European Research on Management and Business Economics 26 (2020) 45–54

www.elsevier.es/ermbe

Proposing a new framework for personal brand positioning

Maysam Shafiee a , Shabnam Gheidi b , Maryam Sarikhani Khorrami c,∗ , Hooshang asadollah d
a
Assistant Professor, University of Tehran, Iran
b
Master Student of Marketing Management, University of Tehran, Iran
c
Phd Student of Marketing Management, University of Tehran, Iran
d
Assistant Professor, Shahid Beheshti University, Iran

a r t i c l e i n f o a b s t r a c t

Article history: Personal branding is one of the newest topics in branding. It means that each person can have a stable
Received 18 February 2019 personal brand by considering his/her given goals and using proper strategies. In this paper, the authors
Received in revised form 14 December 2019 have tried to present a framework for personal brand positioning. To achieve this aim, a desk research
Accepted 20 December 2019
was performed using meta/synthesis and experts’ poll to extract effective factors and indexes including
strategy-based, capability-based, differentiation-based, audience-based, and performance-based dimen-
JEL Classification: sions. To measure and evaluate the indexes of framework dimension, a questionnaire was given to and
M370
completed by 200 experts in branding field. Questionnaire reliability was measured to be 0.854 by Cron-
M310
bach’s alpha. To evaluate the validation of the questionnaire, content validation method was used. The
Keywords: data was analyzed using structural equations modeling and LISREL software to represent the final frame-
Personal branding work. The results showed that the framework is well fitted for determining personal brand positioning
Personal brand and the pertaining indexes.
Brand positioning © 2020 AEDEM. Published by Elsevier España, S.L.U. This is an open access article under the CC
Personal brand positioning
BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).

1. Introduction with the presence of other rival brands (Lin, 2010). As a matter of
fact, positioning strategy making is a major challenge for marketers
When costumers show higher levels of sensitivity toward a because they are in the focal point of perceptions and choices of cos-
certain type of product or service and the role of advertisement tumers. Whether or not positioning is done effectively, it has the
effectiveness in decision making, product and service branding capability of making powerful brands; otherwise, it may result in
becomes an important issue. The development of the concept of catastrophes (Trout & Ries, 1986).
product and corporate brands has provided the background for
new concept, namely the personal brand. Tom Peters (1997) has - Which dimensions and indexes help to explain personal brand
performed numerous studies on personal branding and coined this position in audience’s minds?
term in his pioneering work. He stated that senior managers gener- - Regarding the identified dimensions and indexes, which frame-
ally pay attention to products and services, while the most effective work can best describe personal brand positioning?
factor in market pertains to workers and managers. Personal brand- - How authentic is the designed framework?
ing is the process in which people and their expertise are tagged
like commercial brands. In other words, personal indexes of people
are formed here (Arora & Stoner, 2009(. 2. Research background
Positioning is a revolutionary concept in branding, which has
been coined by Al Ries and Jack Trout in 1990. They defined posi- Wetsch (2012) states personal brand forming and developing as
tioning as a framework with which companies make their brands a necessity for personal and organizational success. He argued that
make strategies for their plans and expand their relations with for personal branding, a gradual plan is to be taken. To this aim,
costumers. Brand position means how it is understood in regards beside making and developing personal skills, the personal capa-
bility of using communication technologies should be improved as
well. This helps form strong links in communication networks thor-
∗ Corresponding author.
ough media and internet which is beneficial in developing personal
E-mail addresses: Maysam.Shafi[email protected] (M. Shafiee), [email protected]
brand, professionally. Chen (2013) investigated personal branding
(S. Gheidi), [email protected] (M.S. Khorrami), [email protected] discovery in YouTube in which the extension of personal brand
(H. asadollah). through social media is considered. In this qualitative study, the

https://doi.org/10.1016/j.iedeen.2019.12.002
2444-8834/© 2020 AEDEM. Published by Elsevier España, S.L.U. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-
nd/4.0/).
46 M. Shafiee et al. / European Research on Management and Business Economics 26 (2020) 45–54

Fig. 1. Research process steps.

