Browse > Article
http://dx.doi.org/10.15722/jds.19.8.202108.101

Distribution Strategy & Competitiveness on Marketing Performance of Sm all Industries in Bali  

SUASANA, Igakg (Faculty of Economics and Business, Udayana University)
SUPARTHA, Iwg (Faculty of Economics and Business, Udayana University)
GIANTARI, Igak (Faculty of Economics and Business, Udayana University)
SUKAATMADJA, Ipg (Faculty of Economics and Business, Udayana University)
Publication Information
Journal of Distribution Science / v.19, no.8, 2021 , pp. 101-112 More about this Journal
Abstract
Purpose: This study aims to explain the effect distribution strategy and competitiveness of entrepreneurial personality on marketing capabilities and performance, the effect of marketing capabilities on marketing performance, the role of marketing capabilities as a mediating variable on the effect of entrepreneurial personality on marketing performance, and the role of credit access moderating effect of entrepreneurial personality on marketing capabilities and performance. Research design, data, and methodology: This research was conducted in Bali, on a small clothing industry. The sample size was set at 150 respondents, using a cluster random sampling approach. Data were analyzed using descriptive analysis techniques and partial least square. Result: The findings show that; entrepreneurial personality and marketing capabilities have a significant effect on marketing performance, entrepreneurial personality has a significant effect on marketing capabilities. Another result shows that marketing capability mediates the effect of entrepreneurial personality on marketing performance, access to credit acts as a moderating predictor, and as quasi moderating the effect of entrepreneurial personality on marketing performance. Conclusions: Entrepreneurs should try to increase their knowledge and skills in marketing formally or informally. Competence in terms of individual knowledge and skills can indicate social capital investment, which indirectly contributes to one's mindset and insight.
Keywords
Distribution Strategy and Competitiveness; Access to Credit; Marketing Capability; Entrepreneurial Personality; Marketing Performance;
Citations & Related Records
연도 인용수 순위
  • Reference
1 Salisu, B., Abu-Bakr, L. J., & Rani, S. H. A. (2017). The Influence of Marketing Capability on Firm Performance: An Empirical Evidence from Nigeria. European Journal of Business and Management, 9(32), 147-154. https://www.iiste.org/Journals/index.php/EJBM/article/view/39619
2 Santos-Vijande, L., Sanzo-Perez, M. J., Gutierrez, J. A. T., & Rodriguez, N. G. (2012). Marketing Capabilities Development in Small and Medium Enterprises: Implications for Performance. Journal of CENTRUM Cathedra: The Business and Economics Research Journal, 5(1), 24-42. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2018367   DOI
3 Morgan, N. A. (2011). Marketing and business performance. Journal of the Academy of Marketing Science, 40(1), 102-119. https://link.springer.com/article/10.1007/s11747-011-0279-9   DOI
4 Nguyen, N., & Luu, N. T. H. (2013). Determinants of Financing Pattern and Access to Formal-Informal Credit: The Case of Small and Medium Sized Enterprises in Viet Nam. Journal of Management Research, 5(2), 240- 259 https://doi.org/10.5296/jmr.v5i2.3266   DOI
5 Morgan, N. A., Feng, H., & Whitler, K. A. (2018). Marketing Capabilities in International Marketing. Journal of Marketing, 26(1), 61-95. https://doi.org/10.1509/jim.17.0056   DOI
6 Myeko, Z., & Madikane, V. (2019). Challenges of Record Keeping for Engcobo Small, Micro and Medium Businesses, South Africa. Global Journal of Management and Business Research, 19(3), 1-11. https://journalofbusiness.org/index.php/GJMBR/article/view/2806
7 Ngan, N.T., & Khoi, B.H. (2020). Behavioral Intention to Accept and Use Banking Service. The Journal of Asian Finance, Economics and Business, 7(11), 393-400. https://doi.org/10.13106/jafeb.2020.vol7.no11.393   DOI
8 Nguyen, N., Gan, C., & Hu, B. (2015). An empirical analysis of credit accessibilty of small and medium sized enterprises in Vietnam. Banks and Bank Systems, 10(1), 34-46. https://mpra.ub.uni-muenchen.de/81911/1/MPRA_paper_81911.pdf
9 Osano, H. M., & Languitone, H. (2015). Factors influencing access to finance by SMEs in Mozambique: case of SMEs in Maputo central business district. Journal of Innovation and Entrepreneurship, 5(1), 1-16. https://innovation-entrepreneurship.springeropen.com/articles/10.1186/s13731-016-0041-0   DOI
10 Modigliani, F., & Miller, M. H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. The American Economic Review, 48(3), 261-297. https://www.jstor.org/stable/1809766
11 Bamps, P., & Schmiemann, M. (2012). Access to Finance by Small Firms in the EU: A Comparison of Situations in 2007 with 2010. In EUROSTAT: Statistical books (pp. 120-137). Luxembourg: Publications Office of the European Union.
