Business Equestrian: Entrepreneurial Opportunities in the Turkmen Horse Racing Sector

Introduction

In urban and cultural contexts, the horse can function as a symbol of heritage and identity, shaping social landscapes and community narratives (Podoler, 2024). It has emerged as a contributor to sustainable development in various regions, particularly where cultural traditions intersect with entrepreneurial innovation (Lupoae et al., 2024). In some countries, the equine industry has contributed to sustainable economic development. For example, in Romania, strategic investments in equine services and breeding have fostered sustainable entrepreneurship and regional economic transformation (Oana et al., 2024). In countries like Canada, the horse racing industry has contributed to job creation and economic activity through breeding, racing events, and related services, supported by strategic public and private investments (Roult et al., 2017).

In the present study, Golestan Province of Iran, home to the prestigious Turkmen horse breed, is ideal to investigate this circumstance. The culture of the region is greatly influenced by the Turkmen horse, which is famous for its beauty, endurance and historical value. It has abundant natural resources, good climatic condition and strong history in relation to horse breeding and racing. Additionally, The Turkmen horse breed has significant potential for international recognition and economic development. Its unique genetic profile and cultural significance provide a foundation for future initiatives in export, international competition, and cross-border collaboration (Naghavian et al., 2018). But at the same time, the evolution of the equine industry in Golestan has limitations. The lack of modern facilities for training, breeding, and hosting equestrian events limits the industry's capacity to attract domestic and international participants. in addition, while there has been notable support from governmental bodies and youth organizations in recent years—evidenced by a fourfold increase in allocated budgets for sports startups between 2018 and 2022—the absence of robust market mechanisms for indigenous products remains a critical obstacle (Asgharpur et al., 2023). These challenges underscore the urgent need for a comprehensive study to identify and evaluate entrepreneurial opportunities within the Turkmen horse racing sector in Golestan Province. Without addressing these issues, the region risks missing out on significant economic and cultural benefits, including job creation, sustainable development, and enhanced global recognition. Therefore, this study aims to identify and evaluate the entrepreneurial opportunities within the Turkmen horse racing sector in Golestan Province.

The main focus of this research is to investigate the entrepreneurial opportunities within the Turkmen horse racing sector in Golestan Province, Iran, and how these opportunities can drive sustainable economic growth and cultural preservation. Specifically, the study seeks to address the following question:

"What are the key dimensions of entrepreneurial opportunities in the Turkmen horse racing sector, and how can they be leveraged to foster sustainable development and global market integration in Golestan Province?"

Literature Review

Horse businesses and equestrian sporting events have been widely reported and studied in academic and practical field because of their diversified roles in economy, culture and social development. The subsection explores the most relevant literature regarding the subject of entrepreneurial opportunities offered by the horse industry specifically in geographical areas such as Golestan Province in Iran. Sports entrepreneurship refers to the business-developing efforts in the pursuit of generating social, cultural, or economic value in regards to pursuing opportunities of growth in the sports industry (Kamyuka, 2024). Sports entrepreneurship, specifically, can enhance a nation's growth by fostering business, employment, and health while addressing social issues. This sector can also bolster sports programs, clubs, and facilities, contributing to community well-being and business sustainability (Nazari & Niazy, 2024). Research highlights that successful sports entrepreneurship often involves multi-stakeholder collaboration, leveraging public-private partnerships, and aligning with broader socio-economic goals (Tomasi et al., 2025; Hoye et al., 2015). Entrepreneurial pursuits in sports, for instance, can create job opportunities, enhance skills, and promote community participation in new disciplines (O'Brien & Cooney, 2025), thus making them especially relevant for areas where economic broadband is a priority. In the case of Golestan Province, equestrian complexes represent an untapped niche within the larger sports entrepreneurship ecosystem. These complexes have the potential to serve not only as training grounds for equestrian sports but also as hubs for education, entertainment, and cultural preservation.

For areas steeped in equestrian culture, sports tourism became a vital pillar of economic growth. Research like that of Rezapouraghdam et al., (2025) and Sigurðardóttir (2018) emphasizes integrating wellness tourism with equine tourism, resulting in distinctive experiences for adventurous and culturally-inclined travelers. Similarly, Eslami et al. (2021) have pointed out that sports tourism plays an effective role in entrepreneurship specifically (coastal and water) sports and thus it can also be included in the context of equestrian tourism in landlocked provinces such as Golestan Province.

The Turkmen horse breed represents a cultural heritage and the Golestan region is a tourist destination for vacationers from neighboring countries along the Caspian Sea littoral. Horse racing in the Turkmen-Sahara region stands at the forefront of promoting sports tourism as an agent for regional economic growth (Naghavi & Khadem, 2023). These results are consistent with worldwide trends when equine events serve as a catalyst for promoting tourism and entrepreneurship (Roult et al., 2017). Research conducted by Némethy and Bartos (2019) highlights the need for equestrian centers to diversify offerings to appeal to a wider clientele. In addition to traditional equestrian activities, complexes can host wellness programs and educational workshops, and expand family-oriented events to attract more visitors.

