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UNDERSTANDING ENTERPRISE

Entrepreneurship & Small Business

Enterprise

Entrepreneurship

Small Business

The fourth edition of this book is a wonderful example of continuous innovation as it builds upon previous editions by adding additional layers of depth and knowledge. It is also evident throughout the book that the authors utilize their vast experience as practitioners and academics to bring the reader excellent insights into the varying perspectives held by dierent stakeholders. My recommendation is based upon my actions I have already ordered the book for my forthcoming classes. Professor Thomas Cooney, Academic Director Institute for Minority Entrepreneurship, Dublin Institute of Technology, Ireland and President of the International Council for Small Business The signicance of entrepreneurship and small business to economy and society are now widely documented and is reected in the activities of governments, educational institutions and research institutes. This book makes a signicant step in helping us analyze the underlying dynamics of entrepreneurship and its eects on the economy in an original and engaging way. It addresses a number of salient issues, from an examination of the people starting and running businesses through to the eectiveness of government interventions, in an authoritative and stimulating style. Each chapter tackles issues that should resonate with a number of audiences and is underpinned by contemporary research. Bridge and ONeill have provided us with a book that is owing with ideas and concepts, often challenging the conventional wisdom. The book is an essential read for those interested in the eld of entrepreneurship and small business. Certainly it is a must read for students, researchers, advisers, business owners, policy makers and others seeking to understand entrepreneurship and small business. Professor Robert Blackburn, Kingston Business School, UK and Editor International Small Business Journal This book is a tour de force in the study and practice of entrepreneurship. It oers new perspectives in a fresh, innovative way and challenges old thinking. A must for students and academics. Spinder Dhaliwal, author of Making a Fortune Learning from the Asian Phenomenon and Senior Lecturer in Entrepreneurship, Surrey Business School, University of Surrey, UK Understanding Enterprise, 4th edition, is a must read for students, researchers, educators and policy makers. Bridge and ONeills discussion of small businesses and entrepreneurial ventures is strengthened throughout by their use of key concepts and learning objectives. Finally, the books treatment of policy and government interventions is spot on. A must read. George T. Solomon, Associate Professor of Management and Co-Director, Center for Entrepreneurial Excellence (CFEE), The George Washington University, USA and Editor-in-Chief, Journal of Small Business Management

UNDERSTANDING ENTERPRISE
Entrepreneurship & Small Business
Fourth Edition

SIMON BRIDGE
Simon Bridge and Associates and Visiting Professor, University of Ulster

KEN ONEILL
Professor Emeritus of Entrepreneurship and Small Business Development, University of Ulster

Simon Bridge, Ken ONeill & Stan Cromie 1998, 2003 Simon Bridge, Ken ONeill & Frank Martin, 2009 Simon Bridge & Ken ONeill 2013 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saron House, 6-10 Kirby Street, London EC1N 8TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identied as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988. First edition 1998 Second edition 2003 Third edition 2009 This edition published 2013 by PALGRAVE MACMILLAN Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan in the US is a division of St Martins Press LLC, 175 Fifth Avenue, New York, NY 10010. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave and Macmillan are registered trademarks in the United States, the United Kingdom, Europe and other countries. ISBN: 978-0-230-30809-1 This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental regulations of the country of origin. A catalogue record for this book is available from the British Library. A catalog record for this book is available from the Library of Congress. 10 9 8 7 6 5 4 3 2 1 22 21 20 19 18 17 16 15 14 13

Printed and bound in Great Britain by MPG Books Group, Bodmin.

TABLE OF CONTENTS

List of Figures List of Tables About the Authors Acknowledgements Preface 1 Introduction Understanding Enterprise

vi viii x xi xiii 1

PART I

The Evolution of Enterprise Understanding


2 3 4 5 6 7

A Brief History of Enterprise Understanding 11 Enterprise and Entrepreneurship: Their Meanings and Variations 37 Enterprise and Entrepreneurship: Understanding Their Nature 63 Small Businesses: Their Characteristics and Variety 89 Small Businesses: Understanding Their Dynamics 123 Social Enterprise and the Third Sector 155

PART II

Challenges to the Traditional View


8 9 10 11 12 13 Rethinking Small Business Rethinking Entrepreneurship Enterprise and Life Becoming an Entrepreneur Running a Small Business Social Capital and the Enterprise Mix

173
175 195 215 231 255 271

PART III

Enterprise Policy and Government Intervention


14 15 16 17 Why Governments Intervene: The Aims of Enterprise Policy Enterprise Policy: Approaches and Delivery Methods Does the Policy Work? What Might Work?

291
295 321 355 379 397 405

18 Afterword: The Impact of Change Index

LIST OF FIGURES

1.1 1.2 1.3 2.1 3.1 3.2 4.1 4.2 4.3 4.4 5.A1 6.1 6.2 6.3 6.4 6.5 6.6 6.7 6.8 6.9 7.1 8.1 8.2 8.3 8.4 9.1 9.2 9.3 10.1 10.2 11.1 13.1 14.1 14.2 14.3 15.1
vi

The transition route from data to wisdom A summary of the scientic method Bygraves Hierarchy of Sciences UK unemployment, 19502010 Three types of small business owner E-numbers: a categorization of enterprise and entrepreneurship Intentions model of entrepreneurial potential (simplied) Attributes and resources model Mechanisms through which genetic factors might inuence entrepreneurship Nature or nurture? Number of family businesses by size of family rm in 2010 Small business paths from conception to death Growth process as reected in possible growth paths The Greiner growth model Entrepreneurial success Administrative burdens on start-ups Early stage small business nance Management factors and stages Types of business termination The ingredients of failure Three systems of the economy The DFID model of development capital The inuences on a business The supposed eect of the provision of growth support A hierarchy of needs model A possible model of the level of entrepreneurship The layers of the small business support network Alternative pictures of the entrepreneur A journey through life? What you see is not everything Business start-up: the strategic planning process The perceived key business start-up needs (circa 1985) A diagram of a policy framework The sequence from inputs to impacts The interface between entrepreneurship policy and SME policy (Figure 14.1 repeated) A diagram of a policy framework

4 5 5 21 49 56 75 76 80 83 111 126 126 127 129 134 136 138 145 149 161 185 186 186 188 207 208 210 220 227 240 275 298 300 301 322

List of Figures

vii

15.2 15.3 15.4 15.5 15.6 16.1 17.1 17.2 17.3

Enterprise policy map Simple form of the OECD Framework for Entrepreneurship Indicators Factors impacting entrepreneurship The OECD Framework for Entrepreneurship Indicators Applying limited resources to maximize the benet returned Possible evaluation stages Model of factors leading to entrepreneurial activity Institutional and cultural dimensions Levels of observation

323 331 331 332 348 357 387 388 390

LIST OF TABLES

2.1 2.2 2.3 2.4 2.5 3.1 3.2 3.3 3.4 4.1 4.2 5.1 5.A1 6.1 6.2 6.3 6.4 6.5 6.6 6.7 6.8 6.9 7.1 7.2 7.3 8.1 9.1 9.2 9.3 10.1 10.2 10.3 10.4 10.5 11.1 11.2
viii

Boltons Eight Important Economic Functions of the Small Business Reasons for the re-emergence of small-scale enterprise Fordism and post-Fordism Features of the new economy Dierences between managed and entrepreneurial economies Summary of approaches for describing entrepreneurship Entrepreneurial behaviours, attributes, skills, values and beliefs The focus of learning E-numbers: interpretation and some comparable uses Traits associated with entreprenership Attributes and resources, and how they are acquired More benets of small businesses Dierent criteria by which family businesses have been dened The ve stages of business growth New technology adoption rate Approaches to starting a business The four dimensions of management development Some of the benets which can be obtained from networks Analysis of a start-up business Constraints on meeting business objectives Small business problems Percentages of businesses in 2007 surviving after one, two and three years Organizations and activities not in the public or the private sector Comparison of market sector and social economy characteristics Autonomous and community entrepreneurs compared Owners motivations Entrepreneurial vs corporatist management some contrasts A process denition of entrepreneurship Three dimensions of habitual entrepreneurship Barretts Seven Levels of Consciousness Reasons why people might want to work Some of the means by which people can obtain resources for life Some dierent kinds of entrepreneurship How enterprise might be viewed from people and venture perspectives The ve key principles of eectuation What eectuation is not

17 18 30 31 32 45 47 48 57 66 76 91 112 125 128 130 130 131 132 140 146 150 157 165 168 180 198 199 200 218 219 221 226 228 238 239

List of Tables

ix

11.3 11.4 12.1 12.2 13.1 14.1 14.2 15.1 15.2 15.3 15.A1 16.1 18.1

Comparison of accept uncertainty and business plan-based approaches The advantages and disadvantages of the two approaches Yardsticks for business growth The roles needed for business development at dierent stages The Conscise project and the elements of social capital The possible components of a policy framework Market imperfections, their causes and the actions needed Average time spent complying with legislation UK government SME policies Barriers and incentives to training Taxonomy of enterprise initiatives Major UK enterprise policy questions Some of the challenges to conventional enterprise wisdom

244 245 258 262 277 299 310 330 334 344 350 359 399

ABOUT THE AUTHORS

SIMON BRIDGE For nearly 30 years Simon Bridge has been involved in formulating, delivering, and/or assessing enterprise policy recently as an enterprise and economic development consultant, and before that as the Enterprise Director of a small business agency. He is now also a Visiting Professor at the University of Ulster. Much of his varied experience and learning is reected in his books which, in addition to this one, include Rethinking Enterprise Policy: Can Failure Trigger New Understanding? (Palgrave Macmillan, 2010) and, co-written with Brendan Murtagh and Ken ONeill, Understanding the Social Economy and the Third Sector (Palgrave Macmillan, 2009). KEN ONEILL For much of his career as Director of the Northern Ireland Small Business Institute (NISBI), Ken ONeill has been developing and delivering business and management development programs for SME owners and advisers. He is Professor Emeritus at the University of Ulster, a former President of the International Council for Small Business (ICSB), a member of the Steering Committee of the International Small Business Congress (ISBC), a former President of the UKs Institute for Small Business and Entrepreneurship (ISBE), and a Director of The Genesis Initiative In 2005 he became the rst person to receive The Queens Award for Enterprise Promotion Lifetime Achievement Award. Other published works include Understanding the Social Economy and the Third Sector, which he co-authored with Simon Bridge and Brendan Murtagh.

