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The Sustainable Success and Growth of Social Ventures: Their Internal and External Factors

Author

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  • Jisong Kim

    (Department of Economics, College of Economics & Business Administration, The University of Suwon, Hwaseong 18323, Korea)

  • Jinhee Lee

    (Department of Tourism, Hanyang University, Seoul 04763, Korea)

  • Timothy J. Lee

    (Faculty of Hospitality and Tourism Management, Macau University of Science and Technology (MUST), Macao 999078, China
    Griffith Institute for Tourism (GIFT), Griffith Business School, Griffith University, Nathan, QLD 4111, Australia)

Abstract

The social venture ecosystem is important for the growth and sustainability of social ventures. This study aims to expand our understanding of the sustainable success and growth of social ventures by analyzing both their internal and external factors using interviews with social venture entrepreneurs and stakeholders in the ecosystem. A qualitative research method is employed to examine the interviewees’ perspectives, and the data were analyzed using the framework of grounded theory. The three-step grounded theory process was performed via open coding, axial coding, and selective coding. The study findings are drawn by organizing the outline according to this coding method. Entrepreneurs’ awareness and willingness to solve social problems led to a sense of challenge, and the formation and maintenance of business models in the preparation stage positively affected the performance of social ventures through internal corporate resources and external cooperation. The study is of academic significance in that it presents a diversified dynamic concept of sustainability of social ventures compared to previous studies, which have been only fragmented studies. It also presents a number of managerial implications for sustainable development and the constant growth of social ventures.

Suggested Citation

  • Jisong Kim & Jinhee Lee & Timothy J. Lee, 2021. "The Sustainable Success and Growth of Social Ventures: Their Internal and External Factors," Sustainability, MDPI, vol. 13(9), pages 1-19, April.
    • Handle: RePEc:gam:jsusta:v:13:y:2021:i:9:p:5005-:d:546270
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    References listed on IDEAS

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    2. Nguyen, Minh-Hoang, 2023. "Investigating urban residents' involvement in biodiversity conservation in protected areas: Empirical evidence from Vietnam," Thesis Commons z2hjv, Center for Open Science.
    3. Sanjay Chaudhary & Puneet Kaur & Hind Alofaysan & Jantje Halberstadt & Amandeep Dhir, 2023. "Connecting the dots? Entrepreneurial ecosystems and sustainable entrepreneurship as pathways to sustainability," Business Strategy and the Environment, Wiley Blackwell, vol. 32(8), pages 5935-5951, December.

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