International Journal of Economics and Management Research
Vol. 2 No. 3 (2023): December : International Journal of Economics and Management Research

Necessity Entrepreneurs: Drivers and Characteristics

Chan Weng Kwai (Quest International University)



Article Info

Publish Date
30 Dec 2023

Abstract

On 11th March, 2020, World Health Organisation (WHO) declared COVID-19, a pandemic. Malaysia Government implemented ‘Movement Control Order’ or full lockdown on 18th March, 2020 causing unemployment to reach to 4.55% in 2020 and reached 5.3% in May 2020 - indicating the highest rate, for the past 20 years as reported by Department of Statistics Malaysia (DOSM). On the 1st April 2022, Malaysia transitioned to an endemic phase, leading to a gradual increase of its economic activities, especially opening up of more food and beverage services (F&B) businesses. This study examined the factors which are drivers and characteristics, which lead to necessity entrepreneurs (NE) preferably choose F&B services businesses. The two research questions are ‘What are the drivers of NE who are involved in the F&B services businesses?’ and ‘What are the entrepreneurial characteristics of NE who are involved in the F&B services businesses?’ Literature reviews were carried out on entrepreneurship, NE (Serviere’s Venture Creation Model for NE, 2010) and entrepreneurial characteristics (Ernst & Young’s Entrepreneur Model, 2011). The research design is an exploratory case study qualitative research with an in-depth semi-structured interview session, comprising of a pilot study, and a main study of 21 F&B services in Ipoh city. Thematic analysis was carried out with the ‘ATLAS.ti 23’ software. Findings suggested four novel drivers of NE, viz. family cohesion; inherited culinary skills; pursuit of culinary ambition; and unmotivated in job. Furthermore, eight novel characteristics of NE comprising perseverance; patience; money management; wellness; kinship; creativity; communication network; and self-discipline.

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Journal Info

Abbrev

ijemr

Publisher

Subject

Economics, Econometrics & Finance

Description

Financial Accounting Public Sector Accounting Management Accounting Sharia Accounting and Financial Management Auditing Corporate Governance Behavioral Accounting (Including Ethics and Professionalism) Accounting (Ethics) Education Taxation Capital Markets and Investments Accounting for Banking and ...