ACKNOWLEDGEMENTS

The authors and publisher gratefully acknowledge permission from the following to reproduce copyright material in the fourth edition of this book. Richard Barrett and the Barrett Values Centre for permission to reproduce from The Barrett Model Gene Bellinger for permission to reproduce from Data, Information, Knowledge and Wisdom, 2004. Available at www.systemswiki.org/index.php?title=Data,_Information, _Knowledge_and_Wisdom The Calouste Gulbenkian Foundation for permission to reproduce Three Systems of an Economy from J. Pearce, Social Enterprise in Anytown (London: Calouste Gulbenkian Foundation, 2003). Cengage Learning EMEA for permission to reproduce material from D. J. Storey, Understanding the Small Business Sector (London: Routledge, 1994). The Centre for Business Research at Cambridge for permission to reproduce from Constraints on Meeting Business Objectives from A. Cosh and A. Hughes (eds), Enterprise Challenged: Policy and performance in the British ME sector 19922002 (Cambridge: ESRC Centre for Business Research, 2003). Paul Cowie for permission to reproduce from P. Cowie, SME Policy Evaluation: Current issues and future challenges, chapter in R. Blackburn and M. Schaper (eds), Government, SMEs and Entrepreneurship Development: Policies, Tools and Challenges, (Farnham: Gower Publishing, in preparation). Emerald Publishing Group for permission to reproduce from A. A. Gibb, Enterprise Culture Its Meaning and Implications for Education and Training, Journal of European Industrial Training (1987). FORA the Danish Ministry of Economic and Business Aairs for permission to reproduce from National Agency for Enterprise and Construction, Entrepreneurship Index 2006: Entrepreneurship Conditions in Denmark, November 2006. The Forum of Private Business for permission to reproduce from The Cost of Compliance on Micro, Small and Medium Sized Business Employers. Allan Gibb for permission to reproduce from Creating The Leading Edge Allan Gibb and Judi Cotton, Durham Business School, 1998; The Focus of Learning from Enterprise Culture Its Meaning and Implications for Education and Training, Journal of European Industrial Training (1987), p. 17; Towards the Building of Entrepreneurial Models of Support for Small Business, Paper presented at the 11th (UK) National Small Firms Policy and Research Conference, Cardi, 1988; and Towards the Entrepreneurial University: Entrepreneurship education as a lever for change, National Council for Graduate Entrepreneurship Policy Paper 003, May 2005.

xi

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Acknowledgements

Harvard Business Publishing for permission to reproduce The Greiner Growth Model from L. E. Greiner, Evolution and Revolution as Organizations Grow, Harvard Business Review, JulyAugust (1972). Cecilia Hegarty for permission to reproduce material from her joint paper. HMSO under the Open Government Licence for extracts from the Bolton Report: Report of the Committee of Inquiry on Small Firms (London: HMSO, 1971). The Institute for Family Business for permission to reproduce Number of Family Businesses by Size of Firm from Oxford Economics, The UK Family Business Sector: Working to grow the UK economy (Institute for Family Business, 2011). Ji-Hee Kim for permission to reproduce from J. Kim, A. G. Weinstein, S. E. Shirley and I. Melhern, Toward a Comprehensive Model of Global Entrepreneurship, a paper presented at the ICSB Conference at Seoul, Korea, June 2009. Norris Krueger for permission to reproduce Intentions Model of Entrepreneurial Potential from How Communities Can Create Potential for Entrepreneurs (Washington DC: Small Business Foundation of America, Working Paper 93-03, 1995). Anders Lundstrm for permission to reproduce from Beyond the Rhetoric: Defining Entrepreneurship Policy and its Best Practice Components (Stockholm: Swedish Foundation for Small Business Research, 2002). OECD for permission to reproduce from Entrepreneurship at a Glance 2011 (OECD Publishing. 2011); and from N. Ahmad and A. Homan, A Framework for Addressing and Measuring Entrepreneurship, OECD Statistics Working Papers, 2008/2. The Open University Business School for permission to reproduce Small Business Problems from Business in Britain 2011 Q4, Vol. 27, No. 4. Palgrave Macmillan for permission to reproduce material from S. Bridge, B. Murtagh and K. ONeill, Understanding the Social Economy and the Third Sector (Basingstoke: Palgrave, 2009); from S. Bridge, Rethinking Enterprise Policy: Can Failure Trigger New Understanding? (Basingstoke: Palgrave Macmillan, 2010); and from P. Burns, Entrepreneurship and Small Business Third Edition (Palgrave Macmillan, 2011). Taylor and Francis for permission to reproduce from B. Johannisson and A. Nilsson, Community Entrepreneurs: Networking for Local Development, Entrepreneurship and Regional Development (1989); and from H. H. Stevenson, Intellectual Foundations of Entrepreneurship, Chapter 1 of H. P. Welsch (ed.), Entrepreneurship (London: Routledge, 2004). UEAPME for permission to reproduce from G. Carnazza, The Role and the Main Developments of SMEs in the European Economy (Brussels: UEAPME). John Wiley & Sons for permission to reproduce from W. D. Bygrave The Entrepreneurship Paradigm (I): A Philosophical Look at Its Research Methodologies, Entrepreneurship Theory and Practice, Vol. 14, No. 1; from J. B. Cunningham and J. Lischeron, Dening Entrepreneurship, Journal of Small Business Management, 29 January 1991; from R. W. Hornaday, Dropping the E-words from Small Business Research, Journal of Small Business Management, Vol. 28 (1990); from R. E. Boyatzis, The Competent Manager: A Model for Effective Performance (New York: Wiley, 1982); from P. Rosa, Entrepreneurial Process of Business Cluster Formation and Growth by Habitual Entrepreneurs, Entrepreneurship Theory and Practice, 22 (1998); and from W. J. Dennis, Entrepreneurship, Small Business and Public Policy Levers, Journal of Small Business Management, 49/1 (2011).

PREFACE

This is a book about enterprise, entrepreneurship and small business and their relationship to each other. Throughout history many people have been enterprising and many businesses have been small ones. Recently enterprise and small businesses have been seen as particularly economically benecial. The world has been changing, and individual entrepreneurship is becoming ever more necessary for economic success. This process, or aspects of it, has been referred to variously as the development of an enterprise culture and of an entrepreneurial economy, and its benets have been widely sought. Enterprise and its associated concepts of entrepreneurship and small business have been widely promoted therefore and their development supported. In many countries in the closing decades of the last century a new industry developed. It was the industry of enterprise and entrepreneurship promotion and support. It was developed by government departments, by local economic and enterprise agencies, by community organizations, by private organizations and by academic institutions. This process is also being repeated in other countries, such as those of Central and Eastern Europe, which have less well-developed market economies and where enterprise development is seen as a key route to economic growth. For those working in this eld, especially when they are new to it, there can be considerable confusion about what it encompasses and what are its main issues. The language used is not clearly dened and many key words, such as the word enterprise itself, have more than one meaning and are often used dierently by dierent people or in dierent contexts. The new industry has developed theories, policies and practices of its own, but often without a clear objective or strategy. This may be typical of an emerging eld but for those unfamiliar with it, and even for many who have some familiarity, it is hard to grasp what is being done and why. Nevertheless the industry will continue to grow and employment in it is already substantial, so that those working in it or with it need to try to make sense of it. It is in that context that this book endeavours to provide an introduction to the dierent aspects of this subject. It aims, not so much to tell people how to be enterprising or how to start a business, but instead to inform them about enterprise, entrepreneurship and small business. It describes what they are, how they are related and what is currently known about them. It also looks at areas where some of the learning about them may need to be reassessed because it now appears to be based on false assumptions. Such reassessments have policy implications so they are considered also.

Who should read this book


This book is targeted at students of enterprise at universities, business schools and further and higher education establishments; at researchers and teaching sta; at policy-makers and sta of business support organizations; and at the informed public. It provides a foundation text for those who are studying enterprise and entrexiii

xiv

Preface

preneurship and who want a perspective appropriate both for those who might want to do it by starting a business as well as for those who might want to work with, but not in, such businesses or with the broader aspects of enterprise. It has been written in the UK but much of its content should be relevant in all countries, where people, for whatever reason, wish to know more about enterprise. It seeks to present them with a sound introduction to the key concepts and issues as a basis for understanding and working in this area, and as a starting point for further explorations of particular elements. Aspects of the book have been specically written for students who need a broad introduction to the whole eld of enterprise, such as those doing an entrepreneurship option on a Bachelors or Masters course. It also provides students and lecturers with cases and questions, summaries and suggestions for further reading.