12 Soto, C. J. (2018). Big Five personality traits. In M. H. Bornstein, M. E. Arterberry, K. L. Fingerman, & J.E. Lansford (Eds.), The SAGE encyclopedia of lifespan human development (pp. 240-241).
13 Ahmed, A.M., Ibrahim, S.B., & Hasaballah, A.H.A. (2017). Market sensing, innovation capability and market performance: The moderating role of internal information dissemination. International Journal of Advanced and Applied Sciences, 4(8), 56-67. https://doi.org/10.21833/ijaas.2017.08.009   DOI
14 Setyawati, H. A., Suroso, A., & Adi, P. H. (2020). Examining the impact of entrepreneurial orientation on marketing performance: the mediating role of entrepreneurial networking and innovation capability. International Journal of Scientific and Technology Research, 9(2), 1895-1904. http://www.ijstr.org/paper-references.php?ref=IJSTR-0120-29480
15 Soejono, F., Mendari, A. S., & Rinamurti, M. (2015). Competency, Entrepreneur Characteristic and Business Performance: Study of the Pempek Business in Palembang. Journal of Indonesian Economy and Business, 30(1), 30-41. https://doi.org/10.22146/jieb.7332   DOI
16 Stefani, M. L., & Vacca, V. (2017) Credit Access for Small Firms in the Euro Area: Does Gender Matter?. In: Rossi S. (Eds) Access to Bank Credit and SME Financing. Palgrave Macmillan Studies in Banking and Financial Institutions (pp.88-119), Cham, Switzerland: Palgrave Macmillan.
17 Tan, Q., & Sousa, C. M. P. (2015). Leveraging marketing capabilities into competitive advantage and export performance. International Marketing Review, 32(1), 78-102. https://doi.org/10.1108/IMR-12-2013-0279   DOI
18 Al-Mamun, A., & Fazal, S.A. (2018). Effect of entrepreneurial orientation on competency and micro-enterprise performance. Asia Pacific Journal of Innovation and Entrepreneurship, 12 (3), 379-398. https://doi.org/10.1108/apjie-05-2018-0033   DOI
19 Anim, P.A., Agbemabiese, G.C., Acheampong, G., Adams, M., & Boakye, E. (2018). Market Orientation Innovation and Business Performance Insight from Womenpreneurs in The Fashion_Industry in Ghana. Journal of Creativity and Business Innovation, 4, 5-27. http://www.journalcbi.com/market-orientation-innovationand-business-performance-of-womenpreneurs-in-theghanaian-fashion-industry.html
20 Bamfo, B. A., & Kraa, J.J. (2019). Market orientation and performance of small and medium enterprises in Ghana: The mediating role of innovation. Cogent Business & Management, 6(1), 1-16. https://doi.org/10.1080/23311975.2019.1605703   DOI
