Share:


Constructing an entrepreneurship project evaluation system using a hybrid model

    Qi-Gan Shao Affiliation
    ; James J. H. Liou Affiliation
    ; Sung-Shun Weng Affiliation
    ; Peiyao Su Affiliation

Abstract

Due to the economic trends around the world and the strong support and guidance of relevant governments, the number of entrepreneurial projects has soared in China. It is necessary to construct a standard assessment system for entrepreneurial projects that is comprehensive and effective. This study extracted six dimensions and 23 criteria for evaluating entrepreneurial projects. This study applies the best and worst methods to obtain the weights of the dimensions and criteria. Then, the Technique for Order Preference by Similarity to an Ideal Solution method was used to evaluate the entrepreneurial projects in an entrepreneurial competition. The results show that team quality, the business model and entrepreneurship ability are the three most important dimensions for evaluating entrepreneurial projects. The improvement of the innovating ability, the training of the team and the value proposition are the three keys to successful implementation of the entrepreneurial projects.

Keyword : entrepreneurial project, project evaluation, hybrid model, MCDM, BWM, TOPSIS

How to Cite
Shao, Q.-G., Liou, J. J. H., Weng, S.-S., & Su, P. (2020). Constructing an entrepreneurship project evaluation system using a hybrid model. Journal of Business Economics and Management, 21(5), 1329-1349. https://doi.org/10.3846/jbem.2020.13165
Published in Issue
Jul 24, 2020
Abstract Views
1619
PDF Downloads
1201
Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

References

Allam, Z., & Dhunny, Z. A. (2019). On big data, artificial intelligence and smart cities. Cities, 89, 80–91. https://doi.org/10.1016/j.cities.2019.01.032

Alvarez, S. A., & Busenitz, L. W. (2001). The entrepreneurship of resource-based theory. Journal of Management, 27(6), 755–775. https://doi.org/10.1177/014920630102700609

Aparicio, S., Urbano, D., & Gómez, D. (2016). The role of innovative entrepreneurship within Colombian business cycle scenarios: A system dynamics approach. Futures, 81, 130–147. https://doi.org/10.1016/j.futures.2016.02.004

Åstebro, T., Bazzazian, N., & Braguinsky, S. (2012). Startups by recent university graduates and their faculty: implications for university entrepreneurship policy. Research Policy, 41(4), 663–677. https://doi.org/10.1016/j.respol.2012.01.004

Avlonitis, G. J., & Salavou, H. E. (2007). Entrepreneurial orientation of SMEs, product innovativeness, and performance. Journal of Business Research, 60(5), 566–575. https://doi.org/10.1016/j.jbusres.2007.01.001

Beltramello, A., Haie-Fayle, L., & Pilat, D. (2013). Why new business models matter for green growth. OECD Green Growth, 12, 1–108. https://doi.org/10.1787/22260935

Bocken, N. M. P., Short, S. W., Rana, P., & Evans, S. (2014). A literature and practice review to develop sustainable business model archetypes. Journal of Cleaner Production, 65(15), 42–56. https://doi.org/10.1016/j.jclepro.2013.11.039

Bouwman, H., Nikou, S., & Reuve, M. D. (2019). Digitalization, business models, and SMEs: How do business model innovation practices improve performance of digitalizing SMEs? Telecommunications Policy, 43(9), 101828. https://doi.org/10.1016/j.telpol.2019.101828

Chen, J., Chen, L., Chen, J. Y., & Xie, K. F. (2018). Mechanism and policy combination of technical sustainable entrepreneurship crowdfunding in China: A system dynamics analysis. Journal of Cleaner Production, 177(10), 610–620. https://doi.org/10.1016/j.jclepro.2017.12.217

Chesbrough, H., & Rosenbloom, R. S. (2002). The role of the business model in capturing value from innovation: evidence from Xerox Corporation’s technology spinoff companies. Industrial and Corporate Change, 11(3), 529–555. https://doi.org/10.1093/icc/11.3.529

Colombo, M. G., D’Adda, D., & Quas, A. (2019). The geography of venture capital and entrepreneurial ventures’ demand for external equity. Research Policy, 48(5), 1150–1170. https://doi.org/10.1016/j.respol.2018.12.004

Cooke-Davis, T. (2002). The real success factors on projects. International Journal of Project Management, 20(3), 185–190. https://doi.org/10.1016/S0263-7863(01)00067-9