A multitude of economic and social impacts are also documented for this variable, in Equestrian events ranging from more local traditional festivals to more international competitions. Yanpi and Dousti (2018) studied the challenges of developing equestrian sports in Golestan Province and the potential of events including polo, show jumping, and rhythmic riding, finding that these events are still not fully developed. These occasions not only draw in participants but also create income through complementary businesses, which include hospitality, retail and media protection.

The importance of horse racing as a highly-anticipated sporting event is recognized worldwide, such as in Canada where the industry contributes significantly to the economy by attracting fans, traders, and media personnel alike (Roult et al., 2017). These insights are presented as a framework to harness cultural festivals and create sustainable entrepreneurial ecosystems around Golestan, such as the Sofiyan Horse Festival.

Choori et al. (2023) where the horse industry was evaluated in multiple scenarios for the future, along with insights into genetics, nutrition, and veterinary care will help improve profitability. Due to its elegance and endurance, the Turkmen horse can be an eye-catching product for both domestic and foreign markets in Golestan Province. However, some researchers including Agha et al. (2020) highlight that there are no solid market mechanisms for native products that prevent exports. These horses will be a significant contribution to the Turkmen community, and in order to promote Turkmen horses and ensure adherence to international standards, they strongly recommend switching infrastructure to international standards. In addition, horse breeding integrated with agriculture (e.g., specialized feed and organic fertilizer) could also help in building value chains (Kraft et al., 2022; Zuo et al., 2021).

The health and maintenance of horses are critical components of the equine industry. According to Chapman et al (2024), as the equestrian industry experiences diversification and growth, reviewing and improving health, safety, and welfare practices is crucial.  They reported current organisational gaps and barriers to improvement within specific industry sectors in Australia. The consensus was that the environment in which humans and horses interact requires a comprehensive health, safety, and welfare (HSW) management system approach.

In Golestan, initiatives such as building specialized stables and offering integrated veterinary services could significantly boost the industry’s capacity. As noted by Mehrinejad and Khotbe (2023), addressing the impact of external factors (e.g., pandemics) on sports tourism requires resilient health and maintenance frameworks. This includes partnerships between agricultural organizations and veterinary experts to ensure high standards of care. For Golestan, exporting standardized fodder and other equine products to neighboring countries could strengthen regional ties while generating income. Furthermore, Moladoost and Yanpi (2021) proposed strategic planning for Chugan tourism development in Iran, emphasizing the role of polo in fostering international cooperation. By aligning local initiatives with global market demands, Golestan can position itself as a leader in niche markets.

Beyond direct involvement in equestrian activities, opportunities exist in related sectors such as agriculture and artisanal crafts. Perić & Vitezic (2019) put forward that rural communities are better off by diversifying income sources, for example through leather making or the processing of dairy. Horse by-products (e.g., leather, milk) could also be used to produce specialized goods in Golestan, which may help or promote entrepreneurship among the local's population. For instance, Lupoae et al. (2024) that reveals Romania’s success in blending traditional structures with modern forms of entrepreneurship, which could serve as valuable lessons for Golestan. There is also the potential for further earnings via the development of conversion industries which render horsehide into bioased saddles and bridles, or manufacture specialty dairy products for unobtrusive consumer niches.

Despite growing interest in equestrian entrepreneurship, significant gaps remain in the academic literature. First, existing studies are predominantly centered on Western, high-income countries—such as the United States, Canada, and several European nations—where equine industries are well-established and supported by advanced infrastructure and market mechanisms (Lupoae & Radu, 2022; Wang & Zou, 2020; Schurer, 2019; Dasilva-Glasgow, 2015; Sansom, 2015). This geographical bias limits the transferability of findings to under-researched, non-Western contexts where equestrian traditions are deeply embedded in cultural identity but remain economically underdeveloped. Second, there is a notable absence of mixed-methods, empirically grounded research that systematically identifies and validates entrepreneurial dimensions within heritage-based equine sectors. While conceptual frameworks exist, few studies integrate qualitative insight with quantitative validation to build context-specific models of equestrian entrepreneurship. Third, despite the global recognition of indigenous horse breeds as cultural assets, there is limited research on how traditional breeds—such as the Turkmen horse—can be leveraged for sustainable economic development through entrepreneurship.

This study directly addresses these gaps by focusing on the Turkmen horse racing sector in Golestan Province, Iran—a region rich in equestrian heritage but lacking in formal entrepreneurial ecosystems. By employing an exploratory sequential mixed-methods design, this research not only identifies key entrepreneurial dimensions through expert interviews but also quantitatively tests their impact using structural modeling. In doing so, it offers a novel, context-sensitive framework that bridges cultural heritage and modern entrepreneurship. The study contributes theoretically by expanding the discourse on sports and equestrian entrepreneurship to non-Western settings, and practically by providing evidence-based recommendations for policymakers, industry stakeholders, and rural development planners. Thus, the innovation lies in both the under-researched context and the methodological rigor applied to uncover actionable entrepreneurial pathways within a culturally significant yet economically marginalized sector.