21 Chell, E. (2008). The Entrepreneurial Personality: A Social Construction. New York: Psychology Press.
22 Adeola, S., Olufemi, O., Jubril, L., & Peter, S. (2015). The Impact of Marketing Capability and Diversification Strategy on Performance. Journal of Marketing and Consumer Research, 13, 50-59. https://iiste.org/Journals/index.php/JMCR/article/view/24490
23 Saleh-M, A. A. (2015). The role of marketing capabilities in firms success. International Journal of Management Science and Business Administration, 2(1), 56-65. http://doi.org/10.18775/ijmsba.1849-5664-5419.2014.21.1006   DOI
24 Pratono, A. H., & Mahmood, R. (2015). Mediating effect of marketing capability and reward philosophy in the relationship between entrepreneurial orientation and firm performance. Journal of Global Entrepreneurship Research, 5(1), 1-12. https://journaljger.springeropen.com/articles/10.1186/s40497-015-0023-x
25 Qureshi, M. S., Aziz, N., & Mian, S. A. (2017). How marketing capabilities shape entrepreneurial firm's performance? Evidence from new technology based firms in turkey. Journal of Global Entrepreneurship Research, 7(1), 1-15. https://journaljger.springeropen.com/articles/10.1186/s40497-017-0071-5   DOI
26 Ratnawati, K. (2020. The Influence of Financial Inclusion on MSMEs' Performance Through Financial Intermediation and Access to Capital. Journal of Asian Finance, Economics and Business, 7(11), 205-218. https://doi.org/10.13106/jafeb.2020.vol7.no11.205   DOI
27 Palacios, H. A. C., Carrillo, E. P. M., & Guzman, G. M. (2016). The Effects of the Capital Structure in Performance : Empirical Study on Manufacturing Smes of Mexico. Journal of Business & Economic Policy, 3(1), 22-31. http://jbepnet.com/journal/index/2223
28 Ramadhanti, W., Kurniawan, K., Mukhrodin, M., & Setiyawati, S. M. (2019). Antecedent and Consequence for Accounting Information Quality on Indonesian SMEs. SAR (Soedirman Accounting Review): Journal of Accounting and Business, 4(2), 142-150. https://doi.org/10.20884/1.sar.2019.4.2.2465   DOI
29 Kerr, S.P., Kerr, W.R., & Xu, T. (2017). Personality Traits of Entrepreneurs: A Review of Recent Literature. Working Paper 18-047, Harvard Business School, pp.1-50
30 Rotich, I., Lagat, C., & Kogei, J. (2015). Effects of microfinance services on the performance of small and medium enterprises in Kenya. African Journal of Business and Management, 9(5), 206-211. https://doi.org/10.5897/AJBM2014.7519   DOI
31 Sarwoko, E. S. (2013). Entrepreneurial Characteristics and Competency as Determinants of Business Performance in SMEs. IOSR Journal of Business and Management, 7(3), 31-38. http://www.iosrjournals.org/iosr-jbm/papers/Vol7-issue3/E0733138.pdf   DOI
32 Vicente, M., Seabra, C., & Antunes, M. J. (2015). Export Market Effectiveness: The Role of Export Commitment, Innovativeness and Marketing Capabilities. 2nd International Symposium on Partial Least Squares Path Modeling (pp. 1-12). Seville, Spain, 16-19 June 2015. Netherlands: University of Twente.
