Financial Resilience and Growth Prospects of Food Startups in Tuguegarao City: A Study of A Startup'S Survivability and Potential

FINANCIAL RESILIENCE AND GROWTH PROSPECTS OF FOOD
STARTUPS IN TUGUEGARAO CITY: A STUDY OF A STARTUP'S

SURVIVABILITY AND POTENTIAL
A Research Presented
to the Faculty of School of Accountancy, Business, and Hospitality
University of Saint Louis
In Partial Fulfillment
of the Requirements for the Degree
Bachelor of Science in Business Administration Financial Management
Antonio, Micaela N.
Arellano, Goldenred M.
Medina, Trisha Marie V.
Taguibao, King Benson S.
Urani, Allen Paul P.
November, 2023
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UNIVERSITY RESEARCH FM-URD-006
No.
AND DEVELOPMENT CENTER
Revision No. 00
Effectivity November 3,
RESEARCH PAPER
Date 2020
Financial Resilience and Growth Prospects of Food Startups in Tuguegarao City: A Study of a
Startup's Survivability and Potential
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TABLE OF CONTENTS
INTRODUCTION
Research Objectives and/or Research Questions
Hypothesis
Significance of the Study
Literature Review
Underpinning Theory
Literature by Themes
Research Paradigm
METHODS
Research Design
Locale of the Study
Respondents of the Study
Research Instrument
Data Gathering Procedure
Data Analysis
Ethical Considerations
REFERENCES
APPENDICES
APPENDIX A
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INTRODUCTION
A startup is a business that creates something new, offering society a good product or service
that responds to specific problems. Primarily, these firms are established by entrepreneurs ready to take
risks and dedicate their time, money, and other resources to their vision. According to new research,
start-ups are one of the driving forces of growth and development for developed economies, although
emerging economies are now striving to encourage start-ups for the advancement of the country with
the support of the startup ecosystem (Shivhare & Shunmugasundaram, 2023). These rising businesses,
characterized by innovation, can promote creativity, leading to higher economic prosperity among
different industries. Startups incorporate new ideas, challenge established norms, and breathe new life
into markets that have become stagnant over time.
Startups are important engines for innovation, (Jesemann, 2020), economic growth and are
expected to create jobs, (Ressin, 2022). However, in today's world, where change and uncertainty are
prevalent, sustaining the organization's existence in the event of a hazard hit necessitates speedy
recovery, returning to the beginning condition, and benefiting from history or experience. An
organization's ability to endure amid a crisis is known as organizational resilience, and the relevance of
organizational resilience has risen dramatically during the COVID-19 crisis in Start-up, (Sreenivasan &
Suresh, 2023), in the form of reduced sales while fixed costs remain; a combination that threatens
startups’ liquidity and long-term survival, (Kuckertz et al., 2020). In research from Sreenivasan and
Suresh (2023), A resilient start-up is prepared to deal with disruptions, dangers, and risks while
maintaining performance under adverse situations.
According to new research, food startups is defined as a brand new companies aiming to
revolutionize the food industry and bring innovation into the space by creating new business models,
food processing solutions, eliminating food waste, improving food delivery, and disrupting the way we
think about and eat food on a daily basis (TRUiC, 2023). In the Philippines, business startups such as in
the food industry, along with other micro, small, and medium enterprises(MSMEs) play a very
important role in the economy due to their effect on employment, income and economic development of
the country. According to Department of Trade and Industry (2023b), data reveals that MSMEs
comprise 99.59 % of all registered business establishments. They generate a total of 5,607,748 jobs or
65.10% of the country’s total employment, with 727,663 of these jobs coming from Accommodation
and Food Service Activities. In 2018, Phase 1, out of the 1,003,111 List of Establishments in the
Philippines, 30,751, or 3.1%, were recorded in Cagayan Valley Region 02. Out of all the establishments
in Cagayan Valley, the 3rd top industry was food and accommodation, with 13.6 percent or 4,168
registered businesses, according to the Census of Philippine Business and Industries (CPBI) result.
This study focuses on food startups in Tuguegarao City, intending to analyze the unique factors,
challenges, and opportunities they face. According to new research, ninety percent of the start-ups failed
within a year of their establishment (Shivhare & Shunmugasundaram, 2023). In research from Krishna
et. al. (2016), it is highly desirable to increase the success rate of startups, and not much work has been
done to address the same. According to new research, it was successfully defined the concept of
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business survivability on the basis of a review of the subject literature, as well as to identify the main
determinants influencing the survivability of micro and small businesses (Kozak, 2018). However, none
had foretold how to create a viable and concrete startup plan that connects with the researched
survivability factors. In research from Escolano (2022), although startups offer a wide range of
opportunities, the studies on their successes and failures from the perspective of a developing country
like the Philippines are still limited.
Research Objectives and/or Research Questions
This paper aims to determine the financial resilience and growth prospects of food startups in
Tuguegarao City. Specifically, it seeks to answer the following:
1. What is the demographic profile of food startup entrepreneurs in Tuguegarao City in terms of:
a. Age
b. Educational attainment
c. Work experience
d. Initial capital investment
e. Start of operation of business
2. What are the growth prospects of food startups in Tuguegarao City in terms of:
a. Expansion plans and strategies
b. Efforts in innovation and product development
c. Product diversification
3. How financially resilient are food startups in Tuguegarao City, as indicated by:
a. Practices related to cash flow management
b. Strategies for managing debt and financial obligations
c. Preparedness for financial emergencies
4. Does the demographic profile of food startup entrepreneurs in Tuguegarao City have a
significant impact on their growth prospect, as determined by their expansion plans and
strategies, efforts in innovation and product development, and product diversification, as well as
their financial resilience, as determined by practices related to cash flow management, strategies
for managing debt, and preparedness for financial emergencies?
Hypothesis
There is no significant relation between the demographic profile of food startup entrepreneurs in
Tuguegarao City on their growth prospect, as determined by their expansion plans and strategies, efforts
in innovation and product development, and product diversification, as well as their financial resilience,
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as determined by practices related to cash flow management, strategies for managing debt, and
preparedness for financial emergencies.
Significance of the Study
This study benefits a range of stakeholders, this includes the policymakers, entrepreneurs, investors,
future researchers, and the academe. It provides National and Local Government Units with vital data
for policymaking and program development to assist entrepreneurs. With this study, entrepreneurs gain
insights on efficient startup operations and preemptive problem-solving, and investors get essential data
to make investment decisions, particularly for food startups with high growth potential. This research
will also allow future researchers to find references regarding the different variables associated with
food startups, particularly their financial resilience and growth prospects. Through this research, the
academe can also enhance their syllabi. In summary, this research serves both the owner of the food
startup, as well as multiple parties that are involved in the startup ecosystem.
Literature Review
Underpinning Theory
This study is supported by the theory of Theoretical Model of Organizational Resilience