Generally, this study makes a distinct theoretical contribution by advancing the conceptual understanding of equestrian entrepreneurship in non-Western, culturally embedded contexts. This research develops a contextually grounded framework that integrates cultural heritage, traditional practices, and local economic realities. By identifying Veterinary Medicine as the strongest predictor of entrepreneurial success—rather than horse tourism or breeding, as commonly assumed in Western models—the study challenges dominant assumptions and highlights the need for culturally adaptive theories. Furthermore, the integration of cultural identity and intergenerational knowledge into the entrepreneurial process aligns with and extends the concept of "cultural entrepreneurship" (Podoler, 2024), positioning the Turkmen horse not merely as an economic asset but as a symbolic and social catalyst for development. This contribution bridges sports management, rural entrepreneurship, and heritage economics, offering a more nuanced, interdisciplinary understanding of how traditional industries can be revitalized through entrepreneurship.

Research Methods

The present study was of the descriptive-survey type, conducted within the framework of exploratory mixed-methods research (qualitative-quantitative), utilizing path analysis. in this study, the qualitative phase informed the development of the quantitative phase. This approach allowed for a deeper understanding of the research problem and ensured that the quantitative analysis was grounded in real-world insights (Bergin, 2018). The research was structured into two distinct yet interconnected phases: a qualitative phase to identify key dimensions and develop the conceptual framework, followed by a quantitative phase to validate and test the relationships between variables. Below is a detailed description of the methodology.

The exploratory sequential mixed-methods design was selected for its strong suitability in studies aiming to develop and validate new conceptual models in under-researched domains (Creswell & Plano Clark, 2023). Given the lack of established frameworks for equestrian entrepreneurship in non-Western, heritage-based contexts, this approach allowed for an inductive identification of key dimensions through expert interviews, followed by quantitative validation. The qualitative phase ensured that the constructs were contextually relevant and grounded in local knowledge, while the quantitative phase enabled rigorous testing of relationships using structural equation modeling. Furthermore, Partial Least Squares Structural Equation Modeling (PLS-SEM) was chosen due to its robustness in handling complex models with multiple latent variables, its suitability for exploratory research, and its ability to work effectively with moderate sample sizes (Hair & Alamer, 2022). This methodological combination enhances both the theoretical depth and empirical validity of the findings, making it particularly appropriate for addressing the study’s central research question.

Qualitative Phase

To identify entrepreneurial opportunities in Turkmen horse racing competitions, after obtaining initial information through a review of library documents, 15 experts in the fields of horse breeding, maintenance, and competitions were selected as the qualitative phase sample (Table 1). These individuals were chosen through snowball sampling, a form of judgmental sampling. The inclusion criteria were: (1) at least five years of professional experience in horse breeding, training, competition management, equine health, or equestrian tourism in Golestan Province; (2) active participation in equestrian events or businesses; and (3) willingness to provide informed consent. There were no formal exclusion criteria, but individuals without documented professional engagement in the sector were not invited. After initial interviews, participants were asked to recommend others who met the criteria, ensuring access to diverse yet relevant stakeholders. Semi-structured interviews were conducted in Persian by the primary researcher, lasting 45–75 minutes for each interviewe. The interview guide covered open-ended questions on perceived opportunities, challenges, economic models, and cultural significance. All interviews were audio-recorded and transcribed verbatim. Theoretical saturation was used as the stopping criterion: interviews were conducted iteratively, and data collection ceased when no new themes or codes emerged after three consecutive interviews. This occurred after 13 interviews, with the final two serving as confirmation. A Strauss and Corbin (1998) approach to grounded theory, a systematic and rigorous method for theory development in exploratory research, was used. The process was inductive, meaning themes emerged directly from the data rather than being derived from pre-existing theory. The first author generated initial codes using open coding in MAXQDA software. A total of 68 initial codes were generated, which were progressively grouped into 26 axial codes. In this process, axial coding was guided by causal conditions, strategies, and consequences. Open codes were grouped into axial codes based on shared context and function. For example, codes like ‘festival attracts foreign visitors,’ ‘tourists stay in local guesthouses,’ and ‘demand for guided horseback tours’ were clustered under the axial code Cultural Tourism Demand, which later informed the selective code Horse Tourism. finally, axial codes consolidated into six selective (core) themes that formed the entrepreneurial dimensions of the study.: Horse Tourism, Horse Event Organization, Breeding and Selling Horses, Veterinary Medicine, Horse Exports, Agriculture and Horse Services. To ensure credibility, transferability, dependability, and confirmability Two co-authors independently reviewed a subset of transcripts and coding (Credibility). In addition, the researcher maintained a reflective journal to acknowledge potential biases (Confirmability). furthermore, all coding decisions and theme development were documented (Dependability). Preliminary findings also were shared with three participants for feedback (Transferability). After the interviews, a focus group with six experts (including breeders, tourism officials, and agricultural specialists) was conducted to validate the emerging themes and ensure no major entrepreneurial areas were overlooked. Guided questions were based on the preliminary findings, and consensus was reached on the final six dimensions.

