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Risks/rewards and an evolving business model: a case study of a small lifestyle business in the UK tourism sector
journal contribution
posted on 2017-12-07, 10:49 authored by Jim Crick, Shiv Chaudhry, David CrickPurpose: The objective of this case study is to investigate the need for an evolving business model that accounts for social as well as business related risks/rewards considerations; that is, for owner-managers with lifestyle as opposed to growth-oriented
objectives. Method: The methodological approach undertaken involved in-depth interviews with the firm’s owner-managers, supplemental interviews with members of staff, observation, plus examining documents from secondary sources. Data gathering involved a period of 3 years to account for an evolving business model over time. Findings: The findings from an instrumental case study demonstrate the need to adapt a
firm’s business model in the light of changing circumstances. Additionally in the context of owner-managers with lifestyle as opposed to growth-oriented objectives, to account for social in addition to business related considerations in planning activities. Originality/Value: The originality of the study is to incorporate a longitudinal, case study in to the entrepreneurial marketing literature. Specifically, this offers implications for business support organisations that advise prospective owner-managers; that is, in respect of the need for effective planning in formulating an evolving and enduring business model. Implications also highlight in a business sense, that turnaround of a poorly performing firm may be possible, for example, to overcome initial inadequate marketing planning. However, for owner-managers with lifestyle as opposed to growth-oriented objectives, a combination of both business and social factors need consideration to maintain a work/life
balance. A venture that relies on personal as well as business relationships may not be viable if the partners cannot work together no matter if the venture is performing well.
History
School
- Business and Economics
Department
- Business
Published in
Qualitative Market Research: An International JournalCitation
CRICK, J.M., CHAUDHRY, S. and CRICK, D., 2017. Risks/rewards and an evolving business model: a case study of a small lifestyle business in the UK tourism sector. Qualitative Market Research, 21(2), pp.143-165.Publisher
EmeraldVersion
- AM (Accepted Manuscript)
Publisher statement
This work is made available according to the conditions of the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0) licence. Full details of this licence are available at: https://creativecommons.org/licenses/by-nc-nd/4.0/Acceptance date
2017-09-05Publication date
2017Notes
This paper was accepted for publication in the journal Qualitative Market Research and the definitive published version is available at https://doi.org/10.1108/QMR-01-2017-0001ISSN
1352-2752Publisher version
Language
- en