Abstract | This paper draws upon the authors’ experience of supporting the entrepreneurial process from initial conception to establishment and growth of newly created enterprises in the United Kingdom and Hungary. It reports the findings arising from both formal interviews with nascent, novice and experienced entrepreneurs, and the experiential learning derived from active participation in the entrepreneurial process. Comparisons are drawn between the personal and organisational survival tactics adopted by entrepreneurs in a long established, free market, mixed economy and an economy which has become increasingly more liberalised in the comparatively recent past. Emphasis is placed upon identifying the specific strategic actions taken by enterprising individuals to ensure both personal and organisational survival during the most traumatic and challenging early years of the venture, and which lay the foundations for later growth, prosperity and success for all stakeholders. The paper seeks to identify elements of theoretical best practice that may be useful to would-be entrepreneurs and contrasts these with actual practice, frequently at odds with theory. Illustrations of specific survival strategies and techniques, both within the UK and Hungary are included. It also highlights the importance of structural mechanisms to enhance sustainability. |
---|