The cumulative nature of the entrepreneurial process: The contribution of human capital, planning and environment resources to small venture performance

The study is theoretically grounded in the resource-based view and applied to a service industry-tourism. It examined the performance of small ventures by utilizing an integrated dynamic model of entrepreneur choices and resource accumulation. Each phase in the process is added to previous one. Findings from 305 small tourism ventures revealed that the human capital of the entrepreneur, particularly managerial skills, were the greatest contributing factor to performance. This was followed by venture type. The study illustrates the unique nature of the entrepreneurial process among small ventures, often defined as “lifestyle businesses”.