goal was to understand why and how personal brand is formed in were composed 157. According to the purpose and scope of this
social media. It can be observed that individual capability in social research, 34 eligible resources were identified by considering out-
media like You Tube contributes to the improvement of personal put criteria (title, abstract, content and accessibility of resources)
brand. Hafiz and Shaker stated that there is a relationship between which were designated as statistical samples in this phase. A
professional goals and ideals. This paper is aimed to make a concep- total number of 28 indexes were obtained from this phase by
tual framework of online personal brands and it is concluded that reviewing the final 34 resources. In order to ensure the credibil-
desirable influence of an online platform on audience can help self- ity of the obtained information, consultations were carried out
confident participants to attain desirable personal brand. Khedher with 10 experts, critics and activities in personal branding. Sam-
(2014) defined personal branding as the process of making unique pling was carried out through the persuasion method to achieve
personal identity, developing active relations of a brand with its theoretical saturation. The experts eliminated three indexes and
specific target market, evaluating its impact on image and authen- added seven new indexes to the list. Therefore, there were totally
ticity of the individual, as well as a tool for realization of personal 32 indexes of personal brand positioning. A kinship graph was
and professional goals. He divided this process into three phases; used in order to determine the framework and indexes in the
forming identity for personal brand, personal brand positioning, same level based on common attribute(s) were categorized and
and personal brand evaluation (Figs. 1 and 2). the research model was created. In the quantitative phase, the
reliability of the model was measured. Statistical population in
3. Research methodology this phase was composed of 9 experts, critics and activities in
personal branding, and a structured questionnaire was used to
The current research is an applied study in terms of goal, fol- gather data. Sampling in quantitative phase was non-probabilistic
lowing a description approach. This research was carried out to and was based on existing judgment. According to the maximum
form a proper framework for personal brand positioning. Thus, potential of the researcher in accessing the target community,
the 7-step meta-synthesis method of Sandelowski and Barroso 200 questionnaires were re-collected. To measure the reliability
was employed. A hybrid approach was used to respond research of the questionnaire, the content reliability method was used. By
questions with qualitative and quantitative methods, respectively. reviewing research literature and influencing indexes in personal
The research population in the qualitative phase consisted of brand positioning, the initial checklist for indexes was formed,
branding and marketing experts and commentators and a collec- reviewed and corrected in several stages afterward and finally got
tive credible scientific papers published in Scopus and Proquest accepted. To measure the reliability of the questionnaire in qualita-
scientific journals, considering input criteria (Keywords: Brand tive phase, triangulation method was used, while for quantitative
Position, Brand Positioning, Branding Framework, personal Brand) phase Cronbach’s alpha method was employed (valued 0.854 that it
suitable).
 M. Shafiee et al. / European Research on Management and Business Economics 26 (2020) 45–54 47

Fig. 2. proposed framework.

4. Finding researchers to have an in-depth and thorough review, and to com-

bine the findings of qualitative studies. Regarding the objectives of
To identify the effective criteria for personal brand positioning the present study, Sandelowski and Barroso’s seven-step method
in qualitative phase of research, the first step was to extract the (2003, 2007) was adopted for this purpose. The seven-some stages
opinions of various researchers about such indexes. The method for meta-synthesis in this research are as below:
employed in this step was desk research, and the dimensions and Stage one; formulating research questions: The first step in
indexes affecting the positioning were extracted using a meta- determining the research’s questions is to focus on “what”. In this
synthesis method. Providing the researchers with a systematic research, the main question is Ẅhich dimensions and indexes help
perspective through combining various qualitative studies, a meta- to explain personal brand position in audience’s minds?T̈his is
synthesis attempted to discover new and fundamental metaphors adjusted by considering the parameters listed in Table 1.
and themes, thereby broadening the existing knowledge and offer- Databases and various search engines were explored using two
ing a comprehensive view to an issue. Meta-synthesis requires the keywords; namely brand and branding. Since these are generic
48 M. Shafiee et al. / European Research on Management and Business Economics 26 (2020) 45–54

Table 2
The way of searching studies & input and output criteria studies.

