9780230308091

7/16/2019 9780230308091

http://slidepdf.com/reader/full/9780230308091 1/28

UNDERSTANDING ENTERPRISE

Entrepreneurship & Small Business

Enterprise

Entrepreneurship

Small Business

7/16/2019 9780230308091


‘Te fourth edition of this book is a wonderful example of continuous

innovation as it builds upon previous editions by adding additional layers

of depth and knowledge. It is also evident throughout the book that the

authors utilize their vast experience as practitioners and academics to bring

the reader excellent insights into the varying perspectives held by different

stakeholders. My recommendation is based upon my actions – I have already ordered

the book for my forthcoming classes.’

Professor Tomas Cooney, Academic Director – Institute for MinorityEntrepreneurship, Dublin Institute of echnology, Ireland and President of the International Council for Small Business

‘Te significance of entrepreneurship and small business to economy and society are

now widely documented and is reflected in the activities of governments, educational

institutions and research institutes. Tis book makes a significant step in helping

us analyze the underlying dynamics of entrepreneurship and its effects on the

economy in an original and engaging way. It addresses a number of salient issues,

from an examination of the people starting and running businesses through to the

effectiveness of government interventions, in an authoritative and stimulating style.

Each chapter tackles issues that should resonate with a number of audiences and isunderpinned by contemporary research. Bridge and O’Neill have provided us with

a book that is flowing with ideas and concepts, often challenging the conventional

wisdom. Te book is an essential read for those interested in the field of entrepreneur-

ship and small business. Certainly it is a must read for students, researchers, advisers,

business owners, policy makers and others seeking to understand entrepreneurship

and small business.’

Professor Robert Blackburn, Kingston Business School, UK and Editor International Small Business Journal

‘Tis book is a tour de force in the study and practice of entrepreneurship. It offers

new perspectives in a fresh, innovative way and challenges old thinking. A must forstudents and academics.’

Spinder Dhaliwal, author of Making a Fortune – Learning from the AsianPhenomenon and Senior Lecturer in Entrepreneurship, Surrey Business School,University of Surrey, UK

‘Understanding Enterprise, 4th edition, is a must read for students, researchers,

educators and policy makers. Bridge and O’Neill’s discussion of small businesses

and entrepreneurial ventures is strengthened throughout by their use of key concepts

and learning objectives. Finally, the book’s treatment of policy and government

interventions is spot on. A must read.’

George . Solomon, Associate Professor of Management and Co-Director,Center for Entrepreneurial Excellence (CFEE), Te George WashingtonUniversity, USA and Editor-in-Chief, Journal of Small Business Management

7/16/2019 9780230308091


UNDERSTANDINGENTERPRISEEntrepreneurship & Small Business

Fourth Edition

SIMON BRIDGESimon Bridge and Associates

and Visiting Professor,

University of Ulster

KEN O’NEILLProfessor Emeritus of

Entrepreneurship and Small Business

Development, University of Ulster

7/16/2019 9780230308091


© Simon Bridge, Ken O’Neill & Stan Cromie 1998, 2003© Simon Bridge, Ken O’Neill & Frank Martin, 2009© Simon Bridge & Ken O’Neill 2013

All rights reserved. No reproduction, copy or transmission of thispublication may be made without written permission.

No portion of this publication may be reproduced, copied or transmittedsave with written permission or in accordance with the provisions of the

Copyright, Designs and Patents Act 1988, or under the terms of any licencepermitting limited copying issued by the Copyright Licensing Agency,Saffron House, 6-10 Kirby Street, London EC1N 8S.

Any person who does any unauthorized act in relation to this publicationmay be liable to criminal prosecution and civil claims for damages.

Te authors have asserted their rights to be identified as the authors of thiswork in accordance with the Copyright, Designs and Patents Act 1988.

First edition 1998Second edition 2003Tird edition 2009Tis edition published 2013 by PALGRAVE MACMILLAN

Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited,registered in England, company number 785998, of Houndmills, Basingstoke,Hampshire RG21 6XS.

Palgrave Macmillan in the US is a division of St Martin’s Press LLC,175 Fifth Avenue, New York, NY 10010.

Palgrave Macmillan is the global academic imprint of the above companiesand has companies and representatives throughout the world.

Palgrave® and Macmillan® are registered trademarks in the United States,the United Kingdom, Europe and other countries.

ISBN: 978-0-230-30809-1

Tis book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturingprocesses are expected to conform to the environmental regulations of thecountry of origin.

A catalogue record for this book is available from the British Library.

A catalog record for this book is available from the Library of Congress.

10 9 8 7 6 5 4 3 2 122 21 20 19 18 17 16 15 14 13

Printed and bound in Great Britain by MPG Books Group, Bodmin.

7/16/2019 9780230308091


TABLE OF CONTENTS

List of Figures vi

List of Tables viii

About the Authors x

Acknowledgements xi

Preface xiii

1 Introduction – Understanding Enterprise 1

PART I The Evolution of Enterprise Understanding 9

2 A Brief History of Enterprise Understanding 11

3 Enterprise and Entrepreneurship: Their Meanings and Variations 37

4 Enterprise and Entrepreneurship: Understanding Their Nature 63

5 Small Businesses: Their Characteristics and Variety 89

6 Small Businesses: Understanding Their Dynamics 123

7 Social Enterprise and the Third Sector 155

PART II Challenges to the Traditional View 173

8 Rethinking Small Business 175

9 Rethinking Entrepreneurship 195

10 Enterprise and Life 215

11 Becoming an Entrepreneur 231

12 Running a Small Business 255

13 Social Capital and the Enterprise Mix 271

PART III Enterprise Policy and Government Intervention 291

14 Why Governments Intervene: The Aims of Enterprise Policy 295

15 Enterprise Policy: Approaches and Delivery Methods 321

16 Does the Policy Work? 355

17 What Might Work? 379

18 Afterword: The Impact of Change 397

Index 405

7/16/2019 9780230308091


LIST OF FIGURES

1.1 Te transition route from data to wisdom 4

1.2 A summary of the scientific method 5

1.3 Bygrave’s Hierarchy of Sciences 5

2.1 UK unemployment, 1950–2010 21

3.1 Tree types of small business owner 49

3.2 E-numbers: a categorization of enterprise and entrepreneurship 56

4.1 Intentions model of entrepreneurial potential (simplified) 75

4.2 Attributes and resources model 76

4.3 Mechanisms through which genetic factors might influenceentrepreneurship 80

4.4 Nature or nurture? 83

5.A1 Number of family businesses by size of family firm in 2010 111

6.1 Small business paths from conception to death 126

6.2 Growth process as reflected in possible growth paths 126

6.3 Te Greiner growth model 127

6.4 Entrepreneurial success 129

6.5 Administrative burdens on start-ups 134

6.6 Early stage small business finance 1366.7 Management factors and stages 138

6.8 ypes of business termination 145

6.9 Te ingredients of failure 149

7.1 Tree systems of the economy 161

8.1 Te DFID model of development capital 185

8.2 Te influences on a business 186

8.3 Te supposed effect of the provision of growth support 186

8.4 A hierarchy of needs model 188

9.1 A possible model of the level of entrepreneurship 207

9.2Te layers of the small business support network 208

9.3 Alternative pictures of the entrepreneur 210

10.1 A journey through life? 220

10.2 What you see is not everything 227

11.1 Business start-up: the strategic planning process 240

13.1 Te perceived key business start-up needs (circa 1985) 275

14.1 A diagram of a policy framework 298

14.2 Te sequence from inputs to impacts 300

14.3 Te interface between entrepreneurship policy and SME policy 301

15.1 (Figure 14.1 repeated) A diagram of a policy framework 322

vi

7/16/2019 9780230308091


vii

15.2 Enterprise policy map 323

15.3 Simple form of the OECD Framework for Entrepreneurship Indicators 331

15.4 Factors impacting entrepreneurship 331

15.5 Te OECD Framework for Entrepreneurship Indicators 332

15.6 Applying limited resources to maximize the benefit returned 348

16.1 Possible evaluation stages 357

17.1Model of factors leading to entrepreneurial activity 387

17.2 Institutional and cultural dimensions 388

17.3 Levels of observation 390

List of Figures

7/16/2019 9780230308091


LIST OF TABLES

2.1 Bolton’s Eight ‘Important Economic Functions of the Small Business’ 17

2.2 Reasons for the re-emergence of small-scale enterprise 18

2.3 Fordism and post-Fordism 30

2.4 Features of the new economy 31

2.5 Differences between ‘managed’ and ‘entrepreneurial’ economies 32

3.1 Summary of approaches for describing entrepreneurship 45

3.2 Entrepreneurial behaviours, attributes, skills, values and beliefs 47

3.3 Te focus of learning 48

3.4 E-numbers: interpretation and some comparable uses 57

4.1 raits associated with entreprenership 66

4.2 Attributes and resources, and how they are acquired 76

5.1 More benefits of small businesses 91

5.A1 Different criteria by which family businesses have been defined 112

6.1 Te five stages of business growth 125

6.2 New technology adoption rate 128

6.3 Approaches to starting a business 130

6.4 Te four dimensions of management development 130

6.5 Some of the benefits which can be obtained from networks 1316.6 Analysis of a start-up business 132

6.7 Constraints on meeting business objectives 140

6.8 Small business problems 146

6.9 Percentages of businesses in 2007 surviving after one, two andthree years 150

7.1 Organizations and activities not in the public or the private sector 157

7.2 Comparison of market sector and social economy characteristics 165

7.3 Autonomous and community entrepreneurs compared 168

8.1 Owners’ motivations 180

9.1Entrepreneurial vs corporatist management – some contrasts 198

9.2 A process definition of entrepreneurship 199

9.3 Tree dimensions of habitual entrepreneurship 200

10.1 Barrett’s Seven Levels of Consciousness 218

10.2 Reasons why people might want to work 219

10.3 Some of the means by which people can obtain resources for life 221

10.4 Some different kinds of entrepreneurship 226

10.5 How enterprise might be viewed from people and venture perspectives 228

11.1 Te five key principles of effectuation 238

11.2 What effectuation is not 239

viii

7/16/2019 9780230308091


ixList of Tables

11.3 Comparison of accept uncertainty and business plan-based approaches 244

11.4 Te advantages and disadvantages of the two approaches 245

12.1 Yardsticks for business growth 258

12.2 Te roles needed for business development at different stages 262

13.1 Te ‘Conscise’ project and the elements of social capital 277

14.1 Te possible components of a policy framework 299

14.2Market imperfections, their causes and the actions needed 310

15.1 Average time spent complying with legislation 330

15.2 UK government SME policies 334

15.3 Barriers and incentives to training 344

15.A1 axonomy of enterprise initiatives 350

16.1 Major UK enterprise policy questions 359

18.1 Some of the challenges to conventional enterprise wisdom 399

7/16/2019 9780230308091


ABOUT THE AUTHORS

SIMON BRIDGE For nearly 30 years Simon Bridge has been involved in formu-lating, delivering, and/or assessing enterprise policy – recently as an enterprise andeconomic development consultant, and before that as the Enterprise Director of asmall business agency. He is now also a Visiting Professor at the University of Ulster.Much of his varied experience and learning is reflected in his books which, in additionto this one, include Rethinking Enterprise Policy: Can Failure rigger New Understanding? (Palgrave Macmillan, 2010) and, co-written with Brendan Murtagh and Ken O’Neill,

Understanding the Social Economy and the Tird Sector (Palgrave Macmillan, 2009).

