Entrepreneurial Transitions

Entrepreneurship has evolved from most family firms with homogeneous stereotypical attributes such as leadership control, resistance to change, stagnant approaches, and myopic growth-ideology. However, the existing literature often focuses on the dichotomy between family firms and nonfamily firms from economic and managerial perspectives, which affected P3 factors of entrepreneurship comprising productivity, profit, and performance. This chapter discusses the attributes of conventional entrepreneurial philosophy and practices, and the strategies required for reshaping the future of micro and small enterprises. The thematic discussion on the state of the art in micro and small enterprises is central to the chapter. The discussions also envelop the effects of contemporary transitions in the entrepreneurial practices in the context of entrepreneurial leap, technology, and hybridity affecting the scaling of enterprises with technology-supported research and development. This chapter argues that potential opportunities have become the principal driver for the pursuit of entrepreneurial ventures that are changing rapidly.