Changes in the fourth edition


This is the fourth edition of the book, written some 15 years after the rst edition. In those intervening years there has been much further research into enterprise, entrepreneurship and small business leading to new conclusions and also some re-assessment of earlier conclusions. Because of that new learning and its implications this edition has been extensively rewritten in order better to reect the current position and state of knowledge in this area. For instance, this edition provides a more detailed historical perspective to indicate the context for the current interest in enterprise, entrepreneurship and small business and the changing perspective of their relevance to economic development. This also shows that the perspective is still changing, not least because the nature and sources of economic strength have also been changing. Therefore it is to be expected that our understanding of this will also change and will need continuously to be reassessed. That is also covered in the book. Readers familiar with the earlier editions will still nd, in the new Part I, introductions to the concepts of enterprise, entrepreneurship and small business, what they are and how they are variously dened, and to what we appear to know about their make-up, their impact and the inuences upon them. Part II introduces relatively new thinking and identies where it challenges some of what has become received wisdom. It also uses some of this new thinking to suggest alternative ways of understanding the processes of entrepreneurship and small business formation and growth, and also how better to become an entrepreneur, to run a small business and/or to help either of those activities. Part III looks at this from a government and policy perspective. It considers why and how governments have enterprise policies and intervene to encourage and/ or assist enterprise, entrepreneurship and small business. It explores how eective these interventions appear to have been and, based on the new thinking now emerging, suggests alternatives which might be more successful.

Thank you
As with the earlier editions, this one has beneted a lot from help from other people and we are conscious of the many who have encouraged and assisted us. We owe them considerable thanks. We would like especially to highlight the continuing patience and support shown by our wives who have again had to put up with our application to this instead of to other tasks, and who have tolerated the many phone calls and interruptions. We are very grateful to them. Simon Bridge and Ken ONeill, Belfast

Chapter

INTRODUCTION UNDERSTANDING ENTERPRISE


CONTENTS
Why do people want to understand enterprise? What are enterprise, entrepreneurship and small business? The evolution of enterprise knowledge The layout of this book 2 3 4 6

KEY CONCEPTS
This chapter covers:
Why people want to understand enterprise, and its associated concepts of entrepreneurship and small business. The difculty sometimes encountered in knowing what these words mean because they can have different uses. The way our knowledge about this area might be expected to evolve, and the questions we might now have about it. The layout this book adopts in trying to answer such questions.

LEARNING OBJECTIVES
By the end of this chapter the reader should:
> Appreciate the different motivations people might have for wanting to learn about enterprise, entrepreneurship and small business. > Realize that the terminology used can cause confusion. > Understand how knowledge can be developed and, despite the research which has taken place, the sort of questions that still remain. > Understand the sequence in which the book seeks to address this subject.

Introduction Understanding Enterprise

WHY DO PEOPLE WANT TO UNDERSTAND ENTERPRISE?


This book, called Understanding Enterprise, Entrepreneurship and Small Business, is now in its fourth edition. Since it was rst published it has been joined by many other books on this subject which often have a selection of the words enterprise, entrepreneurship and small business in their titles. While many of these books recognize that there is more to enterprise than starting, running, or growing small businesses, it is its application in a business context that is still the focus of much of the enterprise literature. This book tries to correct that impression, and to acknowledge enterprise in its broader context, by looking at what it can mean to peoples lives rather than considering it to be limited only to aspects of starting a business. The true spirit of enterprise, this book suggests, is having the inclination and the ability to make ones own choices in life instead of having to follow a path which is in some way predetermined, whether because of tradition, social pressure, lack of other perceived opportunities or apparent lack of appropriate skills. If you dont want to choose for yourself in such matters then you will not be enterprising. If you havent got the ability to see or to follow other courses then that too will severely limit any enterprising ambitions. As Peter Drucker has suggested, you will be a bystander: Bystanders have no history of their own. They are on stage but play no part in the action. They are not even audience. The fortunes of the play and every actor in it depend on the audience whereas the reaction of the bystander has no eect except on himself.1 This is a book for people who want to understand something about enterprise in its wider context including, but not limited to, its application in business through its associated components of entrepreneurship and small business. There are many reasons why people might seek such an understanding, for instance because they are: Studying the subject for an academic course. Researching in this area. Teaching the subject. Wanting to inuence enterprise, to advance it and/or to develop more of it. Being employed to advise and/or assist those involved in enterprise. Wishing to be more enterprising themselves. Thus there are people with dierent interests in enterprise, depending on whether they want: To know about enterprise, for instance about its history or what it means. To know how to be enterprising. To know to how to be an entrepreneur and how to start and/or grow an enterprise. To know how to encourage and/or support enterprise, and to know about policy in this area. This book explores dierent views of enterprise, because of those dierent requirements for knowledge and because knowing about dierent aspects of a subject can help any understanding of it. But, before that exploration can start, it may be helpful to consider what enterprise, entrepreneurship and small business are as well as how knowledge about such a subject can be developed.

Introduction Understanding Enterprise

WHAT ARE ENTERPRISE, ENTREPRENEURSHIP AND SMALL BUSINESS?


Enterprise Undertaking, esp. bold or difcult one; readiness to engage in such undertakings; enterprising, showing courage or imaginativeness. Entrepreneur Person in effective control of commercial undertaking; one who undertakes an enterprise, with chance of prot or loss.
The Oxford Handy Dictionary

It is dicult to be precise about the meanings of enterprise, entrepreneurship and small business, not only because, over time, words change their meaning, but also because, in particular in the case of enterprise and entrepreneurship, these words have come simultaneously to have a variety of dierent uses and denitions despite any apparent clarity in the Oxford Dictionary denition quoted to the left. The word enterprise can have a broad meaning, being applied, for instance, to any goal-directed, non-routine action carried out in a dynamic and adventurous manner. However, enterprise can also be used more narrowly when it refers specically to the eld of small business or is used as an alternative word for a (small) business. There is probably less confusion about the term small business. Although there has been a variety of attempts to set quantied limits to what can be considered to be a small business these are generally measurable proxies for the essence of those businesses which, because of their small size, behave dierently from large businesses. (For more on the essence of a small business and some denitions of it, see Chapter 5.) In contrast the term entrepreneurship now has some very varied uses. It originally had a relatively narrow meaning referring almost exclusively to the process of starting and/or running some sort of business, and an entrepreneur was anyone so engaged. Entrepreneurship is now sometimes given a wider meaning and is even, on occasion, used interchangeably with enterprise. Despite that, recently there have been instances of it being used in a very narrow context to refer only to high-tech and/or high-growth start-ups and, similarly, the label entrepreneur is sometimes used to refer only to stellar or heroic business proprietors like Richard Branson or Bill Gates. (For a fuller exposition of the variety of uses of enterprise and entrepreneurship, see Chapter 3.) In the eld of policy the label entrepreneurship is sometimes applied to those policies designed to increase the number of people wanting to start and/or grow businesses and the label small business (or SME small- and medium-sized enterprise) is applied to those policies designed to encourage and/or support the start-up and growth of those businesses. Enterprise has been the label used to encompass both entrepreneurship and small business policy. However, this distinction has not been consistently applied so, without checking, it is often not possible to know when this distinction is being made.

Illustration 1.1

Which discipline?
Despite the links with branches of economics, in more than one university, economics and entrepreneurship are in different faculties. One example nds economics within the social sciences faculty while entrepreneurship and small business studies are included in the business school, which is a separate faculty. Thus it seems that entrepreneurship is primarily assumed to be a sub-set of business, presumably because of its strong association with small businesses. The claims in this book that enterprise is applicable in many non-business situations and that, even when narrowly dened, entrepreneurship is strongly socially inuenced, are not acknowledged in such allocations.

One reection of the lack of clarity on the nature of entrepreneurship is how it can be treated as a university discipline. For instance according to Storey: Historically the study of entry of rms has been the province of industrial economists. Where the topic has been studied at all, the subject of self-employment tends to have been the province of labour economists and, until recently, there has been little overlap between these two groups.2 Even though the move into self-employment is probably the single most important source of new rm formation (and hence the major numerical inuence on entry rates), there has been little attempt to link the two approaches.3

Introduction Understanding Enterprise

With this wide variety of meanings anyone working in this eld will have to expect some confusion and uncertainty in the common vocabulary and needs some understanding of the varieties of meanings and denitions which they may encounter. Because of this, and because it introduces, and quotes from, other material which uses this variety of meanings, this book does not set out to limit itself to applying and using only one single denition in each case. Instead it tries, when necessary, to indicate the dierent possible denitions and to make the meanings clear when the words are used.

THE EVOLUTION OF ENTERPRISE KNOWLEDGE


Enterprise has many aspects, although people seeking to understand it may be more interested in developing their knowledge about some aspects of it than others. Nevertheless an understanding of one aspect may be helped by some knowledge of others. Developing an understanding of enterprise is complicated as our knowledge about it is itself still evolving. It might seem that we should know a lot about enterprise because, as Chapter 2 indicates, it has been extensively researched in the past quarter of a century, but converting research output into knowledge, or even wisdom, is not automatic. Frequently several stages of thinking are required, as Figure 1.1 suggests.
connectedness wisdom understanding principles knowledge

information

understanding patterns

understanding relations data understanding

Figure 1.1 The transition route from data to wisdom


Source: G. Bellinger, D. Castro and A. Mills, Data, Information, Knowledge and Wisdom, 2004. Available at www.systemswiki.org/index.php?title=Data,_Information,_Knowledge_and_Wisdom (last accessed 2 July 2012).

Even when data is converted into information and that information into knowledge, the knowledge thus produced is not immutable. New data, and/or a revised understanding of relations or patterns, may produce dierent results, suggesting that what had been accepted as knowledge is wrong. In science it is not only accepted, but even expected, that current theories will eventually be replaced by better theories. Being formulated by an acknowledged genius, and elevated to the rank of scientic laws, as exemplied by Newtons inverse square law of gravitational attraction, is no guarantee of infallibility, as Einstein showed. In science the generally accepted process for developing knowledge is the scientic method. This is summarized in Figure 1.2 and it indicates that if a theory passes initial inspection it might be thought to be correct, and therefore it might be widely used, but it can never nally be proved. It should last only until such time as it is disproved by being shown to be inconsistent with the then available evidence, whereupon a new theory should be sought to take its place.

