Driving Small and Medium Enterprise Success: Exploring Entrepreneurial Spirit, Novelty, and Gender Perspectives

Abstract

Entrepreneurial Spirit and novelty are crucial for small and medium enterprises (SMEs) aiming to thrive, especially during economic crises. Gender differences among entrepreneurs may influence these dynamics. The present study investigates potential differences in the five aspects of individual entrepreneurial orientation and their impact on performance amongst 352 SME owners, analyzing male and female entrepreneurs. Using structural equation modeling (SEM) and multi-group analysis, the study finds that while all dimensions of Entrepreneurial Spirit are significant, risk-taking stands out as notably different between genders, with male entrepreneurs generally displaying a greater propensity for risk. Additionally, Entrepreneurial Spirit significantly enhances performance through novelty, with no substantial difference observed between male and female entrepreneurs in this regard. These insights contribute to understanding gender's role in entrepreneurial behavior and the relationship between novelty and SME performance.