A resource‐based view of micro‐firm management practice

Purpose – The purpose of this paper is to discuss a resource‐based approach for exploring micro‐firm management practice, as informed by the relevant literature. Specifically, the paper analyses available literature and catalogues micro‐firm and managerial competence criteria in pursuit of managerial insights in this environment.Design/methodology/approach – A comprehensive literature review precedes the conceptualisation of micro‐firm management practice.Findings – Literary findings suggest that, considering micro‐firms' internal resource constraints, minimal environmental power, and owner‐centred culture, it is vital for these organisations to embed their valuable resource in their core business strategy, to ensure survival in the longer term. Furthermore, there is an assumption that knowledge must be used optimally within the micro‐firm by developing the analytical and critical skills of individuals, groups and the entire organisation so as to sustain and grow these firms' competitive advantage. Having...

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