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Fast‐growth companies illustrate, over a short space of time, the opportunities, threats, problems and pitfalls of business growth. After carrying out a general survey of fast‐growing companies in Britain, the authors carried out an in‐depth study of 30 of them. Organic growth and growth by acquisition were examined, as well as their strategic planning and implementation, their control of operations and their company development. Successful fast‐growth companies were found to be anti‐bureaucratic and task‐focused. The keys to their success were size flexibility and opportunism. The companies studied were bold in their strategy but unsophisticated in developing and implementing strategic plans. The main weakness of the companies was a lack of attention to managing transitions – i.e. controlling the evolution of the company as it grew. These weaknesses were revealed in the worsening business climate of the late 1980s, when many of these star performers of the early 1980s hit major problems.

This paper aims to identify and empirically test whether growth preparedness and success perceptions are important, discriminating small business owner (SBO) characteristics that influence strategic direction. The intended outcome was to create a strategic typology that resonates with the realities of small business owners, their advisors and policy makers.

Empirical data were collected online and by postal survey from 340 small businesses from multiple industry sectors across Australia. Analysis is correlational resulting in the development of a 2 × 2 matrix of strategy types.

This paper provides evidence that although a majority of SBOs are not preparing for growth, many still perceive their business as successful. Further, the empirical data demonstrate that growth preparedness and perceived success can be used to classify SBOs into distinct strategic types. While the categories developed show some similarities with the Miles and Snow (1978) typology, they also highlight divergent qualities. Consequently, this paper identifies circumstances where small business strategy must be treated differently from the larger enterprises for which the Miles and Snow typology was developed.

By providing a concise tool for inclusion in surveys, researchers and practitioners can identify varying strategic types within their own targeted business cohorts.

The growth/success matrix is original, the value for policy makers and other professionals assisting and supporting SBOs lies in its simplicity as a tool for identifying strategic types in any small business population. Specifically, the matrix provides a valid and reliable empirical analysis tool where none previously existed.

Despite a large and growing literature on the subject, little is understood about the phenomenon of small business growth. Specifically, the small business growth literature has often emphasized “why” opposed to “how” firms grow. This chapter sheds light on this black box of growth by investigating the phases of planning and implementation processes separately to explore the choice of strategic expansion modes. It examines a much under-researched firm category: declining small firms. Employing a three-year longitudinal study using a multi-case study method, we find that while growth approaches are typically contextually (industry) derived, formalized planning greatly affects implementation. Further, resources are the key mediating variable between formal planning and implementation – firms with slack resources will typically implement their contextually influenced planned growth course, and firms with inadequate resources will typically implement through interactive learning, which causes them to downscale the growth plans or exit the market (merger or sale).

The purpose of this paper is to identify factors associated with business success, measured through employment growth, in a sample of rural Scottish businesses.

The use of telephone interviews was used to construct a dataset based on the outcome of 399 interviews. These covered the motivations for starting the business, and current ambitions for the business, as well as background information on the history of the business, personal characteristics of the owner and reasons for choosing a rural location for the business. Data are analysed using both descriptive and inferential statistical techniques.

It was found that the most important determinants of employment growth were the development of national and international markets and recent acquisition of control of the business. A pattern of ownership in which many businesses passed from one owner to another was also found. We did not find that owners who had moved to the area were able to generate more rapid growth.

The pattern of acquisition of ownership was not expected, and warranted further investigation.

There may also be value in further research into effective mechanisms for providing public support for businesses that have a change of ownership, similar to that provided at start‐up.

The paper provides further evidence of the importance of external orientation for rural businesses. It also confirms that recent acquisition is associated with rapid employment growth.

A survey of young microfirms was conducted to investigate their growth intentions. The findings confirm the distinct profiles of four types of firms categorized on the basis of current and future employment: Lifestyler, Entrepreneur, Manager, and Mover. They differ in terms of the owner's perceptions of the desirability and practicality of growing their firm, and with respect to the moderating variables of industry affiliation, business location, and investment level. Research issues and service implications for business support agencies are identified.

There is ample anecdotal evidence, as well as an emergent body of literature, which examines the role of entrepreneurial teams in the success and growth of businesses. Earlier research by the authors has demonstrated that the core competence required by founding entrepreneurs is the ability to build and manage relationships. Their more recent work suggests that this core competence must be based around a clear vision for the business. In other words, the founding entrepreneur must be able to build a team to deliver the business vision. A review of literature is provided in this paper, offering a definition of the concept and some of the core issues that have to be addressed by entrepreneurs and small firm policies if businesses are to continue growing. This is supported by some preliminary findings from empirical research into how entrepreneurial teams are formed. The paper continues with propositions that can lead to further research in this relatively unexplored field.

The aim of this paper is to unpack the nature of business innovation and understand the impact on regional innovation and competitiveness.

The paper is based on a qualitative study of Advanced Manufacturing and Advanced Materials businesses in the Sheffield City Region (UK). Interviews were conducted with 23 firms in exploring how innovation in the firm translates to innovation-led regional economic growth.

The paper demonstrates that there is a tendency of owner managers to focus on innovation in terms of the development of new products, processes and/or services. Many of the businesses interviewed were technologically innovative, yet there was little evidence of wider business model innovation. This, the authors conclude, stymies regional innovation and with it regional economic growth.

