ-
(2020) recommends studying the tourism entrepreneurship ten documents that describe the current state of a business
field based on some theoretical frameworks, such as the and its presupposed future (Honig, 2004). Following Delmar
social cognitive theory (e.g., Wang et al., 2019), theories & Shane (2003), the process of business planning involves
on dynamic capabilities (e.g., Teece, 2012), and bricolage gathering and analyzing information, identifying required
(e.g., Fisher, 2012). In the present study, we use the goal- tasks, developing strategies, and creating a financial plan,
setting theory to analyze how business planning influences among others, all of which should be documented in a writ-
new venture creation, being this theory one of the most ten plan (Castrogiovanni, 1996; Sexton & Bowman-Upton,
used in the entrepreneurship field (e.g., Hechavarria et al., 1991).
2012). In addition, it is possible to combine arguments Traditionally, two lines of thought have emerged that pro-
from different theories to obtain a complete picture; for vide a theoretical framework for the effects of business plan-
example, the institutional theory (North, 1991) and social ning on firm performance (Brinckmann et al., 2010). On one
cognitive theory (Bandura, 1989) are useful for exploring hand, the planning school assumes that the planning process
how the institutional context influences the tourism entre- enhances the effectiveness of human action and facilitates
preneurship (Çakmak et al., 2019) through the personal the achievement of set objectives (Ansoff, 1991). On the
factors of entrepreneurs. other hand, contrary to the planning school, there are those
Within the tourism entrepreneurship research, the previ- who argue that business planning is detrimental because it
ous literature (e.g., Shaw and William, 1990; Ateljevic & is time consuming and is based on insufficient knowledge
Page, 2009; Ryan et al., 2012; Dieke, 2003) have explored about future events (Frese & Gielnik, 2014). In the area of
the relationship between tourism entrepreneurship and nascent entrepreneurship, researchers have found contradic-
economic development. Some authors have explored the tory results regarding the effect of the business plan on the
impact of informal institutions on tourism entrepreneur- gestation process. Following Mueller et al. (2023), of the
ship (e.g., Çakmak et al., 2019; Ngoasong & Kimbu, 17 (13 with PSED Project) studies investigating the rela-
2016), and others have focused on economic institutions tionship between writing a business plan and new venture
(e.g., Altin et al., 2017). Opportunity and necessity entre- creation, seven (6 with PSED) find a positive relationship,
preneurship in the hospitality sector has been studied by one (PSED) finds an opposite relationship, and nine (8 with
Li et al. (2020). Zhao et al. (2011) explored the relation- PSED) find no correlation.
ship between social capital and tourism entrepreneurship, However, in the previous literature, we can find studies
Roxas and Chadee (2013) explored the effect of govern- that support the effect of business planning on the crea-
ment policies on tourism entrepreneurship activities, and tion of a new company (Hopp & Greene, 2018) because
Ramos-Rodriguez et al. (2012) investigated the role of planning is a precursor to action, providing the necessary
personal characteristics in entrepreneurs in the hotel and framework for subsequent activities to take place (Ansoff,
restaurant sectors. In line with this, Morrison et al. (2010) 1991), thereby facilitating the achievement of set objec-
have focused on entrepreneurial motivations, Hallak et al. tives (Locke & Latham, 1990). Liao & Gartner (2007)
(2014) on entrepreneurial self-efficacy, and Kallmuenzer suggest that writing a business plan reduces the likelihood
et al. (2021) on human capital. However, nascent entre- of delaying the execution of key activities because busi-
preneurship in the hospitality and tourism sector has not ness planning helps identify key resources, permits and
been thoroughly studied, except by Dias et al. (2022) who licenses, required materials, and machinery to produce
emphasize the importance of exploring this still-unknown goods or services, and these authors have corroborated that
field. nascent entrepreneurs who completed a business plan were
Although the tourism entrepreneurship field is very more likely to successfully start a new venture. Further-
young, Ratten (2020) argues that the future of research in more, Frese & Gielnik (2014) argue that business planning
this topic is brilliant. This is because the entrepreneurship increases the efficiency of the start-up process, facilitating
field is extensive, and there are many issues that constitutes the achievement of the objectives set by entrepreneurs. On
a neglected topic of interest. For example, the researchers the other hand, Shane & Delmar (2004) argue that busi-
could pay special attention to business families in the tour- ness planning facilitates the understanding of the strategy
ism sector and how disruptive innovation influences these for venture creation and helps make decisions more swiftly
types of small-medium enterprises. by translating abstract objectives into concrete operational
 3 Page 4 of 12 Journal of Global Entrepreneurship Research (2024) 14:3