Introduction Understanding Enterprise

Observe Form a hypothesis consistent with the observations Test the hypothesis and observe the results If what is observed is consistent with the hypothesis use the hypothesis but continue to check/observe Report results Figure 1.2 A summary of the scientic method Form a new hypothesis consistent with the new observations

If what is observed, on checking, is found to be inconsistent with the hypothesis

According to best practice in scientic method, no theory or explanation should be accepted as an incontrovertible fact, but should instead constantly be checked against any new, or old, evidence which might disprove it. That should stimulate new thinking leading, it is to be hoped, to a better theory. In this way understanding in any subject should be expected to evolve, and to go stale if it does not evolve which is likely to happen if it is not challenged. But in reality, even in mainstream science, the evolution of knowledge is rarely as straightforward or as ordered as diagrams of the scientic method suggest. Bygrave4 has suggested that, if enterprise in a business context (he refers to entrepreneurship) is a science, then it is an applied science BASIC APPLIED which comes very low on the accepted hierarchy (see Figure 1.3). Mathematics It is in the basic sciences higher up the hierarchy in which general Physics Engineering theories such as those of Newton and Einstein can be expected, and Chemistry where the scientic method can be rigorously applied and formalBiology Medicine Psychology ized. It is in the lower level sciences, especially on the applied side, Economics Sociology where, in practice, there seems to be less acknowledgement of Business theory and more reliance on what amounts to no more than custom Entrepreneurship and practice. Thus, in the enterprise literature, there are very few general theoFigure 1.3 Bygraves Hierarchy of ries to be found, although some models are advanced. Instead what Sciences often seems to be reported as fact appears sometimes to be no more Source: W. D. Bygrave The Entrepreneurship than passed-on assumptions, the origins of which it is hard to idenParadigm (I): A Philosophical Look at Its Research Methodologies, in Entrepreneurship tify. Although many enterprise research papers purport to identify Theory and Practice, Vol.14, No.1, p.10 and then test hypotheses, as the scientic method would require, (reproduced with permission from John Wiley that does not appear to extend to the wider corpus of received enter& Sons). prise wisdom. There it seems, not infrequently, that assumptions have been made which, instead of being acknowledged as such, have been absorbed over time as accepted truth into conventional learning, without actually having been properly put to the test. It might be relevant to note that, in still being based to a signicant extent on assumptions rather than on tested theory, enterprise is not unique. Almost any history of medicine will indicate the tensions that have arisen between long established practice, such as bleeding patients to cure a variety of ills, and new discoveries and ideas which suggest that a dierent approach is needed. At times the scientic method may be taken to imply that scientic knowledge is a new type of knowledge which can only be discovered by trained scientists, but that is not so. It has a much wider application and, as a method for continually improv-

Introduction Understanding Enterprise

ing knowledge, its principles have not been bettered. While it might be applied more widely, to some advantage, in the eld of enterprise, that may not happen until the need for better knowledge is accepted. According to the scientic method, understanding will always be evolving as the cycle is repeated and there is never a time when the nal answer is known. Understanding at a point in time is based on past learning and is still liable to change. Also dierent aspects of the subject will be interdependent. This means that in considering any particular contribution to enterprise understanding it may be helpful to know what the contribution was and why it was made; what its context was and whether any policy has been based on it; what its antecedents were and whether there have been any consequent developments from it; and whether it still appears to be valid or whether there is any reason to question the assumptions on which it is based. However, these dierent lines of thinking cannot all be followed simultaneously. So where is the current understanding of enterprise? As we will describe in Chapter 2, the role of the entrepreneur was rst highlighted in the 18th century but it was not until towards the end of the 20th century that small businesses as a particular category of business really began to receive a lot of attention because they were identied as the main source of the new jobs which were being sought to reduce unemployment. That identication triggered a lot of research into small businesses, and into the entrepreneurs behind them, leading in turn to new ideas about them and how and/or why they appear. Thirty years later there are many books and seemingly innumerable papers on aspects of this subject. There are many, mainly complementary, ideas about how enterprise and small businesses develop and, consistent with those ideas, a sort of conventional wisdom has emerged. Entrepreneurship is widely taught in universities, business schools and other institutions, sometimes as a subject area together with enterprise and/or small business and sometimes as a useful supplement to other disciplines. In parallel with this, many governments have introduced enterprise, entrepreneurship and/or small business policies apparently informed by this wisdom. But what has been the outcome of this learning? Has our wisdom, or even just our knowledge, about this area increased, and has its application in policy worked? Today should we be celebrating the culmination of our knowledge, or contemplating challenges to it? Among the questions relevant to this are: Have our questions about enterprise and entrepreneurship been answered or have they multiplied instead? How much do we appear to have learned about enterprise, entrepreneurship and small business? How much of that is useful and how much is instead questionable? Has our learning informed relevant government policy and has this policy resulted in signicant change? Or, alternatively, has this whole area of study actually been dreamt up to address fears and/or hopes about the future of the small business sector which appear to be groundless?

THE LAYOUT OF THIS BOOK


To try to answer such questions this book presents the various and varying aspects of enterprise, entrepreneurship and small business. It explains the current understanding of these aspects and where that may need to change in the light of new thinking. In doing so it observes the following sequence:

Introduction Understanding Enterprise

What we think we know. Part I presents the current thinking about enterprise, entrepreneurship and small business. It summarizes the main sequence of contributions to knowledge in this area, and the main understanding which seems to have evolved from these contributions and/or from other assumptions to form our current accepted thinking about enterprise. This part presents the present default or received view, therefore, and its evolution. Challenging the traditional view assumptions. Part II indicates where emerging ideas and/or a reassessment of earlier contributions are challenging aspects of this received view. It suggests reasons why aspects of the current received wisdom may need to be re-assessed and indicates areas where a new understanding is emerging. It seeks to highlight areas therefore where applying the scientic method might suggest that changes are needed in our understanding. It also suggests the practical relevance of some of this new thinking both for those practising enterprise by starting, running or growing businesses, and for anyone seeking to assist them. Implications for policy. Part III reviews the motivation for, and the methods used by, government policy interventions in this area. It considers the evidence for the eectiveness of such interventions before exploring the possibilities for future policy in the light of such evidence and the emerging new understanding as reviewed in Part II.
Chapter 1 The Key Points

People seek to know more about enterprise, entrepreneurship and small business for a number of different reasons. The terminology used can cause confusion because the words enterprise and entrepreneurship can each be used with a variety of different meanings. Knowledge in this area is evolving but the development of lasting wisdom is not guaranteed and many questions still appear to remain unanswered. This book seeks, therefore, in successive parts to present: The current thinking which forms the conventional wisdom about enterprise, entrepreneurship and small business. The reasons for believing some of that thinking may be wrong. The application of such thinking in the eld of enterprise policy, and how it, too, might need to be re-thought.

REFERENCES
1 2 3 4 P. Drucker, Adventures of a Bystander (New York: Harper Colophon, 1980), p. 1. D. J. Storey, Understanding the Small Business Sector (London: Routledge, 1994), p. 61. Ibid., pp. 612. W. D. Bygrave, The Entrepreneurial Paradigm (I): A Philosophical Look at Its Research Methodologies, Entrepreneurship Theory and Practice, Vol. 14, No. 1, pp. 726.

INDEX

Note: In this index, case studies are indicated by c., gures by f., illustrations by i., and tables by t.

B
Babrami 228 Babson College 25, 236 backing winners see winners Bager-Sjgren, L. 366 Baines, S. 203 Ball, P. 3889 Bandura, A. Bangladesh 341 (i. 15.3) Bannock, G. 328, 343, 366, 372 Barkham, R. 181, 261 Barclays Bank 371 (c. 16.1) barriers cultural 314 for ethnic and women-owned ventures 314 to advice/training 130, 344 (t. 15.3) to enterprise/entrepreneurship/ SMEs/start-up 42, 304, 372, 387, 389 to entry 103, 116, 133, 336 (i. 15.2) to growth 24, 137, 330, 335 Baumol, W. J. 545, 57 (t. 3.4), 197, 207, 223, 283, 330, 391 Bayh-Doyle 105 Beermat plan 247, 247 (i. 11.9) Belgium 27, 134 (f. 6.5), 367 Bellinger, G. 4 (f. 1.1) Bennett, R. J. 316, 325, 3689, 3712 BERR, see Department for Business, Enterprise and Regulatory Reform Better Regulation Taskforce/Executive 330 Birch, D. L. 17, 212, 38, 57 (t. 3.4), 90, 923, 94, 99, 178, 292, 304, 305 (i. 14.1), 398 Birch, K. 280 Birley, S. 285 (i. 13.3) birth rate policy/strategy 301 (c. 14.2),304,307, 359 (t. 16.1) BIS, see Department for Business, Innovation and Skills

