Risks/rewards and an evolving business model: a case study of a small lifestyle business in the UK tourism sector

Purpose: 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.