Consideration Regarding the Approach of Sme’s Development Modalities, in Context of Knowledge-Based Economy, from the Perspective of Firm Theories

Knowledge economy is based on the existence and development of small businesses and how their development modalities should be focused on innovation, creativity, competitiveness, entrepreneurial culture, accumulation and use of knowledge, organizational intelligence, cooperation and communication. Analysis of firm theories reveals a multitude of business development opportunities, taking into account the different cultural components and key success factors in business. As such, this paper highlights the main ways of development of small business in the current context, highlighted by the most popular theories of the firm. These, and not only these, can be considered as successful models to follow by Romanian SMEs.