Entrepreneur's Handbook

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Entrepreneur's Handbook

INTRODUCTION

 

The growth of new and small businesses has important contributions in the development of the national economy by creating employment, increasing innovation, ensuring regional development, and creating economic and social value. In addition to the contribution of the growth of new businesses to the national economy, the necessity and contribution to them is also great. First of all, companies become stronger with growth. A business in a growing trend will be more resistant to changes in the market and competition. At the same time, growth will enable the firm to influence the market. A growing company will receive more support from its environment, will be able to reach more resources and thus, will be able to take advantage of opportunities more easily. Employees will be more satisfied and connected to the company as they work in a growing company. It will be possible to attract qualified human resources to the company. As growth shows that the firm is strong financially, the firm will be able to spend time and energy on long-term investments rather than saving the day, and allocate resources for activities such as marketing and R&D (Weinzimmer, 2000). Most start-up businesses close within the first few years of their establishment. The firm ensures survival by increasing its sales. However, it is not enough to survive, and its ability to manage growth is important. Growth among small businesses is rare, even if they survive. Therefore, examining the factors affecting the growth of new businesses, growth management and growth strategies is necessary and important for entrepreneur candidates, new business owners, researchers, decision makers and professionals. (Birley and Westhead, 1990).