The Success of Thai Herbal Business under the Creative Economy Concept and Product Innovation
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Abstract
Herbs, nowadays have the potential to drive the economy and also can create sustainability for the economy and society in the future. Furthermore, the herbal consumption has the highest growth rate both nationally and internationally. Therefore if entrepreneurs can apply the creative economy concept and product innovations in to their business operations this will enable to increase their productivity and generate greater success for Thai herbal business. This quantitative research aimed to study the influence of entrepreneurship, creative economy concept and product innovations to the success of the Thai herbal business. The sample surveys of 360 entrepreneurs which came from small and micro community entrepreneurs and community enterprise network of herbal producers. The data was collected by questionnaires. The confidence interval was between 0.937-0.966. The data was analyzed by multiple regression analysis.
The results of this study revealed that 1) innovativeness and competitive aggressiveness of entrepreneurship have influence to the success of Thai herbal business significantly, which was found that the variation in the success of Thai herbal business arising from entrepreneurship about fifty-six point seven percent, 2) knowledge, creativity and technology and Innovation of creative economy concept have influence to the success of Thai herbal business significantly, which was found that the variation in the success of Thai herbal business arising from creative economy concept about sixty-six percent and 3) radicality, quality and uniqueness of product innovation have influence to the success of Thai herbal business significantly, which was found that the variation in the success of Thai herbal business arising from product innovation about fifty-six point seven percent.
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