Authors: Călin Gurău; Frank Lasch; Léo-Paul Dana
Addresses: Montpellier Business School, 2300 Avenue des Moulins, 34185 Montpellier, France ' Montpellier Business School, 2300 Avenue des Moulins, 34185 Montpellier, France ' Montpellier Business School, 2300 Avenue des Moulins, 34185 Montpellier, France
Abstract: Despite the rich literature addressing entrepreneurial business models and processes, the sources of entrepreneurial value creation are still under debate. Recent studies focus on the value creation processes applied by technology entrepreneurs, social entrepreneurs, and transformational entrepreneurs; however, the business models behind some of these conceptual labels are rather simplistic and confusing. To provide a clear analysis and classification of the sources of entrepreneurial value creation, this study starts with a presentation of the value-related processes, which define modern business models. Using this theoretical approach, the paper develops a criticism of the existing models and then identifies and describes three major sources of entrepreneurial value creation, using the primary data collected from 34 successful start-ups: innovative, relational and circumstantial entrepreneurship; and the root processes which support their exploitation: innovation, marketing, and respectively market research and reactivity.
Keywords: entrepreneurial value creation; business models; root processes; innovative entrepreneurship; relational entrepreneurship; circumstantial entrepreneurship; innovation; marketing; market research; reactivity.
International Journal of Entrepreneurship and Small Business, 2015 Vol.25 No.2, pp.192 - 207
Received: 08 May 2021
Accepted: 12 May 2021
Published online: 07 May 2015 *