This paper makes two types of contributions to research on new venture teams. First, we examine previously neglected aspects of team composition, such as homogeneity and heterogeneity in terms of resource provision and prior start-up experience. Second, we attempt to reconcile conflicting...

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...

This article discusses the problem of making practical use of research on entrepreneurship. The introduction deals with the general problem of different goals and knowledge interests on the part of researchers and practitioners, and how the differences can be bridged. Regarding entrepreneurship...

Stevenson (1983) holds that entrepreneurial management, defined as a set of opportunity-based man-agement practices, can help firms remain vital and contribute to firm and societal level value creation. While his conceptualization has received much attention, little progress has been made...

H. H. Stevenson suggests that firms’ management practices range along a spectrum from highly entrepreneurial to highly administrative. At the entrepreneurial end are promoter firms with a focus on new opportunities and at the administrative end are trustee firms with an inward focus on...

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...

The research presented here addresses the following problems that we perceive in research on the development of young firms. First, we feel there is a lack of holistic, yet quantifiable and generalizable ways to assess the state of newly started firms. Quantitative research typically relies on...

This paper investigates the decision making behaviour of individuals with respect to attributes considered relevant to the assessment of potential venture opportunities. Using a decision making experiment, we were able to consider the behaviour of individuals taking into account their risk and...