Data base searching Input criteria Number of output criteria Number of final
preliminary findings
First step’s filter Second step’s filter
findings
Scopus branding Article title, Abstract, English language/Article, 8 Irrelevant in con- 6
framework Keywords/1990 to present conference paper, Book tent/Inaccessibility
chapter
brand position & Article title, Abstract, English language/Article, 74 Irrelevant in con- 53
brand positioning Keywords/1990 to present conference paper, Book tent/Inaccessibility
chapter
personal brand Article title, Abstract, English language/Article, 61 Irrelevant in con- 50
Keywords/1990 to present conference paper, Book tent/Inaccessibility
chapter
Proquest branding Abstract /1990 to present English language/Book, 1 Irrelevant in con- 1
framework conference papers, tent/Inaccessibility
Dissertation & thesis
brand position & Abstract/1990 to present English language/Book, 8 Irrelevant in con- 6
brand positioning conference papers, tent/Inaccessibility
Dissertation & thesis
personal brand Abstract/1990 to present English language/Book, 5 Irrelevant in con- 4
conference papers, tent/Inaccessibility
Dissertation & thesis

Table 1 To assess the level and authentication of the extracted indexes,

Research parameters and questions.
9 experts and critics in branding and personal branding were con-
Parameters Questions sulted. As a result, three indexes of Ënjoying personal missions
What What dimensions and indexes along branding path¨, D̈etermining proper slogansänd Ïndividual’s
influencing personal brand key role for him/ herself in branding pathẅere eliminated, and
positioning are in audience some indexes were added to the list, instead. The added indexes
minds? include Mastery and expertise in field of activity, Enjoying and
Who (population study) Various databases and search
adopting proper strategy for self-introduction, Classification of and
engines were explored
When The articles studied in the having defined target audience, Avoiding too high or too low levels
study are from 1990 onwards of communication with audience, Alignment between positioning
How(providing information) The content analysis method efforts and efforts made to attain personal brand equity, and Inter-
was used to gather the
est in communicating with fans and liking them. Kinship graph
information.
establishes an existing supervision over the problem in groups
Stage two; systematic survey of texts. with logical internal relations and in defined as a tool to gather
plenty of ideas, opinions, verbal phrases, and their organization
into defined groups based on their natural relations. Having inves-
terms, then most of the found resources were unrelated to the sub- tigated 32 effective indexes on personal brand positioning, five
ject of the research; hence, these terms were limited to composite overall kinship groups were found: strategic based, performance
terms of branding framework, brand position, brand positioning, based, audience based, capability based, and differentiation based.
and personal brand. According to the input criteria, the results were Each group houses a set of indexes as below (Tavakkoli et al., 2011).
composed of 157 references (paper, book chapter, dissertation &
thesis). Finally, 34 items were evaluated using the output criteria.
4.1. Descriptive analysis of research variables
The following are the appropriate input and output criteria in order
to find the related studies to the research subject to be reviewed in
To descriptively analyze the research variables, central param-
the Table2.
eters (average, mean and mod) and distribution parameters
In this research, Scopus and Proquest databases were used
(standard deviation, variance, range of variation) were used
to identify and collect various studies. For some reasons, sev-
(Table 4).
eral databases have been considered instead of only some top
journals. First, the way someone can access to a valid global sci-
entific database is an issue. Moreover, initial searches also revealed 4.2. Data normality test
that limiting searches to top journals and specific research fields
may not fully capture all valuable and relevant research. There- In this research, Kolmogorov–Smironov test was employed to
fore, although high-quality journals express the high quality of check the normality of data. Results of the test are normal and are
the research, the focus of this research is on the two Scopus and represented in Table 6.
Proquest databases since they covered a wide range of reputable Using Kolmogorov–Simonov test in all cases, significance levels
journals in different management areas. are larger than error level (0.05). Therefore, there is no reason to
Phase four; extraction of results: to gather dimensions and reject zero assumption and all data have normal distribution.
indexes explaining personal brand position, content analysis was
used (i.e. a method to collect information and its analysis). It this 4.3. Confirmation factor analysis
method, the relations between people and their messages were
studied instead of direct observation of or asking about them. Con- In this study, confirmation factor analysis was used to mea-
tent analysis considers letters, diaries, speeches, articles, laws and sure the relations between the hidden variables and measurement
every other document. All indexes obtained from this phase (from items.
literature review of 34 papers) were 28 as tabulated with frequen- Results for factor analysis for research variables are presented
cies in Table 3. in Figs. 4 and 5. Factor loadings for all cases are larger than 0.3,
 M. Shafiee et al. / European Research on Management and Business Economics 26 (2020) 45–54 49

Table 3
Research studies coding.