combined with the work of Lengnick-Hall et al. (2011) and Cunha et al. (2013), to know the factors and
levels that influence the organizational resilience. Theoretical Model of Organizational Resilience
proposed that an organization needs to become resilient at individual level, group level and organization
level, the factors of every level are different (Xiao & Cao, 2017). Xiao and Cao (2017), states that
resilient individuals as part of the whole organizational system are expected to be a positive factor for
organizations to develop their resilience capacity.
Personal characteristics such as confidence, optimism, faith and belongingness are contributed
to individual resilience (Luthans et al., 2006; Cunha et al., 2013). Resilient groups developed the
capacity to see failures and imperfections as sources of learning and progress (Xiao & Cao, 2017). For
the organizational level, the adaptive structures, improvisation, social capital and the attention to failure
are the main factors (Xiao & Cao, 2017). Furthermore, there is a shared influence between different
levels of organizational resilience. We think there is a " level transition " phenomenon from the low
level to high level (Xiao & Cao, 2017) the relation interaction between members can promote group
resilience and organizational learning can help groups to form organizational resilience. The present
study discusses the influences of such factors on the startups financial resilience and growth prospects in
Tuguegarao City. By examining these aspects, the aim of the research is to establish an enough
understanding on how they influence financial resiliency and growth prospects of an startup, clarifying
the many influences that govern financial resiliency and growth prospects of an startup in Tuguegarao
City.
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Literature by Themes
Startups
Startup is “a human-made institution designed to create a new product or service in the midst of
extreme uncertainty (Ries, 2017). In contrast to small or micro-enterprises, start-ups tend to look for
markets that do not yet exist, because they focus on problems that have not been solved or are not even
realized by the community itself. The solutions provided by start-ups should have a big impact on
society, so that these start-ups can grow rapidly in a short time (Mahyuni, & Rinaldi, 2022).
In order to increase the chances of success of a start-up (Mahyuni & Rinaldi, 2022), Ries (2017)
created a method called “Lean Start-Up. The basic principle of the method is to optimize or utilize the
available resources to produce products that are acceptable to the market. This can be achieved by
conducting product testing and improvement. Product testing provides more accurate information about
customer’s expectations and evaluations of the products. The feedback obtained from product testing is
then used as an input to further refine the product design. A startup that has sufficient financial assets is
more capable of responding to external environmental changes and internal needs, including the need to
provide employee benefits. Despite seemingly forbidding health care costs and costs associated with
other types of benefits, those startups with more financial resources would have sufficient excess
capacity to absorb the potential loss associated with the human capital depletion and therefore are likely
to overcome the financial hurdles to offer these much needed benefits to their employees, without
having to compromise their ability to engage in business operation, explore innovative activities, and
establish routines and managerial processes (Yi, & Xu, 2019).
Startups are businesses or project endeavors that are only focused on marketing a particular product
or service that the owners wish to make available to the public. These businesses typically lack a
completely defined business plan and, more significantly, adequate capital to proceed to the next stage
of growth (Jimenez, & Capil, 2022). A startup is a business that aims to grow quickly. A company does
not become a startup just because it was formed recently (Grant, M., 2021). It's also not necessary for a
company to focus on technology, receive venture capital, or have an "exit"; the only thing that matters is
growth. Everything else that the founders connect with companies stems from their success. The
majority of these companies are started with money from their founders. Seed cash can be used by
businesses to fund research and the development of their company plans (Graham, P., 2012). A
comprehensive feasibility outlines the company's mission statement, vision, and goals, as well as
management and marketing strategies. A complete business plan covers the company's mission
statement, vision, and goals, as well as management and marketing strategies, whereas market research
helps evaluate demand for a product or service (Jimenez, & Capil, 2022).
Starting a new firm has the objective to grow into a valuable firm to benefit society, through the
creation of employment opportunities and innovations (Harlin, & Berglund, 2021). India’s startup has
experienced significant growth over the past years (Scillitoe, & Birasnav, 2022).
Startups have been seen as drivers of change and innovation (Palmié et al., 2021). A
startup is defined as a temporary organization in search of working under a scalable, repeatable,
and profitable business model (García-Gutiérrez, & Martínez-Borreguero, 2016).
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Financial Resilience
Financial resilience refers to a start-up's capacity to anticipate, plan for, respond to, and adapt to
gradual change and abrupt unforeseen shocks to survive and thrive by enacting appropriate economic
policies to decrease budget deficits. They also may keep funding innovators whose previous endeavors
failed. The concept of financial resilience has been discussed in many areas, i.e., local government
(Ferry, 2020; Saliterer, & Scorsone, 2017.; Upadhaya et. al., 2020), banking (Danisman et. al., 2021),
stock exchange (Souf et. al., 2021), working individuals (Goyal et. al., 2021), non-profit sector (Gibb, &
Mcnulty, 2014; Kober, & Thambar, 2021), supply chain (Sahebi et. al., 2021; Ali et. al., 2018), and
fintech firms (Alimirruchi, & Kiswara, 2017), but no one has researched the organizational readiness for
financial resilience in start-ups during the Covid-19. Salignac et al. (2019) argue that the financial
inclusion strategy is inadequate to enhance financial wellness more widely. It proposes a more
comprehensive approach that shifts the focus from whether individuals are excluded to whether they
have access to affordable, appropriate, and suitable accommodation when they are facing financial
hardship.
Growth Prospects
Research shows that several factors influence small business growth, such as entrepreneurial
orientation (Eggers, Kraus, Hughes,Laraway, & Snycerski, 2013; Stenholm, Pukkinen, & Heinonen,
2016), the characteristics of entrepreneurs (Colombelli, 2015;Tomczyk, Lee, & Winslow, 2013) and
firm age (Davidsson et. al., 2002; Grilli & Murtinu, 2014).
Specifically, there are strong indications of the importance of knowledge management (e.g.
knowledge acquisition and knowledge integration, etc.) as a driver for innovation and competitive
advantage (Grant, 1996; Okhuysen, & Eisenhardt, 2002; Salunke et. al., 2019) and, consequently, for
the growth of small businesses (Altinay et. al., 2016; Eshima, & Anderson, 2017; Miocevic, & Morgan,
2018). Many researchers have tried to understand how dynamic capabilities affect firm scaling (Acosta
et. al., 2018; Arend, 2014; Uhlaner et.al, 2013). Startup growth is more related to business model design
and marketing competencies than technology (Teixeira et. al., 2021). New and innovative firms that
achieve high growth create a disproportionate number of new jobs (Barbero et al., 2011; Haltiwanger,
Jarmin, & Miranda, 2013; Li, Goetz, Partridge, & Fleming, 2016).
Success Factors
According to new research, the performance of more than 200 companies and concludes that
Timing is the most critical factor for the success of a start-up, followed by the Team and by the Idea
(Gross, 2015). From the beginning, it is striking that neither the Business Model, the Idea, nor the Team
appear in the top positions of this approach. Ahn et al. (2019) categorized various competency factors
into entrepreneurial competencies, technological competencies, and management competencies.
Previous studies on start-ups that are based on government support also show the importance of these
competencies. Saura et al. (2019) launched a sentiment analysis as well over Twitter and found the
following aspects related with start-up success: sustainable business model, high level of employee
profiles in start-ups, theoretical and educational support, participation in development or programs of
institutions such as start-up incubators or accelerators, attitudes to investors and business angels. Park et
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al. (2015) who emphasized that entrepreneurship and the intentions of entrepreneurs are very important
for start-ups that receive government support. Startups must also decide whether they will operate their
business online, in an office or at home, or in a physical location. The sort of product or service being
given determines the location (Jimenez, & Capil, 2022). Choosing a business location, according to
D'Angelo (2021), is one of the most significant components of beginning a small business. According to
Sherman (2019), the location of your business has an impact on your income, expenses, and even if
you're operating lawfully. Even in an age when consumers may buy and sell on the internet and project
teams can collaborate from different states and countries, your company's success or failure is
influenced by its location. However, if you're launching a business or a store, location is crucial.
Government Support
Lee & Kim (2019) Start-ups are activated by the government’s active support in overcoming the
issues of rapid aging and youth unemployment, and accordingly, there is an increase in the
government’s direct and indirect support projects, such as nurturing and supporting pre-entrepreneurs,
developing and supporting exports of new products, and providing finances and tax support (Im, &
Jeon, 2015).Through government support, various external programs may continuously have positive
effects on the performance of start-ups (Geho, & Frakes, 2013). Thus, there is a need for a differentiated
support strategy that considers the business sustainability and competency enhancement of start-ups,
rather than a standardized support (Seo et. al., 2014).
Previous studies explain that government support performs a positive role in entrepreneurship
(Fonseca, 2018) and (Im & Jeon, 2015) subdivided the entrepreneurial support system into support in
terms of taxes, finances, technology, management, and entrepreneurial infrastructures. They found that
the government’s entrepreneurial support system has a positive effect on the entrepreneurial intentions
of potential entrepreneurs. Companies that received government support survived for a relatively longer
period than those that did not receive support (Kim, 2008), and higher satisfaction in the entrepreneurial
support program resulted in a greater performance of start-ups (Lee, & Yang, 2018). Solomon et al.
(2019) analyzed the counseling hours of external experts and the survivability of business by examining
the start-ups that received entrepreneurial support, determining that the support program had a positive
effect.
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Research Paradigm
Figure 1. Research Paradigm

