Entrepreneurship Success Case Study with Qualitative Research Using the Valley of Death Framework
Keywords:
Entrepreneurship Success, Valley of Death, Small and Medium Enterprises (SMEs), StartupAbstract
Entrepreneurship success is a crucial factor in driving economic growth, particularly in emerging economies like Thailand. However, many new businesses face significant challenges, especially during the early stages of development, often referred to as the "Valley of Death." This study employs a qualitative research approach to explore the key factors contributing to entrepreneurial success using the Valley of Death framework. Data were collected through in-depth interviews with entrepreneurs from various industries who have successfully navigated through business hardships. Findings reveal that the most critical factor in entrepreneurial success is Organizational Planning. Additionally, the study identifies seven other essential factors under the Strategic and Personal Growth Approach: Supplier Strategy, Technology, Risk-Taking, Financial Planning, Time in Industry, Self-Education, and Dynamic. The results suggest that entrepreneurs who effectively integrate these factors are more likely to overcome early-stage business obstacles and achieve sustainable growth. This research provides practical insights for aspiring entrepreneurs and policymakers to develop support mechanisms that enhance business resilience and long-term success.
References
Allred, A. T., Addams, H. L., & Chakraborty, G. (2007). Is Informal Planning the Key to the Success of the Inc. 500. Journal of Small Business Strategy 18(1), 95–104. Retrieved from https://libjournals.mtsu.edu/index.php/jsbs/article/view/82.
Arciénaga, M, A. A., Nielsen, J., Bacarini, H. A., Martinelli, S. I., Kofuji, S. T., & García Díaz, J. F. (2018). Technology and Innovation Management in Higher Education Cases from Latin America and Europe. Administrative Sciences 8(2), 11. https://doi.org/10.3390/admsci8020011
Audretsch, D. B., Belitski, M., Caiazza, R., Drapeau, M. D., Menter, M., & Wales, W. J. (2023). Resilience and Digitally-Advanced Entrepreneurship. Entrepreneurship & Regional Development, 36(1–2), 1–9. https://doi.org/10.1080/08985626.2023.2275193
Auerswald, P. E., & Branscomb, L. M. (2003). Valleys of Death and Darwinian Seas: Financing the Invention to Innovation Transition in the United States. The Journal of Technology Transfer, 28(3), 227-239. https://doi.org/10.1023/A:1024980525678
Barbour, R. (2014). Introducing Qualitative Research: A student's guide (2nd ed.). Sage Publications.
Barbu, C. A., Popa, A., & Zaharia, R. (2024). The Use of Digital Technologies in Tourism Management. Ovidius University Annals: Economic Sciences Series. https://doi.org/10.61801/ouaess.2023.2.48
Boonyasiwapong, P. (2023). Activities to enhance entrepreneurial skills by using community business establishments for high school students in Thung Saliam District, Sukhothai Province. Master's thesis. Phitsanuloki: Naresuan University. [In Thai].
Braun, V., & Clarke, V. (2012). Thematic Analysis. In H. Cooper, P. M. Camic, D. L. Long, A. Panter, D. Rindskopf, & K. J. Sher (Eds.), APA handbook of research methods in psychology, Vol. 2: Research designs: Quantitative, qualitative, neuropsychological, and biological (pp. 57-71). American Psychological Association. https://doi.org/10.1037/13620-004
Braun, V., & Clarke, V. (2013). Successful Qualitative Research: A practical guide for beginners. Sage Publications.
Budi & Aldianto. (2020). Research and Development – Commercialization Bridge: A Refined Model. The Asian Journal of Technology Management 1(13), 47-62.
https://doi.org/ 10.12695/ajtm.2020.13.1.4
Creswell, J. W., & Poth, C. N. (2018). Qualitative Inquiry and Research Design: Choosing among five approaches (4th ed.). Sage Publications.
Cypress, B. S. (2017). Rigor or Reliability and Validity in Qualitative Research: Perspectives, Strategies, Reconceptualization, and Recommendations. Dimensions of Critical Care Nursing, 36(4), 253-263. https://doi.org/ 10.1097/DCC.0000000000000253
Emerson, R. M., Fretz, R. I., & Shaw, L. L. (2011). Writing ethnographic fieldnotes (2nd ed.). University of Chicago Press.
Fern, M. J., Cardinal, L. B., & O'Neill, H. M. (2012). The Genesis of Strategy in New Ventures: Escaping the Constraints of Founder and Team Knowledge. Strategic Management Journal 33(4), 427–447. https://doi.org/10.1002/SMJ.1944
Flick, U. (2018). An Introduction to Qualitative Research (6th ed.). Sage Publications.
Fusch, P. I., & Ness, L. R. (2015). Are We There Yet? Data Saturation in Qualitative Research. The Qualitative Report, 20(9), 1408-1416.
https://doi.org/10.46743/2160-3715/2015.2281
Galletta, A. (2013). Mastering the Semi-Structured Interview and Beyond: From Research Design to Analysis and Publication. New York University Press.
Gbadegeshin, S. A. (2022). Overcoming the Valley of Death: A New Model for High Technology Startups. Sustainable Futures, (4), 145–153. https://doi.org/10.1016/j.sftr.2022.100077
Hagenauer, W., & Zipko, H. T. (2024). The relationship between entrepreneurial personality patterns linked to risk, innovation and gender across industrial sectors. Dental Science Reports 14(1). https://doi.org/10.1038/s41598-024-71794-5
Hil, S., Ionescu-Somers, A., Coduras, A., Guerrero, M., Menipaz, E., Boutaleb, F., Zbierowski, P., Sahasranamam, S., & Shay, J. (2024). GEM 2023/2024 GLOBAL REPORT - 25 YEARS AND GROWING. London: Global Entrepreneurship Research Association, London Business School.