Table 1- Participant Information in Qualitative Phase

Quantitative Phase

The target population for the quantitative phase included individuals actively engaged in or associated with the Turkmen horse racing sector. Specifically, the population consisted of: Tourists attending equestrian events, Managers and staff involved in organizing competitions, Judges officiating at horse racing events Businesses active in the horse industry, Veterinarians specializing in equine health, Agricultural experts focused on nutrition and breeding, Owners of equestrian clubs and stables, Local residents participating in or benefiting from equestrian activities. The information about the participants is presented in table 2.  A total of 150 participants were selected using purposive sampling, ensuring that the sample represented a broad spectrum of stakeholders. The sample size was determined based on established guidelines for structural equation modeling (SEM), which recommend a minimum of 10 observations per indicator variable (Hair & Alamer, 2022).

Table 2- Participant Information in Quantitative Phase

The primary data collection tool was a structured questionnaire developed based on insights from the qualitative phase. The six entrepreneurial dimensions identified in the qualitative phase served as the theoretical foundation for the survey instrument. For each dimension, 4–6 Likert-scale items were developed directly from representative axial codes and participant quotes. For example: The axial code “Access to Equine Healthcare” (under veterinary medicine) yielded items such as “veterinary services are readily available in my area” and “I can easily consult a specialist for horse health issues.” The axial code “Festival-Driven Visitation” (under horse tourism) informed items like “equestrian festivals attract significant numbers of tourists to our region” and “tourists spend money on local goods during horse events.”

This process resulted in an initial pool of 32 items (5–6 per construct).  It used a five-point Likert scale (1 = very low, 5 = very high) to assess participants’ perceptions of these opportunities. The draft questionnaire was then reviewed by seven experts in sports management and equine entrepreneurship for face and content validity. Ambiguous or redundant items were refined or removed, yielding a final instrument of 30 items.  Additionally, the questionnaire was pilot-tested with 50 participants, and Cronbach’s alpha coefficients for all constructs exceeded the threshold of 0.70, indicating acceptable internal consistency (Izah et al, 2023). Data analysis was conducted using Partial Least Squares Structural Equation Modeling (PLS-SEM) with the SmartPLS 3.0 software. PLS-SEM was chosen due to its suitability for exploratory research and its ability to handle complex models with multiple latent variables.

Findings

In the qualitative phase 26 axial codes were identified, which were categorized into six selective codes corresponding to the important dimensions of entrepreneurial opportunities:

Horse Tourism: Visitor-centered engagement with equestrian culture for leisure, education, or heritage experience. Opportunities arising from equine-based cultural festivals, adventure riding tours, and heritage experiences that attract domestic and international visitors. This includes participation in events like the Sofiyan horse festival and eco-cultural tourism centered on the Turkmen horse.

Horse event organization: Entrepreneurial planning, coordination, and delivery of equestrian competitions or festivals, managing, and hosting equestrian competitions and traditional events such as polo, show jumping, and rhythmic riding.

Breeding and selling horses: Opportunities in horse breeding, training, and sales.

Veterinary medicine: Services related to veterinary care, nutrition, and maintenance.

Horse exports: Potential for exporting horses, fodder, and related products.

Agriculture and horse services: Ancillary services such as producing specialized feed, leather goods, and organic fertilizers.

These dimensions formed the basis for developing the questionnaire used in the quantitative phase. The quantitative phase involved administering a structured questionnaire to 150 participants selected through purposive sampling. Descriptive statistics for the key variables are presented in Table 3.

Table 3- Description of Research Variables

The findings of this study provide valuable insights into the entrepreneurial opportunities within the Turkmen horse racing sector in Golestan province, Iran. As shown in Table 3, mean scores across the six dimensions ranged from 3.31 (veterinary medicine) to 3.67 (horse tourism), suggesting moderate to high levels of perceived opportunity. However, these scores should be interpreted cautiously, as they reflect stakeholders’ perceptions rather than objective market indicators. Given the self-reported nature of the data—and the potential for social desirability bias among participants invested in promoting the sector—these perceptions may overestimate actual market viability, particularly in areas such as horse exports or event organization where infrastructure and institutional support remain underdeveloped. The structural model was evaluated by examining the path coefficients, t-values, and significance levels. The results of the hypothesis testing are summarized in Table 4.