The figure above shows the research paradigm of the study. It presents both the dependent and
independent variables of the research. The dependent variable covers growth prospects and financial
resiliency of food startups along the expansion plans and strategies, efforts in innovation and product
development, product diversification, practices related to cash flow management, strategies for
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managing debt and financial obligation and preparedness for financial emergencies. Furthermore, it also
portrays the independent variable, which is the profile of food startup entrepreneurs. Additionally, it
shows that the growth prospects and financial resiliency of food startups in Tuguegarao City vary in
terms of the profile of the food startup entrepreneurs.
METHODS
Research Design
This study will use descriptive-quantitative research design to achieve the study's objectives.
Locale of the Study

The study will be conducted among startup businesses in Tuguegarao City, Cagayan.
Respondents of the Study

The respondents of the study will be startup businesses, specifically those who engage in selling
foods in Tuguegarao City, Cagayan. To identify the respondents, the researchers will use purposive
sampling to select a specific number of respondents.
Research Instrument
The study will use a modified questionnaire consisting of two parts. Part I gathered data on the
profile of the respondents, and part II gathered data on the financial resilience and food prospects of the
startup businesses. The survey comprised options, True or False questions, and "I don't know," which
will be present in each item.
Data Gathering Procedure

The researchers of the study will first ask for the permission of the SABH Dean and Vice President
for Academics through a letter of approval before the conduct of data gathering. After approval, the
researchers will begin with the gathering of data. The researchers will directly oversee the authorized
questions and the letter sent to the respondent. Purposive sampling will be used to pick a certain number
of respondents for the study. The researchers will distribute the questionnaires to the respondents, who
will complete them. The researchers will return to collect and organize the completed questionnaires.
The results will be provided after the collected data has been processed. Stringent measures will be
implemented to uphold the principles of integrity and confidentiality, ensuring the trustworthiness of the
data and the privacy of the participants.
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Data Analysis
For the data analysis, PESTEL and SWOT analysis will be utilized to provide a knowledgeable and
systematic evaluation of the external and internal environment of food startups in Tuguegarao City.
Directing a PESTEL analysis will help in determining the external factors that may affect the financial
resilience and growth potential of food entrepreneurs in the city. The SWOT analysis assists in the
identification of businesses' competitive advantages, areas for improvement, prospective growth
opportunities, and potential risks and obstacles. Employing PESTEL and SWOT analysis in the research
study will yield a thorough understanding of the financial resilience and growth potential of food
startups in Tuguegarao City.
Ethical Considerations
Ethical considerations are strictly adhered to in the conduct of this research. This research study
must sustain the confidentiality and privacy of the respondents. The researchers strictly preserved the
privacy of the businesses' responses to the questionnaire. The researchers are expected to obtain vital
consent and make sure that the gathered data will not cause any harm to the respondents. The study
must follow ethical protocols, and the well-being of the participants is the main priority.
REFERENCES
TRUiC. (2023, September 28). 36 Best Food Startups Serving Up Innovation 2023. Startupsavant.com.
https://startupsavant.com/startups-to-watch/food
Department of Trade and Industry. (2023b, October 6). MSME Statistics | Department of Trade and
Industry Philippines. Department of Trade and Industry
Philippines. https://www.dti.gov.ph/resources/msme-statistics/
APPENDICES
APPENDIX A
Reference Major Objective/s Methods Major Findings
Central Question/
Main Problem
Trinh, T. L. (2019). The aim of the study is This study applies The results of testing
Factors affecting startup to examine the factors structural equation indicate the suitability
performance of small such as government modeling using partial of the research model
and medium-sized policy, financial capital, least squares (PLS- with data's research.
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enterprises in Danang cultural factors, social SEM) to provide an Along with the
City. Entrepreneurial factors, and human understanding on how acceptance of
Business and Economics capital that influence people may start their hypotheses, this
Review, 7(3), 187–203. SMEs business success business. These factors research model shows
https://doi.org/10.15678/ help to reduce risks of the practical meaning
eber.2019.070310 failure and in-crease of startup
chances of success. performance
Teixeira, E. G., De The purpose of this This paper used a Service startup
Moura, G. L., Lopes, L. study is to analyze the theoretical DSIC model growth is related to
F. D., Marconatto, D. a. relationship between to process data on 137 the capability of
B., & Fischmann, A. A. dynamic service Brazilian startups, using enterprises to
(2021). The influence of innovation capabilities a stepwise regression. understand market
dynamic capabilities on (DSICs) and startup signals, learn from
startup growth. RAUSP growth in an emerging customers and design
Management Journal, country. a scalable, repetitive
56(1), 88–108. and profitable
https://doi.org/10.1108/r business model.
ausp-08-2019-0176
Da Silva Nunes, A. K., This study aims to Startups are The barriers and
Morioka, S. N., & Bolis, analyze the challenges increasingly challenges of
I. (2022). Challenges of startups face in incorporating ways to business models for
business models for implementing business thrive in a competitive sustainability in
sustainability in startups. models for environment with startups were found
RAUSP Management sustainability. In innovative sustainable in different
Journal, 57(4), 382–400. particular, the research business models, a key categories, where the
https://doi.org/10.1108/r question of this study factor for competitive main barriers are
ausp-10-2021-0216 is: How do the advantage and linked to the
challenges faced by corporate sustainability. institutional category,
startups affect business This paper analyzes the organizational and
models for startups’ challenges in the market and sales
sustainability in the adopting business culture. Thus, the
context of an emerging models for authors concluded
country. sustainability through a that there is a need to
case study in two reformulate public
startups, using the policies and to have
sustainable value greater participation
exchange matrix of the actors
(SVEM) tool through involved.
workshops, to carry out
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the diagnosis of these

challenges.
Nalintippayawong, S., This research aims to Structural equation Based on sixteen