A
academic spin-outs 1056 Accelerating Entrepreneurship Strategy 52 accept uncertainty approach 2415, 244 (t. 11.3), 245 (t. 11.4), 247, 249 achievement motivation/orientation 66, 66 (t. 4.1) see also NAch Acs, Z. J. 52 adoption rate 128 (t. 6.2) advocacy 283, 284 (i. 13.2) Africa 30, 116, 203 Ahlstrom Corporation 103, 112 Ailenei, O. 158 Alternative Investment Market (AIM) 337, 366 Amin, A. 15860 Anderson, A 801 Armington. C. 92 Asia 32 (i. 2.2), 224 (c. 10.1), 339 associations 278, 117, 157 (t. 7.1), 1589, 163, 372, 387 (f. 17.1) Atlanta 30 attributes/attributes and resources 40, 4651, 47 (t. 3.2), 49 (i. 3.2), 55, 56 (f. 3.2) 57 (t. 3.4), 66, 69, 723, 756, 76 (f. 4.2) (t. 4.2), 79, 834, 83 (f. 4.4),129, 132, 139, 196, 210 (f. 9.3), 223, 261, 401 see also entrepreneurial attributes, Audretsch, D. B. 29, 32 (i. 2.2)(t. 2.5), 205, 276, 284, 38990, 398, 400, 402 Austin 30 Australia 19, 134 (f. 6.5),148 autonomy (including need for autonomy) 47 (t. 3.2), 66 (t. 4.1), 678, 127 (f. 6.3), 203

Black, F. 241 Blackburn, R. A. 30, 30 (t. 2.3), 343 BMW syndrome 180 (t. 8.1) Bolton Report (also Bolton, J. E. and the Bolton Committee) 1618, 17 (t. 2.1), 31, 90, 99101, 128, 178, 292, 321, 335, 398 Bolton W. K. 13, 83 (f. 4.4) Bourdieu, P. 273 born or made 84 (and see nature and/or nurture) Botham, R. 305 (i. 14.1), 369 Boyatzis, R. 73, 130 (t. 6.4) Boyd, N. C. 72, 73 Branson, R. 3, 77, 83, 226 (t. 10.4) Brazil 134 (f. 6.5) Bridge, S. 25 (i. 2.1), 53, 56, 78, 205, 226, 2801, 283, 384, 389 Britain 15, 29, 41, 90, 115, 116, 147, 202, 291, 292, 314, 315, 325, 342, 346, 367, broad approach to dening entrepreneurship (see narrow approach) Brown, Gordon 41, 336, 392 (c. 17.1) Bruce, R. 132 (t. 6.6) Burns, P. 149 (f. 6.9), 261, 335 business angel 30, 131 (t. 6.5), 135,136 (f. 6.6), 235, 267, 329, 332 (f. 15.5), 334 (t. 15.2), 337, 338, 3501 (t. 15.A1) business birth rate policy/strategy (see birth rate policy/strategy) business birth-rate (see start-up rate) failure 144 (see also models of business failure) formation/founding 40, 50 (i. 3.2), 54, 105, 125 incubation/incubator 326, 327 (i. 15.1), 334 (t. 15.2) plan 133, 134, 148, 192 (c. 8.1), Chapter 11 passim, 350 (t. 15.A1) hegemony of 233234 professionals model 182, 183 proprietors model 182

405

406

Index

school/studies 3 (i. 1.1), 6, 25 (i. 2.1), 233, 234, start-up rate 149, 307, 314, 359 (t. 16.1), 392 (c. 17.1) survival rates 14950 termination 1446, 145 (f. 6.8. (see also business survival rates) Business Connect 346 Business Expansion Scheme 337, 366 Business growth, yardsticks for 183, 258 (i. 12.1) (t. 12.1) Business Link(s) 325, 337, 342, 345, 346, 368, 369 Business Start-up Scheme 337 Business Shops 346 Bygrave, W. 5, 5 (f. 1.3), 128 (t. 6.2)

C
Cambridge phenomenon 30, 32 (i. 2.2) Cambridge University Centre for Business Research 140 Cameroon 275 Campbell, C. 278 (i. 13.i) Campbell, M. 389 Canada 26, 134 (f. 6.5), 381 Cantillon, R. 1315, 25 (i. 2.1), 31, 38, 39, 53, 64, 90, 197, 243 (i. 11.8) capabilities 14, 51, 65, 332 (f. 15.5) Capital for Enterprise Fund 327 (i. 15.1) Capital for Enterprise Limited (CfEL) 327 (i. 15.1) capitalism/capitalist 14, 18, 19, 21, 136, 200, 226, 291, 311 Caribbean 203, 339 Carnazza, G. 150 (t. 6.9) Carter, S. 1034, 115, 1801, 203 Casson, M. 276 Castro, R. 4 (f. 1.1) causation/causal 2379, 238 (i. 11.5), 247, 362, 363 CBI-SME Council, see Confederation of British Industry change management 148 characteristics of small businesses 19, Chapter 5 passim, 138, 164, 165 (t. 7.2) Christakis, N. 224, 281 Chell, E. 55, 67, 69, 71, 77, 180, 203 China/Chinese 54, 134 (f. 6.5), 197, 224 (c. 10.1), 388, 3912 Churchill, N. C. 125 (t. 6.1), 138 (f. 6.7), 261 churn 308, 332 (f. 15.5)

cluster(s) and cluster effect 94, 139, 180, 199, 199 (t. 9.3), 327 (i. 15.1) CMAFs 159 Coleman, J. 273, 277 cognitive approaches/concepts/ theories 64, 67, 723, 75, cohort analysis 93 Collett, P. 313 (c. 14.3) Collier, W. 370 Columbus, C. 224 (c. 10.1), 2423 comfort zone 137,180 (t. 8.1) commercialization 105 Committee of Public Accounts, see Public Accounts Committee communist 291, 386 community business/enterprise/ sector 160, 161 (f. 7.1), 1667, 168 (t. 7.3), 169, 327, 391 Community Development Finance Institutions (CDFIs) 340 community entrepreneur 167, 168 (t. 7.3), community sector 160 competence/competency 42, 44, 49 (i. 3.2), 734, 78, 114, 130 (t. 6.4), 131, 137, 139, 147, 148, 168 (t. 7.3), 183, 260, 285 (i. 13.3), 312, 315, 351 (t. 15.A1) Confederation of British Industry (CBI) 259, 324, 336, 365 conventional wisdom (and received wisdom) 5, 6, 7, 21, 22, 33, 139, 1734, 177 (i. 8.1), 1967, 209, 211, 381, 383, 3856, 3979, 399 (t. 18.1) CBI-SME Council 324 conscious capitalism 401 Conscise project 277 (t. 13.1), 278 consolidation see stages of small business development Consultancy Initiative 370 Co-operatives 27, 28, 148, 1579, 161 (f. 7.1), 1636, 169, 327, 391 Cope, J. 276 corporate entrepreneurship, 54 Cotton, J. 47 (t. 3.2) Council for Excellence in Management and Leadership 342, 343 Cova, B. and V. 390 (f. 17.3) Cowie, P. 357 (f. 16.1) Cowling, M. 302, 365 craft businesses 102, 108, 180 (t. 8.1) creative destruction 19, 38, 54, 190 credit unions 340 Cromie, S. 114, 285 (i. 13.3) Cruickshank, D. and Cruickshank Review 335, 336 (i. 15.2), 364 culture cultural inuence 125, 1267, 150, 189, 351 (t. 15.A1), 389, 391

enterprise/entrepreneurial 223, 40, 41, 44, 167, 227 (i. 10.2), 303, 304, 306 (i. 14.1), 314, 323, 328, 330, 3312 (c. 15.1), 368. 372, 382, 3869, 388 (f. 17.2), 392 (c. 17.i), 392, 393, 401 organisational 48, 51, 234, 261 Cunningham, J. B. 45 (t. 3.1) Curran, J. 30 (t. 2.3), 315, 3623

D
Davies. H. 51 Davies, L. 181, 261 Davis, S. J. 92 deadweight 360,372 Deakins, D. 77, 240 (f. 11.1) decline stage 143 (see also stages of small business development) denitions of enterprise broad or education 4448 of enterprise narrow or economy 4448, 52 of small business 98102 Della Giusta, M. 276 Delmar, F. 69, 724 Denmark/Danish 26, 52, 57 (t. 3.4), 134 (f. 6.5), 3312 (c. 15.1),333 Dennis, W. J. 190, 306 (i. 14.1), 386, 387, 388 (f. 17.2), 3902 Department for Business, Enterprise and Regulatory Reform (BERR) 41, 133, 346 Department for Business, Innovation and Skills (BIS) 41, 112, 114, 133, 330, 344, 346 Department for Education and Employment (DfEE) 343 Department of Employment 324 Department of Trade and Industry (DTI) 23, 41, 42, 133, 149, 330, 338, 343, 346, 368, 370 dependency 41, 165 (t. 7.1) deregulation 18 (t. 2.2), 330, 334 (t. 15.2), 347, 351 (t. 15.A1) Deregulation Unit/Taskforce 330 DfEE, see Department for Education and Employment Directorate-General (DG) Enterprise and Industry 40, 90, 333 displacement 75 (f. 4.1), 309, 326, 327, 3601 division of labour 117 Dragons Den 286 (c. 13.3) Drakopoulou Dodd, S. 801 Drucker, P. F. 2, 67, 128,

Index

407

DTI, see Department of Trade and Industry due diligence 135, 234 Dunbars Number 99 Dunn, B. 112 Dunoyer, 28, 158 dynamic analysis 22, 93 dynamic capitalism 136