Table 4- Direct Impact Between Variable of Research

* Significant level: 0.05

The results revealed several significant relationships between entrepreneurial opportunities and equestrian entrepreneurship in the Turkmen horse racing sector:

Horse tourism: The path coefficient (β = 0.317, t = 3.465, p < 0.001) indicated a positive and significant relationship between horse tourism and equestrian entrepreneurship. This suggests that entrepreneurial activities related to equestrian tourism, such as organizing tours and cultural festivals, have a substantial impact on fostering entrepreneurship in the region.

Horse events: The path coefficient (β = 0.356, t = 2.959, p < 0.003) demonstrated that organizing horse events significantly contributes to entrepreneurial opportunities. This highlights the importance of leveraging traditional festivals and competitions to stimulate economic growth.

Breeding and selling horses: The path coefficient (β = 0.302, t = 2.934, p < 0.003) confirmed that breeding and selling horses play a critical role in creating entrepreneurial ventures. This underscores the potential for enhancing local breeding programs and export activities.

Veterinary medicine: With a path coefficient of β = 0.408 (t = 4.791, p < 0.001), health and maintenance emerged as the strongest predictor of equestrian entrepreneurship. This finding emphasizes the need for investment in veterinary services, nutrition, and maintenance infrastructure.

Horse exports: The path coefficient (β = 0.230, t = 3.383, p < 0.001) highlighted the positive impact of exporting horses on entrepreneurial opportunities. Strengthening market mechanisms for indigenous products could further enhance this dimension.

Agriculture and services: The path coefficient (β = 0.139, t = 2.088, p < 0.037) indicated a significant but weaker relationship between agriculture and services and equestrian entrepreneurship. This suggests that ancillary activities, such as producing specialized feed and equipment, contribute to entrepreneurship but require additional support.

Model Fit

The overall fit of the structural model was satisfactory, with all hypothesized relationships supported by the data. In PLS-SEM, model assessment focuses on explanatory power, predictive relevance, and model fit. The coefficient of determination (R²) for the endogenous construct Equestrian Entrepreneurship was 0.52, indicating that the six predictors jointly explain 52% of the variance—a substantial effect according to Cohen’s (2013) guidelines (R² ≥ 0.13 = moderate; ≥ 0.26 = large). The Standardized Root Mean Square Residual (SRMR) was 0.063, which is below the recommended threshold of 0.08, suggesting acceptable model fit. Blindfolding analysis yielded a Q² value of 0.28 for Equestrian Entrepreneurship, which exceeds zero and confirms the model’s predictive relevance. Effect sizes (f²) for the paths ranged from 0.02 (Agriculture and Services) to 0.21 (Veterinary Medicine), indicating small to medium effects (Cohen, 2013).  (Table 5). Figure 1 illustrates the tested research model, highlighting the significant paths between entrepreneurial opportunities and equestrian entrepreneurship.

Table 5- Model Fit Indices

Source: Cohen (1988)

Figure 1. The tested research model in significant mode

Discussion

The findings of this study provide valuable insights into the entrepreneurial opportunities within the Turkmen horse racing sector in Golestan Province in Iran. Below, we discuss these findings, compare them with prior studies, and explore their theoretical and practical implications.