Waiyawatpattarakul, N., examine critical success model is applied for observed variables,
& Chotipant, S. (2018b). factors of and their studying causal the results show that
Examining the Critical relations in Thai relationships between there are four critical
Success Factors of startups. factors by using factor success factors of
Startup in Thailand analysis and Thai startups, namely
Using Structural multivariable regression support partner,
Equation Model. IEEE analysis. business model,
Xplore. market opportunity,
https://doi.org/10.1109/i and customer
citeed.2018.8534854 perspective. The
factors of the
business model and
support partner have
direct effects on
potential and success
in startups.
Goswami, N., Murti, A. This paper aims to This study is Results indicate that a
B., & Dwivedi, R. examine the factors that exploratory and uses a dearth of capital or
(2023). Why do Indian lead to the failure of narrative analysis running out of money
startups fail? A narrative startups in India and methodology to analyse and inadequate sales
analysis of key business proposes a ‘Four the accounts of key and marketing
stakeholders. Indian Dimensional (4D) startup stakeholders – strategy, which leads
Growth and Strategic Framework’ founders, investors, businesses to fall
Development Review, to drive success. former employees and behind rivals and lose
16(2), 141–157. consumers; to identify money on each
https://doi.org/10.1108/i their failure factors. A transaction, are the
gdr-11-2022-0136 conveniently selected most common factors
sample of 165 startups for startup failure in
was studied to India.
understand better the
reasons for their failure
within a thematic
framework developed
from David Feinleib’s
(2012) handbook “Why
Startups Fail”.
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Jimenez, R., & Capil, V. This study was The data collection The respondents gave
(2022). Start Up conducted to technique used was five (5) similar
Business: An qualitatively assess the interview- replies to the theme 1
Investigation of Start Up startup businesses in the questionnaires with a which questions
Businesses in the City of City of Meycauayan, sample of eight startup about what motivated
Meycauayan Bulacan. Bulacan. business owners. The them to start a
ResearchGate. data obtained was business in
https://doi.org/10.13140/ analyzed using Meycauayan. Despite
RG.2.2.15196.36483 Thematic Analysis. being a small town,
the owners
acknowledged that
they are aware of the
potential
opportunities in
Meycauayan. It is
beneficial because it
demonstrates that
small-town prospects
are fast expanding as
a result of many
residents starting
businesses based on
their needs and
abilities.
Entrepreneurs not
only generate new
company ideas and
think beyond the box,
but they also
stimulate
development and
employment. In terms
of deciding to start a
business in a small
town, particularly in
Meycauayan. They
also stated that
Meycauayan is their
hometown, making it
simple for them to
access and manage
their operations. They
further claimed that,
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despite its small size,

Meycauayan had a
large population.
Kozak, M. (2018). The goal of this article The author utilises a The results suggest
Determinants of was to define the review of Polish and significant
Business Survivability: concept of business foreign subject differences in
Literature review. survivability on the literature, as well as business survivability
International Journal of basis of a review of secondary research depending on the
Synergy and Research, subject literature, as regarding the country of origin of a
6, 183. well as to identify the survivability of micro given enterprise. The
https://doi.org/10.17951/ main determinants and small businesses in factors determining
ijsr.2017.0.6.183 influencing the the 20th and 21st business survivability
survivability of micro centuries. were divided into
and small businesses micro and
based on an analysis of macroeconomic, and
empirical studies that their presence is vital
most often included a for the company to
five-year observation of persevere in turbulent
an enterprise – from the market conditions..
moment of its
establishment, until it
was deregistered, or the
observation period was
over.
Lee, W., & Kim, B. This study determines This study conducted a
The results found that
(2019). Business the factors affecting the survey of 273 start-ups
entrepreneurship
Sustainability of Start- business sustainability in Korea,
affectedand business
Ups based on of start-ups as based on empirically analyzed
sustainability with
Government support: An available government whether factors such as
flow experience and
Empirical study of support and provides entrepreneurship,
entrepreneurial
Korean Start-Ups. suggestions to increase market orientation, and
satisfaction as the
Sustainability, 11(18), the effectiveness of the network affected
mediators, while
4851. government-supported business sustainability
market orientation
https://doi.org/10.3390/s projects. by using flow
affected business
u11184851 experience and
sustainability using
entrepreneurial
flow experience as
satisfaction as
the mediator, and
mediators. network affected
business
sustainability with
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entrepreneurial
satisfaction as the
mediator.
Mahyuni, L. P., & This research aims at In-depth interviews The results show that
Rinaldi, V. (2022). exploring key success were conducted with there are five factors
Exploring key success factors of local start-ups two start-up’s explaining local start-
factors of sustainable in transforming social leaders/founders, four ups’ ability to
start-up business. Jurnal and environmental start-up’s consumers, transform social and
Ekonomi Dan Bisnis, problems into and three co-working environmental
25(2), 237–252. opportunities to develop space managers. problems into
https://doi.org/10.24914/ sustainable start-up business
jeb.v25i2.3046 business opportunities,
namely: first, strong
internal motivation of
the founders to
address social and
environmental
problems; second,
founders’ experience;
third, sound
understanding of
market responses;
fourth, effective
design thinking; and
finally, effective
product co-creation
strategy. The five
factors are
interrelated, with the
founder’s motivation
factor being the
foundation of the
start-ups’ building
block.
Setiawan, R., Eliyana, This research further This research uses The results of this
A., Suryani, T., & examines the study by quantitative methods study produce
Handojo, A. (2020). providing novelty with a purposive statements that are
Maximizing Happiness through mediation sampling technique of slightly different from
At Work: The Best Organizational 100 respondents. previous literature,
Practices Of Learning Capability and where one example is
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Transformational organizational the insignificant

Leadership At Food And facilitators. The subject direct effect of TFL
Beverage Start-Up of this research is the on HAW. These
Business In Indonesia. start-up business Food results indicate that
Systematic Reviews in and Beverage in TFL cannot always
Pharmacy, 11(12), Indonesia, which influence HAW
1265–1271. contributed greatly to directly as in previous
https://repository.petra.a the economy. studies with different
c.id/18906/1/Publikasi1_ research objects. So
04045_6641.pdf the results of direct
influence if the start-
up business object
that focuses on the
F&B sector in
Indonesia has
consequences that are
contrary to research
with other objects
such as in the health
sector. But different
is the case with the
direct effect of TFL
on OLC and OF as an
intervening variable
in this study where
the results have a
positive and
significant effect.
Similarly, the direct
influence of OLC and
OF on HAW also has
a positive and
significant effect.
These four direct
influences, which
have positive and
significant results, are
in line with previous
research conducted.
Sreenivasan, A., & This article aims to This gap inspires the The result shows that
Suresh, M. (2023). identify, assess, and current research, which the first importance
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Readiness of financial categorize start-up uses the Total should be given to

resilience in start-ups. organizational Interpretive Structural digital financial
Journal of Safety preparation elements Modelling (TISM) innovation, liquidity
Science and Resilience, for financial resilience. approach to identify planning, going
4(3), 241–252. financial resilience concern
https://doi.org/10.1016/j. factors and analyze consideration,
jnlssr.2023.02.004 hierarchical financial strategy of
interrelationships start- CFOs, and
ups’ organizational cyberthreats.
readiness factors for
financial resilience.
Mukul, K., Pandey, N., This study explores the The case study analysis This study finds the
& Saini, G. K. (2021). relevance of social using the abduction importance of
Does social capital capital resources method, semi-structured developing social
provide marketing generated through interview and content capital by startups for
benefits for startup networks to address the analysis were used for marketing activities.
business? An emerging marketing challenges of answering the research Social capital also
economy perspective. startups. It looks into questions. acts as a strategic
Asia Pacific Journal of the marketing issues advantage that the
Marketing and Logistics, faced by startup firms competitors cannot
34(9), 1864–1879. in emerging markets easily emulate.
https://doi.org/10.1108/a and examines how they Findings show that
pjml-02-2021-0142 leverage their social the development of
capital to reach out to social capital happens
their customers and through the network
other stakeholders for of startup
marketing their entrepreneurs and
products and services. social connections
involving customers,
dealers and suppliers,
among others.
Zaidi, R. A., Khan, M. The purpose of this A quantitative Regression analysis

