The links among small businesses, new venture creation and entrepreneurship. => small business: an owner managed business with less than 100 employees. Small business are usually independently owned and influenced by unpredictable market forces. => new venture/firm: a recently formed commercial organization that provides goods and/or services for sale. The process of identifying an opportunity in the marketplace and accessing the resources needed to capitalize on it. Entrepreneurs are people who recognize and seize opportunities. A required characteristic of an entrepreneur is the ability to use personal attributes such as creativity to adjust to unpredictable market environments. Entrepreneurship occurs in a wide variety of contexts: in firms that are new or old, large or small, firms with rapid or slow growth, in non-profit organizations and in the public sector. Intrapreneurs are people who exhibit entrepreneurial characteristics and create something new within an existing large firm or organization.