ENTREPRENEURIAL VENTURE GROWTH INVOLVES SUSTAINING ENTREPRENEURS’ INCOME, EMPLOYMENT GENERATION, AND VALUE-ADDING PRODUCTS AND SERVICES. It likewise highlights the need to meet production capacity as well as the need to help enterprises produce, innovate, and gain market access.
This is underscored in a study titled, “Determinants of entrepreneurial venture growth in the Philippines using the Global Entrepreneurship Monitor” conducted by Dr. Brian Gozun (+) of De La Salle University and Dr. John Paolo Rivera of the Asian Institute of Management, supported by the DLSU Angelo King Institute for Economic and Business Studies. The study notes three key implications from the interplay of entrepreneur’s demographics, firm attributes, and entrepreneurial strategies (market expansion and external participation) in driving entrepreneurial venture growth. Study seeks to support local MSMEs towards entrepreneurial venture growth.
One of these is for businesses to have international and export orientation. The study suggests that enterprises possessing niche specializations and technologies can be suppliers of raw materials and/ or work-in-progress to larger enterprises who have both economies of scale and scope, and access to global value chains.
Alternatively, enterprises can also develop their own global value chain by outsourcing from foreign suppliers and taking advantage of competitive costs and greater flexibility. Market expansion highlights the need to innovate, find new markets, adopt new technologies, and engage in an appropriate degree of competition.
The study also implies that demographics moderate entrepreneurial strategies and that government plays a critical role in ensuring that regulatory, administrative, and policy environments do not inhibit access to global markets. Government can provide MSMEs technical assistance towards building linkages; programs for training, capacity- building, and mentoring; and financial support for activities such as trade fairs.
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