Index Frequency References

Enjoying a personal goal in branding path 5 Alexander (2015); Rampersad (2008); Dibb and Simkin
(1993), Saemian (2014), Nolan (2015)
Having a clear image and perspective for personal branding 2 Rampersad (2008); Dibb and Simkin (1993)
Enjoying personal missions along branding path 1 Rampersad (2008)
Enjoying a defined strategy for personal brand positioning 2 Balakrishnan (2009); Rosnani (2015)
Considering competitive advantage for personal branding 9 Dibb and Simkin (1993); Ahamd et al (2016); Asikhia
(2010); Sweeney and Brandon (2006); Chritton (2012);
Cutler (2003); Levine (2006); Najafzaded (2013);
Saemian (2014)
Coincidence between adopted competitive advantage with needs and expectation of 2 Dibb and Simkin (1993); Ahamd et al (2016)
brand audience
Enjoying defined strategy and pattern for interaction and communication with 3 Dibb and Simkin (1993); Ahamd et al (2016); Levine
audience (2006)
Proper and applied self/recognition 2 Rampersad (2008); Rosnani (2015)
Matching lifestyle with adopted personal brand pattern 1 Saemian (2014)
Enjoying a daily personal program for management of personal brand positioning 1 Saemian (2014)
Individual’s key role for him/ herself in branding path 1 Rampersad (2008)
Operational adherence to designed personal goals and plans 1 Rampersad (2008)
Identifying and analyzing performance and advantages of personal rivals 4 Levine (2006); Najafzaded (2013); Saemian (2014);
Lawlock and Ritz (2004)
Attempt to attract brand audience trust toward personal brand 3 Rampersad (2008); Levine (2006); Blankson and
Kalafatis (2004)
Having intrinsic and personal authentication through precedence or performance 1 Clement and Grotemeyer (1990)
Tendency toward philanthropic and social actions 4 Nolan (2015); Blankson and Kalafatis (2004);
Alexander luka (2015); Shaker and Hafiz (2014)
society presence and social relations with people 3 Nolan (2015); Blankson and Kalafatis (2004); Saemian
(2014)
Professional behavior and mastery in patterns and process of personal branding 2 Alexander luka (2015); Haghighi (2011)
Accurate identification of audience and its behavior 2 Najafzaded (2013); Shaker and Hafiz (2014)
Defining proper slogans 2 Shepherd (2005)
Devising and approach for accessibility by audience 3 Nolan (2015); Hartman (2012); Saemian (2014)
Procedure stability and continuity in plans 2 Clement and Grotemeyer (1990); Haghighi (2011)
Innovation and creativity in relation with audience 3 Saemian (2014); Omikikia (2011); Chakrabarti (2014)
Using traditional and emerging methods to communicate with personal branding 2 Nolan (2015); Saemian (2014)
audience
Mastery and expertise in field of activity 2 Shaker and Hafiz (2014); Omidikia (2011)
Self/belief in personal brand 3 Clement and Grotemeyer (1990); Saemian (2014);
Shaker and Hafiz (2014)
Adherence to ethics by personal brand 1 Rampersad (2008)
Harmony between behavior, speech and performance 1 Rampersad (2008)

Stage five; analysis and combination of qualitative data.