M., Khan, R. A., & study is to analyze the methodology is used for results from 165
Mujtaba, B. G. (2021). factors affecting startup data collection from responses of
Do entrepreneurship development and the different startup owners entrepreneurs and
ecosystem and entrepreneurship working across incubation centers
managerial skills ecosystem's Pakistan. It is a cross- demonstrate that the
contribute to startup contribution to it. sectional descriptive most important
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development? South study, which factors affecting

Asian Journal of investigates the causal startup development
Business Studies, 12(1), effect of variables at a were financial access,
25–53. definite point in time. government support,
https://doi.org/10.1108/s Non-probability marketing challenges,
ajbs-07-2020-0233 convenient sampling education, technology
was used for selecting and managerial skills
available startups from in order of
the incubation centers. occurrence.
The sampling Entrepreneurship
framework consists of ecosystem also
the founders of the proved to have a very
startups that have been positive impact on the
previously incubated at relationship of these
any of the selected factors with startup
incubation centers. development.
Sivathanu, B., & Pillai, This paper aims to A primary survey was The findings suggest
R. (2019). An empirical study is to empirically conducted using a that EOR and TOR
study on entrepreneurial investigate the role of structured questionnaire significantly
bricolage behavior for entrepreneurial amongst 285 sample influence SEP. SOR
sustainable enterprise orientation (EOR), respondents from 425 and TUR do not
performance of startups. entrepreneurial tech startups and the significantly affect
Journal of bricolage (EBR), data were analyzed the SEP. EBR plays a
Entrepreneurship in technology orientation using the partial least significant mediating
Emerging Economies, (TOR), sustainability squares-structural role between TOR
12(1), 34–57. orientation (SOR) and equation modeling and EOR and SEP in
https://doi.org/10.1108/j Trust (TUR) in the technique. the context of Indian
eee-01-2019-0009 sustainable enterprise technology-based
performance (SEP) of startups.
tech startups in India. It
uses a framework
grounded in the EBR
theory, upper echelon
theory and resource-
based view theory.
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Alvarez-Salazar, J. The purpose of this The study has a This paper argues that
(2020). Organizational paper is to use a phenomenological startup survival
resources and survival of combination of research design, with an should be studied as a
startups firms – a resource-based theory exploratory scope and construct that is
qualitative analysis in and dynamic qualitative approach. It reflected by four
the Peruvian context. capabilities theory to uses in-depth interviews conditions: break-
Academia, 34(1), 59–87. explore the to identify the even point,
https://doi.org/10.1108/a phenomenon of startup perceptions of accelerated growth,
rla-04-2020-0080 survival in an emerging ecosystem agents about cash stock and
entrepreneurial the phenomenon of continuous operation.
ecosystem. survival. Furthermore, it is
formed by the
interaction of five
mainly interacting
resources: human
capital, social capital,
entrepreneurial
capital, organizational
capital and the
incubation process.
Xiang, Y., & Xu, Y. The purpose of this

Using data from the Three conditions at
(2019). Founding paper is to answer the
Kauffman Firm Survey founding – total
conditions and benefit following research
(KFS) conducted in the assets, founders’
offerings: evidence from question: at the time of
period 2005–2010, this education level,
US startups. Personnel founding of a startup,
paper analyzed the industry experience –
Review, 48(1), 141–162. what entrepreneurial
relationships between have a positive and
https://doi.org/10.1108/p conditions would
the founding conditions enduring influence on
r-09-2017-0264 influence the long-term
and the offering of HR the offering of HR
offerings of HR
benefits by 4,148 new benefits to the
benefits? To answer
ventures during the first employees. Startup
this question, our study
five years after experience has a
examines the effects of
founding. In addition, significant effect on
four founding
this paper examined the benefit offerings
conditions of startups –
relationships of the during the first year
total assets, founder’s
same founding after founding but no
education, industry
conditions to the significant effect on
experience and startup
offering of each of benefit offerings in
experience – on the
seven specific benefits: subsequent years. All
basis of the resource-
alternative work founding conditions
schedule, bonus plan, have significant and
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based view of firms. health insurance, paid long-lasting positive

time off, retirement effects on each
plan, tuition benefit, except for
reimbursement and startup experience,
stock options. which has a negative
effect on some
benefits.
Franco, M., Haase, H., The purpose of this To achieve this goal, a The results indicate
& António, D. (2020). study is to analyse the quantitative and cross- that entrepreneurs
Influence of failure influence of failure sectional study was attribute the failure of
factors on factors on carried out. Using a their activities to
entrepreneurial entrepreneurial snowball sampling financial and external
resilience in Angolan resilience in micro-, technique, 133 Angolan environmental factors
micro, small and small- and medium- MSMEs founders such as the economic
medium-sized sized enterprises responded to a crisis and changes in
enterprises. The (MSMEs). questionnaire. the country’s laws.
International Journal of However, these
Organizational Analysis, entrepreneurs are
29(1), 240–259. considered resilient,
https://doi.org/10.1108/ij as they have enough
oa-07-2019-1829 capacity to resist the
national market and
have a strong sense of
optimism.
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Gherhes, C., Williams, Micro-businesses The study consists of a Micro-businesses

N., Vorley, T., & account for a large systematic review of 59 distinguish
Vasconcelos, A. C. majority of small and peer-reviewed articles themselves from
(2016). Distinguishing medium enterprises on SME growth. larger SMEs by being
micro-businesses from (SMEs). However, they owner-manager
SMEs: a systematic remain comparatively entrepreneur (OME)
review of growth under-researched. The centric and are
constraints. Journal of purpose of this paper is constrained by a
Small Business and to take stock of the tendency to be
Enterprise Development, extant literature on growth-averse,
23(4), 939–963. growth challenges and underdeveloped
https://doi.org/10.1108/j to distinguish growth capabilities in key
sbed-05-2016-0075 constraints facing business areas,
micro-businesses as a underdeveloped OME
specific subset of SMEs capabilities, and often
from those facing larger inadequate business
SMEs. support provision
Almansour, M. (2022). The COVID-19 The present study Content analysis of