E
e-business 342 E-numbers 56, 56 (t. 3.4), 57 (f. 3.2) Earls, M. 174, 388, 390, 393 East Anglia 1801 Eastern Europe 314 economic appraisal 357 (i. 16.1) economic growth xiii, 22, 24, 25, 267, 31, 40, 52, 90,105, 137, 146, 178, 190, 205, 208 (c. 9.1), 276, 296, 302, 303, 304, 307, 309, 327(1.15.1), 332 (f. 15.5), 337, 369, 393 economic theory of bureaucracy 31011 conomie sociale 28, 1589 economies of scale 15, 16, 28, 29, 31 (t. 2.4), 32 (i. 2.2), 97, 139, 147, 158, 311 (i. 14.2), 312, 369, 389, 398, 400, 401 education approach see enterprise, education school effectuation/effectual 238 (t. 11.1) (i. 11.5), 239 (t. 11.2), 399 (t. 18.1) employment/job creation 22, 38, 46, 90, 925, 99, 108, 135, 178, 2912, 302, 305, 306 (i. 14.1), 307, 311 (i. 14.2), 315, 332 (f. 15.5), 3678, 382, 398, 400 England 13, 14, 28, 42, 54, 107, 108, 156, 157, 158, 180, 197, 224 (c. 10.1), 300, 315, 325, 327 (i. 15.1), 337, 345, 346, 365, 367, 371, 372 Enterprise Allowance 23 Enterprise and Social Exclusion 340 Enterprise Capital Fund programme (ECFs) 327 (i. 15.1) enterprise competency see competency enterprise culture 22, 23, 41, 44, 128, 167, 227 (i. 10.2), 278, 303, 304, 314, 328, 330, 368, 372, 392 (c. 17.1), 401 Enterprise Directorate 164, 325, 346 Enterprise Directorate-General (of the EU) (see Directorate-General)

enterprise, economy school of (narrow denition) 44 enterprise, education school of (broad denition) 44 Enterprise Educators UK 43 Enterprise Finance Guarantee (EFG) 100 (i. 5.1), 327 (i. 15.1), 337, 338, 364 Enterprise Fund (The) 327 (i. 15.1) Enterprise in Higher Education 42 Enterprise Initiative 41 Enterprise Investment Scheme 334 (t. 15.2), 337, 338, 366 Enterprise Ireland 342 enterprise needs hierarchy/model 1879, 188 (f. 18.4) Enterprise Northern Ireland 42 enterprise policies 301 (c. 14.2), 307, 356, enterprising acts 4951 (i. 3.2), enterprising/entrepreneurial behaviour 13, 26, 40, 24 (t. 3.1), 47 (t. 3.2), 48, 64, 66, 69, 70, 75, 77. 81, 83, 129, 167, 205, 276, 401 entrepreneurial attributes see attributes behaviour, see enterprising/ entrepreneurial behaviour capital 184, 188 (f. 8.4), 208 (c. 9.1), 276 culture 40, 41, 208 (c. 9.1), 382 economy 32 (i. 2.2), 38, 190, 308, 389, 398, 399 (t. 18.1), 400 self-efcacy, see self-efcacy entrepreneurs stellar 3, 77, 80, 81, 834, 83 (f. 4.4) entrepreneurship policy 54, 57 (t. 3.4), 205, 298, 301 (f. 14.3), 302, 385 (i. 17.2), 389, 391, 400 equilibrium level/rate of entrepreneurship 304 equity averse 135, ethnic businesses 1025, 116118, 204, 3145, 3389 enterprise/entrepreneurship/ entrepreneurs 71, 1025, 116118, 202, 2034, 3145 minorities/groups 72, 74, 104, 105, 1167, 2034, 284, 286 (c. 13.4), 3145, 325, 328, 3389 minority businesses (EMBs) 105, 116, 3389 European Commission (EC) 159, 163, 296, 316, 336, 342, 345 European Observatory for SMEs 259 European Union (EU) 40, 159, 328,

evaluation 39, 106, 192 (c. 8.1), 293, 297, 300, 311, Chapter 16 passim, 381, 383 The Evidence Base 383, 384 (i. 17.1) Export Enterprise Finance Guarantee (ExEFG) 338 external equity 259

F
failure / business failure 22, 50 (i. 3.2), 67, 74, 81, 113, 125, 126 (f. 6.2), 128, 132, 135, 1449, 149 (f. 6.9), 183, 198 (t. 9.1), 248, 250, 261, 304, see also market failure family business/rms 13, 50 (i. 3.2), 72, 1023, 108, 110114, 112 (t. 5.A1), 118 fear of failure 208 (c. 9.1), 234, 385 (i. 17.2) female enterprise/entrepreneurs/ entrepreneurship 103, 115, 117, 2023, 204, 339 (see also women/women-owned businesses) female-owned businesses (see women/women-owned businesses) 114, 1156, 202 Finland 26, 103, 112, 134 (f. 6.5) rst-stop shop 3467, 350 (t. 15.A1), scal policy 323 (f. 15.2), 329, 351 (t. 15.A1) Ford, H. (Fordist and Fordism) 1516, 22, 28, 29, 30 (t. 2.3), 31, 90, 158, 159, 221, 236 (i. 11.3), 389 foreign direct investment, see inward investment foundations 27, 159, 163, 340 Fowler, J. 224, 281 France 13, 14, 26, 28, 29, 39, 134 (f. 6.5), 150 (t. 6.9), 158, 161, 315, 367 Fraser, S. 370, 371 (c. 16.1) free enterprise 200, 316 Friedman, M. 182, Freud, S. 70 Fukuyama, F. 275 funding gap see Macmillan Gap

G
G7 countries 26 Galbraith J. K. 16, 173, 177 (i. 8.1), 400 Gallagher, C. 302 Garnsey, E. 126 (f. 6.2) gazelles 53, 57 (t. 3.4), 945, 3045, 305 (i. 14.1), 332 (f. 15.5),

408

Index

gender 74, 1034, 1147, 147, 2023, 315, 323 (f. 15.2), 328, 351 (t. 15.A1),390 (f. 17.3) Germany/German 26, 65, 134 (f. 6.5), 150 (t. 6.9), 162, 192 (c. 8.1), 275, 276, 367, 390 Gibb, A. A. 24, 40, 46, 47 (t. 3.2), 48 (t. 3.3), 55, 173, 179, 181, 198, 199 (t. 9.1), 207, 208 (f. 9.2), 209, 210 (f. 9.3), 223, 245 (t. 11.3), 261, 278, 314, 316,343, 362, 363, 383, 391 Gladwell, M. 274 (c. 13.1),393 Global Entrepreneurship Index 52, Global Entrepreneurship Monitor (GEM) 24, 258, 39, 52, 57 (t. 3.4), 197, 208 (c. 9.1), 302, 328, 333, 385 (i. 17.2), 390, 392 (c. 17.1), Gorman, C. 265 Goss, K. 277, 281 Government Action Plan for Small Business 303, 383, 384 (i. 17.1) Grameen Bank 135, 341 (i. 15.3) Graham Review 364 Graves, P. 208 (c. 9.1), 236 (i. 11.3), 237, 243, 390 Gray, C. 72, 108 Green Book 361 (i. 16.2) Greene, F. 372, Greiner, L. E. 127 (f. 6.3) growth barriers/constraints/restrainers 140 jobless 292 model 127 (f. 6.3) stage 13641 (see also stages of small business development)

high technology/high tech businesses 3, 52, 53, 54, 55, 56 (f. 3.2), 57 (t. 3.4), 107, 181, 196, 303, 323 (f. 15.2), 325, 326, 327 (i. 15.1), 334 (t. 15.2), 351 (t. 15.A1), 399 (t. 18.1) Higher Education Innovation Fund (HEIF) 105 Hitchens, D. M. W. N. 102 (c. 8.1), 367,368 (i. 16.4) Holland see Netherlands Holmquist, C. 203 Holywood Old School 2789 (c. 13.2), 280 Hornaday, R. W. 49 (f. 3.1) Hornsby, J. S. Huggins, R. 372, 392 (c. 17.1) human capital 28, 117, 184, 185 (f. 8.1), 188 (f. 8.4), 2723, 282, 285, 370 Hungary 27, 134 (f. 6.5)

International Small Business Journal 276 Internet 232, 240 (f. 11.1), 342, 344, 350 (t. 15.A1) intervention 73, 77, 92, 138, 1456, 148, 189, 264, Part III passim intrapreneur/intrapreneurship 45 (t. 3.1), 226 (t. 10.4) invention 19, 49 (f. 3.1) Invest Northern Ireland/Invest NI 52, 57 (t. 3.4), 263 (i. 12.3), 346, 367 inward investment 347 Ireland 27, 134 (f. 6.5), 342 Irwin, D. 313 (c. 14.3) Israel 26, 134 (f. 6.5), 206 Italy 26, 134 (f. 6.5),150 (t. 6.9), 274 (c. 13.1)

J
Jacobsen, L. 139 Japan 26, 32 (i. 2.2), 93, 134 (f. 6.5), 224 (c. 10.1), 2423, 275 job creation see employment/job creation job quality 165, 384 (i. 17.1) Johnson, S. 94, 31012 Joyce, P. 342 Joyner, B. 315 Junior Achievement 43, 333

I
ignorance explanation 371 (c. 16.1) ignorance, growth of 173, 384 immigrant 105, 117, 118, 314, 390 incubation/incubator see business incubation India/Indian 13, 116, 157, 158, 224 (c. 10.1) industry sectors 101, 181, 326 inuences on entrepreneurs/on the entrepreneurial decision 2048 on a (small) business 186 (f. 8.2) information and advice 133, 259, 313 (c. 14.3), 334 (t. 15.2), 334, 342, 347, 351 (t. 15.A1), 368 information and communication technology (ICT) 32 (i. 2.2), 329, 342 innovation 12, 13, 17 (t. 2.1), 19, 22, 24, 29, 30 (t. 2.3), 32 (i. 2.2), 38, 40, 45 (t. 3.1), 49 (f. 3.1), 52, 65, 66 (t. 4.1), 68, 91 (t. 5.1), 136, 139, 143, 1623, 190, 192 (c. 8.1), 258 (i. 12.1), 259, 261, 302, 303, 310 (t. 14.2), 325, 326, 326 (i. 15.1), 332 (f. 15.5), 345, 366, 367, 392 (c. 17.1) intellectual capital 28, 272 intentions model 75 (f. 4.1) International Consortium on Entrepreneurship (ICE) 331 (c. 15.1)

