Evaluating Entrepreneurship through a Resource-Based Multi-Criteria Decision-Making Model

Year 2024, Issue: 97, 21 - 29, 26.12.2024

Nilay Utlu , Damla Ayduğ

https://doi.org/10.26650/imj.2024.97.1397675

Abstract

Nowadays, it has become increasingly important for businesses that want to have a sustainable competitive advantage to engage in entrepreneurial activities by using business resources because of changing environmental conditions and increasing competition intensity. This research develops a decision-making model by analyzing the factors influencing entrepreneurial success through a resource-based approach. The resource-based approach to entrepreneurship of Alvarez and Busenitz (2001) is based on financial, social, and human capital factors. According to this approach, financial capital includes initial investments and access to financial resources; social capital includes networks, trust, and shared vision; and human capital includes education and experience. The SWARA method, a multi-criteria decision-making method, was used. Financial, social, and human capital criteria, which are effective for entrepreneurial success, were prioritized because of the answers given by experts using the SWARA method. As a result of the research, it was found that the most important criteria affecting entrepreneurial success with a resource-based approach is experience, followed by shared vision, networks, access to finance, education, initial investment, and trust.

JEL Classification : M13 , M21

Keywords

Entrepreneurship, Multi-Criteria Decision Making, SWARA Method, Resource-Based Approach

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