Aspiring for, and Achieving Growth: The Moderating Role of Resources and Opportunities* Johan Wiklund and Dean Shepherd Stockholm School of Economics, Center for Entrepreneurship and Business Creation, and Jönköping International Business School; Leeds School of Business, University of Colorado, and Jönköping International Business School  In this article, we use the theory of planned behaviour to develop a model of small business managers’ growth aspirations and the level of growth achieved. We empirically test this model on a large longitudinal data set of small firms using hierarchical regression. Consistent with previous findings and others’ assumptions, we find that small business managers’ aspirations to expand their business activities are positively related to actual growth. However, the relationship between aspirations and growth appears more complex than stated. It depends on the level of education and experience of the small business manager as well as the dynamism of the environment in which the business(es) operates. Education, experience and environmental dynamism magnify the effect that one’s growth aspirations have on the realization of growth. INTRODUCTION In most economic literature, the economic motive is taken for granted; people act in ways to maximize their profits. Psychologists, concerned with all aspects of human behaviour, have a more diverse view of the motives underlying economic behaviour. In the small business context, this diverse view may be of particular importance. We know that people start and operate their own firms for a variety of reasons other than maximizing economic returns (Davidsson, 1989a; Delmar, 1996; Kolvereid, 1992; Storey, 1994). The fulfilment of non-economic personal goals, such as gaining independence or developing own ideas, are stated as primary reasons for operating one’s own firm (Douglas and Shepherd, 2000). Whether or not running a small firm actually leads to the fulfilment of personal goals is an Journal of Management Studies 40:8 December 2003 0022-2380 © Blackwell Publishing Ltd 2003. Published by Blackwell Publishing, 9600 Garsington Road, Oxford, OX4 2DQ, UK and 350 Main Street, Malden, MA 02148, USA. Address for reprints: Johan Wiklund, Stockholm School of Economics, Center for Entrepreneurship and Business Creation, and Jönköping International Business School, PO Box 6501, SE-113 83 Stockholm, Sweden ( johan.wiklund@hhs.se).