Peter Jennings University of Southampton School of Management, Southampton, UK Editorial overview: Small business, entrepreneurship and enterprise development there is no generally agreed operational or numerical deï¬nition of what constitutes a small business (see Appendix). Countries and, in many cases, individual institutions within them have developed classiï¬cations and deï¬nitions that reï¬ect their own particular requirements. These criteria tend to reï¬ect the nature and composition of that countryâs economy. Deï¬nitions and understandings may also reï¬ect the nature and context of the industrial sector or market under considerationâfor example, different criteria would be considered appropriate for ï¬rms engaged in manufacturing, construction, retailing, hospitality and tourism, professional services, E-commerce and so on. The role and importance of small businesses to the economies of both developed and developing nations has been the subject of substantial research, particularly in the last three decades. This was mainly due to the belief that a prosperous and dynamic smallbusiness sector was crucial to the overall performance of a domestic economy. Many governments have promoted their small-business sector as the way forward out of recession, claiming that new and emerging enterprises create jobs, economic prosperity, competitive and structural balance, consumer choice and personal opportunity. The sector is
Strategic Change: Briefings in Entrepreneurial Finance – Wiley
Published: Nov 1, 2000
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