This paper expands on recent research, using an evolutionary approach to study entrepreneurship and drawing on related concepts from the cognitive- and learning-based schools. It develops a process model that can be used as a basis for future research into the study of nascent small businesses. Following a brief overview of Universal Darwinism, the paper proposes new definitions for the concepts of the replicator and interactor, and describes the evolution of these concepts through the mechanisms of variation, selection and retention for the nascent small business. Finally, implications for practitioners and directions for future research are discussed.
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