This volume fills a major gap in the literature by systematically and scientifically analyzing 500 small entrepreneurial firms and isolating the reasons for their successes and failures. The authors examine whether there are any laws of success and failure that are applicable to small and mid-size companies and identify profitable strategies in various industries and under differing industry conditions. Designed as a reference book for corporate executives, small business owners, and consultants, this book will also be extremely useful to graduate students interested in researching the application of strategic management concepts to entrepreneurial companies.Following an introduction, the authors delineate the strategic profile of profitable small companies and examine the impact of competition on small firm profitability. Subsequent chapters assess profitable strategies in high-growth, mature, and declining industries; strategies for cyclical environments; profile start-up, buy-out, and family firms; consider the impact of organizational life-stage on small company strategy and performance; and discuss how to perpetuate the family firm. A separate chapter addresses strategies that are particularly applicable to women-owned firms. The conclusion reviews effective strategies and presents the practical implications of the research studies upon which the book was based. Two appendixes provide additional information about the research methodology.