The interplay between different forms of capital is not well understood; this article, therefore, explores how and why entrepreneurs convert their available economic, cultural, social and symbolic capital. We utilise Bourdieu's theory of practice as a conceptual framework to explore the lived experiences of 10 craft entrepreneurs. This study reveals that transforming capital is a natural and enjoyable process, with our findings highlighting the convertible, multifaceted nature of different forms of capital. We also uncover previously unidentified forms of capital conversions and demonstrate that the conversion process can involve multiple forms of capital. Furthermore, our findings show that craft entrepreneurs give no primacy to economic capital, whose transformations form part of a larger process of capital conversion.

Festivals are an important sub‐field within event studies which, until recently, have not been studied as separate experiences. A systematic review of the emerging literature on festivals reveals several key characteristics. While festivals are diverse in nature and geographical location, scholarly interest focuses on five main themes: the motivations for organizing, funding and attending festivals; the experiences of festival attendees; the relationship between festivals and their local environments; the economic and sociocultural impacts of festivals; and the management of festivals. Despite growing interest in festivals as research sites, little attention has been afforded to investigating festival processes. In particular, considerations of how festivals are established, and which individuals are involved in their initiation and regular staging, offer opportunities for research. This paper highlights the significant role festivals play within their local communities, including their facilitation of social cohesion and regional identity. Our study reveals that the literature rarely discusses the development of festivals over time and the wider networks in which festivals are embedded. This critical review of festival research identifies various research gaps and directions for future research to develop theory and practical understanding of festivals.

Purpose The purpose of this paper is to review and critique the extant body of literature on artisan entrepreneurship and to develop a research agenda for future studies based on the identified trends and themes. Design/methodology/approach A systematic literature review (SLR) was undertaken across 96 journals ranked by the Association of Business Schools. The initial search yielded 86 papers. Further scrutiny of these studies led to the development of exclusion criteria, resulting in a refined list of 32 articles which advance understanding of artisan entrepreneurship. Using an open coding approach, this SLR then identified seven core themes and 16 sub-themes which the extant literature examines. Findings This SLR finds that artisan entrepreneurship research contributes to understanding of entrepreneurial behaviour, context, motivation, development, resources, diversity and classification. It provides timely insights into coopetition practices, the reciprocal relationship between place and entrepreneurship and the coexistence of social and economic goals. It also reveals characteristics which facilitate venture development, discovers the mutability of various forms of capital, highlights the necessity of studying diverse experiences and identifies benefits and limits of typologies. Main elements of the resulting research agenda include calls for more quantitative research, further attention to context and more holistic treatment of a wider variety of stories. Originality/value This paper presents the first SLR of craft and artisan entrepreneurship research. It not only identifies, analyses and critiques the main streams in the literature, therefore providing an overview of the state of the field, but also highlights areas where this scholarship contributes to understanding of entrepreneurship and upon which future research can build. Artisan entrepreneurship is thus established as worthy of investigation in its own right and as an appropriate context in which to explore entrepreneurial processes. Furthermore, this SLR presents an agenda for future research to advance understanding of artisan entrepreneurship.

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This article explores the activities involved in embedding a small firm in its industrial context. Inductive analysis of longitudinal, case study data collected from a small firm in the creative industries highlights the use of networks and networking as embedding mechanisms. Key emergent themes include the impacts of pre-embeddedness (defined as the sum of all cultural, social and symbolic capital accessible to the founding team prior to business start-up), the vision and network orientation of the founding team and their strategic use of networking. The interplay between these conditions and activities is revealed as important in building legitimacy, which is critical for embedding a firm in its industrial context. This article extends knowledge of embedding beyond the initial phase of new venture creation and highlights the emergent and evolving dynamics behind this process.