Achieving Competitive Advantage: a Prerequisite for Small Business Growth

Strategic success is often attributed to a firm that can achieve a long-term competitive advantage.In recent years there has been an increasing body of literature which purports that sources ofcompetitive advantage are derived from the complex interaction between management decisions,the development of organisational routines, and the acquisition and allocation of knowledge andresources. Despite these advances in theoretical thinking, there have been limited attempts toapply these concepts to small ventures. This paper discusses the implications of achievingcompetitive advantage for growth-oriented firms and the difficulties associated with managementdevelopment in entrepreneurial organisations. Moreover, the paper posits that further researchis required in order to comprehend how the preferences of owner-managers ultimately shapefirms’ strategic direction, scope and competitive advantage.[...]