activities (Delmar & Shane, 2003). Also, entrepreneurs H2: Business planning positively influences the entrepre-
who have written a business plan were less likely to quit neurial effort of nascent tourism entrepreneurs.
the venture creation process and were more likely to
increase product development and the number of start-up Previous studies have corroborated the importance of
activities (Delmar & Shane, 2003, 2004; Liao & Gartner, entrepreneurial effort in the gestation process of a new
2006). Considering that business planning favors the new venture (e.g., Laffineur et al., 2020; Vilanova & Vitanova,
venture creation in business gestation, we propose the fol- 2020), and some authors (e.g., Hopp & Stephan, 2012; Reyn-
lowing hypothesis: olds & Curtin, 2008) argue that nascent entrepreneurs must
work hard and persist in their efforts because new venture
H1: Business planning increases the likelihood of new creation requires intense and continuous effort to complete
venture creation in the hospitality and tourism sector. the many challenging tasks inherent in the process. Further-
more, the literature on entrepreneurship has placed special
emphasis on studying the determinants of entrepreneurial
Business planning and nascent entrepreneurial effort because the evolution and progress of a new venture
effort appear to be critically dependent on the effort exerted by
nascent entrepreneurs (Laffineur et al., 2020; Vilanova &
The new venture creation process in the tourism sector is Vitanova, 2020) and, more importantly, on the sustained
complex and dynamic (Dias et al., 2022), and requires a effort over time (Edelman & Yli-Renko, 2010). Therefore,
much personal effort (Laffineur et al., 2020; Vilanova & entrepreneurs who exhibit higher levels of entrepreneurial
Vitanova, 2020). Another aspect to consider is that the elab- effort will have a more positive impact on the outcomes of
oration of a business plan encourages the effort invested by their entrepreneurial activities (Gatewood et al., 1995). In
a nascent entrepreneur in startup activities, leading to the consequence, as Brinckmann & Kim (2015) highlighted,
creation of a new venture. Business planning is an impor- individuals with higher levels of perseverance are willing to
tant precursor to action in new ventures (Delmar & Shane, invest greater effort to reach a particular goal.
2003), and Hechavarria et al. (2012) confirmed that having Frese & Gielnik (2014) argue that business plans have a
a formalized business plan contributes to maintaining effort legitimating function because they increase the goal com-
during the start-up process in nascent entrepreneurs. Moreo- mitment in entrepreneurs. Goal commitment is the level of
ver, in line with this, Liao & Gartner (2006) found that early determination that has a person to achieve a specific objec-
planning increases the likelihood of new venture persistence; tive and it is defined as how long an individual is willing
therefore, the nascent entrepreneurs who completed a busi- to strive for a specific goal (Austin & Vancouver, 1996). In
ness plan were more likely to persist in the new venture the nascent entrepreneurship area, De Clercq et al. (2009)
creation process than those who did not write a plan. Persis- defined goal commitment as the determination to exert high
tence has been defined as the continuation of effort despite levels of effort to achieve the objective of new venture crea-
obstacles, failures, or threats (Cardon & Kirk, 2015). On tion. Therefore, business planning increases the commitment
the other hand, Delmar & Shane (2003), drawing on goal- of entrepreneurs to their business ideas (Frese & Gielnik,
setting theory (Latham & Locke, 1991), argue that writing 2014). According to the goal-setting theory (Latham &
a business plan influences the continuation of organizational Locke, 1991; Locke & Latham, 2002), the establishment
efforts because when an entrepreneur writes a business plan, of goals in the business plan improves the entrepreneurial
they establish a set of goals and tasks to be executed. effort during business gestation (Hechavarria et al., 2012).
Furthermore, the goal-setting theory (Locke & Latham, As Frese & Gielnik (2014) suggest, writing a business plan
2002) argues that people who have invested an effort to help to legitimate the new venture because it provides evi-
define those specific goals will have a good level of deter- dence that the new idea is feasible and viable. Also, some
mination to achieve the objectives. In line with this, Frese studies (e.g., Frese, 2009; Frese & Zapf, 1994) argue that
& Gielnik (2014) argue that business plans increase per- action planning is a mental simulation that is not neces-
sistent goal pursuit and help to maintain the effort for goal sarily written down and helps to maintain action. For this
achievement. Therefore, in the previous literature, we can reason, action planning specifies when, where, and how of
find evidence that supports the beneficial effects of business action and the sequence of operational steps leading to goal
planning on persistence in the entrepreneurial process. Con- achievement, and increases persistent goal pursuit (Frese &
sidering that the development of a business plan increases Gielnik, 2014). In summary, business plans help people to
entrepreneurial effort and persistence (Delmar and Shane, initiate and maintain the actions necessary for goal accom-
2013; Liao & Gartner, 2006) among nascent entrepreneurs plishment (Frese, 2009), and this favors the new venture
(Hechavarria et al., 2012), in this study, we establish the creation when the nascent entrepreneur pursues his goal.
following hypothesis: By specifying the substeps, the business plan helps direct
Journal of Global Entrepreneurship Research (2024) 14:3 Page 5 of 12 3

effort to the key activities for goal achievement (Frese & Table 1  Demographic characteristics of the sample
Gielnik, 2014). Based on these arguments, we establish the Frequency Percentage
following hypothesis:
Male 54 60%
H3: Entrepreneurial effort mediates the relationship Female 36 40%
between business planning and the creation of new tour- Total 90 100%
ism ventures. Age Mean: 40.75 years

Methodology 35 entrepreneurs are engaged in this sector. In the PSED II

dataset, which consists of 1214 entrepreneurs, 55 entrepre-
Sample neurs are operating within the hospitality and tourism sector.
Therefore, the sample of this study is 90 nascent entrepre-
For the present study, we use the data provided by the Panel neurs who belong to the H&T sector; however, considering
Study of Entrepreneurial Dynamics (PSED). The Panel the missing values, the total sample of the analysis is 58.
Study of Entrepreneurial Dynamics was created to analyze, The response rate from entrepreneurs engaged in the
from an individual and dynamic perspective, the process of hospitality sector is very low (Lee et al., 2016). A recent
new business creation. Therefore, it serves as a useful tool study conducted by Stockton & Baker (2013) focusing on
for understanding the causal factors that impact the estab- restaurants achieved a response rate of 4%. According to
lishment of new businesses. It is a research program that Lee et al. (2016), this low response rate is not unexpected,
started in the year 1998–1999, designed to achieve a better as collecting data from entrepreneurs in the hospitality and
scientific understanding of nascent entrepreneurship. tourism sector is notoriously challenging due to the time
The project offers valid and reliable data about the pro- pressures and demands faced by these individuals (Hallak
cess of creating new companies, allowing exploration of et al., 2012). In addition, the present research focuses on
the causal mechanisms involved in nascent entrepreneurial the nascent stage of the entrepreneurial process, which is
activity (Reynolds & Curtin, 2008). The PSED focuses on inherently filled with obstacles and challenges that require
nascent entrepreneurs, individuals actively engaged in the significant personal effort (Reynolds & White, 1997).
process of starting a new company who have not yet experi- In relation to demographic characteristics, 60% of the
enced a positive cash flow for 3 months. It provides rich and nascent entrepreneurs in the sample were male and 40%
valid data about the creation of new businesses, enabling a were female. In addition, they were 40.75 years old on aver-
specific exploration of the mechanisms involved in nascent age. The demographic information has been summarized
entrepreneurial activity. in Table 1.
This research program consists of two projects: PSED I, On the other hand, and more related to the entrepreneurial
which started in the year 1998–1999 and selected a total of venture, 44.3% of the cases had no previous entrepreneurial
830 nascent entrepreneurs for three annual follow-up inter- experience, 14.3% had no experience in the hospitality and
views, and PSED II, which began in the year 2005–2006. tourism industry, and 13.6% had no managerial experience.
The first interview is followed by five annual interviews,
involving a total of 1241 nascent entrepreneurs. The sample Measurement of variables
of nascent entrepreneurs from PSED II comes from a total
group of 31,845 individuals. From this group, only 1214 Dependent variable
entrepreneurs met the requirements listed to be considered
nascent entrepreneurs. In this study, we use PSED I and In line with previous authors who have studied nascent
PSED II jointly. entrepreneurship using PSED project (e.g., Gartner & Liao,
First, we select the nascent entrepreneurs who are 2012), new venture creation has been measured as a dichoto-
involved in the business gestation into the hospitality and mous variable, which was assigned the value 1 if the entre-
tourism sector (accommodation and food service). As Dias preneur, who belongs to the hospitality and tourism sector,
et al. (2002) highlighted, the accommodation and food sec- had successfully created the new venture, and 0 otherwise
tors constitute a business opportunity in the tourism indus- (abandonment or continuing in the start-up process).1 We
try. To identify if the companies belong to the hospitality measure new venture creation from the harmonized PSED
and tourism sector, we have used the PSED harmonized
(SECTOR_20C_US), which breaks down into 20 catego-
ries the economic sector of the USA. Among the 830 nas- 1
The PSED harmonized database identifies three separate outcome
cent entrepreneurs included in the PSED I dataset, a total of states: new firm creation, active in the start-up process, or abandoned.
 3 Page 6 of 12 Journal of Global Entrepreneurship Research (2024) 14:3