KEN O’NEILL For much of his career as Director of the Northern Ireland Small Busi-ness Institute (NISBI), Ken O’Neill has been developing and delivering business andmanagement development programs for SME owners and advisers. He is ProfessorEmeritus at the University of Ulster, a former President of the International Councilfor Small Business (ICSB), a member of the Steering Committee of the Interna-tional Small Business Congress (ISBC), a former President of the UK’s Institute forSmall Business and Entrepreneurship (ISBE), and a Director of Te Genesis InitiativeIn 2005 he became the first person to receive Te Queen’s Award for EnterprisePromotion – Lifetime Achievement Award. Other published works include Under-

standing the Social Economy and the Tird Sector , which he co-authored with SimonBridge and Brendan Murtagh.

x

7/16/2019 9780230308091


ACKNOWLEDGEMENTS

Te authors and publisher gratefully acknowledge permission from the following toreproduce copyright material in the fourth edition of this book.

Richard Barrett and the Barrett Values Centre for permission to reproduce from Te

Barrett Model

Gene Bellinger for permission to reproduce from Data, Inormation, Knowledge and

Wisdom, 2004. Available at www.systemswiki.org/index.php?title=Data,_Information,_Knowledge_and_Wisdom

Te Calouste Gulbenkian Foundation for permission to reproduce Tree Systems o an

Economy from J. Pearce, Social Enterprise in Anytown (London: Calouste GulbenkianFoundation, 2003).

Cengage Learning EMEA for permission to reproduce material from D. J. Storey,Understanding the Small Business Sector (London: Routledge, 1994).

Te Centre for Business Research at Cambridge for permission to reproduce fromConstraints on Meeting Business Objectives from A. Cosh and A. Hughes (eds), Enter-

prise Challenged: Policy and perormance in the British ME sector 1992–2002 (Cambridge:ESRC Centre for Business Research, 2003).

Paul Cowie for permission to reproduce from P. Cowie, ‘SME Policy Evaluation:

Current issues and future challenges’, chapter in R. Blackburn and M. Schaper (eds),Government, SMEs and Entrepreneurship Development: Policies, ools and Challenges,(Farnham: Gower Publishing, in preparation).

Emerald Publishing Group for permission to reproduce from A. A. Gibb, ‘EnterpriseCulture – Its Meaning and Implications for Education and raining’, Journal o

European Industrial raining (1987).

FORA – the Danish Ministry of Economic and Business Affairs for permission toreproduce from National Agency for Enterprise and Construction, Entrepreneurship

Index 2006: Entrepreneurship Conditions in Denmark, November 2006.

Te Forum of Private Business for permission to reproduce from Te Cost o Com-

pliance on Micro, Small and Medium Sized Business Employers. Allan Gibb for permission to reproduce from Creating Te Leading Edge – Allan Gibband Judi Cotton, Durham Business School, 1998; Te Focus o Learning from ‘Enter-prise Culture – Its Meaning and Implications for Education and raining’, Journal o

European Industrial raining (1987), p. 17; ‘owards the Building of EntrepreneurialModels of Support for Small Business’, Paper presented at the 11th (UK) NationalSmall Firms Policy and Research Conference, Cardiff, 1988; and ‘owards the Entre-preneurial University: Entrepreneurship education as a lever for change’, National

Council or Graduate Entrepreneurship Policy Paper 003, May 2005.

xi

7/16/2019 9780230308091


xii Acknowledgements

Harvard Business Publishing for permission to reproduce Te Greiner Growth Model

from L. E. Greiner, ‘Evolution and Revolution as Organizations Grow’, HarvardBusiness Review, July–August (1972).

Cecilia Hegarty for permission to reproduce material from her joint paper.

HMSO under the Open Government Licence for extracts from the Bolton Report:Report o the Committee o Inquiry on Small Firms (London: HMSO, 1971).

Te Institute for Family Business for permission to reproduce Number o Family Busi-nesses by Size o Firm from Oxford Economics, Te UK Family Business Sector: Working

to grow the UK economy (Institute for Family Business, 2011).

Ji-Hee Kim for permission to reproduce from J. Kim, A. G. Weinstein, S. E. Shirley and I. Melhern, ‘oward a Comprehensive Model of Global Entrepreneurship’, a paperpresented at the ICSB Conference at Seoul, Korea, June 2009.

Norris Krueger for permission to reproduce Intentions Model o Entrepreneurial

Potential from How Communities Can Create Potential or Entrepreneurs (WashingtonDC: Small Business Foundation of America, Working Paper 93-03, 1995).

Anders Lundström for permission to reproduce from Beyond the Rhetoric: Defning

Entrepreneurship Policy and its Best Practice Components (Stockholm: Swedish Founda-tion for Small Business Research, 2002).

OECD for permission to reproduce from Entrepreneurship at a Glance 2011 (OECDPublishing. 2011); and from N. Ahmad and A. Hoffman, ‘A Framework for Address-ing and Measuring Entrepreneurship‘, OECD Statistics Working Papers, 2008/2.

Te Open University Business School for permission to reproduce Small Business

Problems rom Business in Britain 2011 Q4, Vol. 27, No. 4.

Palgrave Macmillan for permission to reproduce material from S. Bridge, B. Murtaghand K. O’Neill, Understanding the Social Economy and the Tird Sector (Basingstoke:

Palgrave, 2009); from S. Bridge, Rethinking Enterprise Policy: Can Failure rigger New

Understanding? (Basingstoke: Palgrave Macmillan, 2010); and from P. Burns, Entre-

preneurship and Small Business Tird Edition (Palgrave Macmillan, 2011).

aylor and Francis for permission to reproduce from B. Johannisson and A. Nilsson,‘Community Entrepreneurs: Networking for Local Development’, Entrepreneurship

and Regional Development (1989); and from H. H. Stevenson, ‘Intellectual Foun-dations of Entrepreneurship’, Chapter 1 of H. P. Welsch (ed.), Entrepreneurship

(London: Routledge, 2004).

UEAPME for permission to reproduce from G. Carnazza, Te Role and the Main

Developments o SMEs in the European Economy (Brussels: UEAPME).

John Wiley & Sons for permission to reproduce from W. D. Bygrave ‘Te Entre-preneurship Paradigm (I): A Philosophical Look at Its Research Methodologies’,

Entre preneurship Teory and Practice, Vol. 14, No. 1; from J. B. Cunningham and J.Lischeron, ‘Defining Entrepreneurship’, Journal o Small Business Management, 29

January 1991; from R. W. Hornaday, ‘Dropping the E-words from Small BusinessResearch’, Journal o Small Business Management, Vol. 28 (1990); from R. E. Boyatzis,Te Competent Manager: A Model or Eective Perormance (New York: Wiley, 1982);from P. Rosa, ‘Entrepreneurial Process of Business Cluster Formation and Growth by “Habitual Entrepreneurs”’, Entrepreneurship Teory and Practice, 22 (1998); and fromW. J. Dennis, ‘Entrepreneurship, Small Business and Public Policy Levers’, Journal o

Small Business Management, 49/1 (2011).

7/16/2019 9780230308091


xiii

PREFACE

Tis is a book about enterprise, entrepreneurship and small business and their rela-tionship to each other. Troughout history many people have been enterprising andmany businesses have been small ones. Recently enterprise and small businesses havebeen seen as particularly economically beneficial. Te world has been changing, andindividual entrepreneurship is becoming ever more necessary for economic success.Tis process, or aspects of it, has been referred to variously as the development of an enterprise culture and of an entrepreneurial economy, and its benefits have been

widely sought. Enterprise and its associated concepts of entrepreneurship and smallbusiness have been widely promoted therefore and their development supported.

In many countries in the closing decades of the last century a new industry devel-oped. It was the industry of enterprise and entrepreneurship promotion and support.It was developed by government departments, by local economic and enterpriseagencies, by community organizations, by private organizations and by academicinstitutions. Tis process is also being repeated in other countries, such as those of Central and Eastern Europe, which have less well-developed market economies andwhere enterprise development is seen as a key route to economic growth.

For those working in this field, especially when they are new to it, there can beconsiderable confusion about what it encompasses and what are its main issues. Te

language used is not clearly defined and many key words, such as the word ‘enter-prise’ itself, have more than one meaning and are often used differently by differentpeople or in different contexts. Te new industry has developed theories, policies andpractices of its own, but often without a clear objective or strategy. Tis may be typi-cal of an emerging field but for those unfamiliar with it, and even for many who havesome familiarity, it is hard to grasp what is being done and why. Nevertheless theindustry will continue to grow and employment in it is already substantial, so thatthose working in it or with it need to try to make sense of it.