33 Miller, R. (2015). Marketing Principles: A Guide to Understanding the Basics of Marketing and Marketing Planning for Growth. Management. Makati City: World Scout Bureau Inc
34 Voda, A. I., & Florea, N. (2019). Impact of personality traits and entrepreneurship education on entrepreneurial intentions of business and engineering students. Sustainability (Switzerland), 11(4), 1-24. https://doi.org/10.3390/su11041192   DOI
35 Vorhies, D. W., & Morgan, N. A. (2005). Benchmarking Marketing Capabilities for Sustainable Competitive Advantage. Journal of Marketing, 69(1), 80-94. https://doi.org/10.1509%2Fjmkg.69.1.80.55505   DOI
36 Wekesa, L., Maalu, J.K., Gathungu, J., & Wainaina, G. (2016). Effect of Entrepreneur Characteristics on Performance of Nontimber Forest Products Small and Medium Enterprises in Kenya. DBA Africa Management Review, 6(3), 16-26. http://journals.uonbi.ac.ke/damr/article/view/1499
37 Yang, Y., & Ju, X. F. (2017). Entrepreneurial Orientation and Firm Performance: Is Product Quality a Missing Link? Entrepreneurship Research Journal, 8(1), 1-13. https://ideas.repec.org/a/bpj/erjour/v8y2018i1p13n4.html
38 Ye, J., & Kulathunga, KMMCB. (2019). How Does Financial Literacy Promote Sustainability in SMEs? A Developing Country Perspective. Sustainability, 11(10), 1-21 https://doi.org/10.3390/su11102990   DOI
39 Kamasak, F. (2017). The contribution of tangible andintangible resources, and capabilities to a firm's profitability and market performance. European Journal of Management and Business Economics, 26(2), 252-275. https://doi.org/10.1108/EJMBE-07-2017-015   DOI
40 Yoon, J., Kim, K. K., & Dedahanov, A. T. (2018). The role of international entrepreneurial orientation in successful internationalization from the network capability perspective. Sustainability (Switzerland), 10(6), 1-14. https://doi.org/10.3390/su10061709   DOI
41 Morgan, N. A., Vorhies, D. W., & Mason, C. H. (2009). Market orientation, marketing capabilities, and firm performance. Strategic Management Journal, 30(8), 909-920. https://doi.org/10.1002/smj.764   DOI
42 Liu, G., Eng, T. Y., & Takeda, S. (2015). An Investigation of Marketing Capabilities and Social Enterprise Performance in the UK and Japan. Entrepreneurship: Theory and Practice, 39(2), 267-298. https://doi.org/10.1111/etap.12041   DOI
43 Behling, G., & Lenzi, F. C. (2019). Entrepreneurial competencies and strategic behavior: A study of micro entrepreneurs in an emerging country. Brazilian Business Review, 16(3), 255-272. https://doi.org/10.15728/bbr.2019.16.3.4   DOI
44 Lee, J.-S., & Hsieh, C.-J. (2010). A Research In Relating Entrepreneurship, Marketing Capability, Innovative Capability And Sustained Competitive Advantage. Journal of Business & Economics Research (JBER), 8(9), 109-119. https://doi.org/10.19030/jber.v8i9.763   DOI
45 Lusimbo, E. N., & Muturi, W. (2016). Financial Literacy and the Growth of Small Enterprises in Kenya: a Case of Kakamega Central Sub-County, Kenya. International Journal of Economics, Commerce and Management, IV(6), 828-845. http://www.ijecm.co.uk/wpcontent/uploads/2016/06/4649.pdf
46 Miller, D. (1983). The Correlates of Entrepreneurship in Three Types of Firms. Management Science, 29(7), 770-791. https://doi.org/10.1287/mnsc.29.7.770   DOI
47 Ngo, V. T., Tram, T. X. H., & Vu, B. T. (2020). The Impact of Debt on Corporate Profitability: Evidence from Vietnam. Journal of Asian Finance, Economics and Business, 7(11), 835-842. https://doi.org/10.13106/jafeb.2020.vol7.no11.835   DOI