Table 2  Descriptive statistics and correlations

Mean SD 1 2 3 4 5 6 7 8

(1) New venture creation 0.21 0.406 1

(2) Business plan 0.63 0.486 0.043 1
(3) Entrepreneurial effort 7.59 5.201 0.589** 0.348** 1
(4) Sex 0.4 0.493 0.028 − 0.096 0.099 1
(5) Age 40.75 13.134 0.154 0.036 0.144 0.291** 1
(6) Entrepreneurial experience 1.26 2.224 0.073 0.174 0.132 − 0.035 0.159 1
(7) Industrial experience 9.69 10.399 0.027 0.055 0.057 0.071 0.331** 0.452** 1
(8) Managerial experience 10.05 11.467 0.019 0.051 0.081 0.042 0.418** 0.128 0.353** 1

**The correlation is significant at the 0.01 level (bilateral)

II dataset. Reynolds & Curtin (2008) recommend using the Control variables
PSED project jointly with the PSED harmonized database.
The PSED harmonized database provides a set of harmo- First, we included some socio-demographic variables
nized and standardized measures of transitions and outcomes (Cassar & Friedman, 2009): sex (0 male, 1 female) and
for the cases of PSED I and PSED II, such as the conception age (continuous variable). Second, following Vilanova &
point time, and outcome measures of the start-up process, Vitanova (2020), Delmar & Shane (2003), and Hechavarria
such as a new firm, still active in business gestation, or aban- et al. (2012), we consider the perceived level of competi-
donment, among others. tion (assessed on three measures: high, medium, and low),
assuming that a high level of competition is a potentially
Independent variables adverse factor for new venture creation (Khan et al., 2014).
In addition, we consider previous entrepreneurial experi-
Following previous studies (e.g., Liao and Gartner, 2008; ence (measured as the number of previously created firms),
Hopp & Greene, 2018), business planning is measured as recalling that entrepreneurial experience influences the effort
a dichotomous variable, assigned the value 1 if the nascent an entrepreneur invests in the gestation process (Tietz et al.,
entrepreneurs have prepared the business plan and 0 if they 2018). On the other hand, we include prior managerial and
have not. industry experience (in years) (Freeland & Keister, 2016;
Hopp & Sonderegger, 2015). Prior industry and managerial
Mediator variable experience offer valuable insights, knowledge, and skills in
the hospitality and tourism industry to guide nascent entre-
In line with previous studies that have used PSED project preneurs to launch a new venture (Dias et al., 2022).
(Hopp & Sonderegger, 2015; Renko et al., 2012; Vilanova
& Vitanova, 2020), the entrepreneurial effort is measured as Analysis and results
the total number of start-up activities performed by the nas-
cent entrepreneur during the start-up process. These start- In Table 2, we can see descriptive statistics and correla-
up activities include the following: developing a model or tions, which show that new venture creation is positively
prototype, talking to customers, defining markets to enter, correlated with entrepreneurial effort (p < 0.01). Regard-
promoting products or services, establishing a bank account ing business planning, we can see that it is correlated with
for the firm, and obtaining supplier credit, among others. entrepreneurial effort (p < 0.01) but it does not with new
The total number of start-up activities in the PSED harmo- venture creation. Among control variables, age is correlated
nized is eighteen (18).2 with prior industry and managerial experience (p < 0.01),
and gender (p < 0.01). On the other hand, entrepreneurial
experience is positively correlated with industry experience
(p < 0.01).
The study hypotheses were tested by a bootstrapping anal-
ysis using the Process 3.14 macro for SPSS (Hayes, 2013;
Hayes & Scharkow, 2013). With Process 3.14 macro, we
2
The start-up activities are in section D of the PSED questionnaire. can test simultaneously the direct (H1 and H2) and indirect
However, given that we have used the PSED harmonized to measure
the entrepreneurial effort, this measure included 18 activities out of (H3) relationships proposed in the present study. The results
the 33 total. obtained are shown in Table 3 and 4. Table 3 shows the
Journal of Global Entrepreneurship Research (2024) 14:3 Page 7 of 12 3

Table 3  Summary of direct Model 1 Model 2

relationships
Entrepreneurial effort New venture creation
B SE p-value Exp (B) SE p-value

Entrepreneurial effort 1.7540 0.2001 0.0050

Business plan 2.8964 1.4401 0.0496 0.0857 1.5432 0.1115
Sex 2.3785 1.4299 0.1024 0.6808 1.2183 0.7524
Age 0.0616 0.0681 0.3700 0.9641 0.0697 0.6003
Entrepreneurial experience 0.3050 0.3714 0.4153 1.0989 0.2157 0.6615
Industrial experience − 0.0007 0.0823 0.9928 1.0130 0.0527 0.8057
Labor experience − 0.0109 0.0837 0.8966 1.0131 0.0586 0.8232
Constant 1.2589 2.6635 0.6385 0.0104 2.7494 0.0971
Model diagnosis:
R2 0.4023
R2-adjusted 0.1619
2LL 28.2354
Chi-squared 21.828***
McFadden pseudo R2 0.4360
Cox and Snell pseudo R2 0.3136
Nagelkerke pseudo R2 0.5425
Correct predictions (overall %) 84.50%