The results showed that there is a significant relationship between horse tourism and equestrian entrepreneurship (β = 0.317, p < 0.001). This finding is consistent with previous research by Sigurðardóttir (2018) that highlighted the potential of health and equestrian tourism as a new form of adventure. Similarly, Eslami et al. (2021) emphasized the role of sports tourism in boosting entrepreneurship, especially in areas with unique cultural and natural resources. Sports play an important role in the development of the economy in developed countries and has a direct economic impact on the production of sports goods and services, employment, export and import, attraction of tourism and financial sponsors (Khodaparast, 2023)Horse tourism exerts a significant influence on equestrian entrepreneurship not merely because it attracts visitors, but because it converts intangible cultural capital—the symbolic value of the Turkmen horse—into marketable experiences. In Golestan, where formal employment opportunities are limited, festivals like Sofiyan create low-barrier entry points for micro-entrepreneurship (e.g., homestays, craft sales, guided tours). This aligns with Bourdieu’s (1986) theory of cultural capital conversion: heritage becomes economic capital when institutionalized through events. However, unlike in Western contexts where tourism is commercialized through private resorts, in Golestan, tourism-driven entrepreneurship remains community-embedded and informal, which explains its moderate (not high) impact—limited by lack of branding, digital reach, and service standardization. The presence of three international equestrian complexes in the Turkmen region of Golestan Province in Iran is considered a major attraction for sports tourism for domestic and foreign active sports tourists, as well as passive sports tourists, including traders and farmers active in feeding the horse industry (Choori et al., 2023; Mehrinejad et al. 2023, Ghezelsefloo et al. 2022, Yanpi & Dousti, 2018). The Turkmen people's interest in the horse industry, as well as the management of horse-riding academies by this people, has made this sport a part of the Turkmen cultural heritage. Also, the existence of extensive pastures in the Turkmen Desert, along with the traditional Sufi Horse Festival, creates a platform to attract numerous tourists from the Caspian Sea countries (Ghezelsefloo et al., 2022). Therefore, a proper needs assessment of the interests of these different groups and planning to meet their demands is considered a fundamental step in achieving the outcomes of the Turkmen Horse Event. Perić & Vitezic (2019) mentioned the preferences and needs of tourists as an important factor in creating and launching different sports businesses. The results of their study indicated that active sports tourists in the outdoors, people fall into one of three groups according to their motivations: recreationists, nature lovers, and sports enthusiasts. Therefore, different businesses can be launched according to the needs of each sector. However, as Salarzehi et al. (2021) pointed out, in Iran, managers often focus only on the tourism aspects of the industry and neglect other opportunities such as event organization and export. Addressing this gap is crucial to maximizing the economic and social benefits of horse tourism. In addition, the integration of digital platforms and social media marketing can further strengthen the scope of these initiatives. It is also suggested that by following the example of developed countries that provide stables in the form of special horse boarding houses, by designing and constructing scientific stable and horse breeding centers by agricultural Jihad experts and providing an integrated set of veterinary services in the form of nutrition, breeding, vaccination, and horse health control, businesses in the field of stable and horse breeding should be managed organizationally. However, it should mention that, while horse tourism significantly influenced entrepreneurship, its effect size was notably lower than in Western contexts (e.g., Sigurðardóttir, 2018). This difference may reflect Golestan’s underdeveloped tourism infrastructure—a context-specific constraint. Thus, our model’s emphasis on Veterinary Medicine over Tourism likely stems from the region’s institutional voids, limiting the transferability of tourism-centric models to similar heritage-based, low-resource settings.

The second highest path coefficient was observed for horse events (β = 0.356, p < 0.003), which emphasizes their critical role in driving entrepreneurship. This finding is consistent with studies such as Naghavi and Khadem (2023) who examined the economic impact of horse racing in the Turkmen Sahara region. Their work showed that events not only generate income, but also stimulate ancillary businesses such as hospitality, retail, and media coverage. One of the entrepreneurial opportunities of Turkmen horse event entrepreneurship in Golestan province is the focus on activating other horse sports disciplines such as show jumping, polo, dressage (Moladoost et al., 2021), and horse beauty. Organizing and promoting such events can act as a catalyst for economic growth. These events can also strengthen regional identity and foster cooperation between local communities and international participants. As noted by Yanpi and Dousti (2018), diversifying the types of events – such as steeplechase and combined events – can increase competition and attract a larger audience. In addition, the use of modern technologies such as live streaming and virtual reality can increase the scope of these events, attract a global audience, and increase revenue streams. However, there are challenges in this area. Currently, the lack of infrastructure, the lack of official and unofficial events of these disciplines in the sports calendar of the federation and the equestrian board, as well as the lack of support and coordination between the agricultural jihad organizations and the provincial equestrian board have caused the horse event business to be neglected in this area. These findings were consistent with the results of the research of Ghezelsefloo et al. (2022), Choori et al. (2023), Moladoost et al. (2022). According to Asgharpour et al. (2023) and Ghezelsefloo et al. (2022), the main key to creating sustainable sports entrepreneurial approaches is the revival of sports disciplines that have an inextricable link with historical interests and roots that are implemented in the form of new and newly formed sports events. However, in order to achieve the economic benefits of sports event entrepreneurship, like many leading countries in sports event entrepreneurship, on the one hand, it must be required to create basic infrastructure and observe the principles of professionalism in the way the event is held, and on the other hand, it must take into account the behavioral and emotional needs of all tourists and carry out special branding and marketing of the event. Agha et al. (2020) also emphasized in the development of the strategic plan of the country's equestrian federation that although the lack of standard infrastructure and equipment approved by the World Federation has caused the economic benefits and business opportunities of the competitive and dressage horse industry in Iran to not be seriously considered, the existence of pure Turkmen breeds in the north, the Arabian horse breed in the south, and the Kurdish horse breed in the west of the country, as well as the existence of official tracks and three international equestrian complexes in Golestan province, if combined with technologies for holding dressage competitions and equipment for treatment and care on the day of the competition, such as doping control, veterinary care, and access to special drugs for dressage horses, can create the branding of equestrian complexes and consequently activate horse industry jobs within the country and internationally. A review of studies conducted on sports tourism in China has shown that local institutions have taken steps in synergy with sports organizations towards simplifying and developing local sports businesses. Governments accelerate the process of entrepreneurial activities by enacting supportive laws. In order to disseminate entrepreneurial knowledge and skills, governments strengthen the cognitive environment of entrepreneurship by setting favorable programs, and ultimately promote entrepreneurial culture by improving the normative environment, playing a facilitating role in promoting entrepreneurial culture in society (Zuo et al., 2021; Ranjbar et al., 2019). It seems that these issues have not been given due and appropriate attention by the responsible organizations in the business development programs of the Turkmen horse industry in Golestan Province.

