The paper "Small Firm Growth Is the Only Measure of an Entrepreneur’ s Successes" is a great example f a literature review on management. Entrepreneurship has received a lot of attention from policymakers and scholars due to its importance in society (Lundstorm and Stevenson, 2005). Entrepreneurship entails the establishment of a new business entity or even acquiring an existing business from another person. There are many things that motivate people to be entrepreneurs. Profit is the main driving force for most entrepreneurs. Entrepreneurs are known to contribute positively to economic progress (Lundstorm and Stevenson, 2005).
Many business people argue that there is only one indicator of entrepreneur success, but there are other factors that can be used to measure the success of the business. Due to the advancement in technology and economic changes, entrepreneurship has become popular with more and more people deciding to be self-employed (Shirokova et al. , 2016). However, entrepreneurship is not an easy undertaking as many businesses have failed at a higher rate. Owing to the growing potential of entrepreneurs and the benefits that they bring, there is a need for insight into the measures of an entrepreneur’ s successes.
This paper will offer the validity of the statement: Small firm growth is the only measure of an entrepreneur’ s successes. One important factor that determines who becomes an entrepreneur is creativity. All entrepreneurs are considered creative (Brettel, Chomik, and Flatten, 2015). The entrepreneurs who have succeeded over the years are those who are the most creative and innovative. An entrepreneur’ s ability to come up with new ideas and innovate quickly is often the key to business success (Brettel, Chomik, and Flatten, 2015).
Entrepreneurs who are creative and innovative do not copy what their competitors do; they however may use creative and innovative ideas from others to develop a unique product, service, or operational style for themselves. Application of creativity and innovation to business operations enables an organization to stay ahead in the existing competitive and changing marketplace. Therefore, the creativity of people may determine their passion to start a business (Brettel, Chomik, and Flatten, 2015).
Brettel, M., Chomik, C and Flatten, C 2015, “How Organizational Culture Influences Innovativeness, Proactiveness, and Risk-Taking: Fostering Entrepreneurial Orientation in SMEs,” Journal of Small Business Management, 53(4), pp. 868-885.
Chandler, Gaylen J., and D. Lyon. 2001, “Issues of Research Design and Construct Measurement in Entrepreneurship Research: The Past Decade,” Entrepreneurship Theory and Practice, pp. 101-116.
Fredrick, H., Bernard, M & Barbara, B 2011, The Motivation at Work: Volume 1 of organization and business, Transaction Publishers, London.
Freeman, R., Harrison, J & Wicks, A 2007, Managing for stakeholders : survival, reputation, and success, New Haven, Yale University Press.
Fulford, H & Rizzo, A 2009, A Conceptual Model For The Strategic Orientation Of Small Firms. Journal of Enterprising Culture, 17(01), 25-54.
Hakala, H 2011, Strategic Orientations in Management Literature: Three Approaches to Understanding the Interaction between Market, Technology, Entrepreneurial and Learning. International Journal of management reviews, 13(2), pp. 199-217.
Hakala, H 2013, Entrepreneurial and learning orientation: effects on growth and profitability in the software sector. Baltic Journal of Management, 8(1), pp. 102-118.
Hakala, H 2015, Entrepreneurial Strategy Orientation. Journal of Economics, Business and Management, 3(2), pp. 212-215.
Hoffmann, A., Larsen, M. and Oxholm, S 2006, Quality Assessment of Entrepreneurship Indicators, FORA, Copenhagen. Viewed 11th Sept. 2016 from http://ice.foranet.dk/upload/quality_assessment_of_entrepreneurship_indicators_002.pdf
Hughes, R., Ginnett, R and Curphy. G 2009, Leadership: Enhancing the Lessons of Experience, McGraw-Hill, New York.
Jalali, A., Jaafar, M and Ramayah T 2014, Entrepreneurial orientation and performance: the interaction effect of customer capital. World Journal of Entrepreneurship, Management and Sustainable Development, 10(1), pp. 48-68.
Lundström, A and Stevenson, L 2005, Entrepreneurship Policy – Theory and Practices, ISEN International Studies in Entrepreneurship, Springer.
Newbert, S 2008, Value, rareness, competitive advantage, and performance: A conceptual-level empirical investigation of the resource-based view of the firm, Strategic Management Journal, 29(7), pp. 745-768.
Nordqvist, M & Zellweger, T 2010, Transgenerational entrepreneurship: exploring growth and performance in family firms across generations, Cheltenham, Edward Elgar.
Roger, B 2006, Coping With Complexity And Turbulence - An Entrepreneurial Solution. Journal of Enterprising Culture 14(04), pp. 241-266.
Shirokova, G., Bogatyreva, K., Beliaeva, T & Puffer, S 2016, Entrepreneurial orientation and firm performance in different environmental settings. Journal of Small Business and Enterprise Development, 23(3), pp. 703-727.
Sirimal, E., Silva, Yue Wu, & U. Ojiako 2013, Developing Risk Management as a Competitive Capability. Strategic Change, 22(5-6), pp. 281-294.