Growth aspirations at the bottom of the pyramid: the case of Bolivian BoP entrepreneurs

Studies on bottom of the pyramid (BoP) entrepreneurs’ growth aspirations are limited. This study aims to examine the influence of informal institutions on these aspirations. We conducted an exploratory study based on semi-structured interviews with 36 BoP entrepreneurs in Cochabamba, Bolivia. We found that opportunity drivers, human capital, and networks foster the growth aspirations of BoP entrepreneurs. Conversely, intricate institutional regulations and a deficit of respect and trust impede their growth aspirations. This study enhances institutional theory by showing how informal institutions, such as a perceived lack of trust and respect, constrain BoP entrepreneurs’ willingness to hire and delegate, and thereby their growth aspirations. It also enriches the entrepreneurship literature by providing new empirical evidence regarding the influence of cultural traits on these aspirations.