Journal of the Indiana Academy of the Social Sciences

Document Type



This paper looks at small-business management from the standpoint of Maslow’s hierarchy of needs and Hayes and Wheelwright’s four-stage model. The paper adapts Maslow’s hierarchy of needs model to small- business development and evolution. Additionally, Hayes and Wheelwright’s four-stage model is combined with the adapted Maslow small-business development model. The implications of the new model on the development of small businesses and future research are discussed.