SUMMARY
This study investigates three competing but complementary perspectives on factorsrelated to entrepreneurial firm growth. We examine individual (entrepreneur)firm and national environment factors associated with the growth expectationsof nascent, baby and established firms. Using 25,384 data points from GlobalEntrepreneurship Monitor (GEM)’s survey of entrepreneurial activity in 35countries, we find male gender, personal acquaintance with an entrepreneur,innovative product/service, low levels of competition and based in less-developedcountries are associated with high growth expectations for all three businessstages. Nascent and baby firms’ business growth expectations are also linked tohaving higher levels of start-up capital and outside investment. In contrast tosome previous research, we find that a firm’s initial size is the best predictor ofgrowth expectations. Altogether, size-related factors determine not only initialgrowth expectations, but also growth expectations at later firm stages. The lawof disproportionate growth (i.e. a small number of firms are responsible formost expected job creation) holds for both start-ups and established businesses,although the latter are more rare. While both start-up and established firmgrowth expectations are higher in the developing countries, the fastest growingyoung firms are mainly found in developed countries.