It is in that context that this book endeavours to provide an introduction to thedifferent aspects of this subject. It aims, not so much to tell people how to be enter-prising or how to start a business, but instead to inform them about enterprise, entre-preneurship and small business. It describes what they are, how they are related andwhat is currently known about them. It also looks at areas where some of the learningabout them may need to be reassessed because it now appears to be based on falseassumptions. Such reassessments have policy implications so they are considered also.

Who should read this book

Tis book is targeted at students of enterprise at universities, business schools andfurther and higher education establishments; at researchers and teaching staff;at policy-makers and staff of business support organizations; and at the informedpublic. It provides a foundation text for those who are studying enterprise and entre-

7/16/2019 9780230308091


xiv Preface

preneurship and who want a perspective appropriate both for those who might wantto do it by starting a business as well as for those who might want to work with, butnot in, such businesses or with the broader aspects of enterprise. It has been writtenin the UK but much of its content should be relevant in all countries, where people,for whatever reason, wish to know more about enterprise. It seeks to present themwith a sound introduction to the key concepts and issues as a basis for understandingand working in this area, and as a starting point for further explorations of particular

elements. Aspects of the book have been specifically written for students who needa broad introduction to the whole field of enterprise, such as those doing an entre-preneurship option on a Bachelors or Masters course. It also provides students andlecturers with cases and questions, summaries and suggestions for further reading.

Changes in the fourth edition

Tis is the fourth edition of the book, written some 15 years after the first edition.In those intervening years there has been much further research into enterprise,entrepreneurship and small business – leading to new conclusions and also somere-assessment of earlier conclusions. Because of that new learning and its impli-

cations this edition has been extensively rewritten in order better to reflect thecurrent position and state of knowledge in this area.For instance, this edition provides a more detailed historical perspective to indicate

the context for the current interest in enterprise, entrepreneurship and small busi-ness and the changing perspective of their relevance to economic development. Tisalso shows that the perspective is still changing, not least because the nature andsources of economic strength have also been changing. Terefore it is to be expectedthat our understanding of this will also change and will need continuously to bereassessed. Tat is also covered in the book.

Readers familiar with the earlier editions will still find, in the new Part I, introduc-tions to the concepts of enterprise, entrepreneurship and small business, what they are and how they are variously defined, and to what we appear to know about theirmake-up, their impact and the influences upon them.

Part II introduces relatively new thinking and identifies where it challenges some of what has become received wisdom. It also uses some of this new thinking to suggestalternative ways of understanding the processes of entrepreneurship and small busi-ness formation and growth, and also how better to become an entrepreneur, to run asmall business and/or to help either of those activities.

Part III looks at this from a government and policy perspective. It considers why and how governments have enterprise policies and intervene to encourage and/or assist enterprise, entrepreneurship and small business. It explores how effectivethese interventions appear to have been and, based on the new thinking now emerg-ing, suggests alternatives which might be more successful.

Thank you

As with the earlier editions, this one has benefited a lot from help from other peopleand we are conscious of the many who have encouraged and assisted us. We owe themconsiderable thanks. We would like especially to highlight the continuing patienceand support shown by our wives who have again had to put up with our applicationto this instead of to other tasks, and who have tolerated the many phone calls andinterruptions. We are very grateful to them.

Simon Bridge and Ken O’Neill, Belast

7/16/2019 9780230308091


1

INTRODUCTION –UNDERSTANDING ENTERPRISE

CONTENTS

Why do people want to understand enterprise? 2

What are enterprise, entrepreneurship and small business? 3

The evolution of enterprise knowledge 4

The layout of this book 6

KEY CONCEPTS

This chapter covers:

Â Why people want to understand enterprise, and its associated concepts of

entrepreneurship and small business.

Â The difficulty sometimes encountered in knowing what these words mean

because they can have different uses.

Â The way our knowledge about this area might be expected to evolve, and thequestions we might now have about it.

Â The layout this book adopts in trying to answer such questions.

LEARNING OBJECTIVES

By the end of this chapter the reader should:

> Appreciate the different motivations people might have for wanting to learn

about enterprise, entrepreneurship and small business.

> Realize that the terminology used can cause confusion.

> Understand how knowledge can be developed and, despite the research

which has taken place, the sort of questions that still remain.

> Understand the sequence in which the book seeks to address this subject.

Chapter

1

7/16/2019 9780230308091


2 Introduction – Understanding Enterprise

WHY DO PEOPLE WANT TO UNDERSTAND ENTERPRISE?

Tis book, called Understanding Enterprise, Entrepreneurship and Small Business, is nowin its fourth edition. Since it was first published it has been joined by many otherbooks on this subject which often have a selection of the words ‘enterprise’, ‘entre-

preneurship’ and ‘small business’ in their titles. While many of these books recognizethat there is more to enterprise than starting, running, or growing small businesses,

it is its application in a business context that is still the focus of much of the ‘enter-prise’ literature.

Tis book tries to correct that impression, and to acknowledge enterprise in itsbroader context, by looking at what it can mean to people’s lives rather than consider-ing it to be limited only to aspects of starting a business. Te true spirit of enter-prise, this book suggests, is having the inclination and the ability to make one’s ownchoices in life instead of having to follow a path which is in some way predetermined,whether because of tradition, social pressure, lack of other perceived opportunitiesor apparent lack of appropriate skills. If you don’t want to choose for yourself in suchmatters then you will not be enterprising. If you haven’t got the ability to see or tofollow other courses then that too will severely limit any enterprising ambitions. As

Peter Drucker has suggested, you will be a bystander:Bystanders have no history of their own. Tey are on stage but play no partin the action. Tey are not even audience. Te fortunes of the play and every actor in it depend on the audience whereas the reaction of the bystander hasno effect except on himself.1

Tis is a book for people who want to understand something about enterprise inits wider context including, but not limited to, its application in business throughits associated components of entrepreneurship and small business. Tere are many reasons why people might seek such an understanding, for instance because they are:

● Studying the subject for an academic course. ● Researching in this area.

● eaching the subject. ● Wanting to influence enterprise, to advance it and/or to develop more of it. ● Being employed to advise and/or assist those involved in enterprise. ● Wishing to be more enterprising themselves.

Tus there are people with different interests in enterprise, depending on whetherthey want:

● o know about enterprise, for instance about its history or what it means. ● o know how to be enterprising. ● o know to how to be an entrepreneur and how to start and/or grow an enterprise. ● o know how to encourage and/or support enterprise, and to know about policy in

this area.

Tis book explores different views of enterprise, because of those different require-ments for knowledge and because knowing about different aspects of a subject canhelp any understanding of it. But, before that exploration can start, it may be helpfulto consider what enterprise, entrepreneurship and small business are as well as howknowledge about such a subject can be developed.

7/16/2019 9780230308091


3Introduction – Understanding Enterprise

WHAT ARE ENTERPRISE, ENTREPRENEURSHIP ANDSMALL BUSINESS?

It is diffi cult to be precise about the meanings of enterprise, entrepreneurship andsmall business, not only because, over time, words change their meaning, but alsobecause, in particular in the case of enterprise and entrepreneurship, these wordshave come simultaneously to have a variety of different uses and definitions – despiteany apparent clarity in the Oxford Dictionary definition quoted to the left.

Te word ‘enterprise’ can have a broad meaning, being applied, for instance, to any goal-directed, non-routine action carried out in a dynamic and adventurous manner.

However, enterprise can also be used more narrowly when it refers specifically tothe field of small business or is used as an alternative word for a (small) business. Tereis probably less confusion about the term ‘small business’. Although there has been avariety of attempts to set quantified limits to what can be considered to be a smallbusiness these are generally measurable proxies for the essence of those businesseswhich, because of their small size, behave differently from large businesses. (For moreon the essence of a small business and some definitions of it, see Chapter 5.)

In contrast the term ‘entrepreneurship’ now has some very varied uses. It originally

had a relatively narrow meaning referring almost exclusively to the process of startingand/or running some sort of business, and an ‘entrepreneur’ was anyone so engaged.Entrepreneurship is now sometimes given a wider meaning and is even, on occasion,used interchangeably with ‘enterprise’. Despite that, recently there have been instancesof it being used in a very narrow context to refer only to high-tech and/or high-growthstart-ups and, similarly, the label entrepreneur is sometimes used to refer only to‘stellar’ or ‘heroic’ business proprietors like Richard Branson or Bill Gates. (For a fullerexposition of the variety of uses of enterprise and entrepreneurship, see Chapter 3.)

In the field of policy the label ‘entrepreneurship’ is sometimes applied to thosepolicies designed to increase the number of people wanting to start and/or grow busi-nesses and the label ‘small business’ (or ‘SME’ – small- and medium-sized enterprise)

is applied to those policies designed to encourage and/or support the start-up andgrowth of those businesses. ‘Enterprise’ has been the label used to encompass bothentrepreneurship and small business policy. However, this distinction has not beenconsistently applied so, without checking, it is often not possible to know when thisdistinction is being made.

Illustration 1.1 Which discipline?

One reflection of the lack of clarity on the nature of

entrepreneurship is how it can be treated as a university

discipline. For instance according to Storey:

Historically the study of entry of firms has been the

province of industrial economists. Where the topic has

been studied at all, the subject of self-employment

tends to have been the province of labour economists

and, until recently, there has been little overlap

between these two groups.2

Even though the move into self-employment is probably

the single most important source of new firm formation

(and hence the major numerical influence on entry

rates), there has been little attempt to link the two

approaches.3

Despite the links with branches of economics, in more

than one university, economics and entrepreneurship

are in different faculties. One example finds economics

within the social sciences faculty while entrepreneurship

and small business studies are included in the business

school, which is a separate faculty. Thus it seems that

entrepreneurship is primarily assumed to be a sub-set of

business, presumably because of its strong association

with small businesses. The claims in this book that

enterprise is applicable in many non-business situations

and that, even when narrowly defined, entrepreneurship

is strongly socially influenced, are not acknowledged in

such allocations.

Enterprise –

Undertaking, esp.bold or difficult one;readiness to engage

in such undertakings;enterprising,

showing courage orimaginativeness.

Entrepreneur – Personin effective control of

commercial undertaking;one who undertakes anenterprise, with chanceof profit or loss.

