Portfolio Entrepreneurship in Slovakia - Empirical analysis of small and medium sized enterprises

Table of Contents

1 Introduction and objectives

1.1 Portfolio entrepreneurship in Slovakia

1.2 Research objectives, delimitation and research questions

1.2.1 Objectives

1.2.2 Delimitation

1.2.3 Research questions

1.3 Structure of the diploma thesis

2 Definition of portfolio entrepreneurship

2.1 Entrepreneurship definition review

2.1.1 Novice entrepreneur

2.1.2 Serial entrepreneur

2.1.3 Portfolio entrepreneur

2.2 SME´s in the context of portfolio entrepreneurship

2.2.1 Quantitative SME approach

2.2.2 Qualitative SME approach

2.3 Slovakia and CEE region

2.4 Entrepreneurial structure

2.4.1 Joint stock Company

2.4.2 Limited liability Company

2.4.3 Sole Trader

2.5 Trait & behavioural approach

2.5.1 Trait approach

2.5.2 Behavioural approach

3 Theoretical Part

3.1 General motivations to become self-employed

3.1.1 Pull Influences

3.1.2 Push influences

3.1.3 Entrepreneurial Traits

3.1.3.1 Need for achievement

3.1.3.2 Need for autonomy

3.1.3.3 Locus of control

3.1.3.4 Risk-taking propensity

3.1.3.5 Entrepreneurial self efficacy

3.2 Motivations to become a portfolio entrepreneur

3.2.1 Background and motivations

3.2.2 Entrepreneurial search process

3.2.3 Financing business process

3.2.4 Organizational capabilities

3.2.5 Entrepreneur and business performance

3.3 SME´s clustering in peripheral locations

3.3.1 Stable, independent survivors with no growth aspirations, operating local markets

3.3.1.1 Characteristics of entrepreneurs

3.3.1.2 SME´s life cycle

3.3.1.3 Strategic choices

3.3.1.4 Success and survival factors

3.3.1.5 Recapitulation of the most important facts

3.3.2 Innovator with continuous growth, operating in growing markets

3.3.2.1 Characteristics of entrepreneurs

3.3.2.2 SME´s life cycle

3.3.2.3 Strategic choices

3.3.2.4 Success and survival factors

3.3.2.5 Recapitulation of the most important facts

3.3.3 Efficiency-oriented networker with leap-wise growth

3.3.3.1 Characteristics of entrepreneurs

3.3.3.2 SME´s life cycle

3.3.3.3 Strategic choices

3.3.3.4 Success and survival factors

3.3.3.5 Recapitulation of the most important facts

3.3.4 Comparison of survival factors of the three clusters

3.4 SME´s management in context of portfolio entrepreneurship

3.4.1 Management and entrepreneurial teams

3.4.2 Management team

3.4.2.1 Advantages of a management team

3.4.2.2 Disadvantages of a management team

3.4.3 Entrepreneurial team

3.4.4 Strategies to setup a management respectively entrepreneurial team

3.4.4.1 Management Buy-Out (MBO)

3.4.4.2 Management Buy In (MBI)

3.4.4.3 Buy-In Management Buy-Out (BIMBO)

4 Empirical Part

4.1 Research methodology

4.1.1 Quantitative vs. Qualitative approach

4.2 Qualitative research design

4.2.1 In-depth Interview

4.2.1.1 Cost and Time

4.2.1.2 Background research

4.2.1.3 Limited access to the interviewee

4.2.2 Conducting the in-depth interview

4.2.2.1 Location

4.2.2.2 Interview schedule

4.2.2.3 Analysis

4.3 Conducting research

4.3.1 Search for portfolio entrepreneurs

4.3.2 Taking initial contact

4.4 Results presentation

4.4.1 Interview structuring

4.4.2 General information’s about portfolio entrepreneurs

4.4.3 Push/Pull factors

4.4.4 Traits approach

4.4.5 Motivation to become Portfolio Entrepreneur

4.4.5.1 Background & motivations

4.4.5.2 Entrepreneurial search process

4.4.5.3 Financing business process

4.4.5.4 Organizational capabilities

4.4.5.5 Entrepreneur and business performance

4.4.6 SME´s clustering in peripheral locations

4.4.6.1 Stable, independent survivor with no growth aspirations, operating local markets

4.4.6.2 Innovator with continuous growth, operating in growing markets

4.4.6.3 Efficiency-oriented networker with leap-wise growth

4.4.7 SME´s management in context of portfolio entrepreneurship

5 Conclusion

5.1 Relevancy for entrepreneurship

5.2 Limitations

5.3 Future research

6 List of references