N (valid) = 58

Table 4  Indirect effect of business planning on new venture creation significant (Exp = 0.0857; p > 0.1), and therefore H1 cannot
through the entrepreneurial effort be confirmed.
Estimate CI lower CI high The results for the indirect relationship (H3) can be seen
in Table 4. As shown in Table 3, business planning influ-
Direct effect 0.0857 − 5.4804 0.5686 ence indirectly new venture creation through entrepreneurial
(Business plan → New venture crea- effort, and the result shows a significant and positive media-
tion)
tion effect (LL95CI = 0.2063, UL95CI = 178.9516). This
Indirect effect 1.6276* 0.2063 178.9516
finding confirms H3, suggesting that although business
(Business plan → Entrepreneurial
effort → New venture creation) planning does not influence the creation of a new venture,
it does exert an indirect positive effect via entrepreneurial
Notes: *The effect is significant at the 0,05 level. About the total effort. We provide that the effect is indirect and transmitted
effect, PROCESS Macro indicates the following: “Total Effect not
available with dichotomous Y.”
through entrepreneurial effort, and therefore, these results
provide evidence for full mediation (Hair et al., 2017; Zhao
et al., 2010). We conclude that business planning increases
results for the direct relationship proposed (H1 and H2). We the likelihood of new venture creation because it favors the
include in the table the calculations for the model goodness number of start-up activities carried out by nascent entre-
of fit (Greene, 2003), that is, the global significance of the preneurs in the business gestation.
model, R2, adjusted R2, pseudo R2, and the proportion of On the other hand, 20.5% of the sample have created a
correctly classified observations. new venture (1), while 79.5% have not (0). Since it is not
In model 1, we can see the results for the entrepreneurial possible to execute a bootstrapping strategy using a Zero-
effort (OLS regression). Business planning seems to have Inflated Logistic Regression with Process 3.14 Macro, we
predictive power in the entrepreneurial effort (B = 2.8964; have performed a Zero-Inflated Negative Binomial Model
p < 0.05); therefore, H2 can be confirmed. In concrete (ZINB) with STATA to corroborate the robustness of
terms, business planning triples entrepreneurial effort. In the model results. The results from Table 5 indicate that
model 2, we can see the results of the new venture creation there are no significant differences compared to the results
in the hospitality and tourism sector (logistic regression). obtained with Process 3.14 Macro in SPSS, as the model
These results show that business planning is not statistically coefficients and significance levels remain stable.
 3 Page 8 of 12 Journal of Global Entrepreneurship Research (2024) 14:3

Table 5  Model robustness check: zero inflated logistic regression In our study, we do not find any relationship between
Exp (B) SE p-value
business planning and new venture creation, which is in line
with some studies which have used the PSED project (see
Entrepreneurial effort 1.4100 0.1151 0.003 Mueller et al. 2023); however, we can explain this relation-
Business plan 0.2948 0. 9765 0.211 ship through the mediation effect of entrepreneurial effort.
Sex 0.8321 0. 9216 0.842 Our findings suggest that business planning encourages
Age 0.9654 0. 0500 0.483 entrepreneurial effort during business gestation, and this fits
Entrepreneurial experience 1.0451 0. 1916 0.818 well with goal-setting theory (Latham & Locke, 1991; Locke
Industrial experience 1.0107 0. 0392 0.784 & Latham, 2002) which establish that the establishment of
Labor experience 1.0151 0. 0464 0.748 goals helps to maintain the action for the achievement of the
Constant 0.0317 2.0054 0.085 objective. Based on this theoretical perspective, Hechavar-
ria et al. (2012) have corroborated that having a formalized
business plan contributes to maintaining effort during the
Discussion start-up process, which is in line with our findings. In con-
clusion, our study clarifies the relationship between busi-
The main aim of the present study is to explore the deter- ness planning and new venture creation considering the
minants that explain new venture creation during busi- effort produced by setting goals in a written plan; therefore,
ness gestation within the hospitality and tourism sector. we demonstrate that although there is no direct correlation
So far, in the previous literature, we have not found any between business planning and new venture creation, there
empirical studies that specifically focus on nascent entre- is an indirect relationship through entrepreneurial effort.
preneurs within this sector and consequently, Dias et al. Therefore, writing a business plan helps the nascent entre-
(2022) emphasize the importance of analyzing this stage. preneur to invest more effort in start-up activities, thus fos-
While the literature on tourism entrepreneurship is scarce tering business creation.
at this point (Cetin et al., 2022; Fu et al., 2019), the area
of tourism nascent entrepreneurship remains unexplored.
This stage is filled with obstacles and challenges (Rotefoss
& Kolvereid, 2005), requiring significant personal effort Practical and theoretical implications
(Laffineur et al., 2020; Vilanova & Vitanova, 2020), and
it constitutes one of the most crucial phases of the entre- Practical implications
preneurial process as it encompasses the initial activi-
ties undertaken by the entrepreneur to establish the new This study provides important implications for practice.
venture. Considering that it is the first empirical study analyzing the
The result of our study suggests that business planning dynamics of the nascent entrepreneurial process within the
determines the entrepreneurial effort that nascent entrepre- hospitality and tourism sector, we can extract relevant infor-
neurs invest in the start-up process. In addition, we deter- mation for policymakers dedicated to designing programs
mine that business planning indirectly influences new ven- and policies that support the growth of the tourism and hos-
ture creation through entrepreneurial effort. Therefore, the pitality sector in the region. Our findings demonstrate that
elaboration of a business plan explains the venture creation the development of a business plan has a positive impact
in the hospitality and tourism sector because it favors the on the creation of new ventures within the hospitality and
entrepreneurial effort that nascent entrepreneurs put into the tourism sector. Through business planning, nascent entrepre-
start-up process. In previous literature, there are conflicting neurs invest more effort during the gestation process, thereby
arguments and results regarding the impact of business plan- fostering the establishment of new enterprises.
ning on the nascent entrepreneurial process. For example, Therefore, public institutions should guide nascent entre-
some studies argue that business planning may not be very preneurs in the hospitality and tourism sector in the elabo-
helpful in the process of new venture creation because it ration of their business plans. In line with this, the socio-
takes a significant amount of time, which delays the ini- economic context plays a key role in the promotion of new
tiation of start-up activities and could be a distraction that venture creation because the entrepreneurial process takes
prevents entrepreneurs from acting (Carter et al., 1996). place within a given political and social context (Reynolds,
However, other authors argue that nascent entrepreneurs et al., 2004), in which individuals interact with it. For this
who have completed a business plan have more probability reason, it is important to adopt an interrelationship approach
to create a new venture (Liao & Gartner, 2006) because busi- when we analyze the new venture creation within the tour-
ness planning helps in the achievement of the objectives set ism and hospitality sector. Therefore, from a theoretical
by entrepreneurs (Frese & Gielnik, 2014). perspective, the social cognitive theory (Bandura, 1989)
Journal of Global Entrepreneurship Research (2024) 14:3 Page 9 of 12 3

