Merchandising/Marketing/Retailing: Management

The Impact of Entrepreneurial Management on Business Success of Small Retail Firms

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Abstract

Small retail firms comprise a majority of all small businesses in the US and have a significant impact on the overall economy (“Small Business Advocate,” 2012). Management of small businesses, including retail businesses, entails the planning, organizing, leading and monitoring the use of a firm’s resources. Entrepreneurial management (E-Mgmt) involves innovativeness in the performance of these functions to reduce risk and augment value. E-Mgmt is defined as a set of opportunity-based management practices that help firms remain vital and contribute to value creation for the firm and society (Stevenson, 1983). Edgcomb, Klein, and Thetford (2007) suggested that the success of small firms may be improved through E-Mgmt. The purpose of the present research was to examine the impact of E-Mgmt practices of small retail firms on their perceived and financial business success.

Keywords: entrepreneurial management, business success, retail

How to Cite:

Hurst, J. L., Son, J., Niehm, L. S., Fiore, A. M. & Sadachar, A., (2013) “The Impact of Entrepreneurial Management on Business Success of Small Retail Firms”, International Textile and Apparel Association Annual Conference Proceedings 70(1).