| Westhead, Wright and Usbasaran (2001) suggested | | | | resources - owner resources and owner commitment. |
| that human and financial resources are those that | | | | A significant positive correlation was found between |
| need to be incorporated into the research model, | | | | the two dimensions and net cash flow. No correlation |
| which they had constructed. | | | | has been found to the log of employment growth. |
| The small business' entrepreneur/owner is to be | | | | Westhead et al. (2001) findings support the hypothesis |
| emphasized as a resource of paramount importance. | | | | that, if the firm's founder possesses a significant prior |
| According to Story (1994), the entrepreneur's | | | | knowledge of the industry, it is to be expected that the |
| experience, expertise and abilities are generally | | | | firm would register profitability beyond the means of its |
| considered a primary parameter of influence over the | | | | competitors. Premaratne (2001) indicates at a |
| firm's survival and development. Mullins (1996) claims | | | | correlation between subsidies granted to the firm and |
| that the entrepreneur's decision-making capacity | | | | increase in sales. |
| strongly affects organizational processes that | | | | However, he does not support a correlation between |
| constitute the foundation for competitive advantage as | | | | subsidies and profitability. Wiklund and Shepherd (2005) |
| well as for growth. Rangone (1999) has defined the | | | | have found a significant positive correlation between |
| entrepreneur as a "unique" resource which supports | | | | access to capital and performance. Pena (2004) |
| the rest of the resources. | | | | examined the relationship between human resources |
| Several studies were conducted in order to learn | | | | (education; management experience; prior |
| about the relationship between human or financial | | | | entrepreneurial experience; entrepreneurs' relatives; |
| resources and small business performance. Cooper, | | | | implementation of ideas acquired in previous |
| Gimeno-Gascon and Woo (1994) have found that | | | | workplaces) and increase in profit, increase in sales |
| human resources, and especially the owner's | | | | and increase in the number of employees. A positive |
| education, are correlated with growth. Moreover, | | | | correlation was found between education and the |
| knowledge of the industry and financial resources | | | | implementation of ideas acquired in previous |
| contribute to growth as well as to the firm's survival. | | | | workplaces, and an increase in the number of |
| According to Westhead (1995), the founder's | | | | employees and in sales. Chrisman, Mcmullan and Hall |
| experience affected performance and survival in | | | | (2005) utilized education and prior experience as |
| hi-tech enterprises over a period of six years from the | | | | control variables. A correlation was found between |
| day of foundation. Brush and Chaganti (1999) | | | | prior experience and an increase in the number of |
| examined small trade and service oriented businesses. | | | | employees and in sales. No such correlation with |
| Their study designates two dimensions of human | | | | education was found. |