establishes that the environment influences behavior through affected the dynamics of the nascent entrepreneurial process.
personal factors, and this relationship is bidirectional. On the other hand, data collected up to 2011 may miss out
On the other hand, incubators and/or accelerators play a on the sector’s dynamism after that period. On the other
key role in tourism entrepreneurship (Dias et al., 2022). In hand, the dataset misses out on entrepreneurial decisions
fact, in the tourism industry, business incubators constitute in the 2011–2020 period when the tourism and hospital-
a valuable tool for establishing new tourism enterprises, ity sector grew significantly. Finally, the PSED project does
and they could also adopt a more focused approach, such as not include all companies that belong to the tourism and
ecotourism and sustainable tourism, among others (Schiopu hospitality sector; for example, we miss in the sample some
et al., 2015). Moreover, given that the new venture creation businesses such as travel agencies.
process in the hospitality sector is challenging, incubators In this study, we focused on business planning and how
also provide emotional support to achieve the objectives it influences the positive outcome of the nascent entrepre-
(Busch & Barkema, 2022). neurial process. However, it would be interesting for future
From a theoretical perspective, this study enables a better research to delve into other types of factors, such as individ-
understanding of the tourism nascent entrepreneurship by ual cognitive factors (Forbes, 1999), the context in which the
analyzing the mechanism that explains the new venture crea- entrepreneur operates (Welter et al., 2016), such as govern-
tion in nascent entrepreneurs belonging to the hospitality mental support (Cavich & Chinta, 2021; Yoon et al., 2018)
and tourism sector. Research on tourism entrepreneurship is or entrepreneurial culture (Hopp & Stephan, 2012), and
currently limited (Dias et al., 2022), and theoretical develop- high-growth expectations (Edelman & Yli-Renko, 2010),
ment in this area is still in its early stages (Cetin et al., 2022). among others. Furthermore, Dias et al. (2022) suggest con-
Recent studies (e.g., Fu et al., 2019; Ratten, 2019) acknowl- sidering other factors within the research on tourism entre-
edge this gap and call for further theoretical engagement to preneurship, such as entrepreneurial motivations, human and
enhance our understanding of entrepreneurship within the social capital, or entrepreneurial opportunity recognition.
tourism and hospitality sector. On the other hand, Dias et al. With the present study, we introduce the PSED project
(2022) recognize the importance of placing special emphasis and its application for the first time in tourism nascent entre-
on the nascent phase, as it represents the earliest stage of preneurship; therefore, we encourage researchers to continue
the entrepreneurial process (Reynolds & White, 1997), and contributing to this field of research and explore further the
explore the topic of new venture creation in the hospitality factors that influence the dynamics of nascent entrepreneur-
and tourism sector. Thus, through this empirical research, ship within the hospitality and tourism sector. Dias et al.
we significantly improve the understanding of the dynamic (2022) suggest considering other factors within the research
gestation phase for those companies that focus on the hos- on tourism entrepreneurship, such as entrepreneurial motiva-
pitality and tourism sectors. tions, human and social capital, or entrepreneurial oppor-
tunity recognition. In addition, it would be interesting for
future research to analyze how extrinsic factors such as incu-
Limitations and future research bators, government regulations, and the local community
promote the nascent entrepreneurial process (Dias et al.,
The PSED is the only project that contains significant details 2022), and would be important to study how these extrin-
about nascent entrepreneurs (Blair & Shaver, 2020), and for sic factors determine the entrepreneurial behavior through
that, we do not have a more recent sample of nascent entre- internal (cognitive/psychological) factors. Finally, it would
preneurs. At the moment, this is a unique dataset focused on be recommended to study the role of accelerators/incubators
nascent entrepreneurs, and the response rate of these entre- in the digital innovation of nascent tourism entrepreneurs, in
preneurs who belong to the tourism sector is very limited their innovation performance, among others.
(Lee et al., 2016). For this reason, it is recommended to
Funding The authors gratefully acknowledge the financial support of
expand the sample, even with different types of demographic the Spanish Ministry of Science and Innovation (COMPSOS Project
profiles, as this could help to enrich the analysis. PID2020-117313RB-I00), Ministry of Universities (FPU17/03638), the
On the other hand, it is worth noting that in 2020, a health University of Granada, and the Programa Operativo FEDER Andalucía
crisis caused by COVID-19 occurred, leading to the closure (SOSTEMPRE Project B-SEJ-682-UGR20).
of many hospitality businesses and negatively impacting Data availability The datasets analyzed during the current study are
those that were in the start-up process. In addition, the rate available in the Panel Study of Entrepreneurial Dynamics repository
of early-stage entrepreneurial activity, which is a composite (http://​www.​psed.​isr.​umich.​edu/​psed/​home).
indicator of nascent entrepreneurs and new business own-
ers, generally declined between 2019 and 2021 (Dias et al., Declarations
2022). For this reason, it would be interesting to explore
Conflict of interest The authors declare no competing interests.
how the uncertainty caused by the COVID-19 pandemic has
 3 Page 10 of 12 Journal of Global Entrepreneurship Research (2024) 14:3

