A validation of web-based surveys for exploratory research in the areas of business and entrepreneurship

In this study, we demonstrate that web-based surveys are suitable for data collection in academic Business-related research. Using one of our datasets from an online study on entrepreneurial orientation, we investigated the construct validity and reliability of the instrument used to collect the data. Our analysis supports that for 28 Likert-scaled questionnaire items, a sample size of 332 people was adequate to conduct principle component analysis (PCA) and load the items into five components that are supported by literature. Cronbach's alpha was consistently high $\pmb{(\alpha=0.92)}$ , with no evidence that the reliability would increase if any of the survey items were dropped. We therefore conclude that for short web-based surveys ( $\pmb{< 30}$ items), a sample size of $\pmb{> 300}$ is suitable for exploratory factor analysis.