showing the correlation between hidden (dimension of each main meta-synthesis, and expertise poll, effective indexes on this
structure) and visible variables are acceptable. To evaluate signif- framework were extracted as follows: strategy-based dimen-
icant relation between variables, t-value statistic is utilized. For sion, capability-based dimension, differentiation-based dimension,
this study, all indexes are larger than this critical value, showing audience-based dimension, and performance-based dimension.
significant correlations. Based on the results obtained in this research, 5 main dimensions
were identified in this framework to have factor loading higher
4.4. Research framework test that 0.3 and t-value statistic greater than 1.96, which means the
correlations are significant. Also, indexes in each dimension were
After confirmation of factor loading for research structures, investigated. One can perceive, from factor loading and t-value
structural equations modeling was used to investigate it. Analysis statistic of each index, that the observed correlations between
results are represented piecewise (Fig. 6). these 32 factors are significant (factor loading higher that 0.3 and
t/value statistic greater than 1.96). On the other hand, regarding
4.5. Framework goodness of fit (framework credibility) the data obtained from qualitative analysis of research variables
(as Table 5), it seems that strategy-based and performance-based
The next step is to examine the fitness of the framework. Chi dimensions with the highest averages (respectively 3.783 and
squared index is 1.335 and higher than 2. 3.758) have the highest impact on personal branding among the
identified dimensions (based on experts’ and commentators’ ideas
2 613.08
= = 1.335 responding to questionnaire). According to this data, capability-
df 459 based dimension with the lowest average has the least influence
On the other hand, as RMSEA index is 0.035 and lower than 0.05, on personal branding. It means that from the viewpoint of personal
the framework has acceptable fitness. Also, other criteria of fitness branding commentators, having talents and capabilities necessar-
of the indexes are in acceptable ranges. ily does not result in successful branding. Thereupon, successful
branding requires proper and harmonic performance with strate-
5. Discussion and conclusion gies followed by differentiation and self-competitive advantage,
society presence and audience trustworthy, all just come after
This research was carried out to present a proper frame- capability-based dimension (i.e. having talents and capabilities,
work for personal brand positioning. Thus, using desk researches, being professional an expert). As seen in the real world, exter-
50 M. Shafiee et al. / European Research on Management and Business Economics 26 (2020) 45–54

Fig. 3. Standard factor loading of confirmation factor analysis for research variables.

nal aspects of branding sensed by the audience (e.g. performance and following proper strategy for self-introduction; alignment
how/to that is originated by personal strategies and helps being between positioning efforts and efforts done for brand quality;
recognizable) can persuade them to accept someone as a brand. self-belief in personal brand; adherence to ethics by personal
On the other hand, there are lots of people who have a high brand; and harmony between behavior, speech and performance
capability-based dimension and very capable, but due the lack of (Tables 6–8).
defined strategy for branding, proper and harmonic performance
does not make any differentiation. Unsuitable communications and 5.1. Comparison with former researches
interactions worsen the condition and hinder the process. To be
sure about authenticity of the obtained information, some experts Rampersad developed a model and framework for making a pro-
and critics for personal branding were consulted and sampling fessional and credible brand. He enumerated the required criteria
method was chosen to be persuasion up to theoretical satura- for authentic personal branding to have a goal and perspective,
tion. Having analyzed the information, experts and commentators self-recognition, harmony in behavior and speech, differentiation,
voted the following indexes as the most important ones (with stability, trustworthiness, recognition as an expert, and continual
70% discerned as very important of important): having a personal improvement of performance. In his study, Rampersad developed a
goal in branding path; having a clear image and perspective for model consisting of 13 factors affecting personal brand positioning,
personal brand; having a specific strategy for personal brand posi- whereas the model suggested in the present research embedded
tioning; considering competitive advantages for personal brand; 32 factors including the ones used in Rampersad’s research as
having a defined strategy and pattern for interaction and relation well as other factors collected from reviewing the literature and
with audience; proper and practical self-recognition; operational investigating other articles and experts’ opinions; hence, a more
adherence to defined personal goals and plans; efforts for being comprehensive model has been proposed. This study also exam-
trustworthy to brand audience; procedure stability and continu- ines the validity of the model. Rosnani et al. investigated current
ity in plans; innovation and creativity in communication with situation and mutual relations between effective and authentic per-
audience; having required talents and interests in the profes- sonal brand indexes, and authentic personal brand strategy among
sion; being professional and expert in the field of activity; having 45 librarians in Malaysian Science University (including famous
 M. Shafiee et al. / European Research on Management and Business Economics 26 (2020) 45–54 51

Table 4
Classifying of indexes.

