Risks/rewards and an evolving business model: A case study of a small lifestyle business in the UK tourism sector

Abstract

Purpose

The purpose of this study is to investigate the need for an evolving business model that accounts for social, as well as business-related risks/rewards considerations, that is, for owner-managers with lifestyle as opposed to growth-oriented objectives.

Design/methodology/approach

The methodological approach undertaken involved in-depth interviews with the firm’s owner-managers, supplemental interviews with members of staff, observation, plus examining documents from secondary sources. Data gathering involved a period of three years to account for an evolving business model over time.

Findings

The findings from an instrumental case study demonstrate the need to adapt a firm’s business model in the light of changing circumstances. Additionally, in the context of owner-managers with lifestyle as opposed to growth-oriented objectives, to account for social in addition to business-related considerations in planning activities.

Originality/value

The originality of the study is to incorporate a longitudinal case study in to the entrepreneurial marketing literature. Specifically, this offers implications for business support organisations that advise prospective owner-managers; that is, in respect of the need for effective planning in formulating an evolving and enduring business model. Implications also highlight in a business sense, that turnaround of a poorly performing firm may be possible, for example, to overcome initial inadequate marketing planning. However, for owner-managers with lifestyle as opposed to growth-oriented objectives, a combination of both business and social factors need consideration to maintain a work/life balance. A venture that relies on personal and business relationships may not be viable if the partners cannot work together, no matter if the venture is performing well.

Citation

Crick, D., Chaudhry, S. and Crick, J.M. (2018), "Risks/rewards and an evolving business model: A case study of a small lifestyle business in the UK tourism sector", Qualitative Market Research, Vol. 21 No. 2, pp. 143-165. https://doi.org/10.1108/QMR-01-2017-0001