The findings indicate a positive and significant relationship between horse breeding and sales and equestrian entrepreneurship (β = 0.302, p < 0.003). This result is in line with Naghavian et al. (2018), who examined the pedigree structure of the Turkmen horse population and emphasized the importance of genetic improvement programs. In addition, Choori et al. (2023) examined future scenarios of the horse industry and highlighted advances in breeding technologies as the main driver of profitability. According to Oana et al. (2024) and Lopoae et al. (2024), the development of sports entrepreneurship has been able to create a huge economic transformation in the horse entrepreneurship industry by activating the largest horse-trading market in Romania, the high share of racehorse exports in various sports disciplines, and the creation of specialized markets for the sale of horse equipment. In addition to major equestrian events, the establishment of specialized horse riding equipment exhibitions, the establishment of horse training schools, traditional sustainable agriculture in mountainous areas with horses, and the establishment of traditional workshops for making saddles, bridles, and other horse equipment have created a vast and diverse ecosystem of entrepreneurial opportunities in the horse industry, none of which benefit from the sustainable approach to horse entrepreneurship in Iran. To capitalize on this opportunity, Golestan Province should focus on modernizing breeding facilities, adopting international standards, and promoting the Turkmen horse globally. Exporting standardized fodder and other horse products could increase the region’s market presence. However, as noted by Agha et al. (2020), the lack of strong market mechanisms for indigenous products remains a critical barrier. Strengthening these mechanisms is essential to unlocking the full potential of breeding and sales. In addition, establishing certification systems for purebred Turkmen horses and creating platforms for their international display could position Golestan as a leader in niche markets. Collaboration with international organizations such as the World Arabian horse Organization can also open up new avenues for trade and recognition.

The strongest predictor of equestrian entrepreneurship was health and maintenance (β = 0.408, p < 0.001). This finding underscores the critical role of veterinary services, nutrition, and maintenance in supporting the equine industry. The primacy of Veterinary Medicine as the strongest predictor reflects a foundational bottleneck in Golestan’s equine ecosystem. Unlike in developed equine economies where health services are commodified and accessible, in Golestan, the absence of basic veterinary infrastructure constrains all downstream entrepreneurial activity—from breeding (due to high foal mortality) to tourism (due to animal welfare concerns). Thus, improving veterinary access doesn’t just ‘support’ entrepreneurship; it enables the very viability of horse-based ventures. This finding challenges Western models that prioritize marketing or events, underscoring that in heritage-based, under-resourced contexts, entrepreneurship is contingent on biological and health security first—a form of ‘pre-entrepreneurial’ enabling condition. In Golestan, addressing challenges such as inadequate healthcare infrastructure and limited access to specialized services can significantly boost the industry's capacity. Partnerships between agricultural organizations and veterinary experts can ensure comprehensive care for horses, thereby enhancing their value and longevity. Furthermore, as highlighted by Roult et al. (2017), advancements in nutrition and genetics are key factors driving profitability in the global horse industry. Investing in training programs for veterinarians and equine health specialists, as well as developing mobile clinics for rural areas, can address existing gaps in service delivery. Additionally, integrating sustainable practices, such as organic feed production and eco-friendly stabling, can enhance the region's reputation as a hub for ethical and innovative horse care. However, it should mention that, Although Veterinary Medicine emerged as the strongest predictor, it is important to note that our cross-sectional design precludes definitive causal inference. It is equally plausible that successful entrepreneurs invest more in veterinary services, rather than veterinary access causing success. Longitudinal studies are needed to disentangle this directionality.

The study also found a significant relationship between exports and equestrian entrepreneurship (p = 0.230 < 0.001). For Golestan, the export of Turkmen horses and related products could position this region as a leader in niche markets. However, according to the factor coefficients of the research model path, the entrepreneurial opportunity for Turkmen horse exports does not enjoy favorable productivity conditions in Golestan province, and there are no official and reliable statistics on foreign exchange income generation in this area (Choori et al., 2023, Moladoost & Yanpi, 2021). Lack of attention to creating efficient management structures through coordination between the Federation, the Agricultural Jihad Organization, as well as the Ministry of Industry, Mines and Trade, along with other legislative institutions, in creating a common, coordinated and aligned network in the field of facilitating horse exports, and even considering a cultural advisor and activating the International Relations Committee of the Equestrian Federation in introducing knowledgeable and talented horse trainers and trainers in the horse industry, are fundamental social measures in enjoying a dynamic horse industry in Iran. Choori et al. (2023) also stated in their research results that the lack of alignment between the governing organizations regarding the weakness in up-to-date medical standards, coordination between the governing organizations in facilitating the export of Turkmen horses, as well as the lack of compliance with principled breeding, are the key weaknesses in reducing the export rate of Turkmen horses. In this regard, Turkmen horse trainers and breeders stated that the existence of challenging laws on the exit of Iranian corsican horses from the country, as well as the international standards of the World Federation in observing veterinary and health principles, has always been the main problem for the presence of Iranian breeds in international tournaments (Asgharpour et al., 2022).

