Role of Entrepreneurs in Strategy Making Processes in Small Firms

Abstract

The literature focusing on small firms has increased substantially in the last three decades. Robinson and Pearce (1984), for instance, presented a classification including four research thrusts on small firm strategic planning, namely: (i) Strategic Planning Practices which included papers focusing on the nature of the strategic planning process in small firms, and the decision making approaches adopted by the entrepreneurs; (ii) Value of Planning which considered how strategic planning and performance of small businesses were related; (iii) Specific Features of the Planning Process that focused on specific aspects of strategic planning, such as the search for external information and the use of consultants; and (iv) Content of Strategy that dealt with types of strategy adopted by entrepreneurs in different environment settings.