References of refugees venturing in tourism and hospitality. International

Journal of Contemporary Hospitality Management, 34(6),
2227–2249.
Ateljevic, J. & Page, S.J. (2009). Tourism and Entrepreneurship:
De Clercq, D., Menzies, T. V., Diochon, M., & Gasse, Y. (2009). Explain-
International Perspectives. Elsevier.
ing nascent entrepreneurs’ goal commitment: An exploratory study.
Altin, M., Memili, E., & Sönmez, S. (2017). Institutional econom-
Journal of Small Business & Entrepreneurship, 22(2), 123–139.
ics and firm creation in the hospitality and tourism industry: A
Delmar, F., & Shane, S. (2003). Does business planning facilitate the
comparative analysis of developing and developed economies.
development of new ventures? Strategic Management Journal,
Tourism Economics, 23(7), 1381–1397.
24(12), 1165–1185.
Ansoff, H. I. (1991). Critique of Henry Mintzberg’s ‘The design
Delmar, F., & Shane, S. (2004). Legitimating first: Organizing activi-
school: Reconsidering the basic premises of strategic manage-
ties and the survival of new ventures. Journal of Business Ventur-
ment.’ Strategic Management Journal, 12(6), 449–461.
ing, 19(3), 385–410.
Austin, J. T., & Vancouver, J. B. (1996). Goal constructs in psychology:
Dias, Á., González-Rodríguez, M. R., & Hallak, R. (2022). Nascent
Structure, process, and content. Psychological Bulletin, 120(3), 338.
entrepreneurship: a critical perspective and research agenda in
Bandura, A. (1989). Human agency in social cognitive theory. Amer-
tourism and hospitality. International Journal of Contemporary
ican Psychologist, 44(9), 1175–1184.
Hospitality Management, 35(7), 2527–2544
Banki, M. B., & Ismail, H. N. (2015). Understanding the character-
Dieke, P. U. (2003). Tourism in Africa’s economic development: Policy
istics of family owned tourism micro businesses in mountain
implications. Management Decision, 41(3), 287–295.
destinations in developing countries: Evidence from Nigeria.
Edelman, L., & Yli-Renko, H. (2010). The impact of environment and
Tourism Management Perspectives, 13, 18–32.
entrepreneurial perceptions on venture-creation efforts: Bridging
Birch, D. G. (1987). Job creation in America: How our smallest
the discovery and creation views of entrepreneurship. Entrepre-
companies put the most people to work: Free Press
neurship Theory and Practice, 34(5), 833–856.
Birch, D. L., & McCracken, S. (1982). The Small Business Share of
Figueroa-Domecq, C., De Jong, A., & Williams, A. M. (2020). Gender,
Job Creation: Lessons Learned from the Use of Longitudinal
tourism and entrepreneurship: A critical review. Annals of Tour-
Data. US Small Business Administration.
ism Research, 84, 102980.
Blair, C. A., & Shaver, K. G. (2020). Of horses and jockeys: Percep-
Fisher, G. (2012). Effectuation, causation, and bricolage: A behavioral
tions by academic entrepreneurs. Entrepreneurship Research
comparison of emerging theories in entrepreneurship research.
Journal, 10(2), 1–21.
Entrepreneurship Theory and Practice, 36(5), 1019–1051.
Brinckmann, J., Grichnik, D., & Kapsa, D. (2010). Should entre-
Forbes, D. P. (1999). Cognitive approaches to new venture creation.
preneurs plan or just storm the castle? A meta-analysis on con-
International Journal of Management Reviews, 1(4), 415–439.
textual factors impacting the business planning–performance
Freeland, R. E., & Keister, L. A. (2016). How does race and ethnicity
relationship in small firms. Journal of Business Venturing,
affect persistence in immature ventures? Journal of Small Busi-
25(1), 24–40.
ness Management, 54(1), 210–228.
Brinckmann, J. A. N., & Kim, S. M. (2015). Why we plan: The
Frese, M. (2009). Towards a psychology of entrepreneurship—an
impact of nascent entrepreneurs’ cognitive characteristics and
action theory perspective. Foundations and Trends in Entrepre-
human capital on business planning. Strategic Entrepreneurship
neurship, 5(6), 437–496.
Journal, 9(2), 153–166.
Frese, M., & Gielnik, M. M. (2014). The psychology of entrepreneur-
Busch, C., & Barkema, H. (2022). Planned luck: How incubators can
ship. Annual Review of Organizational Psychology and Organi-
facilitate serendipity for nascent entrepreneurs through fostering
zational Behavior, 1, 413–438.
network embeddedness. Entrepreneurship Theory and Practice,
Frese, M., & Zapf, D. (1994). Action as the core of work psychology:
46(4), 884–919.
A German approach. Handbook of Industrial and Organizational
Çakmak, E., Lie, R., & Selwyn, T. (2019). Informal tourism entre-
Psychology, 4(2), 271–340.
preneurs’ capital usage and conversion. Current Issues in Tour-
Fu, H., Okumus, F., Wu, K., & Köseoglu, M. A. (2019). The entre-
ism, 22(18), 2250–2265.
preneurship research in hospitality and tourism. International
Cardon, M. S., & Kirk, C. P. (2015). Entrepreneurial passion as
Journal of Hospitality Management, 78, 1–12.
mediator of the self–efficacy to persistence relationship. Entre-
Gartner, W., & Liao, J. (2012). The effects of perceptions of risk, envi-
preneurship Theory and Practice, 39(5), 1027–1050.
ronmental uncertainty, and growth aspirations on new venture
Carlisle, S., Kunc, M., Jones, E., & Tiffin, S. (2013). Supporting innova-
creation success. Small Business Economics, 39, 703–712.
tion for tourism development through multi-stakeholder approaches:
Gartner, W., Starr, J., & Bhat, S. (1999). Predicting new venture sur-
Experiences from Africa. Tourism Management, 35, 59–69.
vival: An analysis of “anatomy of a start-up.” cases from Inc.
Carree, M. A., & Thurik, A. R. (2010). The impact of entrepreneur-
Journal of Business Venturing, 14(2), 215–232.
ship on economic growth (pp. 557–594). Springer.
Gatewood, E. J., Shaver, K. G., & Gartner, W. B. (1995). A longi-
Carter, N. M., Gartner, W. B., & Reynolds, P. D. (1996). Exploring
tudinal study of cognitive factors influencing start-up behaviors
start-up event sequences. Journal Business Venturing, 11(3),
and success at venture creation. Journal of Business Venturing,
151–166.
10(5), 371–391.
Cassar, G., & Friedman, H. (2009). Does self-efficacy affect entre-
Greene, W. H. (2003). Econometric analysis. Upper Saddle River, NJ:
preneurial investment? Strategic Entrepreneurship Journal,
Prentice Hall.
3(3), 241–260.
Hair Jr, J. F., Sarstedt, M., Ringle, C. M., & Gudergan, S. P. (2017).
Castrogiovanni, G. J. (1996). Pre-startup planning and the survival of
Advanced issues in partial least squares structural equation mod-
new small businesses: Theoretical linkages. Journal of Manage-
eling. SAGE Publications, Thousand Oaks, CA.
ment, 22(6), 801–822.
Hallak, R., Assaker, G., & Lee, C. (2015). Tourism entrepreneurship
Cavich, J., & Chinta, R. (2021). Nascent entrepreneurs, entrepreneurial
performance: The effects of place identity, self-efficacy, and gen-
self-efficacy, and the moderators of race, gender, and government
der. Journal of Travel Research, 54(1), 36–51.
support. Entrepreneurship Research Journal, 12(3), 363–389.
Hayes, A. F. (2013). Introduction to Mediation, Moderation, and Con-
Cetin, G., Altinay, L., Alrawadieh, Z., & Ali, F. (2022). Entrepre-
ditional Process Analysis: A Regression-Based Approach. Guil-
neurial motives, entrepreneurial success and life satisfaction
ford Publications.
Journal of Global Entrepreneurship Research (2024) 14:3 Page 11 of 12 3

