Prior to the 1970s, the view that large firms were the cornerstone of a modern economy dominated the literature (Nnanna, 2003). The theory of economies of scale, which is predicated on the advantages of large scale operations prevailed. Thus, entrepreneurial business was seen as belonging to the past; out-moded, and a sign of technological backwardness. More recently, however, this view has shifted due to the important role played by relatively small entrepreneurial business firms in promoting industrialization and facilitating sustainable economic growth and development.
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