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the local and the regional level, making it thus an important element in regional development. Also important to note is the fact that SMEs are more common in the regional levels, where they form an important element in regional economic development

According to Storey et al (1987), there is evidence that entrepreneurs of high growth firms are often linked to a high rate of multiple entrepreneurships. Donckels et al (1987, p48) also commented that multiple business creation has been found to be an important way of reaching the owner-manager's growth objective. Very important point to note in this study is the fact that habitual entrepreneurships are more common in settings where opportunities for growth are restricted (Carter, 1998). SMEs are also a perfect illustration of ventures that survive through such settings with restricted growth opportunities (Carter, 1998).

Starr and Bygrave (1991, p.224) also found that founders initiated follow-on ventures, within the same industries as the prior business efforts, or in a closely related ones, and only that when an entrepreneur is involved in the formation of three separate firms does the degree of relatedness drop to 52%, but then increases again with the formation of the fourth and fifth business ventures. However, additional venture initiatives that are unrelated to prior entrepreneurial efforts yield higher success rate than the formation of additional ventures in related industries (Scholl Hammer 1991).

Results of a study carried out by Pasanen (2002), relating to the ownership of multiple businesses among SMEs found that once successful SMEs owned by a single venture entrepreneur, fail to be as successful as the ones owned by successful multiple entrepreneurs, whereby;

Multiple ventures owned by multiple business entrepreneurs are owned and managed by older entrepreneurs, for the simple reason that it takes many years to form a portfolio of businesses.

Are owned and managed by entrepreneurs with longer business experience

Are more frequently high growth firms

Are businesses with clearer business objectives

Operates in segments of the market with growing demand

Offer products with growing volumes

Buy products outside their local markets

Are usually export firms

Are keen at buying sub-contracting

Value less the continuity of personnel, and

Do not see that weak competition as important for the success of the firms

According to Pasanen (2002), many innovative growth firms belong to a small group of SMEs owned by multiple business entrepreneurs, who adapt to environmental changes, whereby they have strong growth aspirations (need to achieve the set goals), where they operate in growing and global markets. Those SMEs emphasize more on research and development activities, with innovativeness being their main success determinants.

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