Cui, J., Sun, J. H., & Bell, R. (2019). The impact of entrepreneurship education on the entrepreneurial mindset of college students in China: The mediating role of inspiration and the role of educational attributes. The International Journal of Management Education (in press). https://doi.org/10.1016/j.ijme.2019.04.001

Dahaj, A. S., & Cozzarin, B. P. (2019). Government venture capital and cross-border investment. Global Finance Journal, 41,113–127. https://doi.org/10.1016/j.gfj.2019.03.001

David, H. H., Edward, B. R., & Charles, E. E. (2007). Entrepreneurs from technology-based universities: evidence from MIT. Research Policy, 36(5), 768–788. https://doi.org/10.1016/j.respol.2007.03.001

Duan, Y. Q., Edwards, J. S., & Dwivedi, Y. K. (2019). Artificial intelligence for decision making in the era of Big Data evolution. Challenges and Research Agenda. International Journal of Information Management, 48, 63–71. https://doi.org/10.1016/j.ijinfomgt.2019.01.021

Durmuşoğlu, Z. D. U. (2018). Assessment of techno-entrepreneurship projects by using Analytics Hierarchy Process (AHP). Technology in Society, 54, 41–46. https://doi.org/10.1016/j.techsoc.2018.02.001

Fernhaber, S. A., & Stark, A. Y. (2019). Biomimicry: New insights for entrepreneurship scholarship. Journal of Business Venturing Insights, 12, e00137. https://doi.org/10.1016/j.jbvi.2019.e00137

Finkle, T. A., & Deeds, D. (2001). Trends in the market for entrepreneurship faculty, 1989–1998. Journal of Business Venturing, 16(6), 613–630. https://doi.org/10.1016/S0883-9026(99)00051-8

Fjeldstad, Ø. D., & Snow, C. C. (2018). Business models and organization design. Long Range Planning, 51(1), 32–39. https://doi.org/10.1016/j.lrp.2017.07.008

Frid, C. J., Wyman, D. M., & Gartner, W. B. (2016). Low-wealth entrepreneurs and access to external financing. International Journal of Entrepreneurial Behavior & Research, 22(4), 1–25. https://doi.org/10.1108/IJEBR-08-2015-0173

Fuentelsaz, L., González, C., & Maicas, J. P. (2019). Formal institutions and opportunity entrepreneurship. The contingent role of informal institutions. Business Research Quarterly, 22(1), 5–24. https://doi.org/10.1016/j.brq.2018.06.002

Gartner, W. B. (1990). What are we talking about when we talk about entrepreneurship? Journal of Business Venturing, 5(1), 15–28. https://doi.org/10.1016/0883-9026(90)90023-M

Geissdoerfer, M., Vladimirova, D., & Evans, S. (2018). Sustainable business model innovation: A review. Journal of Cleaner Production, 198(10), 401–416. https://doi.org/10.1016/j.jclepro.2018.06.240

Guo, S., & Zhao, H. (2017). Fuzzy best-worst multi-criteria decision-making method and its applications. Knowledge-Based Systems, 121(1), 23–31. https://doi.org/10.1016/j.knosys.2017.01.010

Gupta, H. (2018). Assessing organizations performance on the basis of GHRM practices using BWM and Fuzzy TOPSIS. Journal of Environment Management, 226, 201–216. https://doi.org/10.1016/j.jenvman.2018.08.005

Gupta, H., & Barua, M. K. (2017). Supplier selection among SMEs on the basis of their green innovation ability using BWM and fuzzy TOPSIS. Journal of Cleaner Production, 152(20), 242–258. https://doi.org/10.1016/j.jclepro.2017.03.125

Gupta, H., & Barua, M. K. (2018). A framework to overcome barriers to green innovation in SMEs using BWM and Fuzzy TOPSIS. Science of the Total Environment, 633, 122–139. https://doi.org/10.1016/j.scitotenv.2018.03.173

Hienerth, C., Keinz, P., & Lettl, C. (2011). Exploring the nature and implementation process of user-centric business models. Long Range Planning, 44(5), 344–374. https://doi.org/10.1016/j.lrp.2011.09.009

Hwang, C. L., & Yoon, K. (1981). Multiple attributes decision making methods and applications. Springer. https://doi.org/10.1007/978-3-642-48318-9_3