Dimension Index

Strategy based Enjoying a personal goal in branding path

Having a clear image and perspective for personal branding
Enjoying a defined strategy for personal brand positioning
Enjoying a daily personal program for management of personal brand positioning
Enjoying and having a proper strategy for self/introduction
Capability based Having intrinsic and personal authentication through precedence or performance
Mastery and expertise in field of activity
Mastery and awareness about various method and technologies for personal communication
Being professional and talented in the activity
Mastery and expertise in field of activity
Performance based Matching lifestyle with adopted personal brand pattern
Operational adherence to designed personal goals and plans
Professional behavior and mastery in patterns and process of personal branding
Procedure stability and continuity in plans
Avoiding too much or too low levels of communication with audience
Alignment between positioning efforts and efforts made to attain personal brand equity
Harmony between behavior, speech and performance
Audience based Enjoying defined strategy and pattern for interaction and communication with audience
Attempt to attract brand audience trust toward personal brand
Tendency toward philanthropic and social actions
Society presence and social relations with people
Accurate identification of audience and its behavior
Devising an approach for accessibility by audience
Innovation and creativity in relation with audience
Classifying of and having defined target audience
Differentiation based Considering competitive advantage for personal branding
Coincidence between adopted competitive advantage with needs and expectation of brand audience
Proper and applied self/recognition
Identifying and analyzing performance and advantages of personal rivals
Using traditional and emerging methods to communicate with personal branding audience

Stage seven; presenting finding: the proposed framework is based on indexes obtained from the adopted approach as Fig. 3.

Fig. 4. T/value statistic value (significance) for research variables.

52 M. Shafiee et al. / European Research on Management and Business Economics 26 (2020) 45–54

Fig. 5. Standard factor loading for research framework.

Table 5
Descriptive analysis of research variables.

Variables Number Average Mean Mod Standard deviation Variance Variation range

Strategy based 200 3.783 4.000 4.000 0.695 0.484 3.571

Capability based 200 3.548 3.600 3.600 0.675 0.456 3.600
Differentiation based 200 3.644 3.750 4.000 0.810 0.657 4.000
Audience based 200 3.591 3.667 4.000 0.825 0.681 4.000
Performance based 200 3.758 4.000 4.000 0.760 0.5777 3.333

Table 6
Data normality test.

Strategy/based Capability/based Differentiation/based Audience/based Performance/based

N 200 200 200 200 200

Average 3.783 3.548 3.644 3.591 3.758
Standard deviation 0.695 0.675 0.810 0.825 0.760
KS statistic 1.961 0.930 2.243 2.294 1.924
significance 0.165 0.131 0.169 0.123 0.097

Table 7
Goodness of fit indexes for structural framework.

Fit index ␹2/df RMSEA GFI AGFI NFI NNFI IFI

Accepted values <2 <0.1 >0.9 >0.9 >0.9 >0.9 0/1

Calculate values 1.335 0.035 0.94 0.96 0.95 0.96 0.93
 M. Shafiee et al. / European Research on Management and Business Economics 26 (2020) 45–54 53

Fig. 6. T/value statistic test for research framework.

librarians in the university, library user authority, and library ser- Table 8
Factory loading and t/value statistic for research framework dimensions.
vices). According to this research, good-willing, having perspective
and personal mission, goals, and strategies were defined as effec- Research dimensions Factor loading T/value statistic
tive criteria on the brand. In order to detect the effective brand Strategy/based 0.87 9.35
positioning factors, Rosnani also used the factors introduced by Capability/based 0.54 6.17
Rampersad along with demographic factors to investigate brand Differentiation/based 0.78 8.41
positioning, while the present study extracted the effective fac- Audience/based 0.62 6.67
Performance/based 0.73 8.12
tors from a literature review of 34 articles and consultation with
experts in the field of branding. Nolan addressed personal brand-
ing in IT and intra-individual relations in US private organizations. having talent, positive thinking, and proper relation and inter-
The results, obviously, imply the importance of personal brand- action with audience as the most important factors in personal
ing in private organization. Here, the personal brand helps the brands. Nolan and Shaker separately considered four factors in their
organizations to, accompanying their managers, act successfully in research as being effective on personal brand positioning; how-
personal relations. He believes that philanthropic relations, social ever, the researchers in the present study, in addition to identifying
relations, accessibility for audience, and using virtual networks additional factors, developed a relevant model as well. Chakrabarti
are the main indexes for effective personal branding. Hafiz and discussed various aspects of personal brand in his paper. He used a
Shaker tried to make a conceptual framework of online personal questionnaire-based dimension survey among 259 students from a
brands and concluded that desirable impact of an online platform famous business college in India, and concluded that post-graduate
among the audience can help a self-confident person to attain the students have a higher level of awareness compared to the fresh-
desired personal brand. They introduced believe in one’s brand, men. He regards purposefulness, motivation for personal growth,
54 M. Shafiee et al. / European Research on Management and Business Economics 26 (2020) 45–54

positive thinking and innovation as the most important aspects of References

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