Food start-ups: pandemic impacted the attempts to bridge this the 35 responses
leveraging digital food and beverage gap by conducting a revealed three main
marketing and disruptive sector very severely. qualitative study to themes: the impact of
information systems The complete collect data from 35 the COVID-19
innovations to survive in breakdown of the owners/employees of pandemic on
the post-COVID supply chain and lack food and beverage start- operations of food
environment. European of customers was ups and using the and beverage start-
Journal of Innovation particularly challenging grounded theory ups, challenges due to
Management. for start-ups in the approach to code it and the onset of the
https://doi.org/10.1108/e industry. Those that identify key themes. COVID-19 pandemic
jim-07-2022-0370 survived were the ones and combating the
who made a timely and pandemic, divided
smooth transition in into seven subthemes:
business models to differences in
become more operations pre- and
technology driven. post-COVID, key
However, the issues changes experienced
faced and the ground in operations post-
realities of the extent of COVID, problems
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struggle that these start- arising in operations

ups went through are due to the pandemic,
less understood in the problems in the use of
scholarly literature, digital marketing due
with most accounts to the pandemic,
being anecdotal. The problems in the use of
purpose of this paper is technological
to address these issues. platforms due to the
pandemic, using
innovative
approaches and
technological
innovations and using
disruptive
technologies.
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Date 2020
Polisetty, A., Lalitha, N., The current article The data was collected The study found that
& Singu, H. B. (2021). presents the importance from five districts of the Financial Skills,
Factors Affecting of financial literacy for South region of India Financial Knowledge,
Financial Literacy budding entrepreneurs. (Kerala, Andhra Financial Attitude,
among Budding To find and measure the Pradesh, Karnataka, Social Interactions &
Entrepreneurs. financial literacy among Telangana, and Tamil Past Experiences,
Universal Journal of budding entrepreneurs, Nadu) and the snowball Financial Support &
Accounting and Finance, the data were technique is used in the Guidance directly
9(5), 1085–1092. distributed to 223 analysis. The study influenced Financial
https://doi.org/10.13189/ entrepreneurs; however, revealed that most Literacy levels among
ujaf.2021.090518 179 were finally used budding entrepreneurs entrepreneurs. The
for analysis due to lack proper financial study also suggests
several reasons literacy. that aspiring
mentioned in the entrepreneurs should
research methodology. be given practical
financial training
sessions; it should be
made mandatory.
Aldianto, L., The paper aims to This study uses a The results of the
Anggadwita, G., provide a business literature review interviews show that
Permatasari, A., resilience framework by synthesis to gain a startup leaders have
Mirzanti, I. R., & exploring capability greater understanding the agility to make
Williamson, I. O. (innovation of startup resilience and organizations more
(2021). Toward a ambidexterity, dynamic its implementation. flexible and adaptive;
Business Resilience capability, and This study also uses a they also seek to
Framework for Startups. technology capability), case study approach in collaborate with other
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Sustainability, 13(6), behavior (agile building a framework parties to future proof

3132. leadership), and by obtaining data from their businesses in
https://doi.org/10.3390/s knowledge (knowledge semi-structured dealing with
u13063132 stock) in startup interviews with three pandemic situations.
businesses. startup owners in We also found that
Indonesia. This respondents of this
preliminary research study stated that they
has identified four have an adequate
propositions that will be educational
used to develop background and
questionnaires and data experience, so they
collection instruments. have the knowledge
stock to innovate and
make their businesses
resilient in the face of
a pandemic situation.
The orientation to
innovate by exploring
through the process
of improvement and
efficiency was
conveyed by
respondents during
the interview process.
The company
increases its
innovation by taking
advantage of its new
innovation-oriented
business.
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Matinaro, V., Liu, Y., This paper investigates To research this rather According to our
Lee, T. R., & Poesche, J. the sustainable complex issue, grey results, a sustainable
(2019). Extracting key development and relational analysis business model is a
factors for sustainable innovation of 233 (GRA) is one of the key factor for
development of SMEs in Taiwan to find promising perspectives competitive
enterprises: Case study out how to develop a to do so. The GRA advantages with
of SMEs in Taiwan. business model that method is a quantitative straightforward
Journal of Cleaner helps them operate in a method to measure the connections to
Production, 209, 1152– more sustainable and importance of various business success.
1169. environmentally factors, especially when Results also indicate
https://doi.org/10.1016/j. friendly way. finding out key factors that a sustainable
jclepro.2018.10.280 or trends from collected business model is
data benefits offered by performed with the
the GRA method may agreement of
be valuable, particularly colleagues in an
in the case of making organization and it
analysis and requires
interpretations from comprehensive
collected data sets. strategic efforts. This
study has limited
findings to show the
insights of Taiwanese
SMEs and should not
be generalized in
other contexts.
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Salamzadeh, A., & This paper tries to The paper deals with This paper explained
Kawamorita, H. (2015). conceptualize the explanation and not all and conceptualized
Startup companies: life phenomenon, i.e. the mentioned reasons startups by
cycle and challenges. “startup”, and recognize why confirm that elaborating their
Social Science Research the challenges they startup research is lifecycle. The
Network. might face. After important. To do so, lifecycle includes
https://doi.org/10.2139/s reviewing the life cycle three main issues are three main stages,
srn.2628861 and the challenges, the discussed: (i) which are
paper concludes with determining the main bootstrapping stage,
some concluding theories of seed stage, and
remarks management, creation stage.
organization, and Moreover, the paper
entrepreneurship in this concluded that among
domain, (ii) explaining the three main
the lifecycle of startups, streams of research
and last but not least on startups,
(iii) the startup entrepreneurship
problems. Finally, the theories are the most
paper concludes with dominant theories.
some concluding Finally, the paper
remarks. considered four main
challenges that
startups might face.
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Hersleth, S. A., Varela, Previous research The study employs a The findings suggest
P., & Kubberød, E. studying larger market- multiple-case-study that food micro-
(2023). Micro- driving businesses approach with four businesses are
businesses in the driver’s argues that successful pioneering food micro- disrupting the grocery
seat: a qualitative study entrepreneurs businesses within the market through their
of market-driving intuitively show Norwegian local food pioneering practices.
practices in the food market-driving sector. Data collected A three-pillared
sector. Journal of Small capabilities. Even during in-depth framework for
Business and Enterprise though market-driving interviews with the market-driving
Development. is acknowledged as individual founder- practices in food
https://doi.org/10.1108/j entrepreneurial action managers provide micro-businesses was
sbed-06-2022-0280 and practice, this insight into developed: (1) taking
phenomenon has rarely understanding market- the risk and following
been studied from a driving practices their passion, (2)
micro-business through the lens of innovativeness led by
perspective. entrepreneurial a passionate personal
Representing more than orientation. value proposition,
40% of all food and (3) proactively
businesses in Norway, and perseveringly
micro-businesses building a new
contribute significantly category.
to both value creation
and variety in the
marketplace, and this
study addresses the
existing research gap by
examining market-
driving practices in
food micro-businesses
in a competitive
Norwegian grocery
market.
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Krishna, A., Agrawal, This work aims to Several data mining Given the prediction
A., & Choudhary, A. create a predictive classification quality we can
(2016). Predicting the model for startups techniques were used certainly say that any
Outcome of Startups: based on many key on the preprocessed early stage startup
Less Failure, More things involved at data along with various can use our prediction
Success. 2016 IEEE various stages in the life data mining models (at every
16th International of a startup. It is highly optimizations and milestone) to predict
Conference on Data desirable to increase the validations. We provide their outcome. This
Mining Workshops success rate of startups our analysis using will give them an
(ICDMW). and not much work techniques such as insight of how to be
doi:10.1109/icdmw.2016 have been done to Random Forest, on correct path from
.0118 address the same. ADTrees, Bayesian the very beginning by
Networks, and so on. taking correct
We evaluate the measures and by not
correctness of our committing the same
models based on factors mistakes the failed
like area under the ROC startups did.
curve, precision and
recall.
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Date 2020
Clement, E. O., The paper focuses on A system dynamic The resulting system
Telukdarie, A., & using the identified methodology is used to dynamic framework
Munsamy, M. (2022). barriers and enablers to develop the causal loop developed for the
Barriers and enablers the innovation life cycle and stock and flow paper assists in
impacting the innovation to develop a System diagrams for the four putting into context
life cycle of food and Dynamic (SD) phases: (opportunity, the developed
beverage start-ups: framework that would refine, establish, feedback loops for
Evaluation within a provide the required decide) of the the drivers that
system dynamics direction towards the innovation life cycle in influence the
framework. Procedia sustainability of start- which the drivers that innovation life cycle
Computer Science, 200, ups in the industry. impact the life cycle are of start-ups in the
679–688. the identified barriers food and beverage
https://doi.org/10.1016/j. and enablers. industry. The
procs.2022.01.266 developed innovation
life cycle framework
creates a research gap
that should allow for
further research into
the development of a
system dynamic
model that can be
executed within a
simulation
environment.
Dewi, L. G. K., This study was The research method From the results of
Sinarwati, N. K., & conducted to determine used is descriptive data collection, data
Oktariyana, M. D. the financial resilience qualitative. Data reduction and FGD
(2021). Young strategy during the collected through results found nine
Entrepreneur’s Financial Covid-19 Pandemic observation and main points that
Resilience Strategies which is owned by interviews. Initial data support the financial
during Pandemic. members of the micro showed that there were resilience of members
Advances in Economics, entrepreneurs in 283 registered of the association of
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Business and Buleleng Regency. businesses until 2021, young entrepreneurs