Ika, L. A. (2009). Project success as a topic in project management journals. Project Management Journal, 40(4), 6–19. https://doi.org/10.1002/pmj.20137

İrengün, O., & Arıkboğa, Ş. (2015). The effect of personality traits on social entrepreneurship intentions: A field research. Procedia – Social and Behavioral Sciences, 195(3), 1186–1195. https://doi.org/10.1016/j.sbspro.2015.06.172

Jensen, T. L. (2014). A holistic person perspective in measuring entrepreneurship education impact – Social entrepreneurship education at the Humanities. International Journal of Management Education, 12(3), 349–364. https://doi.org/10.1016/j.ijme.2014.07.002

Kalbar, P. P., Karmakar, S., & Asolekar, S. R. (2012). Technology assessment for wastewater treatment using multiple-attribute decision-making. Technology in Society, 34(4), 295–302. https://doi.org/10.1016/j.techsoc.2012.10.001

Khalili-Damghani, K., & Sadi-Nezhad, S. (2013). A hybrid fuzzy multiple criteria group decision making approach for sustainable project selection. Applied Soft Computing, 13(1), 339–352. https://doi.org/10.1016/j.asoc.2012.07.030

Kim, W., & Kim, M. (2015). Reference quality-based competitive market structure for innovation driven markets. International Journal of Research in Marketing, 32(3), 284–296. https://doi.org/10.1016/j.ijresmar.2014.10.003

Kirkwood, J., Dwyer, K., & Gray, B. (2014). Students’ reflections on the value of an entrepreneurship education. The International Journal of Management Education, 12(3), 307–316. https://doi.org/10.1016/j.ijme.2014.07.005

Kumar, A., A, A., & Gupta, H. (2020). Evaluating green performance of the airports using hybrid BWM and VIKOR methodology. Tourism Management, 76, 103941. https://doi.org/10.1016/j.tourman.2019.06.016

Lee, Y. S., & Eesley, C. (2018). The persistence of entrepreneurship and innovative immigrants. Research Policy, 47(6), 1032–1044. https://doi.org/10.1016/j.respol.2018.03.007

Liang, F. Q., Brunelli, M., & Rezaei, J. (2020). Consistency issues in the best worst method: Measure and thresholds. Omega, 96, 102175. https://doi.org/10.1016/j.omega.2019.102175

Lucia, C., De, Balena, P., & Melone, M. R. S. (2016). Policy, entrepreneurship, creativity and sustainability: The case of ‘Principi Attivi’ (‘Active Ingredients’) in Apulia Region (southern Italy). Journal of Cleaner Production, 135, 1461–1473. https://doi.org/10.1016/j.jclepro.2016.06.068

Mandel, R., & Noyes, E. (2016). Survey of experiential entrepreneurship education offerings among top undergraduate entrepreneurship programs. Education + Training, 58(2), 164–178. https://doi.org/10.1108/ET-06-2014-0067

Mou, Q., Xu, Z. S., & Liao, H. C. (2016). An intuitionistic fuzzy multiplicative best-worst method for multi-criteria group decision making. Information Sciences, 374, 224–239. https://doi.org/10.1016/j.ins.2016.08.074

Neumeyer, X., & Santos, S. C. (2018). Sustainable business models, venture typologies, and entrepreneurial ecosystems: A social network perspective. Journal of Cleaner Production, 172, 4565–4579. https://doi.org/10.1016/j.jclepro.2017.08.216

Patzelt, H., Behrens, J., Wolfe, M. T., & Shepherd, D. A. (2020). Perceived project transition support and employees’ assessments of entrepreneurial project performance. Journal of Business Venturing, 35, 105887. https://doi.org/10.1016/j.jbusvent.2018.06.005

Paul, J., & Shrivatava, A. (2016). Do young managers in a developing country have stronger entrepreneurial intentions? Theory and debate. International Business Review, 25(6), 1197–1210. https://doi.org/10.1016/j.ibusrev.2016.03.003

Pickernell, D., Packham, G., Jones, P., Miller, C., & Thomas, B. (2011). Graduate entrepreneurs are different: they access more resources? International Journal of Entrepreneurial Behavior & Research, 17(2), 183–202. https://doi.org/10.1108/13552551111114932

Pirzada, K., Wickramasinghe, D., & Moens, G. A. (2015). The role of entrepreneur in residence towards the students’entrepreneurial performance: A study of entrepreneurship learning process at Ciputra University, Indonesia. Procedia – Social and Behavioral Sciences, 211, 972–976. https://doi.org/10.1016/j.sbspro.2015.11.129