The Oxford Handy Dictionary

7/16/2019 9780230308091



With this wide variety of meanings anyone working in this field will have to expectsome confusion and uncertainty in the common vocabulary and needs some under-standing of the varieties of meanings and definitions which they may encounter.Because of this, and because it introduces, and quotes from, other material whichuses this variety of meanings, this book does not set out to limit itself to applyingand using only one single definition in each case. Instead it tries, when necessary, toindicate the different possible definitions and to make the meanings clear when the

words are used.

THE EVOLUTION OF ENTERPRISE KNOWLEDGE

Enterprise has many aspects, although people seeking to understand it may be moreinterested in developing their knowledge about some aspects of it than others. Never-theless an understanding of one aspect may be helped by some knowledge of others.Developing an understanding of enterprise is complicated as our knowledge aboutit is itself still evolving. It might seem that we should know a lot about enterprisebecause, as Chapter 2 indicates, it has been extensively researched in the past quarter

of a century, but converting research output into knowledge, or even wisdom, is notautomatic. Frequently several stages of thinking are required, as Figure 1.1 suggests.

connectedness

data

wisdom

understanding

principles

understanding

patterns

understanding

relationsunderstanding

information

knowledge

Figure 1.1 The transition route from data to wisdom

Source: G. Bellinger, D. Castro and A. Mills, Data, Information, Knowledge and Wisdom, 2004. Available atwww.systemswiki.org/index.php?title=Data,_Information,_Knowledge_and_Wisdom (last accessed 2 July 2012).

Even when data is converted into information and that information into knowledge,the knowledge thus produced is not immutable. New data, and/or a revised under-standing of relations or patterns, may produce different results, suggesting that whathad been accepted as knowledge is wrong. In science it is not only accepted, but evenexpected, that current theories will eventually be replaced by better theories. Beingformulated by an acknowledged genius, and elevated to the rank of scientific laws,as exemplified by Newton’s inverse square law of gravitational attraction, is noguarantee of infallibility, as Einstein showed.

In science the generally accepted process for developing knowledge is the scientificmethod. Tis is summarized in Figure 1.2 and it indicates that if a theory passes

initial inspection it might be thought to be correct, and therefore it might be widely used, but it can never finally be proved. It should last only until such time as itis disproved by being shown to be inconsistent with the then available evidence,whereupon a new theory should be sought to take its place.

7/16/2019 9780230308091



Observe

Report results

Form a hypothesis consistent

with the observations

Test the hypothesis and

observe the results

Form a new hypothesis

consistent with the new

observations

If what is observed is consistent

with the hypothesis – use the

hypothesis but continue to

check/observe

If what is observed, on

checking, is found to be

inconsistent with the

hypothesis

Figure 1.2 A summary of the scientific method

According to ‘best practice’ in scientific method, no theory or explanation should beaccepted as an incontrovertible fact, but should instead constantly be checked againstany new, or old, evidence which might disprove it. Tat should stimulate new think-

ing leading, it is to be hoped, to a better theory. In this way understanding in any subject should be expected to evolve, and to go stale if it does not evolve – which islikely to happen if it is not challenged. But in reality, even in mainstream science, theevolution of knowledge is rarely as straightforward or as ordered as diagrams of thescientific method suggest.

Bygrave4 has suggested that, if enterprise in a business context (herefers to entrepreneurship) is a science, then it is an applied sciencewhich comes very low on the accepted hierarchy (see Figure 1.3).It is in the basic sciences higher up the hierarchy in which generaltheories such as those of Newton and Einstein can be expected, andwhere the scientific method can be rigorously applied and formal-

ized. It is in the lower level sciences, especially on the applied side,where, in practice, there seems to be less acknowledgement of theory and more reliance on what amounts to no more than customand practice.

Tus, in the enterprise literature, there are very few general theo-ries to be found, although some ‘models’ are advanced. Instead whatoften seems to be reported as fact appears sometimes to be no morethan passed-on assumptions, the origins of which it is hard to iden-tify. Although many enterprise research papers purport to identify and then test hypotheses, as the scientific method would require,that does not appear to extend to the wider corpus of received enter-prise wisdom. Tere it seems, not infrequently, that assumptions

have been made which, instead of being acknowledged as such, have been absorbedover time as accepted truth into conventional learning, without actually having beenproperly put to the test. It might be relevant to note that, in still being based to asignificant extent on assumptions rather than on tested theory, enterprise is notunique. Almost any history of medicine will indicate the tensions that have arisenbetween long established practice, such as bleeding patients to cure a variety of ills,and new discoveries and ideas which suggest that a different approach is needed.

At times the scientific method may be taken to imply that scientific knowledge isa new type of knowledge which can only be discovered by trained scientists, but thatis not so. It has a much wider application and, as a method for continually improv-

“BASIC” “APPLIED”

Mathematics

Physics

Chemistry

Biology

Psychology

Sociology

Engineering

Medicine

Economics

Business

Entrepreneurship

Figure 1.3 Bygrave’s Hierarchy ofSciences

Source: W. D. Bygrave ‘The EntrepreneurshipParadigm (I): A Philosophical Look at ItsResearch Methodologies’, in Entrepreneurship

Theory and Practice, Vol.14, No.1, p.10(reproduced with permission from John Wiley& Sons).

7/16/2019 9780230308091



ing knowledge, its principles have not been bettered. While it might be applied morewidely, to some advantage, in the field of enterprise, that may not happen until theneed for better knowledge is accepted.

According to the scientific method, understanding will always be evolving as thecycle is repeated and there is never a time when the final answer is known. Under-standing at a point in time is based on past learning and is still liable to change. Alsodifferent aspects of the subject will be interdependent. Tis means that in considering

any particular contribution to enterprise understanding it may be helpful to knowwhat the contribution was and why it was made; what its context was and whetherany policy has been based on it; what its antecedents were and whether there havebeen any consequent developments from it; and whether it still appears to be validor whether there is any reason to question the assumptions on which it is based.However, these different lines of thinking cannot all be followed simultaneously.

So where is the current understanding of enterprise? As we will describe inChapter 2, the role of the entrepreneur was first highlighted in the 18th century but it was not until towards the end of the 20th century that small businesses as aparticular category of business really began to receive a lot of attention – becausethey were identified as the main source of the new jobs which were being sought to

reduce unemployment. Tat identification triggered a lot of research into small busi-nesses, and into the entrepreneurs behind them, leading in turn to new ideas aboutthem and how and/or why they appear.

Tirty years later there are many books and seemingly innumerable papers onaspects of this subject. Tere are many, mainly complementary, ideas about howenterprise and small businesses develop and, consistent with those ideas, a sort of conventional wisdom has emerged. Entrepreneurship is widely taught in universities,business schools and other institutions, sometimes as a subject area together withenterprise and/or small business and sometimes as a useful supplement to otherdisciplines. In parallel with this, many governments have introduced enterprise,entrepreneurship and/or small business policies apparently informed by this wisdom.

But what has been the outcome of this learning? Has our wisdom, or even justour knowledge, about this area increased, and has its application in policy worked?oday should we be celebrating the culmination of our knowledge, or contemplatingchallenges to it? Among the questions relevant to this are:

● Have our questions about enterprise and entrepreneurship been answered or havethey multiplied instead?

● How much do we appear to have learned about enterprise, entrepreneurship andsmall business?

● How much of that is useful and how much is instead questionable? ● Has our learning informed relevant government policy and has this policy resulted

in significant change? ●

Or, alternatively, has this whole area of study actually been dreamt up to addressfears and/or hopes about the future of the small business sector which appear to

be groundless?

THE LAYOUT OF THIS BOOK

o try to answer such questions this book presents the various and varying aspects of enterprise, entrepreneurship and small business. It explains the current understand-ing of these aspects and where that may need to change in the light of new thinking.In doing so it observes the following sequence:

7/16/2019 9780230308091



What we think we know. Part I presents the current thinking about enterprise,entrepreneurship and small business. It summarizes the main sequence of contri-butions to knowledge in this area, and the main understanding which seems tohave evolved from these contributions and/or from other assumptions to form ourcurrent accepted thinking about enterprise. Tis part presents the present ‘default’ orreceived view, therefore, and its evolution.

Challenging the traditional view assumptions. Part II indicates where emergingideas and/or a reassessment of earlier contributions are challenging aspects of thisreceived view. It suggests reasons why aspects of the current received wisdom may need to be re-assessed and indicates areas where a new understanding is emerging.It seeks to highlight areas therefore where applying the ‘scientific method’ mightsuggest that changes are needed in our understanding. It also suggests the practicalrelevance of some of this new thinking both for those practising enterprise by starting, running or growing businesses, and for anyone seeking to assist them.

Implications for policy. Part III reviews the motivation for, and the methods used by,government policy interventions in this area. It considers the evidence for the effective-ness of such interventions before exploring the possibilities for future policy in the light

of such evidence and the emerging new understanding as reviewed in Part II.

Chapter 1 The Key Points

Â People seek to know more about enterprise, entrepreneurship and

small business for a number of different reasons.

Â The terminology used can cause confusion because the words

enterprise and entrepreneurship can each be used with a variety of

different meanings.

Â Knowledge in this area is evolving but the development of lasting

wisdom is not guaranteed and many questions still appear to remain

unanswered. Â This book seeks, therefore, in successive parts to present:

The current thinking which forms the conventional wisdom about

enterprise, entrepreneurship and small business.

The reasons for believing some of that thinking may be wrong.

The application of such thinking in the field of enterprise policy, and

how it, too, might need to be re-thought.

REFERENCES

1 P. Drucker, Adventures of a Bystander (New York: Harper Colophon, 1980), p. 1.

2 D. J. Storey, Understanding the Small Business Sector (London: Routledge, 1994), p. 61.

3 Ibid., pp. 61–2.

4 W. D. Bygrave, ‘The Entrepreneurial Paradigm (I): A Philosophical Look at Its Research

Methodologies’, Entrepreneurship Theory and Practice, Vol. 14, No. 1, pp. 7–26.

7/16/2019 9780230308091


405

INDEX

Note: In this index, case studiesare indicated by c., figures by f.,illustrations by i., and tables by t.

