Globalization and internationalization tendencies imply new challenges for small and medium‐sized enterprises (SMEs), which are either facing the pressure to achieve short‐term profits, or have to attract new market segments by means of long‐term strategies. This trend raises the question of growth perspectives of SMEs and their future development. The paper gives an insight into selected growth theories, entrepreneurship and SMEs, firm competencies, core competencies and the wellbeing of entrepreneurs as a growth indicator. The majority of SMEs are run by the family and characterized by low growth rates or even stagnation, and relatively low market entry and qualification barriers. An exploratory study was carried out among 3‐ and 4‐star hotels in South Tyrol (Italy) in 2004 for a better understanding of the driving forces, growth barriers, entrepreneur's satisfaction, and prerequisites and incentives of growth.
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