Objectives and Topics

This thesis investigates the phenomenon of portfolio entrepreneurship in the Slovak Republic, specifically focusing on the personal traits, motivations, and business strategies of individuals who own and manage multiple businesses simultaneously.

• Analysis of personality traits (Big Five) and their impact on portfolio entrepreneurship.
• Investigation of push and pull factors influencing the decision to become a portfolio entrepreneur.
• Exploration of management strategies, including the use of management teams versus entrepreneurial teams.
• Evaluation of SME clustering and survival strategies in peripheral locations within the Slovak business landscape.

Excerpt from the Book

Summary of Chapters

1 Introduction and objectives: Defines the research problem regarding portfolio entrepreneurship in Slovakia and outlines the thesis goals and structure.

2 Definition of portfolio entrepreneurship: Provides a comprehensive literature review to distinguish between novice, serial, and portfolio entrepreneurs while establishing key vocabulary.

3 Theoretical Part: Examines motivations (push/pull factors) and personal traits relevant to entrepreneurship, and categorizes SME strategies in peripheral locations.

4 Empirical Part: Details the qualitative research methodology, including the in-depth interview approach, and presents the findings from the study of ten portfolio entrepreneurs.

5 Conclusion: Synthesizes the research findings, addresses the study's limitations, and suggests directions for future academic research in this field.

6 List of references: Compiles the comprehensive body of academic literature and web sources used throughout the thesis.

Keywords

Portfolio entrepreneurship, Slovakia, SMEs, Entrepreneurial traits, Push factors, Pull factors, Management teams, Entrepreneurial teams, Innovation, SME clustering, Business strategy, Growth orientation, Qualitative research, In-depth interviews.

Frequently Asked Questions

What is the primary focus of this research?

The thesis focuses on portfolio entrepreneurship in the Slovak Republic, examining individuals who simultaneously own or manage two or more independent business ventures.

What defines a portfolio entrepreneur according to this study?

A portfolio entrepreneur is defined as an individual who currently holds minority or majority ownership stakes in two or more independent businesses that have been founded, purchased, or inherited.

What is the main goal of the research?

The primary goal is to study the personality characteristics, motivations, triggers, and capabilities of Slovak portfolio entrepreneurs to provide a conceptual basis for further academic and practical development.

Which research methodology is employed?

The study uses a qualitative research design, specifically conducting in-depth interviews with ten successful portfolio entrepreneurs in the Trenčín region to gather empirical data.

How are push and pull factors relevant to this research?

These factors are analyzed to determine the motivations behind starting multiple businesses; push factors usually involve external pressures or dissatisfaction, whereas pull factors represent internal drivers like the desire for independence or opportunity exploitation.

What role do management teams play for portfolio entrepreneurs?

Management teams are investigated as a potential solution to the "time deficit" problem, allowing portfolio entrepreneurs to delegate operational tasks and effectively manage multiple ventures.

How does the business landscape in Slovakia influence the findings?

The transition from a centralized economy to a market economy in Slovakia creates a unique environment where portfolio entrepreneurship is essential but currently lacks extensive domestic academic research.

What are the key limitations discussed by the author?

Key limitations include the small, region-specific sample size of ten participants and the subjective nature of qualitative interview analysis.