48 Oktavianti, V., & Hakim, M. S. (2017). Pengaruh Literasi Keuangan dan Persyaratan Kredit terhadap Akses Kredit Formal pada UMKM di Surabaya. Jurnal Sains Dan Seni ITS, 6(1), D12-D16. https://doi.org/10.12962/j23373520.v6i1.21320   DOI
49 Sajilan, S., Hadi, N., & Tehseen, S. (2015). Impact of Entrepreneur's Demographic Characteristics and Personal Characteristics on Firm's Performance Under the Mediating Role of Entrepreneur Orientation. Review of Integrative Business and Economics Research, 4(2), 36-52. https://sibresearch.org/uploads/3/4/0/9/34097180/riber_k15-004_36-52.pdf
50 Haniff, S. M., Halim, M. S. A., & Manaf, A. H. A. (2016). Moderating effects of entrepreneurial behavior on the relationship between marketing capabilities and marketing performance of food and beverage industry SMEs in Malaysia. International Business Management, 10(12), 2474-2482. https://medwelljournals.com/abstract/?doi=ibm.2016.2474.2482
51 Quartey, P., Turkson, E., Abor, J. Y., & Iddrisu, A. M. (2017). Financing the growth of SMEs in Africa: What are the contraints to SME financing within ECOWAS? Review of Development Finance, 7(1), 18-28. https://doi.org/10.1016/j.rdf.2017.03.001   DOI
52 Paramita, R.A.S., & Indarwati, T. A. (2020). Access to Formal Credit of Indonesian SME: Study of SMEs in Sidoarjo. Tirtayasa Ekonomika, 15(1), 106-118. https://jurnal.untirta.ac.id/index.php/JTE/article/view/7827   DOI
53 Kimmitt, J., Scarlata, M., & Dimov, D. (2016). An Empirical Investigation of the Inteplay between Microcredit, Institutional Context, and Entrepreneurial Capabilities. Venture Capital, 18 (3), 257-276. https://doi.org/10.1080/13691066.2016.1191127   DOI
54 Kantor Menteri Perindustrian (Kamenperin) RI. (2016). Peraturan Menteri Perindustrian Republik Indonesia. Nomor: 64/MIND/PER/7/2016, Tantang Besaran Jumlah Tenaga Kerja dan Investasi untuk Klasifikasi Usaha Industri, Jakarta.
55 Creswell, J.W. (2010). Research design: pendekatan kualitatif, kuantitatif, dan mixed. Yogjakarta: PT Pustaka Pelajar
56 Daniel, C. O. (2018). Effects Of Marketing Strategis On Organizational Performance. International Journal of Business Marketing and Management, 3(9), 1-9. http://www.ijbmm.com/vol3-issue9.html
57 Porter, M. E. (1998). Competitive Advantage: creating and sustaining superior performance: with a new introduction. New York: The Free Press.
58 Preacher, K.J., Rucker, D.D., & Hayes, A.F. (2007). Addressing Moderated Mediation Hypotheses: Theory, Methods, and Prescriptions. Multivariate Behavioral Research, 42(1), 185-227. https://doi.org/10.1080/00273170701341316   DOI
59 Rajapathirana, R. P. J., & Hui, Y. (2018). Relationship between innovation capability, innovation type, and firm performance. Journal of Innovation and Knowledge, 3(1), 44-55. https://doi.org/10.1016/j.jik.2017.06.002   DOI
60 Rezaei, J., & Ortt, R. (2018). Entrepreneurial orientation and firm performance: the mediating role of functional performances. Management Research Review, 41(7), 878-900. https://doi.org/10.1108/MRR-03-2017-0092   DOI
61 Kotler, P., Armstrong, G., & Opresnik, M.O. (2018). Prindiple of Markering. 17th Ed. Harlow: Pearson.
62 Khan, S. J. M., & Anuar, A. R. (2017). Access to Finance: Exploring Barriers to Entrepreneurship Development in SMEs. In Zakaria, N., & Kaushal, L. A. (eds), Global Entrepreneurship and New Venture Creation in the Sharing Economy, IGI Global, United States of America, pp. 92-111.