Hayes, A. F., & Scharkow, M. (2013). The relative trustworthiness of Morrison, A., Carlsen, J., & Weber, P. (2010). Small tourism business
inferential tests of the indirect effect in statistical mediation analy- research change and evolution. International Journal of Tourism
sis: Does method really matter? Psychological Science, 24(10), Research, 12(6), 739–749.
1918–1927. Mottiar, Z., & Ryan, T. (2007). The role of SMEs in tourism develop-
Hechavarria, D. M., Renko, M., & Matthews, C. H. (2012). The nascent ment: An industrial district approach applied to Killarney, Ireland.
entrepreneurship hub: Goals, entrepreneurial self-efficacy and Tourism in the New Europe (pp. 63–78). Routledge.
start-up outcomes. Small Business Economics, 39(3), 685–701. Müller, S., Kirst, A. L., Bergmann, H., & Bird, B. (2023). Entrepre-
Hechavarria, D. M., & Reynolds, P. D. (2009). Cultural norms and neurs’ actions and venture success: A structured literature review
business start-ups: The impact of national values on opportunity and suggestions for future research. Small Business Economics,
and necessity entrepreneurs. International Entrepreneurship and 60(1), 199–226.
Management Journal, 5(4), 417–437. Ngoasong, M. Z., & Kimbu, A. N. (2016). Informal microfinance insti-
Honig, B. (2004). Entrepreneurship education: Toward a model of tutions and development-led tourism entrepreneurship. Tourism
contingency-based business planning. Academy of Management Management, 52, 430–439.
Learning & Education, 3(3), 258–273. North, D. C. (1991). Institutions, transaction costs, and the rise of mer-
Hopp, C., & Greene, F. J. (2018). In pursuit of time: Business plan chant empires. In the political economy of merchant empires, (pp.
sequencing, duration and intraentrainment effects on new venture 1350–1750). Cambridge University Press: New York.
viability. Journal of Management Studies, 55(2), 320–351. Ramos-Rodríguez, A. R., Medina-Garrido, J. A., & Ruiz-Navarro, J.
Hopp, C., & Sonderegger, R. (2015). Understanding the dynamics of (2012). Determinants of hotels and restaurants entrepreneurship:
nascent entrepreneurship—Prestart-up experience, intentions, and A study using GEM data. International Journal of Hospitality
entrepreneurial success. Journal of Small Business Management, Management, 31(2), 579–587.
53(4), 1076–1096. Ratten, V. (2020). Tourism entrepreneurship research: A perspective
Hopp, C., & Stephan, U. (2012). The influence of socio-cultural envi- article. Tourism Review, 75(1), 122–125.
ronments on the performance of nascent entrepreneurs: Com- Renko, M., Kroeck, K. G., & Bullough, A. (2012). Expectancy theory
munity culture, motivation, self-efficacy and start-up success. and nascent entrepreneurship. Small Business Economics, 39,
Entrepreneurship and Regional Development, 24(9), 917–945. 667–684.
Kallmuenzer, A., Baptista, R., Kraus, S., Ribeiro, A. S., Cheng, C. F., Reynolds, P.D. (1986). Economic growth in the Third World: An intro-
& Westhead, P. (2021). Entrepreneurs’ human capital resources duction. New Haven: Yale University Press.
and tourism firm sales growth: A fuzzy-set qualitative compara- Reynolds, P.D. (2007). Entrepreneurship in the United States: The
tive analysis. Tourism Management Perspectives, 38, 100801. future is now. New York: Springer Science & Business Media.
Khan, S. A., Tang, J., & Joshi, K. (2014). Disengagement of nascent Reynolds, P. D. & White, S. B. (1997). The entrepreneurial process:
entrepreneurs from the start-up process. Journal of Small Business Economic growth, men, women, and minorities. Greenwich, CT:
Management, 52(1), 39–58. Greenwood Books.
Koh, K. Y., & Hatten, T. S. (2002). The tourism entrepreneur: The Reynolds, P. D. (2017). When is a firm born? Alternative Criteria and
overlooked player in tourism development studies. International Consequences, Business Economics, 52(1), 41–56.
Journal of Hospitality and Tourism Administration, 3(1), 21–48. Reynolds, P. D., & Curtin, R. T. (2008). Business creation in the
Laffineur, C., Barbosa, S. D., Fayolle, A., & Montmartin, B. (2020). United States: Panel study of entrepreneurial dynamics II initial
The unshackled entrepreneur: Occupational determinants of entre- assessment. Foundations and Trends in Entrepreneurship, 4(3),
preneurial effort. Journal of Business Venturing, 35(5), 105983. 155–307.
Latham, G. P., & Locke, E. A. (1991). Self-regulation through goal Ribeiro-Soriano, D. (2017). Small business and entrepreneurship: Their
setting. Organizational Behavior and Human Decision Processes, role in economic and social development. Entrepreneurship and
50(2), 212–247. Regional Development, 29(1), 1–3.
Lee, C., Hallak, R., & Sardeshmukh, S. R. (2016). Innovation, entrepre- Rotefoss, B., & Kolvereid, L. (2005). Aspiring, nascent and fledgling
neurship, and restaurant performance: A higher-order structural entrepreneurs: An investigation of the business start-up process.
model. Tourism Management, 53, 215–228. Entrepreneurship and Regional Development, 17(2), 109–127.
Lerner, J. (2010). The future of public efforts to boost entrepreneurship Roxas, B., & Chadee, D. (2013). Effects of formal institutions on the
and venture capital. Small Business Economics, 35(3), 255–264. performance of the tourism sector in the Philippines: The medi-
Li, L. (2008). A review of entrepreneurship research published in the ating role of entrepreneurial orientation. Tourism Management,
hospitality and tourism management journals. Tourism Manage- 37, 1–12.
ment, 29(5), 1013–1022. Ryan, T., Mottiar, Z., & Quinn, B. (2012). The dynamic role of entre-
Li, Y., Huang, S. S., & Song, L. (2020). Opportunity and necessity preneurs in destination development. Tourism Planning and
entrepreneurship in the hospitality sector: Examining the institu- Development, 9(2), 119–131.
tional environment influences. Tourism Management Perspectives, Schiopu, A. F., Vasile, D. C., & Ţuclea, C. E. (2015). Principles and
34, 100665. best practices in successful tourism business incubators. Amfite-
Liao, J., & Gartner, W. B. (2006). The effects of pre-venture plan tim- atru Economic Journal, 17(38), 474–487.
ing and perceived environmental uncertainty on the persistence of Sexton, D. & Bowman‐Upton, N.B. (1991). Entrepreneurship: Creativ-
emerging firms. Small Business Economics, 27, 23–40. ity and Growth. Macmillan: New York.
Liao, J. J., & Gartner, W. B. (2007). The influence of pre-venture plan- Shane, S., & Delmar, F. (2004). Planning for the market: Business plan-
ning on new venture creation. Journal of Small Business Strategy, ning before marketing and the continuation of organizing efforts.
18(2), 1–22. Journal of Business Venturing, 19(6), 767–785.
Locke, E. A., & Latham, G. P. (1990). Work motivation and satisfac- Shaw, G., & Williams, A. M. (1990). Tourism, economic development
tion: Light at the end of the tunnel. Psychological Science, 1(4), and the role of entrepreneurial activity, (pp. 67–81). Belhaven
240–246. Press.
Locke, E. A., & Latham, G. P. (2002). Building a practically useful Solvoll, S., Alsos, G. A., & Bulanova, O. (2015). Tourism entrepre-
theory of goal setting and task motivation. The American Psy- neurship–Review and future directions. Scandinavian Journal of
chologist, 57(9), 705–717. Hospitality and Tourism, 15(1), 120–137.
 3 Page 12 of 12 Journal of Global Entrepreneurship Research (2024) 14:3

