Entrepreneurship Theory and Small Business Management
Summary
Entrepreneurship theory and small business management encompass the systematic study of how new ventures are conceived, developed and sustained within diverse economic contexts. Foundational approaches have evolved from trait-based examinations of individual entrepreneurs to dynamic models emphasising processual and contextual factors. Contemporary theorising distinguishes between causation and effectuation, highlighting how entrepreneurs combine means and ends under conditions of uncertainty. Resource-based perspectives and dynamic capabilities frameworks illuminate how small and medium-sized enterprises (SMEs) marshal heterogeneous assets to build competitive advantage, while institutional and network theories focus on how regulatory frameworks and social relationships shape opportunity recognition and resource mobilisation. In parallel, small business management research addresses the practical challenges of governance, strategic planning, financial resilience and innovation diffusion in micro-scale and medium-scale enterprises. Key themes include entrepreneurial orientation, digital transformation and sustainable business models, underscoring global significance and real-world application. Pragmatic insights on leadership, stakeholder engagement and adaptive decision-making inform policy interventions and practitioner guidance, thereby bridging academic rigour with managerial relevance.
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Entrepreneurship Theory and Small Business Management publication trend
The graph below shows the total number of articles in entrepreneurship theory and small business management across all publications each year (not limited to Nature Index journals).
Technical terms
Effectuation: A decision-making logic where entrepreneurs begin with available means and iteratively co-create goals through stakeholder commitments.
Entrepreneurial orientation: A firm-level attribute reflecting proactiveness, innovativeness, risk-taking and competitive aggressiveness.
Resource-based view: A theoretical framework positing that firm performance derives from the unique bundle of resources and capabilities it controls.
Nascent entrepreneur: An individual in the early stages of venture creation, engaged in activities to start a new business.
References
- Business plan competitions and nascent entrepreneurs: a systematic literature review and research agenda. International Entrepreneurship and Management Journal (2023).
- Entrepreneurship research in economics and management: Understanding the term and research trends. International Entrepreneurship Review (2022).
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