A

academic spin-outs 105–6Accelerating Entrepreneurship

Strategy 52accept uncertainty approach 241–5,

244 (t. 11.3), 245(t. 11.4), 247, 249

achievement motivation/orientation66, 66 (t. 4.1)see also NAch

Acs, Z. J. 52adoption rate 128 (t. 6.2)advocacy 283, 284 (i. 13.2)Africa 30, 116, 203Ahlstrom Corporation 103, 112Ailenei, O. 158

Alternative Investment Market (AIM)337, 366Amin, A. 158–60Anderson, A 80–1Armington. C. 92Asia 32 (i. 2.2), 224 (c. 10.1), 339associations 27–8, 117, 157 (t. 7.1),

158–9, 163, 372, 387 (f. 17.1)Atlanta 30attributes/attributes and resources

40, 46–51, 47 (t. 3.2), 49 (i. 3.2),55, 56 (f. 3.2) 57 (t. 3.4), 66, 69,72–3, 75–6, 76 (f. 4.2) (t. 4.2),79, 83–4, 83 (f. 4.4),129, 132,139, 196, 210 (f. 9.3), 223, 261,401 see also entrepreneurialattributes,

Audretsch, D. B. 29, 32(i. 2.2)(t. 2.5), 205, 276, 284,389–90, 398, 400, 402

Austin 30Australia 19, 134 (f. 6.5),148autonomy (including need for

autonomy) 47 (t. 3.2), 66 (t. 4.1),67–8, 127 (f. 6.3), 203

B

Babrami 228Babson College 25, 236backing winners see winnersBager-Sjögren, L. 366Baines, S. 203Ball, P. 388–9Bandura, A.

Bangladesh 341 (i. 15.3)Bannock, G. 328, 343, 366, 372Barkham, R. 181, 261Barclays Bank 371 (c. 16.1)barriers

cultural 314for ethnic and women-owned

ventures 314to advice/training 130, 344

(t. 15.3)to enterprise/entrepreneurship/

SMEs/start-up 42, 304, 372,387, 389

to entry 103, 116, 133, 336(i. 15.2)

to growth 24, 137, 330, 335Baumol, W. J. 54–5, 57 (t. 3.4), 197,

207, 223, 283, 330, 391Bayh-Doyle 105‘Beermat’ plan 247, 247

(i. 11.9)Belgium 27, 134 (f. 6.5), 367Bellinger, G. 4 (f. 1.1)Bennett, R. J. 316, 325, 368–9, 371–2BERR, see Department for Business,

Enterprise and RegulatoryReform

Better Regulation Taskforce/Executive330

Birch, D. L. 17, 21–2, 38, 57(t. 3.4), 90, 92–3, 94, 99, 178, 292,304, 305 (i. 14.1), 398

Birch, K. 280Birley, S. 285 (i. 13.3)birth rate policy/strategy 301

(c. 14.2),304,307, 359(t. 16.1)

BIS, see Department for Business,Innovation and Skills

Black, F. 241Blackburn, R. A. 30, 30 (t. 2.3), 343BMW syndrome 180 (t. 8.1)Bolton Report (also Bolton, J. E. and

the Bolton Committee) 16–18, 17(t. 2.1), 31, 90, 99–101, 128, 178,292, 321, 335, 398

Bolton W. K. 13, 83 (f. 4.4)Bourdieu, P. 273

born or made 84 (and see natureand/or nurture)

Botham, R. 305 (i. 14.1), 369Boyatzis, R. 73, 130 (t. 6.4)Boyd, N. C. 72, 73Branson, R. 3, 77, 83, 226

(t. 10.4)Brazil 134 (f. 6.5)Bridge, S. 25 (i. 2.1), 53, 56, 78, 205,

226, 280–1, 283, 384, 389Britain 15, 29, 41, 90, 115, 116, 147,

202, 291, 292, 314, 315, 325, 342,346, 367,

broad approach – to definingentrepreneurship(see narrow approach)

Brown, Gordon 41, 336, 392 (c. 17.1)Bruce, R. 132 (t. 6.6)Burns, P. 149 (f. 6.9), 261, 335business angel 30, 131 (t. 6.5), 135,136

(f. 6.6), 235, 267, 329, 332(f. 15.5), 334 (t. 15.2), 337, 338,350–1 (t. 15.A1)

business birth rate policy/strategy(see birth rate policy/strategy)

businessbirth-rate (see start-up rate)failure 144 (see also models of

business failure)formation/founding 40, 50

(i. 3.2), 54, 105, 125incubation/incubator 326, 327

(i. 15.1), 334 (t. 15.2)plan 133, 134, 148, 192

(c. 8.1), Chapter 11 passim,350 (t. 15.A1)hegemony of 233–234

professionals’ model 182, 183proprietors’ model 182

7/16/2019 9780230308091


406 Index

school/studies 3 (i. 1.1), 6, 25(i. 2.1), 233, 234,

start-up rate 149, 307, 314, 359(t. 16.1), 392 (c. 17.1)

survival rates 149–50termination 144–6, 145 (f. 6.8.

(see also business survivalrates)

Business Connect 346Business Expansion Scheme 337,366

Business growth, yardsticks for 183,258 (i. 12.1) (t. 12.1)

Business Link(s) 325, 337, 342, 345,346, 368, 369

Business Start-up Scheme 337Business Shops 346Bygrave, W. 5, 5 (f. 1.3), 128 (t. 6.2)

C

Cambridge phenomenon 30, 32 (i. 2.2)Cambridge University Centre for

Business Research 140Cameroon 275Campbell, C. 278 (i. 13.i)Campbell, M. 389Canada 26, 134 (f. 6.5), 381Cantillon, R. 13–15, 25 (i. 2.1), 31,

38, 39, 53, 64, 90, 197, 243(i. 11.8)

capabilities 14, 51, 65, 332(f. 15.5)

Capital for Enterprise Fund 327

(i. 15.1)Capital for Enterprise Limited (CfEL)

327 (i. 15.1)capitalism/capitalist 14, 18, 19, 21,

136, 200, 226, 291, 311Caribbean 203, 339Carnazza, G. 150 (t. 6.9)Carter, S. 103–4, 115, 180–1, 203Casson, M. 276Castro, R. 4 (f. 1.1)causation/causal 237–9, 238 (i. 11.5),

247, 362, 363CBI-SME Council, see Confederation

of British Industrychange management 148characteristics of small businesses

19, Chapter 5 passim, 138, 164,165 (t. 7.2)

Christakis, N. 224, 281Chell, E. 55, 67, 69, 71, 77, 180, 203China/Chinese 54, 134 (f. 6.5), 197, 224

(c. 10.1), 388, 391–2Churchill, N. C. 125 (t. 6.1), 138 (f. 6.7),

261churn 308, 332 (f. 15.5)

cluster(s) and cluster effect 94, 139,180, 199, 199 (t. 9.3), 327 (i. 15.1)

CMAFs 159Coleman, J. 273, 277cognitive approaches/concepts/

theories 64, 67, 72–3, 75,cohort analysis 93Collett, P. 313 (c. 14.3)

Collier, W. 370Columbus, C. 224 (c. 10.1), 242–3comfort zone 137,180 (t. 8.1)commercialization 105Committee of Public Accounts, see

Public Accounts Committeecommunist 291, 386community business/enterprise/

sector 160, 161 (f. 7.1), 166–7,168 (t. 7.3), 169, 327, 391

Community Development FinanceInstitutions (CDFIs) 340

community entrepreneur 167, 168(t. 7.3),

community sector 160competence/competency 42, 44, 49

(i. 3.2), 73–4, 78, 114, 130 (t. 6.4),131, 137, 139, 147, 148, 168(t. 7.3), 183, 260, 285 (i. 13.3),312, 315, 351 (t. 15.A1)

Confederation of British Industry (CBI)259, 324, 336, 365

conventional wisdom (and receivedwisdom) 5, 6, 7, 21, 22, 33, 139,173–4, 177 (i. 8.1), 196–7, 209,211, 381, 383, 385–6, 397–9, 399(t. 18.1)

CBI-SME Council 324conscious capitalism 401Conscise project 277 (t. 13.1), 278consolidation see stages of small

business developmentConsultancy Initiative 370Co-operatives 27, 28, 148, 157–9, 161

(f. 7.1), 163–6, 169, 327, 391Cope, J. 276corporate entrepreneurship, 54Cotton, J. 47 (t. 3.2)Council for Excellence in Management

and Leadership 342, 343

Cova, B. and V. 390 (f. 17.3)Cowie, P. 357 (f. 16.1)Cowling, M. 302, 365craft businesses 102, 108, 180 (t. 8.1)creative destruction 19, 38, 54, 190credit unions 340Cromie, S. 114, 285 (i. 13.3)Cruickshank, D. and Cruickshank

Review 335, 336 (i. 15.2), 364culture

cultural influence 125, 126–7, 150,189, 351 (t. 15.A1), 389, 391

enterprise/entrepreneurial 22–3,40, 41, 44, 167, 227 (i. 10.2),303, 304, 306 (i. 14.1), 314,323, 328, 330, 331–2 (c. 15.1),368. 372, 382, 386–9, 388(f. 17.2), 392 (c. 17.i), 392,393, 401

organisational 48, 51, 234, 261

Cunningham, J. B. 45 (t. 3.1)Curran, J. 30 (t. 2.3), 315, 362–3

D

Davies. H. 51Davies, L. 181, 261Davis, S. J. 92deadweight 360,372Deakins, D. 77, 240 (f. 11.1)decline stage 143 (see also stages of

small business development)definitions

of enterprise – broad or education44–48

of enterprise – narrow or economy44–48, 52

of small business 98–102Della Giusta, M. 276Delmar, F. 69, 72–4Denmark/Danish 26, 52, 57

(t. 3.4), 134 (f. 6.5), 331–2(c. 15.1),333

Dennis, W. J. 190, 306 (i. 14.1), 386,387, 388 (f. 17.2), 390–2

Department for Business, Enterprise

and Regulatory Reform (BERR)41, 133, 346

Department for Business, Innovationand Skills (BIS) 41, 112, 114, 133,330, 344, 346

