Revealing the Link Between Open Minded, Uncertainty Readiness and Optimism in Business Performance for Food and Beverage Businesses

Rahmawati Rahmawati (), Hudayah Syarifah, Setyadi Djoko, Purbawangsa Ida Bagus Anom and Hendar Hendar
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Rahmawati Rahmawati: Department of Management, Faculty of Economics and Business, Universitas Mulawarman, Indonesia
Hudayah Syarifah: Department of Management, Faculty of Economics and Business, Universitas Mulawarman, Indonesia
Setyadi Djoko: Department of Management, Faculty of Economics and Business, Universitas Mulawarman, Indonesia
Purbawangsa Ida Bagus Anom: Department of Management, Faculty of Economics and Business, Universitas Udayana, Indonesia
Hendar Hendar: Department of Management, Faculty of Economics, Universitas Islam Sultan Agung, Indonesia

Economics, 2024, vol. 12, issue 1, 199-226

Abstract: Business performance is an urgent topic to explore because there are many aspects that influence it. One thing that can guarantee business performance is open-minded entrepreneurship, uncertain readiness, and entrepreneurial optimism. In this context, businesses in the form of Food and Beverage (F&B) have become popular in the last few decades in Indonesia. From this research, it investigates the effects of open-minded entrepreneurs, uncertain readiness, and entrepreneurial optimism on business performance. Apart from that, it also dissects the relevance of open-minded entrepreneurship and uncertain readiness on business performance which is mediated by entrepreneurial optimism. The quantitative method was operated via an online survey involving cafe and restaurant owners (N = 128) spread across several big cities in Indonesia. Then, the data was analyzed using Structural Equation Modeling-Partial Least Square (SEM-PLS). As a result, of the five hypotheses developed, three were accepted. Open-minded entrepreneurship, uncertain readiness, and entrepreneurial optimism are proven to influence business performance. On the one hand, the other two hypotheses are rejected, where open-minded entrepreneurship or uncertain readiness have no impact on business performance through entrepreneurial optimism. By implication, the output of the research is interesting to highlight in the future. Optimism in too high a capacity can harm the business. This is triggered by the level of vigilance and actions of business owners in making decisions based on irrational emotions.

Keywords: Open-minded entrepreneur; Uncertainty readiness; Entrepreneur optimism; Business Performance; SEM-PLS (search for similar items in EconPapers)
JEL-codes: C39 D81 D83 L26 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:econom:v:12:y:2024:i:1:p:199-226:n:8

DOI: 10.2478/eoik-2024-0008

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