Spenceley, A., & Goodwin, H. (2007). Nature-based tourism and pov- theory perspective. International Journal of Hospitality Manage-
erty alleviation: Impacts of private sector and parastatal enter- ment, 78, 78–88.
prises in and around Kruger National Park South Africa. Current Welter, F., Gartner, W. B., & Wright, M. (2016). The context of con-
Issues in Tourism, 10(2–3), 255–277. textualizing contexts. A research agenda for entrepreneurship and
Stockton, S., & Baker, D. (2013). College students’ perceptions of fast context (pp. 1–15). Edward Elgar Publishing.
food restaurant menu items on health. American Journal of Health Wennekers, S., & Thurik, R. (1999). Linking entrepreneurship and
Education, 44(2), 74–80. economic growth. Small Business Economics, 13(1), 27–56.
Teece, D. J. (2012). Dynamic capabilities: Routines versus entrepre- Yoon, H. D., Kim, N., Buisson, B., & Phillips, F. (2018). A cross-
neurial action. Journal of Management Studies, 49(8), 1395–1401. national study of knowledge, government intervention, and inno-
Teixeira, R. M., Andreassi, T., Köseoglu, M. A., & Okumus, F. (2019). vative nascent entrepreneurship. Journal of Business Research,
How do hospitality entrepreneurs use their social networks to 84, 243–252.
access resources? Evidence from the lifecycle of small hospital- Zhao, W., Ritchie, J. B., & Echtner, C. M. (2011). Social capital and
ity enterprises. International Journal of Hospitality Management, tourism entrepreneurship. Annals of Tourism Research, 38(4),
79, 158–167. 1570–1593.
Tietz, M. A., Lejarraga, J., & Pindard-Lejarraga, M. (2018). Get- Zhao, X., Lynch, J. G., Jr., & Chen, Q. (2010). Reconsidering Baron
ting your hopes up but not seeing them through? Experiences and Kenny: Myths and truths about mediation analysis. Journal
as determinants of income expectations and persistence during of Consumer Research, 37(2), 197–206.
the venturing process. Journal of Small Business Management,
59(1), 136–161. Springer Nature or its licensor (e.g. a society or other partner) holds
Vilanova, L., & Vitanova, I. (2020). Unwrapping opportunity confi- exclusive rights to this article under a publishing agreement with the
dence: How do different types of feasibility beliefs affect venture author(s) or other rightsholder(s); author self-archiving of the accepted
emergence? Small Business Economics, 55(1), 215–236. manuscript version of this article is solely governed by the terms of
Wang, S., Hung, K., & Huang, W. J. (2019). Motivations for entrepre- such publishing agreement and applicable law.
neurship in the tourism and hospitality sector: A social cognitive
Reproduced with permission of copyright owner. Further reproduction
prohibited without permission.