The aim of this paper is to provide a better understanding of the evolution of small firm performance. We do so by studying performance changes on a two dimensional "growth– profitability performance space". It is well established that both growth and profitability are important dimensions of...

Edith Penrose’s theory of firm growth postulates that a firm’s current growth rate will be influenced by the adjustment costs of, and changes to a firm’s productive opportunity set arising from, previous growth. Although she explicitly considered the impact of previous organic growth on...

Many small businesses fail before their fifth anniversary, with proportionally more minority owned businesses failing than others. The bulk of these failing entities is often organized in the form of sole proprietorship, while sound business partnerships could potentially be conducive to better...

In this paper, we propose that researchers might analyze key questions in entrepreneurship as problems of decision making. We believe that this allows for new insights. Experiments are especially suited to empirically test hypotheses derived within such a framework. In this paper, we thus...

Uncertainty plays a crucial role for most entrepreneurship theories and is thus at the core of entrepreneurship research. Despite decades of research efforts, the notion of uncertainty is still somewhat vague and elusive, however. Consequently, desirable improvement of our understanding of...