63 Kibet, Denis, K., Achesa, K., & Gedion, O. (2015). Effects of Microfinance Credit on the Performance of Small and Medium Enteprises in Uasin Gishu County, Kenya. International Journal of Small Business and Entrepreneurship Research, 3(7), 57-78. https://www.eajournals.org/wp-content/uploads/Effects-ofMicrofinance-Credit-On-the-Performance-of-Small-andMedium-Enteprises-in-Uasin-Gishu-County-Kenya.pdf
64 Kotler, P., & K.L. Keller. (2016). Marketing Management. 15th Edion. New Jersey: Pearson Education Limited.
65 Liani, H. H. A., & Prawihatmi, C. Y. (2017). Dampak Pinjaman dan Bantuan Modal Kerja terhadap Kinerja Usaha: Studi Kasus UMKM Binaan KADIN Jawa Tengah. Jurnal Riset Ekonomi Dan Bisnis, 10(3), 189-201. https://journals.usm.ac.id/index.php/jreb/article/view/789   DOI
66 Mahmood, R., & Rosli, M. M. (2013). Microcredit position in micro and small enterprise performance: the Malaysian case. Management Research Review, 36(5), 436-453. https://doi.org/10.1108/01409171311327226   DOI
67 Chenaa, T., Maria, A., & Nkiemboupoh, M. (2018). Determinants of Access to Credit and Performance of Smallholder Farmers in Kumba Municipality, South West Region of Cameroon. Asian Journal of Agricultural Extension, Economics & Sociology, 25(1), 1-12. https://doi.org/10.9734/ajaees/2018/40448   DOI
68 Rizal, A., Suryana, A. A. H., Herawati, H., Dewanti, L. P., & Apriliani, I. M. (2017). Regional Perspective to Build Competitiveness for Indonesian Fishery Sector in The Global and Autonomy Regime. International Journal of Agriculture and Environmental Research, 3(6), 4367-4388. https://ijaer.in/more2.php?id=308
69 Sa'id, K.S., Talib, A. B. A., & Hassan, R. (2019). The Role of Access to Capital and The Component of Strategic Orientations on Smes Performance: A Conceptual Framework. International Journal of Business, Economics and Law, 19, (5), 311-321. https://www.ijbel.com/previous-issues/august2019/vol-19-august-2019-issue-5/
70 Pascal, V. J., & Shin, S. (2015). The role of marketing capabilities and entrepreneurial orientation on SME performance. Journal of International Marketing Strategy, 3(1), 37-54. http://mtmi.us/jims/img/pascal.pdf
71 Grant, R.M. (1991). The resource-based theory of competitive advantage: implications for strategy formulation. California Management Review, 33 (3), 114-135. https://doi.org/10.2307/41166664   DOI
72 Turyakira, P., Kasimu, S., Turyatunga, P., & Kimuli, S. N. (2019). The joint effect of firm capability and access to finance on firm performance among small businesses: A developing country perspective. African Journal of Business Management, 13(6), 198-206. https://doi.org/10.5897/AJBM2019.8758   DOI
73 Miller, C. C., & Cardinal, L. B. (1994). Strategic Planning and Firm Performance: A Synthesis of More Than Two Decades of Research. Academy of Management Journal, 37(6), 1649-1665. https://doi.org/10.5465/256804   DOI
74 Harvie, C., Narjoko, D, & Oum, S. (2013). Small and Medium Enterprises' Access to Finance: Evidence from Selected Asian Economies. ERIA Discussion Paper Series. https://www.eria.org/publications/small-and-mediumenterprises-access-to-finance-evidence-from-selected-asiaeconomies/
75 Alhassan, E. A., Hoedoafia, M. A., & Alhassan, E. A. (2016). Entrepreneurial Characteristics and Business Profile of Women Owned Small and Medium Enterprises (SMEs): A Case Study of the Tamale Metropolitan Area. Business Management and Strategy, 7(1), 159-173. https://doi.org/10.5296/bms.v7i1.8934   DOI
76 Awaworyi, S.K. (2014). The Impact of Microfinance Interventions a Meta-Analysis. Discussion Paper 03/14, Monash University, Business and Economics, pp. 1-36