Management Research. while 211 registered FE Undiksha, that are
https://doi.org/10.2991/a businesses were unable (1) Financial
ebmr.k.211124.017 to maintain business management, (2)
continuity during the Financial shocks, (3)
pandemic. Reactions, (4)
Strategy, (5)
Financial reserves,
(6) Funding
assistance, (7)
Financial plans, (8)
Knowledge base, (9)
Protection.
Commitment is
needed in
implementing
financial management
for small businesses
so that business
finances are not
mixed with personal
finances. The
financial shocks
experienced by the
informants did not
dampen their desire
to rise and survive,
although not all of the
informants received
financial assistance,
they still tried to react
positively by
developing financial
management
strategies.
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Retamal, M. (2019). This study examines the Using a social practice The analysis draws
Collaborative prospects for broader theory framework, and on qualitative field
consumption practices in uptake of Collaborative then considers these data and the results
Southeast Asian cities: consumption practices prospects with regard to from four studies
Prospects for growth and in Southeast Asia. their potential to offer examining the current
sustainability. Journal of more sustainable use of CC in three
Cleaner Production, consumption options. cities – Bangkok,
222, 143–152. Metro Manila and
https://doi.org/10.1016/j. Hanoi. CC services
jclepro.2019.02.267 were found to be
established and
normalized, with
strong prospects for
further uptake due to
alignment with
existing practice
configurations.
However, shared-
access CC practices
currently face
significant resistance
in all three cities. In
the future, growth in
the middle classes
and the development
of a supportive
institutional
environment may
help to normalize
shared-access CC and
create a shift in
consumer
perceptions.
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Nawir, C. P., & This research aims to This research uses the The result shows that
Christiani, N. (2019). find out whether startup businesses of entrepreneurial
The Effect of entrepreneurial passion Ciputra University’s passion has a
Entrepreneurial Passion and opportunity 2015 batch students that significant effect
and Opportunity awareness have have been running for toward startup
Awareness toward the significant effects on minimum 2 years as the business
Sustainability of Startup startup businesses’ sample. These startup sustainability, but it
Businesses. Jurnal sustainability. businesses are aimed to does not go the same
Entrepreneur Dan be able to represent way with opportunity
Entrepreneurship. startup businesses since awareness.
https://doi.org/10.37715/ from more than 200 Opportunity
jee.v8i1.1115 startup businesses awareness does not
established, only 42 affect significantly
startup businesses toward startup
sustain. Questionnaires business
are distributed to the sustainability since it
samples using 5-points needs to be converted
Likert-scale, and the into opportunity
data collected is then recognition and
analyzed using Multiple opportunity
Linear Regression. exploitation to give
significant effects.
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The results conveyed

STARTUP This study focuses on This empirical study that government
SUSTAINABILITY the factors affecting the analyzed, whether support, and
BASED ON sustainability of start- factors such as technology
GOVERNMENT, ups, and it is based on government support, affected startup
TECHNOLOGY, AND primary data collected market orientation, and business
MARKET: from 384 start-ups in technology orientation, sustainability by
EMPIRICAL STUDY India. affected the fostering startup
MEDIATION OF sustainability of the enterprise
PERFORMANCE & start-ups by using performance and
SATISFACTION. entrepreneurial entrepreneurial
(2023). Indian Journal satisfaction and satisfaction, while
of Finance and Banking, performance of the market orientation
63–77. start-ups as the does not mediate
mediators. business
Correspondingly, the sustainability using
study analyzes the startup enterprise
mediation effect of performance as the
entrepreneurial mediator, and
satisfaction between technology
performance and startup orientation affected
sustainability. startup business
sustainability with
entrepreneurial
satisfaction as the
mediator.
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The results revealed

Neneh, B. N. (2011). The primary objective The questions were that: In answering the
The impact of of this study was to developed through a question which
entrepreneurial investigate which modification of entrepreneurial
characteristics and entrepreneurial entrepreneurial self- characteristics and
business practices on the characteristics and assessment tools for business practices
long term survival of business practices have entrepreneurial have a bigger
small and medium a bigger influence on characteristics and influence on the long-
enterprises (SMEs). the long-term survival through a review of the term survival of
https://scholar.ufs.ac.za/ of SMEs, and the extent literature on business SMEs, this study
handle/11660/1256 to which they do so. practices. A total of 353 considered
Another objective was questionnaires were characteristics and
to find out the issued, 218 practices that had a
determinants of SMEs questionnaires were score of 50% and are
survival and determine received but only 200 above to be
the relationship questionnaires were determinants for
between entrepreneurial considered in the study SMEs survival.
characteristics and because they were those
business practices. fully completed by the
respondent and thus
gave the study a
response rate of 56.7%.
The statistical analyses
included descriptive
statistics, frequencies,
chi square, T-test,
ANOVA and Pearson
correlation.
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The results show that