K
Kay, A. 277 (t. 13.1) Kay, J. 184, 401 Keeble, D. 310 (t. 14.2) Keilbach, M. 29, 205, 276, 284, 390 Kennedy, J. F. Kets de Vries, M. 70, 81, 261 Keynes, J. M. 20, 23, 174, 291, 292 Kim. J. 387 (f. 17.1) Knight F. H. 65, 243 (i. 11.8) know-how 106, 129 (f. 6.4), 130, 275, 295 (i. 13.3), 350 (t. 15.A1) see also networking know-who 129 (f. 6.4), 131, 275, 285 (i. 13.3), 350 (t. 15.A1) knowledge capital 28, 184, 272 knowledge economy 30, 329 Knowledge Transfer Partnership (KTP) 106, 345 Kolvereid, L. 203 Korea 116, 134 (f. 6.5), 286 (c. 13.4) Krueger, N. F. 745, 75 (f. 4.1), 128, 278, 283

H
habitual entrepreneur 137, 179, 180, 199202, 200 (t. 9.3), 204, 256,258 (i. 12.1) Handy, C. 29, 81, 2212, 248, 292, 398 Hanifan, L. J. 273 Hankinson, A. 343 hard support 341 Harford, T. 275 Hart, M. 93, 94, 369 happiness 219,394 Hegarty, C. 245 (t. 11.3) (t. 11.4) heroic entrepreneurs 3, 66, 77, 8083, 210 (f. 9.3), 226 (t. 10.4) Herzberg, F. I. 265 hierarchy of needs model 187189, 188 (f. 8.4) hierarchy of sciences 5 (f. 1.3)

Index

409

L
large business 3, 32 (t. 2.5), 91 (t. 5.1), 93, 95, 138, 202, 312, 316 late payment 115, 336, 365 latent enterprise 167 Latin America 30 Learning and Skills Council 346 legal form/structure (of a business) 101, 129 (i. 6.1), 138, 164, 165, 227, 329, 334 (t. 15.2) Leibenstein, L. 19, 65 Lessem, R. 130 (t. 6.3) Lewis, V. L. 125 (t. 6.1), 261 Li, J. 391 Li, Y. 116 lifestyle business 56, 107, 142, 180 (t. 8.1), 182, 201, 226 (t. 10.4), 265 Lisbon 40 Lischeron, J. 45 (t. 3.1) Ljunggren, E. 203 Lloyd, P. 162 Local Enterprise Agency (LEA) 42, 328 Local Enterprise Company 42, 325, 345 Local Enterprise Development Unit (LEDU) 346, 3678 Local Enterprise Partnership 325, 337, 346, 350 (t. 15.A1), 369 Local Exchange Trading Schemes/ Systems (LETS) 161 (f. 7.1) locus of control 47 (t. 3.2), 66 (t. 4.1), 67, 79, 106 Lundstrm, A. 301 (c. 14.2) Lunn, P. 190

Matlay, H. 343 maturity stage (of a business) see stages of small business development McClelland, D. C. 66 McGilchrist, I. 241 (i. 11.6) McNamara fallacy 363 (i. 16.3) mentors/mentoring 1889, 188 (f. 8.4), 205, 244 (t. 11.3), 247 (i. 11.9), 266, 283, 284 (i. 13.2), 317, 334 (t. 15.2), 342, 350 (t. 15.A1) Mexico 134 (f. 6.5) micro-nance 341 Mills, A. 4 (f. 1.1) Miner, J. B. 49 (i. 3.1), 263 (i. 12.2) models of (small) business failure 144 models of (small) business success 1823 Mole, K. 306 (i. 14.1), 369 Morgan, Sir Frederick 247 Moulaert, F. 158 Murtagh, B. 157 (t. 7.1), 227 (f. 10.2), 298 (f. 14.1), 299 (t. 14.1) Mutuals/Mutuelles 27, 158, 159, 161 (f. 7.1), 163

new economy 2931, 31 (t. 2.4), 400 Nicolaou, N. 79, 80 (f. 4.3) Nilsson, A. 168 (t. 7.3) Norrman, C. 366 Northern Ireland 40, 42, 111, 149, 192 (c. 8.1), 263 (i. 12.3), 300 (c. 14.1), 307, 346, 367, Norway 134 (f. 6.5), 203 novice entrepreneur 2001

O
Odle, C. 92 OECD 44, 46, 133, 134 (f. 6.5), 164, 259, 261, 309, 311 (i. 14.2), 330, 331 (c. 15.1), 361 (i. 16.2), 382, 391 old economy 31 (t. 2.4) ONeill, K. 157 (t. 7.1), 227 (f. 10.2), 298 (f. 14.1), 299 (t. 14.1), one-stop shop 3467 opportunity entrepreneurship 267 Ormerod, P. 389 Owen, G. 367 Oxford Economics 111, 111 (f. 5.A1) owner types 49 (i. 3.1)

N
NAch (Need for Achievement) 66, 66 (t. 4.1) narrow approach (to dening entrepreneurship) 3, 14, 4446 (and see enterprise-economy school) National Economic Research Associates 364 nature and/or nurture Chapter 4 passim necessity entrepreneurship 267 need for achievement see NAch need for autonomy 66 (t. 4.1), 678 (and see autonomy) Nelson, D. 139 NESTA 94 net new jobs 212, 90, 92, 945, 178, 292, 302, 398 Netherlands 27, 134 (f. 6.5), 296 network(s)/networking 30, 43, 47 (t. 3.2), 75, 76 (t. 4.2), 105, 1178, 129, 131, 131 (t. 6.5), 167, 179, 184, 185 (f. 8.1), 188 (f. 8.4), 199 (t. 9.2), 206 (i. 9.2), 207, 208 (f. 9.2), 209, 224, 238 (i. 11.5), 249 (c. 11.1), 259, Chapter 13 passim, 306 (i. 14.1), 326, 334 (t. 15.2), 344 (t. 15.3), 350 (t. 15.A1), 394 New Economics Foundation 340

P
Paine, T. 177 Pakistan 116, 203 Parker, S. C. 365 participation (rate) 104, 328 Pearce, R. 161 (f. 7.1), 277 (t. 13.1) Peat Marwick 366 Penrose, E. T. 1920, 90, 95, 178, 198 perfect market 309, 335 Perren, L. G. 308, 343 personal business advisers 342, personality/personality theory/traits 6678, 263 (i. 12.2), 286 (c. 13.4) Peterson, R. 129 (f. 6.4), 275, 285 (i. 13.3) Phizacklea, A. 315 picking winners see winners Pink, D. 182 planned behaviour, theory of 73, 74, 263 (i. 12.2) Poland 134 (f. 6.5) Porter, M. E. 139, Porter, S. 279 (c. 13.2), portfolio career 222 portfolio entrepreneur 180, 2001, 265 Portugal 134 (f. 6.5), 224 power relations 285 (i. 13.3), 310, 311 problem-solving 47 (t. 3.2), 95, 217 Prompt Payment Code 336 psychodynamic approach 701

M
Macmillan Committee 334 Macmillan Gap 334 managed economy 32 (i. 2.2), 389, 398, 399 (t. 18.1), 400, 402 managed workspace (MWS) 326, 327, 350 (t. 15.A1) Management Charter Initiative 73, management development 130 (t. 6.4), 342, 36970 management recruitment 259 management team 97, 106, 113, 114, 257, 25961, 370 market failure 299 (t. 14.1), 304, 309, 311 (i. 14.2), 31214, 316, 328, 335, 342, 343, 345, 347 market positioning 125 (t. 6.1), 138, 259 Marshall, A. 18 Maslow, A. 188, 2178, 218 (t. 10.1), 262 (t. 12.2)

410

Index

Public Accounts Committee 300, 364 public choice model 310 Putman, R. 2735, 277, 278 (i. 13.1), 2812

R
Ram, M. 203, 315 Reagan, R. 223, received wisdom see conventional wisdom Rees, H. 329 Regional Development Agencies (RDA) 325, 337, 346, 369 Regional Growth Fund (RGF) 337 Regulatory Impact Unit 330 Reid, G. 139 religion 387 (f. 17.1) resistance to change 186 (f. 8.2) Richard, D and the Richard Repot 296, 372 risk averse/risk avoidance 165 (t. 7.2), 262, 311 (i. 14.2), 326, 344 risk capital 364, 366 risk-taking propensity 66 (t. 4.1), 67, 106 Roberts, A. K. 71 Roberts, R. 371 (c. 16.1) Rondstadt, R. 129 (f. 6.4), 275, 285 (i. 13.3) role models 76 (t. 4.2), 105, 141, 167, 283, 328, 351 (t. 15.A1) Roper, S. 369 Rosa, P. 26, 93, 115, 1789, 2001, 200 (t. 9.3) Roseto 274 (c. 13.1), 278 (i. 13.1), 281 Rotter, J. 67 Route 128 30 RSA 206 (i. 9.2), 241 (i. 11.6) rural areas/business/farmers 91 (t. 5.1), 107, 147, 168, 180, 3278, 334 (t. 15.2) Russia 134 (f. 6.5)

