Business Model Innovation as a Mediator in Enhancing Entrepreneurial Success: A Study on Thai Herbal Entrepreneurs

Abstract

This study explores the factors influencing the success of Thai herbal entrepreneurs, with a specific focus on the mediating role of business model innovation. Using a quantitative research design, data were collected from 300 entrepreneurs and analyzed through structural equation modeling (SEM). The findings reveal that marketing innovation, access to financial resources, and government support significantly impact entrepreneurial performance, both directly and indirectly, via business model innovation. Notably, business model innovation serves as a critical mediating factor, highlighting the importance of adopting innovative business strategies to sustain competitive advantage. The study contributes to the literature by offering insights into how entrepreneurial success in resource-constrained industries can be achieved through continuous innovation. Theoretical and practical implications are discussed, with a particular emphasis on the role of policymakers and financial institutions in fostering an innovation-driven entrepreneurial ecosystem. Future research directions include exploring other mediators, such as technological adoption or organizational learning, and examining the generalizability of these findings in other sectors.