Razeghian, M., & Weber, T. A. (2019). Strategic durability with sharing markets. Sustainable Production and Consumption, 19, 79–96. https://doi.org/10.1016/j.spc.2019.02.007

Rahimi, S., Hafezalkotob, A., Monavari, S. M. Hafezalkotob, A., & Rahimi, R. (2020). Sustainable landfill site selection for municipal solid waste based on a hybrid decision-making approach: Fuzzy group BWM-MULTIMOORA-GIS. Journal of Cleaner Production, 248, 11986. https://doi.org/10.1016/j.jclepro.2019.119186

Rego, A., Owens, B., Leal, S., Melo, A., Cunha, M. P., Goncalves, L., & Ribeiro, P. (2017). How leader humility helps teams to be humbler, psychologically stronger, and more effective: A moderated mediation model. The Leadership Quarterly, 28(5), 649–658. https://doi.org/10.1016/j.leaqua.2017.02.002

Rezaei, J. (2015). Best-worst multi-criteria decision-making method. Omega, 53, 49–57. https://doi.org/10.1016/j.omega.2014.11.009

Rezaei, J., Hemmes, A., & Tavasszy, L. (2017). Multi-criteria decision-making for complex bundling configurations in surface transportation of air freight. Journal of Air Transport Management, 61, 95–105. https://doi.org/10.1016/j.jairtraman.2016.02.006

Salimi, N., & Rezaei, J. (2016). Measuring efficiency of university industry Ph.D. projects using best worst method. Scientometrics, 109, 1911–1938. https://doi.org/10.1007/s11192-016-2121-0

Salunke, S., Weerawardena, J., & McColl-Kennedy, J. R. (2013). Competing through service innovation: The role of bricolage and entrepreneurship in project-oriented firms. Journal of Business Research, 66(8), 1085–1097. https://doi.org/10.1016/j.jbusres.2012.03.005

Soares, F. O., Sepúlveda, M. J., Monteiro, S., Lima, R. M., & Dinis-Carvalho, J. (2013). An integrated project of entrepreneurship and innovation in engineering education. Mechatronics, 23(8), 987–996. https://doi.org/10.1016/j.mechatronics.2012.08.005

Tsai, W. H., & Kuo, H. C. (2011). Entrepreneurship policy evaluation and decision analysis for SMEs. Expert Systems with Applications, 38(7), 8343–8351. https://doi.org/10.1016/j.eswa.2011.01.022

Wen, J. W., Yang, D., Feng, G. F., Dong, M. Y., & Chang, C. P. (2018). Venture capital and innovation in China: The non-linear evidence. Structural Change and Economic Dynamics, 46, 148–162. https://doi.org/10.1016/j.strueco.2018.05.004

Yang, A., Li, Y. F., Liu, C. S., Li, J., Zhang, Y. Z., & Wang, J. H. (2019). Research on logistics supply chain of iron and steel enterprises based on block chain technology. Future Generation Computer Systems, 101, 635–645. https://doi.org/10.1016/j.future.2019.07.008

Yang, M., & Gabrielsson, P. (2017). Entrepreneurial marketing of international high-tech business-tobusiness new ventures: A decision-making process perspective. Industrial Marketing Management, 64, 147–160. https://doi.org/10.1016/j.indmarman.2017.01.007

Yoon, K. P., & Kim, W. K. (2017). The behavioral TOPSIS. Expert Systems with Applications, 89, 266– 272. https://doi.org/10.1016/j.eswa.2017.07.045

You, X. S., Chen, T., & Yang, Q. (2016). Approach to multi-criteria group decision-making problems based on the best-worst-method and ELECTRE method. Symmetry, 8(9), 95. https://doi.org/10.3390/sym8090095

Zhang, Z. L. (2018). Independent innovation promotes the continuous development of Chinese patents. National Bureau of Statistics. http://www.stats.gov.cn/tjsj/sjjd/201804/t20180416_1593979.html

Zhu, H. B., Zhang, K., & Ogbodo, U. S. (2017). Review on innovation and entrepreneurship education in Chinese universities during 2010–2015. Journal of Mathematics Science and Technology Education, 13(8), 5939–5948. https://doi.org/10.12973/eurasia.2017.01042a