ENTREPRENEURSHIP, BUSINESS PERFORMANCE AND INDUSTRIAL DEVELOPMENT.

The purpose of this article is to examine the aspects of entrepreneurship within the broader context of the development of business strategy and structure. The discussion relates mainly, though not exclusively, to the development of British business, and large companies in particular, since 1870; and its critical and somewhat general nature is aimed at stimulating further discussion and investigation rather than at providing a set of firm conclusions. It is certainly not an aim of this article to become involved in the debate on the quality of British entrepreneurship in the late nineteenth century. Authors have attempted to argue that in the evaluation of business performance the quality of entrepreneurship is by no means necessarily central and that other factors may well exercise more powerful dynamic influence. Moreover, an examination of British economic development since the late nineteenth century suggests some factors, which might be considered as primary ones. The authors have paid particular attention to economists H.J. Habakkuk and David S. Landes' views on the role of entrepreneurship in economic development. Certainly, the analysis is much more in line with the former view than the latter, though it has been stressed that both approaches are too general and that it is essential to examine this relationship at the level of the individual firm in terms of business performance; which, in turn, involves close attention to a range of factors on both the demand and supply sides.