Cefis, E., & Marsili, O. This paper explores the To estimate the survival innovation has a
(2006). Survivor: The relationship between probability of a firm we positive and
role of innovation in innovation and the use a non-parametric significant effect on
firms’ survival. Research survival probability of approach, based on the the probability of
Policy, 35(5), 626–641. manufacturing firms in calculation of firms’ survival. This
https://doi.org/10.1016/j. the Netherlands, Transition Probability effect increases over
respol.2006.02.006 conditional on firm age Matrices over different time and is
and size. time periods. conditional on firm
age and size; we
observe that small
and young firms are
the most exposed to
the risk of exit, as
found in earlier
studies, but also those
that most benefit of
innovation to survive
in the market,
especially in the
longer term.
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The chapter
Jansson, C. (2017). This chapter focuses on The financial resilience concludes that it is
Financial resilience: the financial resilience, of six of the largest necessary to have a
role of financial balance, which is an important Swedish companies is profitable core
profitability, and aspect of the analyzed in the chapter. operation to achieve
ownership. In Work, organizational The selection includes strong financial
organization, and resilience framework companies with strong, resilience, but it is
employment (pp. 111– presented in Chap. 3. average, and weak also important to
131). financial resilience, have strong and long-
https://doi.org/10.1007/9 which enables us to term-oriented owners
78-981-10-5314-6_7 contrast different who retain a part of
companies to each the profit in the
other. The data is companies as a buffer
mainly collected from for more challenging
annual reports. times.
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No.
Revision No. 00
RESEARCH PAPER
Date 2020
Results show that

Escolano, V. J. C. This study examines the A qualitative approach team composition,
(2022). Successes and successes and failures through interviews of finance and funding,
Failures of startups in of startups startup founders or co- and product have
the Philippines: an founders is used. immense
exploratory study. 2022 contributions to the
7th International success of the
Conference on Business startups. Further,
and Industrial Research lacking diversity in
(ICBIR). the team, poor timing,
https://doi.org/10.1109/i non-performing co-
cbir54589.2022.9786487 founders, unidentified
market segment and
competition, and the
founder’s prior
knowledge and
leadership style are
the insights related to
failed startups.
Hence, this study
confirms the causes
of the successes and
failures of startups.
Our rapid response

Kuckertz, A., Brändle, The present rapid This rapid response research first
L., Gaudig, A., Hinderer, response paper research combines a illustrates the
S., Reyes, C. a. M., therefore seeks to direct qualitative research challenges
Prochotta, A., attention to a specific design informed by entrepreneurs face as
Steinbrink, K. M., & type of actor that is entrepreneurial a consequence of the
Berger, E. S. (2020). largely neglected in ecosystem actors with crisis. Second, we
Startups in times of current public debate: an analysis of policy illustrate how
crisis – A rapid response innovative startups. measures called for, entrepreneurs are
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No.
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RESEARCH PAPER
Date 2020
dealing with the

to the COVID-19 Most policy initiatives announced, and effects of the crisis
pandemic. Journal of taken to protect reportedly implemented and what they are
Business Venturing economies during the in the international doing to protect their
Insights, 13, e00169. COVID-19 crisis seem press. ventures. Finally, we
https://doi.org/10.1016/j. to target established present measures that
jbvi.2020.e00169 corporations, existing could be utilized by
industry sectors, and policymakers to assist
economies as such, and entrepreneurs facing
in doing so those challenges. The
measures aim to protect research conducted
employment and the suggests that while
continuation of startups are
necessary economic successfully
activity. leveraging their
available resources as
a first response to the
crisis, their growth
and innovation
potential are at risk.
Therefore, policy
measures should not
only provide first aid
to startups by
alleviating the
pressure caused by
constrained cashflow,
but also involve long-
term measures
embedded in and
supported by the
wider entrepreneurial
ecosystem to ensure
rapid recovery and
growth.
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No.
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RESEARCH PAPER
Date 2020
. The study results

Ressin, M. (2022). Start- The purpose of this In developing the substantiate a strong
ups as drivers of study is to determine methodological design direct correlation
economic growth. the relationships of the study, a between the
Research in Economics, between the quantitative approach implementation of
76(4), 345–354. implementation of start- was used. start-ups and the
https://doi.org/10.1016/j. ups and the dynamics of achievement of the
rie.2022.08.003 the main characteristics UN SDGs
of national economic (Sustainable
growth. Development Goals),
with a link proven not
only for economic,
but also for social,
environmental, and
institutional SDGs,
which increases the
importance of start-
ups for achieving
sustainable
development in
territories.
Starting from a set of

Sevilla-Bernardo J, What are the most through the statistical 16 factors endorsed
Sanchez-Robles B, important factors for analysis of a by business practice,
Herrador-Alcaide TC. the success of a startup? bibliographical sample we identify through
Success Factors of This study aims to shed of 60 recent our analysis a core of
Startups in Research light on this issue articles.Qualitative seven success factors
Literature within the through a detailed study analysis procedure, (Core-7 SF) that have
Entrepreneurial of the selected known as qualitative been explored by the
Ecosystem. literature, but from the research or qualitative academic literature;
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No.
Revision No. 00
RESEARCH PAPER
Date 2020
our analysis suggests

Administrative Sciences. perspective of business data analysis, is based that these seven
2022; 12(3):102. experience, we have on the semantic factors are the most
https://doi.org/10.3390/a identified the analysis of the relevant when
dmsci12030102 comparative relevance keywords defined for explaining the
of those factors that the search for relevant success of startups.
recent research has content of a subject The analysis of the
highlighted as the main under study, regardless specific weights
drivers of start-up of the software used to indicates that there is
success. carry out the analysis. a representative gap
between the first
seven factors (with a
weight of 65%) and
the other eight that
come in the next
ranking positions.
These factors are as
follows: Idea, CEO
Decisions, Business
model, the type of
Marketing used,
Team, Funding
obtained, and Market
timing. In this case, 7
out of 16 factors
represent 65% of the
total number of
apparitions. This
percentage or weight
is very similar when
analyzing the impact
of the seven factors
by continent: Europe
(64.3%), North
America (63.3%), and
Asia (65.7%).
| 39

Financial Resilience and Growth Prospects of Food Startups in Tuguegarao City: A Study of A Startup'S Survivability and Potential

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Financial Resilience and Growth Prospects of Food Startups in Tuguegarao City: A Study of A Startup'S Survivability and Potential

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FINANCIAL RESILIENCE AND GROWTH PROSPECTS OF FOOD

STARTUPS IN TUGUEGARAO CITY: A STUDY OF A STARTUP'S

Research Objectives and/or Research Questions

Significance of the Study

This study is supported by the theory of Theoretical Model of Organizational Resilience

Figure 1. Research Paradigm

Locale of the Study

Respondents of the Study

Data Gathering Procedure

Reference Major Objective/s Methods Major Findings

the diagnosis of these

Nalintippayawong, S., This research aims to Structural equation Based on sixteen

despite its small size,

Transformational organizational the insignificant

Readiness of financial categorize start-up uses the Total should be given to

Zaidi, R. A., Khan, M. The purpose of this A quantitative Regression analysis

development? South study, which factors affecting

Xiang, Y., & Xu, Y. The purpose of this

based view of firms. health insurance, paid long-lasting positive

Gherhes, C., Williams, Micro-businesses The study consists of a Micro-businesses

Almansour, M. (2022). The COVID-19 The present study Content analysis of

struggle that these start- arising in operations

Sustainability, 13(6), behavior (agile building a framework parties to future proof

Business and Buleleng Regency. businesses until 2021, young entrepreneurs

The results conveyed

The results revealed

The results show that

Results show that

Our rapid response

dealing with the

. The study results

Starting from a set of

our analysis suggests

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