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SMEs: Peter Pan Syndrome or Firms not Grown Up? Creativity, Business Skills and Economic Growth of Danish Entrepreneurial Firms

Journal: Athens Journal of Business & Economics (Vol.3, No. 1)

Publication Date:

Authors : ;

Page : 7-20

Keywords : SME; micro firms; entrepreneurship; growth; creativity & business skills;

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According to several empirical studies, SMEs account for more than 50 per cent of all jobs in most OECD countries, with micro firms holding a significant share of the pie. The industry structure in Denmark is no exception and especially new entrepreneurial firms are considered as the foundation for future growth. SMEs have obvious reasons for focusing on economic growth, but particularly the very small entrepreneurial firms tend to maintain their status as micro firms. In this analysis, micro firm creativity is identified as a potential growth driver, and the subsequent empirical analysis tests whether it is an absence of internal or external resources that prevents micro firms from growing. The empirical analysis focuses on a sample of 36 micro firms and uses a longitudinal approach based on mixed methods to identify and evaluate the lack of internal resources, i.e. a basic business idea, a business plan, technical skills, leadership skills, marketing skills and internationalisation. Additionally, it is argued that, despite potential internal resource deficits, an important factor influencing the growth patterns of the creative firms analysed in the present study is their attitude towards lifestyle production.

Last modified: 2017-01-02 21:58:57