I have already mentioned the importance Penrose ascribes to the concept of productive opportunity, which to use her words again “… comprises all of the productive possibilities that its [the firm’s] ‘entrepreneurs’ see and can take advantage of.” 1 As noted, this observation introduces the subjective elements of her theorizing, leading her to formulate the concepts of self-conception and image of context. She connects these concepts to the growth of the firm by way of their influence on the firm’s actions. I have argued that self-conception and image of context can be captured by focusing on and analyzing the company’s use of narratives. I have discussed two important narratives of Fiberline: the basic narrative formulating the idea or vision of the company and a newer narrative about sale. I have considered the influence of these narratives on Fiberline’s development. As seen, the company’s actions so far have been taken more to secure survival than to establish growth as such. However, I have also argued that the mechanism guiding the actions of the firm is the same in both cases.