chapter  11
37 Pages

Entrepreneurial growth

Growth in entrepreneurial firms is movement beyond their early stages of development; it is a natural evolutionary and non-homogenous process of adaptation and maturation. The pattern, the velocity, and the trajectory of growth vary from firm-to-firm. But growth also involves risk. Taking risks means being able to place larger “business bets” to grow the entrepreneurial firm; sometimes this may even involve forfeiting what the entrepreneurial firm has built in the past. These business bets can transform the firm’s approaches to acquiring resources, hiring new people, changing the location of the business, modifying the firm’s strategic direction, and engaging in innovative activities. In simple terms, growth involves moving the entrepreneurial firm beyond its comfort zone.