Craft Entrepreneurship and Created Value

Abstract

Craft making is growing and regaining its position both: as hobby and business. Craft industry is experiencing a renaissance and there is evidence of the “third wave of crafting”, still research on the craft sector is scarce and craft sector entrepreneurs are little understood in terms of their practices and actions resulting in certain type of value. This study aims to provide an overview of multiple types of value created by craft entrepreneurs in the process of their entrepreneurial actions. Research question addressed by this study is the following: what types of value are created by entrepreneurs in the craft sector in Latvia? This study is explorative, of qualitative nature, based on a case study research strategy. It explores 15 cases, representing craft entrepreneurs and their ventures in Latvia. The results of the study show that craft entrepreneurs create different types of value ranging from materialistic to idealistic by nature and from economic to transformational by the impact: economic and regenerative on one end to symbolic and developmental on the other end of the continuum. The findings of this study can serve as a valuable lens through which to improve an overall understanding of the craft entrepreneurship for entrepreneurs, investors, sponsors and governmental bodies in order to facilitate and support the development of entrepreneurship in the sector and to assess the growth and development potential of the emerging craft ventures.