Studies have made a distinction between nascent (i.e., individuals considering the establishment of a new business), novice (i.e., individuals with no prior business ownership experience as a business founder, an inheritor or a purchaser of a business), habitual (i.e., individuals with prior business ownership experience), serial (i.e., individuals who have sold / closed their original business but at a later date have inherited, established and / or purchased another business), and portfolio entrepreneurs (i.e., individuals who have retained their original business but a later date have inherited, established and / or purchased another business) (Westhead and Wright, 1998a; Wright, Westhead and Sohl, 1998; Delmar and Davidsson, 2000). There is an increased awareness of the need for a greater understanding of the processes and strategies selected by different types of entrepreneurs (Hornaday, 1990; Rosa, 1998) to grow their ventures.