S
Sarasvathy, S. 127, 2167, 232, 2378, 238 (t. 11.1) (i. 11.5), 239 (t. 11.2) Sargent, A. 343 Say, J-B. 1314, 65 Scase, R. 203 Schuller, T. 274 Schumpeter, J. A. 19, 20, 38, 65, 190 Science Enterprise Challenge 42, 327 (i. 15.1), science park 350 (t. 15.A1) scientic method 47, 5 (f. 1.2), 177, 190, 217, 238, 380

Scott, M. 93, 132 (t. 6.6),1789, 2001 Scott, R. 357 Scotland 42, 201, 307, 308, 337, 345, 346 Scottish Enterprise 40, 42, 307, 345 second stop shop 347 self-actualization 2189, 218 (t. 10.1), 223, 262 (t. 12.2) self-condence 43, 44, 46, 50 (i. 3.2), 66 (t. 4.1), 68, 76 (t. 4.2), 129, 149 self-efcacy 735, 75 (f. 4.1), self- employed/employment 3 (i. 1.1), 14, 40, 50 (i. 3.2), 54, 56, 56 (f. 3.2), 57 (t. 3.4), 72, 77, 83 (f. 4.4), 84, 101, 102, 103, 107, 114, 116, 118, 180, 196, 203, 221 (t. 10.3), 2223, 246, 249 (c. 11.1), 325, 329, 338, 339, 341, 387, 389, 392 (c. 17.1) serial entrepreneur 2001, 258 (i. 12.1) Shah, A. 329 shamrock organisation 2212 Shane, S. 25 (i. 2.1), 39, 69, 78, 79, 80 (f. 4.3), 82, 127 Shaw, E. 1034 Silicon Valley 30, 32 (i. 2.2), 327 (i. 15.1) Simon, H. 206 (i. 9.2) Singapore 27 Small Business Administration (SBA) 18, 91 (t. 5.1), 92, 100 (i. 5.1), 102, 296, 311, 342, 398 Small Business Council 346 Small Business Investment Task Force 346 small business/rms/SME policy 3, 18, 173, 176, 186, 192, 297, 301 (c. 14.2), 304, 307, 308, 311, 312, 314, 322, 323, 326, 345, 364, Small Business Service (SBS) 24, 164, 300, 302, 310, 313 (c. 14.3), 322, 325, 346, 364, 372, 383, 384 (i. 17.1), small business support 131, 192 (c. 8.1), 207, 208 (f. 9.2), 249 (c. 11.1), 297, 305 (i. 14.1), 313, 328, 347, 361 (i. 16.2), 362, 368, 384, 391 Small Firms Loan Guarantee Scheme (SFLGS) 100 (i. 5.1), 327 (i. 15.1), 334 (t. 15.2), 336 (i. 15.2), 337, 341, 3645 small rm(s) policy see small business policy Small Firms Training Loans 343, 370, 371 (c. 16.1) Smallbone, D. 148, 258 (i. 12.1), 3056 (i. 14.1)

SME Observatory, see European Observatory for SMEs SME policy see small business policy Smith, Adam 13, 14, 28, 184, 272, Smith, G. 277 social capital 29, 105, 117, 118, 131, 166, 168, 174, 184, 185 (f. 8.1), 188 (f. 8.4), 191, 204, 205, 208 (c. 9.1), 242, 267, Chapter 13 passim, 399 (t. 18.1) social economy 9, 27, 28, Chapter 7 passim, 27980, 334 (t. 15.2) Social Economy Unit 159 social enterprise 2728, 43, 55, 57 (t. 3.4), 108, Chapter 7 passim, 178, 189, 202, 278, 27980, 327, 334 (t. 15.2), 340, 401 social entrepreneurs/ entrepreneurship 43, 55, 57 (t. 3.4), 160, 167, 202, 266 (t. 10.4), 241, 279, 280 Social exclusion 51, 162, 164, 327 Social Exclusion Unit/Taskforce 340 Social Investment Task Force 340 social norms 73, 75 (f. 4.1), 278, 330, social objectives 162, 164 social-psychological approaches 701, 78 societal attitudes 323 (f. 15.2), 325, 3303, 349, 351 (t. 15.A1) sociological approaches 712, 75 soft assistance/support 341 sole trader 101, 179, 202, 340 South Korea see Korea Southon, M. 247 (i. 11.9) Soviet Bloc 30 Spain 134 (f. 6.5), 150 (t. 6.9), 224 (c. 10.1), 243 Sri Lanka 26 stages of entrepreneurship/small business development 55, 1246, 125 (t. 6.1), 137, 2567, 262, 265, 276, 324, 334, 349, 350 (t. 15.A1) Stanworth, M. J. K. 72 Starship Enterprise 43 StartUp Britain 342 start-up stage see stages of business development static analysis 93 stellar entrepreneurs 3, 49 (i. 3.1), 77, 801, 834, 83 (f. 4.4) Stevenson, H. H. 199 (t. 9.2), Stevenson, L. 226 (t. 10.4), 298, 301 (c. 14.2), 381 Storey, D. J. 3 (i. 1.1), 18 (t. 2.2), 38, 94, 13940, 1468, 201, 259, 262, 2656, 303, 304, 305, 306 (i. 14.1), 317, 334 (t. 15.2), 361 (i. 16.2), 368, 370, 371 (c. 16.1)

Index

411

succession planning 143 Sundin, E. 203 support agencies 131, 148, 182, 187, 233, 249 (c. 11.1), 258 (i. 12.1), 263 (i. 12.3), 263, 297, 314, 339, 342, 391 support measures/services 285 (i. 13.3), 296, 297, 305 (i. 14.1), 315, 340, 3457, 368, 381, 391 Svendsen, G. L. H. and G. T. 275 Sweden 114, 134 (f. 6.5) systemic failure 30912, 385 Szerb, L. 52

UK Innovation Investment Fund (UKIIF) 327 United Nations 228 Unlisted Securities Market (USM) 337 US/USA/United States 18, 19, 213, 256, 29, 30, 32 (i. 2.2), 43, 90, 91 (t. 5.1), 924, 99, 100 (i. 5.1), 102, 105, 112, 114, 116, 128 (t. 6.2), 134 (f. 6.5), 135, 136, 13940, 149, 160, 162, 163, 236, 261, 274 (c. 13.1), 286 (c. 13.4), 275, 302, 305, 311, 327 (i. 15.1), 339, 342, 398, 401

women/women-owned businesses/ enterprises/rms/ventures (including female-owned) 56, 71, 1024, 108, 1146, 1178, 2024, 3145, 325, 328, 333, 334 (t. 15.2), 339, 341 (i. 15.3), 3701, Womens Enterprise Task Force (WETF) 115, 339 Winter, S. 139 Wyer, P. 258 (i. 12.1)

Y
yardsticks for business growth 183, 258 (i. 12.1), Young Enterprise 43, 333 Young, Lord 23, 31, 41 Yunus, M. 341 (i. 15.3)

T
targeting growth businesses 3056 (i. 14.1), 326 Teaching Company Scheme 345 Technology and Innovation Centres (TICs) 345 Teesside 201 termination stage, see stages of small business development Thatcher. M./Thatcherism 223, third sector 9, 27, 43, Chapter 7 passim, 189, 202, 401 Thurik, A. R. 32 (i. 2.2) Tofer, A. 29, 157, 398 Total Entrepreneurial Activity (TEA) 267, 385 (i. 17.2) Training and Enterprise Council (TEC) 42, 325, 345, 346, traits 45 (t. 3.1), 6670, 66 (t. 4.1), 74, 75, 7780, 83, 106, 180, 203, 204 (i. 9.1), 238 (i. 11.5), 239 (t. 11.2), 261, 262, 263 (i. 12.2), Twain, M. 397

V
VAT deregistration 145 (f. 6.8), 145, 149, VAT registration 100 (i. 5.1), 101, 1489, 249 (c. 11.1), 329 Venkataraman, S. 25 (i. 2.1), 2167, 238 venture capital funds/venture capitalists 52, 135, 205, 235, 247, 267, 273, 276, 285, 286 (c. 13.3), 306 (i. 14.1), 316, 327 (i. 15.1), 334 (t. 15.2), 337, 366, Vietnamese 116 vitamins 166, 272, 2812 voluntary sector 27, 160, 161, 169 Vozikis, G. S. 723

W
Wales/Welsh 42, 107, 108, 307, 3456 Walker, D. 315 Walker, S. 310 (t. 14.2) Walras, L. 18 Waters, M. C. 286 (c. 13.4) Wealth of Nations 13, 14 Welsh Assembly 3456 Welsh Development Agency 307 Wennekers, S. 54 West. C. 247 (i. 11.9) West Indian 116, 203, 315 Westall, A. 302 Westhead, P. 201, 370, 371 (c. 16.1) Whyte, W. H. 15 Williams, N. 372, 392 (c. 17.1) winners (including backing winners and picking winners) 139, 141, 190, 301 (c. 14.2), 3045, 3056 (i. 14.1), wisdom, the transition route from data 4 (f. 1.1)

U
Uganda 26 UK 17, 18, 19, 21 (f. 2.1), 223, 246, 28, 30, 31, 32 (i. 2.2), 413, 52, 723, 90, 924, 99, 100 (i. 5.1), 1015, 1078, 1112, 114, 118, 1334, 134 (f. 6.5), 140, 1489, 157,15960, 1624, 168, 180, 185, 203, 222, 267,296, 299 (t. 14.1), 3025, 3078, 311, 313 (c. 14.3), 315, 322, 324, 326, 327 (i. 15.1), 32830, 33340, 324 (t. 15.2), 3423, 3457, 356, 357 (i. 16.1), 358, 359 (t. 16.1), 361 (i. 16.2), 362, 3646, 370, 371 (c. 16.1), 372, 381, 383, 384 (i. 17.1), 392 (c. 17.1), 398