Development of Real Estate Entrepreneurship Model that Overcomes the 1997 Economic Crisis

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Atsawit Innoy

Abstract

          The objective of this research is to study the experience of real estate entrepreneurs to survive the economic crisis in 1997 and develop the pattern of real estate entrepreneurship. Qualitative method was conducted and strategic research was phenomenology.


          The qualitative research was used the sampling of 10 persons by using purposive and experience sampling for in depth interview including semi-structured interview. The result of pattern development was analyzed in qualitative data according to strategic management theory, cognition and entrepreneurship. The findings showed 12 main patterns of : 1) maintaining  profit aspect; 2) temporary break period aspect; 3) break for waiting to see the business direction aspect; 4) organization stabilization aspect; 5) merger and acquisition aspect; 6) reducing the investment aspect; 7) disposal and withdrawing investment aspect; 8) low cost capital aspect;     9) proactive administration aspect; 10) creating innovation aspect; 11) real estate entrepreneurship aspect; 12) awareness the business opportunities of entrepreneur aspect


         Cognition was awareness of experience and social network.  In addition, the entrepreneur placed importance on readiness for land resource as well as teamwork.  During a crisis situation, distinctive strategies were stability and retrenchment strategies.  After money crisis, entrepreneurs usually used stabilization strategies, mergers and acquisitions along with reducing investment strategies to make organization fully turnaround. Nowadays, entrepreneurs are interested in good examples.

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บทความวิจัย (Research Articles)