Department for Education andEmployment (DfEE) 343

Department of Employment 324Department of Trade and Industry

(DTI) 23, 41, 42, 133, 149, 330,338, 343, 346, 368, 370

dependency 41, 165 (t. 7.1)deregulation 18 (t. 2.2), 330, 334

(t. 15.2), 347, 351 (t. 15.A1)Deregulation Unit/Taskforce 330DfEE, see Department for Education

and EmploymentDirectorate-General (DG) Enterprise

and Industry 40, 90, 333displacement 75 (f. 4.1), 309, 326, 327,

360–1division of labour 117Dragons’ Den 286 (c. 13.3)Drakopoulou Dodd, S. 80–1Drucker, P. F. 2, 67, 128,

7/16/2019 9780230308091


407Index

DTI, see Department of Trade andIndustry

due diligence 135, 234Dunbar’s Number 99Dunn, B. 112Dunoyer, 28, 158dynamic analysis 22, 93dynamic capitalism 136

E

e-business 342E-numbers 56, 56 (t. 3.4), 57 (f. 3.2)Earls, M. 174, 388, 390, 393East Anglia 180–1Eastern Europe 314economic appraisal 357 (i. 16.1)economic growth xiii, 22, 24, 25, 26–7,

31, 40, 52, 90,105, 137, 146,178, 190, 205, 208 (c. 9.1), 276,296, 302, 303, 304, 307, 309,327(1.15.1), 332 (f. 15.5), 337,369, 393

economic theory of bureaucracy310–11

économie sociale 28, 158–9economies of scale 15, 16, 28, 29, 31

(t. 2.4), 32 (i. 2.2), 97, 139, 147,158, 311 (i. 14.2), 312, 369, 389,398, 400, 401

education approach see enterprise,education school

effectuation/effectual 238 (t. 11.1)(i. 11.5), 239 (t. 11.2), 399

(t. 18.1)employment/job creation 22, 38, 46,

90, 92–5, 99, 108, 135, 178,291–2, 302, 305, 306 (i. 14.1),307, 311 (i. 14.2), 315, 332(f. 15.5), 367–8, 382, 398, 400

England 13, 14, 28, 42, 54, 107, 108,156, 157, 158, 180, 197, 224(c. 10.1), 300, 315, 325, 327(i. 15.1), 337, 345, 346, 365,367, 371, 372

Enterprise Allowance 23Enterprise and Social Exclusion 340

Enterprise Capital Fund programme(ECFs) 327 (i. 15.1)enterprise competency see

competencyenterprise culture 22, 23, 41, 44, 128,

167, 227 (i. 10.2), 278, 303, 304,314, 328, 330, 368, 372, 392(c. 17.1), 401

Enterprise Directorate 164, 325,346

Enterprise Directorate-General (of theEU) (see Directorate-General)

enterprise, economy school of (narrowdefinition) 44

enterprise, education school of (broaddefinition) 44

Enterprise Educators UK 43Enterprise Finance Guarantee (EFG)

100 (i. 5.1), 327 (i. 15.1), 337,338, 364

Enterprise Fund (The) 327 (i. 15.1)Enterprise in Higher Education 42Enterprise Initiative 41Enterprise Investment Scheme 334

(t. 15.2), 337, 338, 366Enterprise Ireland 342enterprise needs hierarchy/model

187–9, 188 (f. 18.4)Enterprise Northern Ireland 42enterprise policies 301 (c. 14.2), 307,

356,enterprising acts 49–51 (i. 3.2),enterprising/entrepreneurial

behaviour 13, 26, 40, 24(t. 3.1), 47 (t. 3.2), 48, 64, 66,69, 70, 75, 77. 81, 83, 129,167, 205, 276, 401

entrepreneurialattributes see attributesbehaviour, see enterprising/

entrepreneurial behaviourcapital 184, 188 (f. 8.4), 208 (c. 9.1),

276culture 40, 41, 208 (c. 9.1), 382economy 32 (i. 2.2), 38, 190,

308, 389, 398, 399 (t. 18.1),400

self-efficacy, see self-efficacyentrepreneurs – stellar 3, 77, 80, 81,

83–4, 83 (f. 4.4)entrepreneurship policy 54, 57 (t. 3.4),

205, 298, 301 (f. 14.3), 302, 385(i. 17.2), 389, 391, 400

equilibrium level/rate ofentrepreneurship 304

equity averse 135,ethnic

businesses 102–5, 116–118, 204,314–5, 338–9

enterprise/entrepreneurship/

entrepreneurs 71, 102–5,116–118, 202, 203–4, 314–5minorities/groups 72, 74, 104,

105, 116–7, 203–4, 284,286 (c. 13.4), 314–5, 325,328, 338–9

minority businesses (EMBs) 105,116, 338–9

European Commission (EC) 159, 163,296, 316, 336, 342, 345

European Observatory for SMEs 259European Union (EU) 40, 159, 328,

evaluation 39, 106, 192(c. 8.1), 293, 297, 300, 311,Chapter 16 passim, 381, 383

The Evidence Base 383, 384 (i. 17.1)Export Enterprise Finance Guarantee

(ExEFG) 338external equity 259

F

failure / business failure 22, 50(i. 3.2), 67, 74, 81, 113, 125,126 (f. 6.2), 128, 132, 135,144–9, 149 (f. 6.9), 183, 198(t. 9.1), 248, 250, 261, 304,see also market failure

family business/firms 13, 50(i. 3.2), 72, 102–3, 108, 110–114,112 (t. 5.A1), 118

fear of failure 208 (c. 9.1), 234, 385(i. 17.2)

female enterprise/entrepreneurs/entrepreneurship 103, 115,117, 202–3, 204, 339 (see

also women/women-ownedbusinesses)

female-owned businesses(see women/women-ownedbusinesses) 114, 115–6, 202

Finland 26, 103, 112, 134 (f. 6.5)first-stop shop 346–7, 350 (t. 15.A1),fiscal policy 323 (f. 15.2), 329, 351

(t. 15.A1)Ford, H. (Fordist and Fordism) 15–16,

22, 28, 29, 30 (t. 2.3), 31, 90, 158,159, 221, 236 (i. 11.3), 389

foreign direct investment, see inwardinvestment

foundations 27, 159, 163, 340Fowler, J. 224, 281France 13, 14, 26, 28, 29, 39, 134

(f. 6.5), 150 (t. 6.9), 158, 161,315, 367

Fraser, S. 370, 371 (c. 16.1)free enterprise 200, 316Friedman, M. 182,Freud, S. 70

Fukuyama, F. 275funding gap see Macmillan Gap

G

G7 countries 26Galbraith J. K. 16, 173, 177 (i. 8.1), 400Gallagher, C. 302Garnsey, E. 126 (f. 6.2)gazelles 53, 57 (t. 3.4), 94–5, 304–5,

305 (i. 14.1), 332 (f. 15.5),

7/16/2019 9780230308091


408 Index

gender 74, 103–4, 114–7, 147, 202–3,315, 323 (f. 15.2), 328, 351(t. 15.A1),390 (f. 17.3)

Germany/German 26, 65, 134 (f. 6.5),150 (t. 6.9), 162, 192 (c. 8.1), 275,276, 367, 390

Gibb, A. A. 24, 40, 46, 47 (t. 3.2), 48(t. 3.3), 55, 173, 179, 181, 198,

199 (t. 9.1), 207, 208 (f. 9.2), 209,210 (f. 9.3), 223, 245 (t. 11.3),261, 278, 314, 316,343, 362, 363,383, 391

Gladwell, M. 274 (c. 13.1),393Global Entrepreneurship Index 52,Global Entrepreneurship Monitor

(GEM) 24, 25–8, 39, 52, 57(t. 3.4), 197, 208 (c. 9.1), 302,328, 333, 385 (i. 17.2), 390, 392(c. 17.1),

Gorman, C. 265Goss, K. 277, 281Government Action Plan for Small

Business 303, 383, 384 (i. 17.1)Grameen Bank 135, 341 (i. 15.3)Graham Review 364Graves, P. 208 (c. 9.1), 236

(i. 11.3), 237, 243, 390Gray, C. 72, 108Green Book 361 (i. 16.2)Greene, F. 372,Greiner, L. E. 127 (f. 6.3)growth

barriers/constraints/restrainers140

jobless 292

model 127 (f. 6.3)stage 136–41 (see also stages of

small business development)

H

habitual entrepreneur 137, 179,180, 199–202, 200 (t. 9.3), 204,256,258 (i. 12.1)

Handy, C. 29, 81, 221–2, 248, 292,398

Hanifan, L. J. 273

Hankinson, A. 343‘hard’ support 341Harford, T. 275Hart, M. 93, 94, 369happiness 219,394Hegarty, C. 245 (t. 11.3) (t. 11.4)heroic entrepreneurs 3, 66, 77,

80–83, 210 (f. 9.3), 226 (t. 10.4)Herzberg, F. I. 265hierarchy of needs model 187–189,

188 (f. 8.4)hierarchy of sciences 5 (f. 1.3)

high technology/high tech businesses3, 52, 53, 54, 55, 56 (f. 3.2), 57(t. 3.4), 107, 181, 196, 303, 323(f. 15.2), 325, 326, 327 (i. 15.1),334 (t. 15.2), 351 (t. 15.A1), 399(t. 18.1)

Higher Education Innovation Fund(HEIF) 105

Hitchens, D. M. W. N. 102 (c. 8.1),367,368 (i. 16.4)Holland see NetherlandsHolmquist, C. 203Holywood Old School 278–9 (c. 13.2),

280Hornaday, R. W. 49 (f. 3.1)Hornsby, J. S.Huggins, R. 372, 392 (c. 17.1)human capital 28, 117, 184, 185

(f. 8.1), 188 (f. 8.4), 272–3, 282,285, 370

Hungary 27, 134 (f. 6.5)

I

ignorance explanation 371 (c. 16.1)ignorance, growth of 173, 384immigrant 105, 117, 118, 314,