This study is based on a case study of the Sheffield City Region and is not generalizable, but offers insights into the nature of business model innovation which are valuable in generating questions for further research.

The paper highlights the need to think of innovation in broader terms and the scope of business model innovation to not only improve the performance of firms but also regional economic growth.

Business model innovation is a growing domain of the literature, and this paper highlights how narrow interpretations of innovation may serve to limit growth business growth, and with it regional economic growth.

The purpose of this study is to achieve an integrated understanding of the relationship between the desire of business managers for growth and their behavior toward business growth, with regard to variables affecting this relationship, within the framework of the theory of planned behavior. The main motivation for conducting this study was the lack of studies about the effects of cognitive factors on the growth of SMEs in Iran. In addition, behavior, personality, and specific characteristics of entrepreneurs, which have a great impact on the decision-making process and development of growth strategies, have been less taken into account in previous studies.

The present paper reviews the existing literature on growth of small and medium-sized enterprises (SMEs), theory of planned behavior as well as previous studies on business growth of SMEs within the framework of planned behavior theory. The conceptual model of the research was compiled from the models of two previous studies. The mixed approach is implemented and the statistical population of the research comprises of the managers of exporting manufacturing SMEs. In the qualitative section, data were analyzed using open codification technique and the partial least squares software package was utilized to conduct the quantitative data analysis.

The results indicate that the desire of managers for business growth has a direct and positive impact on their behavior toward business growth. This means that the higher the desire of managers for growth, the higher the level of business growth they would achieve because the raising level of desire leads to making a greater effort for achieving the goal. In this study, personality traits of managers, business environment features and business features were analyzed as the factors influencing the desire of managers for business growth.

This paper will be useful for entrepreneurs, policymakers and researchers given its results about the effects of the desire of managers for growth on the measures and outcomes of business growth. This study suggests that the business environment has an important influence on its growth, and that the environmental dynamism paves the way for the growth of SMEs.

Most studies on business growth have focused on economic and political aspects affecting the growth of enterprises, and few studies have dealt with psychological traits of managers. The present study attempted to fill this gap in the literature and add to the very limited number of studies conducted about the effects of psychological factors on business growth. This means that the higher the desire of managers for growth, the higher the level of business growth they would achieve. In other words, higher levels of business growth are indicative of the desire of managers for growth, which itself is influenced by personality traits, business environment features and business features.

Intangible assets are widely considered as key success factors for the growth of businesses in various economies. While the relationship between intangible assets or resources and business growth or performance have been extensively researched in advanced economies, there is limited understanding of the complexity of the phenomenon in developing/emerging markets. In Ghana specifically, there is a dearth of research on the impact of intangible assets on the growth of women businesses. Consequently, this paper aims to investigate how intangible assets available to women entrepreneurs contribute to the performance of their businesses.

Using an exploratory sequential research design (a type of mixed methods design), the data collection was organized into two main phases. The first phase was the qualitative phase where nine respondents were interviewed, and the responses were analysed using thematic analysis. The second phase was the quantitative phase where some 264 questionnaires were collected and analysed using multiple regression analysis.

Specifically, the findings focused on three intangible resources: social capital, human capital and reputational capital. The study found that, social, human and reputational capital all significantly contributed to the growth of women businesses. The study also showed a positive and significant effect of social capital, reputational capital and human capital on business growth.

These findings have implications for women entrepreneurs in Ghana. If they must grow their businesses, then using intangible assets alone may not be able to deliver growth in the required proportions. Serious consideration must be given to the significant impact of intra and extra industry networking and the social competency skills of the entrepreneur. The rationality of this assertion hinges on the findings made from this study that social competence can be effectively used to further enhance the effects of the value of one’s intangible assets.

Policymakers in Sub-Saharan Africa and specifically Ghana have accorded high priority to private sector entrepreneurship towards reduction in the dependence of the citizenry on government for jobs. Perhaps, this paper adds to the growing body of knowledge on female entrepreneurship in Ghana to understand how intangible assets available to women entrepreneurs contribute to the performance of their businesses.

The paper aims to examine the management practices of owner‐managers of small businesses seeking to grow their firms. It seeks to better understand their strategic thinking in relation to internal and external environmental issues.

A sample of 204 owner‐managers who had indicated their desire for growth was surveyed using a questionnaire developed from earlier research that examined their strategic and operational behaviour. Follow‐up discussions over their results were conducted face‐to‐face. Data were analysed using confirmatory factor analysis and discriminant analysis.

Firms that possessed formal written business plans were found to be more likely to have stronger support network partnerships, formal quality assurance and the ability to lead change among employees. A relationship was found between an above average level of annual sales turnover and the personal vision of the owner‐managers.

Although the sample was atypical, in that it was comprised of owner‐managers who had a growth orientation, the study suggests that owner‐managers who have a strong growth orientation are likely to have an enhanced sense of their strategic vision, and the ability to communicate this vision to their employees.

The findings in this paper suggest that owner‐managers from small firms should seek to benchmark their business against industry best practice, but that such benchmarking must be supported by a clear strategic vision and the capacity to communicate this vision to others, particularly employees.

The literature relating to strategic thinking and behaviour within small firms remains underdeveloped, and this paper provides valuable insights into this area.