77 Baron, R. M., & Kenny, D. A. (1986). The Moderator-Mediator Variable Distinction in Social Psychological Research: Conceptual, Strategic, and Statistical Considerations. Journal of Pe~nality and Social Psychology, 51(6), 1173-1182. https://doi.org/10.1037/0022-3514.51.6.1173   DOI
78 Day, G. S. (1994). The Capabilities of Market-Driven Organizations. Journal of Marketing, 58(4), 37-52 https://doi.org/10.1177/002224299405800404   DOI
79 Do, B. & Nguyen, N. (2020). The Links between Proactive Environmental Strategy, Competitive Advantages and Firm Performance: An Empirical Study in Vietnam. Sustainability, 12(12), 1-22. https://doi.org/10.3390/su12124962   DOI
80 Esubalew, A.A., & Raghurama, A. (2020). The mediating effect of entrepreneurs competency on the relationship between Bank finance and performance of micro, small, and me dium enterprises (MSMEs). European Research on Management and Business Economics, 26(2), 87-95 https://doi.org/10.1016/j.iedeen.2020.03.001   DOI
81 Handoyo, Ag. S. (2015). The effect of marketing innovation, market orientation, and social capital on competitive advantage and marketing performance: A study in MSMEs of embroidery Central Java Province. Journal of Economics, Business & Accountancy Ventura, 18(3), 351-366. http://dx.doi.org/10.14414/jebav.v18i3.506   DOI
82 Deo, S. (2013). The Impact of Globalisation on Small Business Enterprises (SBEs). Small Enterprise Association of Australia and New Zealand 26th. Annual SEAANZ Conference Proceedings (pp.1-14). Sydney.
83 Urban, B., & Sefalafala, M.R. (2015). The Effect Of Entrepreneurial Intensity and Capabilities on Internationalisation and Firm Performance. South African Journal of Economic and Management Sciences, 18(2), 260-276. http://doi.org/10.17159/2222-3436/2015/v18n2a9   DOI
84 Mohammad, I.N., Massie, J.D.D., & Tumewu, F.J. (2019). The Effect of Entrepreneurial Orientation and Innovation Capability Towards Firm Performance in Small and Medium Enterprises (Case Study: Grilled Restaurants in Manado). Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 7(1), 1-10. https://ejournal.unsrat.ac.id/index.php/emba/article/view/22255   DOI
85 Edwards, J., Ketchen, D., Short, J., & Try, D. (2014). Mastering Strategic Management-1 st Canadian Edition. Victoria, B.C.: BCcampus,
86 Hamilton, B. H., Papageorge, N. W., & Pande, N. (2019). The right stuff? Personality and entrepreneurship. Quantitative Economics, 10(2), 643-691. https://doi.org/10.3982/QE748   DOI
87 Jelenc, L., Pisapia, J., & Ivanusic, N. (2015). Demographic Variables Influencing Individual Entrepreneurial Orientation and Strategic Thinking Capability. 10th International Scientific Conference on Economic and Social Development (pp. 11-24). Varazdin, Croatia, September 2015. Miami, SAD: Varazdin Development and Entrepreneurship Agency,
88 Abdulwahab, M. H., & Al-damen, R. A. (2015). The Impact of Entrepreneurs ' Characteristics on Small Business Success at Medical Instruments Supplies Organizations in Jordan. International Journal of Business and Social Science, 6(8), 164-175. http://www.ijbssnet.com/journal/index/3234
89 Hatta, I. H. (2015). The Effect of Market Orientation , Entrepreneurship towards the Marketing Capability and Performance. International Journal of Business and Management Invention, 4(7), 63-65. https://www.ijbmi.org/papers/Vol(4)7/F047062068.pdf
90 Huston, S. J. (2010). Measuring Financial Literacy. Journal of Consumer Affairs, 44(2), 296-316. https://doi.org/10.1111/j.1745-6606.2010.01170.x   DOI