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418 M. Virtanen and T. Heimonen Figure 1 Change of turnover in case firms in 2000 to 2009 Note: Observations of HGS period within rectangle Figure 2 ROA (%) in case firms in 2000 to 2009 Note: Observations of HGS period within rectangle
The development of high growth and highly successful SMEs 419 Figure 3 Number of personnel in case firms in 2000 to 2009 Note: Observations of HGS period within rectangle 4.2 Entrepreneur, management and ownership Baum et al. (2001) suggested that CEOs’ competencies and motivations are direct predictors of success whereas CEOs’ traits and general competencies had significant indirect effects on venture growth. The case firms show two patterns of establishment (Appendix 3). Three of the businesses have been established by former classmates or colleagues and the other two are the result of the efforts of individual entrepreneurs. Currently, three firms are family businesses including two independently established ventures Mummon Turva Oy and Pentin Paja Oy. Mipro Oy is the third firm where the other founder was bought out in the middle of the 1990s. Motivations at the start-up vary and are not self-evident and clear since the oldest firm, Pentin Paja Oy, was already established in 1964 and is currently taken care of by the second generation. Origins of some of the firms are clearly opportunity driven. Mipro Oy made a thorough market study before deciding on where to start activities: “the forest industry was the major customer of industrial automation. We made a market study and discovered that the large share of forest industry in Finland was located within a 150 kilometre radius from Mikkeli”. Push factor is evident in Mummon Turva Oy. CEO Jorma Hartikainen discovered after the recession that public services would be cut down and there would be a need for private efforts in that branch of industry in the future. “I was acting as a head nurse in a large service centre. We had to think about how to cope with the recession. Then we discovered that one field of outsourcing could be night work”. All the lead entrepreneurs had some entrepreneurial experience at the beginning but the only firm where the entrepreneurs had start-up experience before taking the lead in their current venture was BP Asennus Oy. All the entrepreneurs at the head of family businesses had vocational training and some experience in the same branch of industry.
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Aalto University publication series
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Author Tomi Heimonen Name of the do
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Acknowledgements This dissertation
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CONTENTS PART 1: Overview of the di
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List of Articles This thesis is bas
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1 Introduction Some scholars claim
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1 Introduction In addition, the dur
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1 Introduction Figure 1: Framework
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1 Introduction factors that affect
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1 Introduction 1.4 Key concepts and
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2 Literature review and conceptual
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3 Research methodology Constructivi
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3 Research methodology and the meth
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3 Research methodology The data use
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3 Research methodology 3.4 Models a
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3 Research methodology reliable. Se
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3 Research methodology concluded th
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4 Results, evaluation of the studie
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References Abetti, P. A. (2001). Ac
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References Bhide, A. (2000). The or
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References Creswell, J. W. (2003).
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References Golafshani, N. (2003). U
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References Leitch, C., Hill, F., an
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References Pellikka, J. and Laurone
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References Storper, M. (1992). The
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Appendixes Overview: Appendix 1: Ke
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Appendixes High growth When examini
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Appendixes profitability, liquidity
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Appendixes Appendix 1 Continued (Ke
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Appendixes Appendix 2 Construction
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Appendixes Appendix 2 Continued (Co
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not increased compared to Eastern F
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___________________________________
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propensity for risk taking (Covin a
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2. Former studies and derivation of
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firm’s annual sales growth (Arund
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H4. Firm success has an impact on t
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other branches in which employment
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and Rao, 2008). Because of the unev
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Table 1. Characteristics of the dat
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firms from other firms. The data in
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