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Grounded in the resource-based view of the firm, this study aims to examine the effects of goal orientation and the mindfulness of entrepreneurs on firm innovation capability and analyzes that capability’s subsequent impact on firm performance. The authors also analyze whether mindfulness interacts with goal orientation to intensify its effect on firm innovation capability.

Simple random sampling was used to obtain the sample of Thai firms listed in the Department of Business Development database (n = 304). The data analysis was done by using partial least square structural equation modeling.

Goal orientation and mindfulness are positively associated with firm innovation capability. The analysis also supports the interaction effect of goal orientation and mindfulness on firm innovation capability. Moreover, firm innovation capability is positively associated with firm performance.

Goal orientation and mindfulness should be considered two essential soft skills that entrepreneurs must develop to build up their firms’ innovation capability. Because entrepreneurs are the key drivers of economic growth and sustainable development, the government agencies responsible for the entrepreneurship development should consider goal orientation and mindfulness as parts of their entrepreneurship training program and development policy.

The finding about the interaction effect of goal orientation and mindfulness on firm innovation capability provides new evidence that was not documented in previous research. The authors clarify that these are entrepreneurial characteristics that could supplement each other to maximize the potential of entrepreneurs and strengthen the innovation capability of their firms.

This study aims to analyze the effect of entrepreneurs’ improvisational behavior on business risk-taking and opportunity recognition, as well as to analyze its subsequent impact on firm performance. Moreover, this study examined whether the effect of entrepreneurs’ improvisational behavior on business risk-taking and opportunity recognition could be moderated by firm size and the business experience of entrepreneurs.

Online survey data were collected from 304 firms in Thailand that were randomly selected from a business directory. The data were assessed using partial least squares structural modeling.

The results confirmed that entrepreneurs who exhibited high levels of improvisational behavior tended to report that their firms engaged more actively in risk-taking and opportunity recognition. Moreover, risk-taking and opportunity recognition played a chain mediating effect in explaining the association between the improvisational behavior of entrepreneurs and firm performance. Regarding the moderating effects, this paper found that firm size negatively moderated the effect of improvisational behavior on risk-taking and opportunity recognition, while business experience of entrepreneurs only positively moderated the effect of improvisational behavior on risk-taking.

This study provided new knowledge by showing that improvisational behavior of entrepreneurs should be integrated with other firm advantages determined by firm size and the business experience of entrepreneurs to strengthen the ability to be more effective at risk-taking and opportunity recognition.