390incubation/incubator see business

incubationIndia/Indian 13, 116, 157, 158, 224

(c. 10.1)industry sectors 101, 181, 326influences

on entrepreneurs/on theentrepreneurial decision204–8

on a (small) business 186 (f. 8.2)information and advice 133, 259,

313 (c. 14.3), 334 (t. 15.2),334, 342, 347, 351 (t. 15.A1),368

information and communicationtechnology (ICT) 32 (i. 2.2),329, 342

innovation 12, 13, 17 (t. 2.1), 19, 22, 24,29, 30 (t. 2.3), 32 (i. 2.2), 38, 40,

45 (t. 3.1), 49 (f. 3.1), 52, 65, 66(t. 4.1), 68, 91 (t. 5.1), 136, 139,143, 162–3, 190, 192 (c. 8.1), 258(i. 12.1), 259, 261, 302, 303, 310(t. 14.2), 325, 326, 326 (i. 15.1),332 (f. 15.5), 345, 366, 367, 392(c. 17.1)

intellectual capital 28, 272intentions model 75 (f. 4.1)International Consortium on

Entrepreneurship (ICE) 331(c. 15.1)

International Small Business Journal276

Internet 232, 240 (f. 11.1), 342, 344,350 (t. 15.A1)

intervention 73, 77, 92, 138, 145–6,148, 189, 264, Part III passim

intrapreneur/intrapreneurship 45(t. 3.1), 226 (t. 10.4)

invention 19, 49 (f. 3.1)Invest Northern Ireland/Invest NI52, 57 (t. 3.4), 263 (i. 12.3),346, 367

inward investment 347Ireland 27, 134 (f. 6.5), 342Irwin, D. 313 (c. 14.3)Israel 26, 134 (f. 6.5), 206Italy 26, 134 (f. 6.5),150 (t. 6.9), 274

(c. 13.1)

J

Jacobsen, L. 139Japan 26, 32 (i. 2.2), 93, 134 (f. 6.5),

224 (c. 10.1), 242–3, 275 job creation see employment/job

creation job quality 165, 384 (i. 17.1)Johnson, S. 94, 310–12Joyce, P. 342Joyner, B. 315Junior Achievement 43, 333

K

Kay, A. 277 (t. 13.1)Kay, J. 184, 401Keeble, D. 310 (t. 14.2)Keilbach, M. 29, 205, 276, 284, 390Kennedy, J. F.Kets de Vries, M. 70, 81, 261Keynes, J. M. 20, 23, 174, 291, 292Kim. J. 387 (f. 17.1)Knight F. H. 65, 243 (i. 11.8)know-how 106, 129 (f. 6.4), 130, 275,

295 (i. 13.3), 350 (t. 15.A1)see also networking

know-who 129 (f. 6.4), 131, 275, 285(i. 13.3), 350 (t. 15.A1)knowledge capital 28, 184, 272knowledge economy 30, 329Knowledge Transfer Partnership

(KTP) 106, 345Kolvereid, L. 203Korea 116, 134 (f. 6.5), 286

(c. 13.4)Krueger, N. F. 74–5, 75 (f. 4.1), 128,

278, 283

7/16/2019 9780230308091


409Index

L

large business 3, 32 (t. 2.5), 91(t. 5.1), 93, 95, 138, 202, 312, 316

late payment 115, 336, 365latent enterprise 167Latin America 30Learning and Skills Council 346legal form/structure (of a business)

101, 129 (i. 6.1), 138, 164, 165,227, 329, 334 (t. 15.2)

Leibenstein, L. 19, 65Lessem, R. 130 (t. 6.3)Lewis, V. L. 125 (t. 6.1), 261Li, J. 391Li, Y. 116lifestyle business 56, 107, 142, 180

(t. 8.1), 182, 201, 226 (t. 10.4),265

Lisbon 40Lischeron, J. 45 (t. 3.1)Ljunggren, E. 203

Lloyd, P. 162Local Enterprise Agency (LEA) 42, 328Local Enterprise Company 42, 325,

345Local Enterprise Development Unit

(LEDU) 346, 367–8Local Enterprise Partnership 325, 337,

346, 350 (t. 15.A1), 369Local Exchange Trading Schemes/

Systems (LETS) 161 (f. 7.1)locus of control 47 (t. 3.2), 66

(t. 4.1), 67, 79, 106Lundström, A. 301 (c. 14.2)

Lunn, P. 190

M

Macmillan Committee 334Macmillan Gap 334managed economy 32 (i. 2.2), 389, 398,

399 (t. 18.1), 400, 402managed workspace (MWS) 326, 327,

350 (t. 15.A1)Management Charter Initiative 73,management development 130

(t. 6.4), 342, 369–70

management recruitment 259management team 97, 106, 113, 114,

257, 259–61, 370market failure 299 (t. 14.1), 304, 309,

311 (i. 14.2), 312–14, 316, 328,335, 342, 343, 345, 347

market positioning 125 (t. 6.1), 138,259

Marshall, A. 18Maslow, A. 188, 217–8, 218 (t. 10.1),

262 (t. 12.2)

Matlay, H. 343maturity stage (of a business) see

stages of small businessdevelopment

McClelland, D. C. 66McGilchrist, I. 241 (i. 11.6)McNamara fallacy 363 (i. 16.3)mentors/mentoring 188–9, 188 (f. 8.4),

205, 244 (t. 11.3), 247 (i. 11.9),266, 283, 284 (i. 13.2), 317, 334(t. 15.2), 342, 350 (t. 15.A1)

Mexico 134 (f. 6.5)micro-finance 341Mills, A. 4 (f. 1.1)Miner, J. B. 49 (i. 3.1), 263 (i. 12.2)models of (small) business failure 144models of (small) business success

182–3Mole, K. 306 (i. 14.1), 369Morgan, Sir Frederick 247Moulaert, F. 158Murtagh, B. 157 (t. 7.1), 227

(f. 10.2), 298 (f. 14.1), 299(t. 14.1)

Mutuals/Mutuelles 27, 158, 159, 161(f. 7.1), 163

N

NAch (Need for Achievement) 66,66 (t. 4.1)

narrow approach (to definingentrepreneurship) 3, 14, 44–46(and see enterprise-economy

school)National Economic Research

Associates 364nature and/or nurture Chapter 4

passim

necessity entrepreneurship 26–7need for achievement see NAchneed for autonomy 66 (t. 4.1), 67–8

(and see autonomy)Nelson, D. 139NESTA 94net new jobs 21–2, 90, 92, 94–5, 178,

292, 302, 398

Netherlands 27, 134 (f. 6.5), 296network(s)/networking 30, 43, 47(t. 3.2), 75, 76 (t. 4.2), 105,117–8, 129, 131, 131 (t. 6.5),167, 179, 184, 185 (f. 8.1), 188(f. 8.4), 199 (t. 9.2), 206 (i. 9.2),207, 208 (f. 9.2), 209, 224, 238(i. 11.5), 249 (c. 11.1), 259,Chapter 13 passim, 306 (i. 14.1),326, 334 (t. 15.2), 344 (t. 15.3),350 (t. 15.A1), 394

New Economics Foundation 340

new economy 29–31, 31 (t. 2.4), 400Nicolaou, N. 79, 80 (f. 4.3)Nilsson, A. 168 (t. 7.3)Norrman, C. 366Northern Ireland 40, 42, 111, 149, 192

(c. 8.1), 263 (i. 12.3), 300 (c. 14.1),307, 346, 367,

Norway 134 (f. 6.5), 203

novice entrepreneur 200–1

O

Odle, C. 92OECD 44, 46, 133, 134 (f. 6.5), 164, 259,

261, 309, 311 (i. 14.2), 330, 331(c. 15.1), 361 (i. 16.2), 382, 391

old economy 31 (t. 2.4)O’Neill, K. 157 (t. 7.1), 227 (f. 10.2), 298

(f. 14.1), 299 (t. 14.1),one-stop shop 346–7opportunity entrepreneurship 26–7Ormerod, P. 389Owen, G. 367Oxford Economics 111, 111 (f. 5.A1)owner types 49 (i. 3.1)

P

Paine, T. 177Pakistan 116, 203Parker, S. C. 365participation (rate) 104, 328Pearce, R. 161 (f. 7.1), 277 (t. 13.1)

Peat Marwick 366Penrose, E. T. 19–20, 90, 95, 178, 198perfect market 309, 335Perren, L. G. 308, 343personal business advisers 342,personality/personality theory/traits

66–78, 263 (i. 12.2), 286 (c. 13.4)Peterson, R. 129 (f. 6.4), 275, 285

(i. 13.3)Phizacklea, A. 315picking winners see winnersPink, D. 182planned behaviour, theory of 73, 74,

263 (i. 12.2)Poland 134 (f. 6.5)Porter, M. E. 139,Porter, S. 279 (c. 13.2),portfolio career 222portfolio entrepreneur 180, 200–1,

265Portugal 134 (f. 6.5), 224power relations 285 (i. 13.3), 310, 311problem-solving 47 (t. 3.2), 95, 217Prompt Payment Code 336psychodynamic approach 70–1

7/16/2019 9780230308091


410 Index

Public Accounts Committee 300, 364public choice model 310Putman, R. 273–5, 277, 278 (i. 13.1),

281–2

R

Ram, M. 203, 315Reagan, R. 22–3,received wisdom see conventional

wisdomRees, H. 329Regional Development Agencies (RDA)

325, 337, 346, 369Regional Growth Fund (RGF) 337Regulatory Impact Unit 330Reid, G. 139religion 387 (f. 17.1)resistance to change 186 (f. 8.2)Richard, D and the Richard Repot 296,

372risk averse/risk avoidance 165 (t. 7.2),

262, 311 (i. 14.2), 326, 344risk capital 364, 366risk-taking propensity 66 (t. 4.1), 67,

106Roberts, A. K. 71Roberts, R. 371 (c. 16.1)Rondstadt, R. 129 (f. 6.4), 275, 285

(i. 13.3)role models 76 (t. 4.2), 105, 141, 167,

283, 328, 351 (t. 15.A1)Roper, S. 369Rosa, P. 26, 93, 115, 178–9, 200–1, 200

(t. 9.3)Roseto 274 (c. 13.1), 278 (i. 13.1), 281Rotter, J. 67‘Route 128’ 30RSA 206 (i. 9.2), 241 (i. 11.6)rural areas/business/farmers 91

