OSUNMAKINDE, Ayodele, KOLADE, Seun and MWILA, Natasha (2021). Spiritual capital and social entrepreneurship: a case study of Nigeria. In: 2021 ISBE Conference Proceedings: Bridging Enterprise, policy and practice: creating social and public value. Institute for Small Business and Entrepreneurship. [Book Section]
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Osunmakinde etal ISBE 2021 Paper.pdf - Accepted Version
Available under License All rights reserved.
Osunmakinde etal ISBE 2021 Paper.pdf - Accepted Version
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Abstract
This paper examines the relationship between spiritual capital and social entrepreneurship. Spiritual
capital is defined as a set of intangible, transcendent resources that people draw from their religious
beliefs or spiritual experiences (Kolade et al., 2019). Entrepreneurship is, at its core, a resource-driven
endeavour. As a result, there is a significant and growing body of work on entrepreneurial resourcing.
Scholars have employed a wide range of theoretical and analytical approaches to interrogate the means,
processes, and strategies that entrepreneurs deploy to mobilise the resources they require to overcome
challenges, recognise opportunities, and create and capture value. The firm's resource-based view
distinguishes between tangible and intangible resources that entrepreneurs/managers deploy to create
and capture value (Connor, 2002; Heirman and Clarysse, 2007). To achieve and maintain a competitive
advantage, such resources or assets also need to be valuable, rare, inimitable, and non-substitutable
(Lockett, Thompson, and Morgenstern, 2009). Concerning intangible resources, several studies have
examined the role of human capital and social capital as two critical forms of intangible resources that
influence entrepreneurial outcomes.
Conversely, the concept of spirituality and spiritual capital has only emerged recently in the broader
management, let alone entrepreneurship literature. This research seeks to explore spiritual capital as an
intangible resource drawn on for social entrepreneurship. While recent studies have examined the links
between spiritual capital and innovation performance ((Neubert et al., 2015) and entrepreneurial resilience (Sinha et al., 2019), this paper seeks to explore spiritual capital contextually as a driver of social entrepreneurship. We therefore propose a conceptual framework that illuminates the link between key elements of spiritual capital- such as self-transcendence, inspiration and spiritual values- and social entrepreneurship. We use Nigeria as a case illustration to briefly explicate this framework.
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