Purpose versus profit: How institutions shape entrepreneurial success across countries

What does ‘success’ mean for entrepreneurs in different institutional environments? Drawing on institutional theory, we explore how the success perceptions of entrepreneurs are shaped by their interpretations of the institutional environment across countries. Based on 87 semi-structured, in-depth interviews with digital start-ups in China, Germany, and the United Kingdom (UK), we find that success perceptions differ substantially across institutional contexts. Our findings suggest that success perceptions balance the individual preferences of entrepreneurs and the need to adapt to the institutional environment. We contribute to understanding on differences in entrepreneurship across countries by examining how institutions can influence entrepreneurial response strategies and outcomes. In addition, we provide a novel perspective on the role of entrepreneurial agency in the context of strong institutional influences.