(t. 5.1), 107, 147, 168, 180,327–8, 334 (t. 15.2)

Russia 134 (f. 6.5)

S

Sarasvathy, S. 127, 216–7, 232, 237–8,238 (t. 11.1) (i. 11.5), 239 (t. 11.2)Sargent, A. 343Say, J-B. 13–14, 65Scase, R. 203Schuller, T. 274Schumpeter, J. A. 19, 20, 38, 65, 190Science Enterprise Challenge 42, 327

(i. 15.1),science park 350 (t. 15.A1)scientific method 4–7, 5

(f. 1.2), 177, 190, 217, 238, 380

Scott, M. 93, 132 (t. 6.6),178–9, 200–1Scott, R. 357Scotland 42, 201, 307, 308, 337, 345,

346Scottish Enterprise 40, 42, 307, 345second stop shop 347self-actualization 218–9, 218 (t. 10.1),

223, 262 (t. 12.2)

self-confidence 43, 44, 46, 50(i. 3.2), 66 (t. 4.1), 68, 76 (t. 4.2),129, 149

self-efficacy 73–5, 75 (f. 4.1),self- employed/employment 3 (i. 1.1),

14, 40, 50 (i. 3.2), 54, 56, 56(f. 3.2), 57 (t. 3.4), 72, 77, 83(f. 4.4), 84, 101, 102, 103, 107,114, 116, 118, 180, 196, 203, 221(t. 10.3), 222–3, 246, 249 (c. 11.1),325, 329, 338, 339, 341, 387, 389,392 (c. 17.1)

serial entrepreneur 200–1, 258(i. 12.1)

Shah, A. 329shamrock organisation 221–2Shane, S. 25 (i. 2.1), 39, 69, 78, 79, 80

(f. 4.3), 82, 127Shaw, E. 103–4Silicon Valley 30, 32 (i. 2.2), 327

(i. 15.1)Simon, H. 206 (i. 9.2)Singapore 27Small Business Administration (SBA)

18, 91 (t. 5.1), 92, 100 (i. 5.1), 102,296, 311, 342, 398

Small Business Council 346

Small Business Investment TaskForce 346

small business/firms/SME policy 3,18, 173, 176, 186, 192, 297, 301(c. 14.2), 304, 307, 308, 311, 312,314, 322, 323, 326, 345, 364,

Small Business Service (SBS) 24,164, 300, 302, 310, 313 (c. 14.3),322, 325, 346, 364, 372, 383, 384(i. 17.1),

small business support 131, 192(c. 8.1), 207, 208 (f. 9.2), 249(c. 11.1), 297, 305 (i. 14.1), 313,

328, 347, 361 (i. 16.2), 362, 368,384, 391Small Firms Loan Guarantee Scheme

(SFLGS) 100 (i. 5.1), 327 (i. 15.1),334 (t. 15.2), 336 (i. 15.2), 337,341, 364–5

small firm(s) policy see smallbusiness policy

Small Firms Training Loans 343, 370,371 (c. 16.1)

Smallbone, D. 148, 258 (i. 12.1), 305–6(i. 14.1)

SME Observatory, see EuropeanObservatory for SMEs

SME policy see small business policySmith, Adam 13, 14, 28, 184, 272,Smith, G. 277social capital 29, 105, 117, 118, 131,

166, 168, 174, 184, 185 (f. 8.1),188 (f. 8.4), 191, 204, 205, 208

(c. 9.1), 242, 267, Chapter 13 passim, 399 (t. 18.1)

social economy 9, 27, 28, Chapter 7 passim, 279–80, 334 (t. 15.2)

Social Economy Unit 159social enterprise 27–28, 43, 55, 57

(t. 3.4), 108, Chapter 7 passim,178, 189, 202, 278, 279–80, 327,334 (t. 15.2), 340, 401

social entrepreneurs/entrepreneurship 43, 55, 57(t. 3.4), 160, 167, 202, 266(t. 10.4), 241, 279, 280

Social exclusion 51, 162, 164, 327Social Exclusion Unit/Taskforce 340Social Investment Task Force 340social norms 73, 75 (f. 4.1), 278, 330,social objectives 162, 164social-psychological approaches 70–1,

78societal attitudes 323 (f. 15.2), 325,

330–3, 349, 351 (t. 15.A1)sociological approaches 71–2, 75‘soft’ assistance/support 341sole trader 101, 179, 202, 340South Korea see KoreaSouthon, M. 247 (i. 11.9)

Soviet Bloc 30Spain 134 (f. 6.5), 150 (t. 6.9), 224

(c. 10.1), 243Sri Lanka 26stages of entrepreneurship/small

business development 55,124–6, 125 (t. 6.1), 137, 256–7,262, 265, 276, 324, 334, 349, 350(t. 15.A1)

Stanworth, M. J. K. 72Starship Enterprise 43StartUp Britain 342start-up stage see stages of business

developmentstatic analysis 93stellar entrepreneurs 3, 49 (i. 3.1), 77,

80–1, 83–4, 83 (f. 4.4)Stevenson, H. H. 199 (t. 9.2),Stevenson, L. 226 (t. 10.4), 298, 301

(c. 14.2), 381Storey, D. J. 3 (i. 1.1), 18 (t. 2.2), 38,

94, 139–40, 146–8, 201, 259,262, 265–6, 303, 304, 305, 306(i. 14.1), 317, 334 (t. 15.2), 361(i. 16.2), 368, 370, 371 (c. 16.1)

7/16/2019 9780230308091


411Index

succession planning 143Sundin, E. 203support agencies 131, 148, 182, 187,

233, 249 (c. 11.1), 258 (i. 12.1),263 (i. 12.3), 263, 297, 314, 339,342, 391

support measures/services 285(i. 13.3), 296, 297, 305 (i. 14.1),

315, 340, 345–7, 368, 381, 391Svendsen, G. L. H. and G. T. 275Sweden 114, 134 (f. 6.5)systemic failure 309–12, 385Szerb, L. 52

T

targeting growth businesses 305–6(i. 14.1), 326

Teaching Company Scheme 345Technology and Innovation Centres

(TICs) 345Teesside 201termination stage, see stages of small

business developmentThatcher. M./Thatcherism 22–3,third sector 9, 27, 43, Chapter 7

passim, 189, 202, 401Thurik, A. R. 32 (i. 2.2)Toffler, A. 29, 157, 398Total Entrepreneurial Activity (TEA)

26–7, 385 (i. 17.2)Training and Enterprise Council (TEC)

42, 325, 345, 346,traits 45 (t. 3.1), 66–70, 66 (t. 4.1), 74,

75, 77–80, 83, 106, 180, 203, 204(i. 9.1), 238 (i. 11.5), 239 (t. 11.2),261, 262, 263 (i. 12.2),

Twain, M. 397

U

Uganda 26UK 17, 18, 19, 21 (f. 2.1), 22–3, 24–6,

28, 30, 31, 32 (i. 2.2), 41–3, 52,72–3, 90, 92–4, 99, 100 (i. 5.1),101–5, 107–8, 111–2, 114, 118,

133–4, 134 (f. 6.5), 140, 148–9,157,159–60, 162–4, 168, 180,185, 203, 222, 267,296, 299(t. 14.1), 302–5, 307–8, 311, 313(c. 14.3), 315, 322, 324, 326, 327(i. 15.1), 328–30, 333–40, 324(t. 15.2), 342–3, 345–7, 356, 357(i. 16.1), 358, 359 (t. 16.1), 361(i. 16.2), 362, 364–6, 370, 371(c. 16.1), 372, 381, 383, 384(i. 17.1), 392 (c. 17.1), 398

UK Innovation Investment Fund(UKIIF) 327

United Nations 228Unlisted Securities Market (USM) 337US/USA/United States 18, 19, 21–3,

25–6, 29, 30, 32 (i. 2.2), 43, 90, 91(t. 5.1), 92–4, 99, 100 (i. 5.1), 102,105, 112, 114, 116, 128 (t. 6.2),

134 (f. 6.5), 135, 136, 139–40,149, 160, 162, 163, 236, 261, 274(c. 13.1), 286 (c. 13.4), 275, 302,305, 311, 327 (i. 15.1), 339, 342,398, 401

V

VAT deregistration 145 (f. 6.8), 145,149,

VAT registration 100 (i. 5.1), 101,148–9, 249 (c. 11.1), 329

Venkataraman, S. 25 (i. 2.1), 216–7,238

venture capital funds/venturecapitalists 52, 135, 205, 235,247, 267, 273, 276, 285, 286(c. 13.3), 306 (i. 14.1), 316,327 (i. 15.1), 334 (t. 15.2),337, 366,

Vietnamese 116vitamins 166, 272, 281–2voluntary sector 27, 160, 161, 169Vozikis, G. S. 72–3

W

Wales/Welsh 42, 107, 108, 307,345–6

Walker, D. 315Walker, S. 310 (t. 14.2)Walras, L. 18Waters, M. C. 286 (c. 13.4)Wealth of Nations 13, 14Welsh Assembly 345–6Welsh Development Agency 307Wennekers, S. 54West. C. 247 (i. 11.9)

West Indian 116, 203, 315Westall, A. 302Westhead, P. 201, 370, 371 (c. 16.1)Whyte, W. H. 15Williams, N. 372, 392 (c. 17.1)winners (including backing winners

and picking winners) 139, 141,190, 301 (c. 14.2), 304–5, 305–6(i. 14.1),

wisdom, the transition route from data4 (f. 1.1)

women/women-owned businesses/enterprises/firms/ventures(including female-owned) 56, 71,102–4, 108, 114–6, 117–8, 202–4,314–5, 325, 328, 333, 334 (t.15.2), 339, 341 (i. 15.3), 370–1,

Women’s Enterprise Task Force(WETF) 115, 339

Winter, S. 139Wyer, P. 258 (i. 12.1)

Y

yardsticks for business growth 183,258 (i. 12.1),

Young Enterprise 43, 333Young, Lord 23, 31, 41Yunus, M. 341 (i. 15.3)

9780230308091

Documents

small business development

th e book

business owners

surrey business school

kingston business school

minority entrepreneurship

practice of entrepreneurship

university of surrey