Developing Entrepreneurial Resilience in the UK Tourism Sector

• DOI: http://doi.org/10.1002/jsc.2063
• Published date: 01 May 2016
• Author: James M. Crick,Dave Crick
• Date: 01 May 2016

RESEARCH ARTICLE

Strat. Change 25: 315–325 (2016)

Published online in Wiley Online Library

(wileyonlinelibrary.com) DOI: 10.1002/jsc.2063

Copyright © 2016 John Wiley & Sons, Ltd.

Strategic Change: Briengs in Entrepreneurial Finance

Strategic Change

DOI: 10.1002/jsc.2063

Developing Entrepreneurial Resilience in the UK

Tourism Sector1

James M. Crick

Loughborough University, UK

Dave Crick

University of Ottawa, Canada

Resilience toward social as well as business costs is important in decision‐making

for owners of lifestyle‐oriented rms.

e objective of this study is to demonstrate how entrepreneurial learning and

perceptions of risks/rewards can lead to resilience in a small, nancially con-

strained business; it is contextualized via a case study in the UK tourism sector.

One of the co‐owners had exhibited learning in trying to change the business

model in what would become a failed initial business venture with a previous

partner. In a second business venture (featured in this study with a new partner),

the prior entrepreneurial learning enabled risk/reward‐based decision‐making,

leading to a business model that supported a ‘lifestyle’; this balanced potential

social and business considerations. Despite being UK‐based, the study’s small‐rm

context is important due to its prevalence within particular economies, an issue

that has been widely reported for some time (Carson et al., 1995).

Some factors are specic to individual rms and/or entrepreneurs themselves;

consequently, single case studies serve a purpose in drawing out key points as long

as generalizations are not made (Dyer and Wilkins, 1991). Two key issues are

highlighted in this investigation. First, in support of earlier studies, undertaking

planning is recognized to be important as an ongoing process to increase resilience

to operating pressures (Ghobadian et al., 2008; Karlsson and Honig, 2009).

Second, further support is oered toward implementing resilience strategies to

minimize the risk of failure (Keasey and Watson, 1987; Everett and Watson, 1998;

Stokes and Blackburn, 2002; Shepherd et al., 2009).

e contribution of this study is to add an eectuation lens leading to decision‐

making in regard to developing resilience to social as well as business costs following

an entrepreneurial failure.

1 J.E.L classication codes: D22, L21, L25, L26.

Planning is important in lifestyle‐

oriented rms to maintain a work/

life balance.

Owners need to recognize their

limitations as part of learning and

seek advice if necessary.

Owners of lifestyle‐oriented rms

need to be resilient to social as

well as business issues when

operating a ‘lifestyle’ rm.