Idris, M. (2024). Strategic financial management in entrepreneurial ventures: a comprehensive qualitative review of financial practices and their impact on startup growth and stability. Atestasi 7(2), 742–761. https://doi.org/10.57178/atestasi.v7i2.878
Jeerapattanatorn, P. (2021). Entrepreneurship Education. (1st ed.). Kasetsart University Press. [In Thai].
Keith, N., Unger, J., Rauch, A., & Frese, M. (2016). Informal learning and entrepreneurial success: a longitudinal study of deliberate practice among small business owners. Applied Psychology 65(3), 515–540. https://doi.org/10.1111/APPS.12054
King, N., & Horrocks, C. (2010). Interviews in Qualitative Research. Sage Publications.
Kraivichien, N., & Pruetipibultham, O. (2024). Determinants of new venture survival: A case study of startups in Thailand. ABAC Journal, 44(3), 162-178. https://doi.org/10.59865/abacj.2024.33
Lindström, T., & Silver, S. (2017). Avoiding the Innovation Valley of Death: Private Sector Commercialization of Publicly Funded Research.
Makhbul, Z. M., & Hasun, F. M. (2011). Entrepreneurial success: An exploratory study among entrepreneurs. International Journal of Business And Management, 6(1), 116. https://doi.org/10.5539/ijbm.v6n1p116
Markham, S. K., Ward, S. J., Aiman-Smith, L., & Kingon, A. I. (2010). The valley of death as context for role theory in product innovation. Journal of Product Innovation Management 27(3), 402–417. https://doi.org/10.1111/j.1540-5885.2010.00724.x
Nainggolan, R. (2019). Supply chain management model on start-up business. Jurnal Entrepreneur dan Entrepreneurship, 8(2), 30–37. https://doi.org/10.37715/JEE.V8I2.1122
Natsheh, A., Gbadegeshin, S. A., Ghafel, K., Mohammed, O., Koskela, A., Rimpiläinen, A., Tikkanen, J. & Kuoppala, A. (2021). The causes of valley of death: a literature review. INTED2021 Proceedings, 9289-9298. https://doi.org/10.21125/inted.2021.1943
National Economic and Social Development Council. (2023). National progress report. Retrieved from https://www.nesdc.go.th/article_attach/article_file_20230307173518.pdf.
National Innovation Agency. (2019). 4 strategies to push 'Thailand' to be a country of innovation. Retrieved from https://www.nia.or.th/nia4.
Prapojanasomboon, J. (2019). Influencing Factor That Develops The Entrepreneurial Mindset In Science And Technology Undergraduate Students Of Mahidol University. Master's thesis. Bangkok: Mahidol University. [In Thai].
Pratitas, P. (2019). Systematic and Creative Thinking. Bangkok: Chulalongkorn University Press. [In Thai].
Przychocka, I., Sikorski, M., & Milewski, L. (2024). Cash flow management in small and medium enterprises in times of economic uncertainty. European Research Studies Journal. https://doi.org/10.35808/ersj/3376
Rapley, T. (2018). Doing conversation, discourse and document analysis. London: Sage Publications.
Rubin, H. J., & Rubin, I. S. (2012). Qualitative Interviewing: The Art of Hearing Data (3rd ed.). California: Sage Publications.
Chuasuwan S. (2017). Creating career advancement through entrepreneurial thinking. Master's degree thesis. Chiang Mai: Chiang Mai Rajabhat University. [In Thai].
Somboon, K. (2020). SSE 101: Economics in Daily Life and Entrepreneurship: Concepts of Entrepreneurship (5th ed.). Bangkok: Thammasat University. [In Thai].
Sroysing K. (2022). Factors affecting the learning skills and innovation in the 21st century of students at Dusit Thani College. Dusit Thani College Journal 14(2), 486–501. [In Thai].
Sudkeaw, S. (2020). A study of the entrepreneurial professional skill learning of the Office of Non-formal Education and Informal Education in the non-formal context of Thailand. Master’s thesis. Bangkok: Mahidol University. [In Thai].
Suraj, K. (2023). A study on the key factors influencing entrepreneurial success. Indian Scientific Journal of Research in Engineering and Management 7(9), 1-6. Retrieved from https://doi.org/10.55041/ijsrem25562
Techsauce. (2022.). Factors behind business success and failure with Dr. Tanai Charinsarn. Retrieved from https://techsauce.co/video/5-factor-business-success-fail.
Tungsongcharoen, S. (2015). Entrepreneurial orientation of MBA students in Bangkok Master's thesis. Bangkok: Thammasat University. [In Thai].
Udomthanatheera, K. (2019). Entrepreneur lifecycle and the valley of death. Retrieved from https://www.iok2u.com/article/business-administrator/entrepreneur-lifecycle-valley-of-death. [In Thai].
Ueasangkhomsate P. & Sulaksanakarn P. (2017). Entrepreneurial skills and competitive advantages of medium-sized enterprises. Journal of the Researcher Association 22(3), 180. [In Thai].
Villanueva, E., & Martins, I. (2022). Overconfidence, fear of failure, risk-taking and entrepreneurial intention: The behavior of undergraduate students. TEC Empresarial. https://doi.org/10.18845/te.v16i3.6355
Zaremba, B. W., Bode, C., & Wagner, S. M. (2016). Strategic and operational determinants of relationship outcomes with new venture suppliers. Journal of Business Logistics, 37(2), 152–167. https://doi.org/10.1111/JBL.12124
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Modern Management Frontier Journal
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
