Strategic management: New ventures and small business

This paper examines the factors influencing the formulation and implementation of strategy in new and small firms. Small businesses vary substantially in their resource positions, the goals of their founders and their potential. They also vary in stage of development: thus strategic management is examined separately in the start-up stage, the early-growth stage, and the later-growth stage. Intracorporate entrepreneurship in established firms is also considered. Despite this diversity, small firms create an environment for strategic management in which both the opportunities and constraints are different from those in large organizations.