To address this gap, stakeholders should focus on aligning local initiatives with global standards and creating platforms for displaying Turkmen horses internationally. In addition, leveraging shared cultural ties with neighboring countries such as Turkmenistan can open new avenues for trade and cooperation. Exploring partnerships with international buyers, participating in global equestrian exhibitions, and developing branding strategies for Turkmen horses can further expand export opportunities. In addition, addressing logistical challenges, such as transportation and documentation, is critical to ensuring seamless transactions. In this regard, it is recommended that the Equestrian Federation facilitate the export of Turkmen horses by activating the International Committee of the Ministry of Sports in leading countries to consult and facilitate the presence of veterinarians active in the horse industry in the training courses of the International Equestrian Federation and familiarize themselves with the requirements and regulations for vaccination and exit of horses and feeding of livestock during travel.

Finally, the results showed that there is a positive but weaker relationship between agriculture and equestrian services and entrepreneurship (β=0.139, p<0.037). This finding reflects the untapped potential of ancillary activities such as the production of specialized feed, leather goods, and organic fertilizers. According to Sadin et al. (2021), the existence of desirable pastures in the Turkmen Sahara plain, as well as the integration of the lifestyle of indigenous peoples with horse breeding, has made rural entrepreneurship one of the main entrepreneurial capacities of Turkmen Sahara, which lacks a comprehensive and planned entrepreneurial approach. In fact, the multidimensionality of horse activities in rural areas and the establishment of a scientific link between horse breeding and agricultural activities in these areas are similar to many leading countries such as the Netherlands, Finland, and Spain (Lopoae et al., 2024, p. 36), which, if supported, are a suitable alternative for many jobs that are dependent on climatic conditions and lack economic justification. Although in the last decade this has been supported by the relevant ministries as well as the Deputy of Employment Generation of the Parliament and the General Directorates of Sports and Youth, so that the budget allocated to sports startups has increased fourfold from 2019 to 2023 (Asgharpour et al., 2023), the results of the studies show that due to reasons such as the lack of adaptation of the implemented programs to local conditions, the lack of a suitable market for local products, the lack of market information and market development plans, the high cost of production, and the lack of communication infrastructure, some of these traditional businesses, which were the factor of sustainability of the livelihood of the villagers, have lost their productive and competitive capabilities and their life cycle is approaching the stage of decline and destruction (Sadin et al., 2021). However, Oana et al. (2024) and Lopoae et al. (2024) promoted favorable entrepreneurial opportunities in this field in the European part under the title of horse agricultural tourism. The use of horse manure in the production of organic agricultural products, the use of horse hides and manes for the production of luxury and high-quality clothing, and the use of horse milk in the production of dairy products for specific groups are entrepreneurial opportunities in the agricultural and service sectors. In addition, the promotion of sustainable agricultural practices, such as rotational grazing and organic farming, can increase environmental sustainability while creating economic value. These are not the cases in Iran where there is an active and significant entrepreneurial approach. Research by Perić & Vitezic (2019) on rural entrepreneurship in Croatia shows how diversifying income streams through agriculture and handicrafts can benefit local people. Since paying attention to the needs of local communities and indigenous residents promotes a supportive approach to the jobs of indigenous communities, it is suggested to the Agricultural Jihad Organization and the managers of the Ministry of Labor that, by transferring modern agricultural tools and equipment to agricultural sector activists and fodder producers, while activating local markets for the sale of special horse fodder, they provide the basis for exporting standard and nutritious fodder to countries with common borders. Also, establishing processing industries in Golestan Province and using horse hides and manes for use in the leather industry and producing organic saddles, bridles and halters from horse hides and skins, as well as using horse dairy products for groups with special needs are other entrepreneurial opportunities that are suggested to the Agricultural Jihad managers.

Conclusion

In conclusion, the findings of this study demonstrate the significant potential of the Turkmen horse racing sector in Golestan Province as a driver of entrepreneurship. By addressing infrastructural, financial, and market-related challenges, stakeholders can harness the latent opportunities within this industry, fostering sustainable economic growth and cultural preservation. Through strategic investments, policy reforms, and cross-sector collaboration, Golestan can position itself as a global leader in the equine industry.

Acknowledgments

The authors gratefully acknowledge all individuals who contributed to this study.

Conflicts of Interest

There is no conflict of interest.

Funding

There is no fund for this research.

Statement on the Use of AI

Qwen AI was used for grammatical improvement of this article.