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Summary EI Man 214 Chapter 1 & 2
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Entrepreneurship and innovation management 214Chapter 1
Entrepreneurs in perspective
o Entrepreneurs are motivated by the need to do something better or at a lower cost or for a bigger
profit
o Do better = innovation
o Lower cost = supply chain (value chain), management
o Bigger profit = business model reconfiguration
o Entrepreneurs drive the economy by creating and acting on opportunities
o Set objectives, acknowledge feedback, take responsibility and innovate
o Significantly contribute to a country’s wealth
o An entrepreneur is a person who sees an oppourtunity in the market, gathers resources and creates &
grows a business venture to satisfy those needs
o He/she tales the risk of the venture and is rewarded with profits if successful
o Without entrepreneurs: no business, trade or government, no trade unions & no economic development
o An entrepreneur starts: as a small enterprise filled with uncertainty, limited resources but high degree of
entrepreneurship, capitalise on oppourtunity, follow vision, combine resources better than other
Notable south African entrepreneurs
o Barney Barnato: 1873, arrived penniless, within 10 years = Barnato Diamond Company
o Ernest Oppenheimer: took over De Beers and established Anglo American Corporation in 1917
o Anton Rupert: Remgro Holdings
o Sol Kerzner: Sun International
o Christo Weise: Pepkor
o Richard Maponya: Maponya Mall
o Patrice Motsepe: rainbow minerals
o Pam Golding: Pam Golding properties
Similarities between successful entrepreneurs
o Started from nothing
o Success came gradually
o Struggled
o Worked hard
o Overcame disillusionment and failure
o Learnt from mistakes
o Believed in their vision
o Remained enthusiastic about their enterprise
SMMEs GDP: total value of everything produced
o Where most entrepreneurial activity takes place
within a country
o Generate 35% of GDP
o 43% of total value of salaries SMMEs: small medium & micro enterprises
o Employ 55% of private sector employees
,The development of entrepreneurship theory
o Progress of entrepreneurship research can be divided into 5 period’s
o A movement from entrepreneurship to entreprenology
o Economists = entrepreneurs & innovation, behaviouralists = entrepreneurs & creativity and intuition
The economists
o Entrepreneurship originates from the science of economics (within economic theory)
o Baumol (1993) categorised entrepreneurs:
o Entrepreneur-business organiser
o Entrepreneur-innovator
o Main criticisms against the economists:
o No involvement relating to economic theory
o Does not address behaviour of entrepreneurs
o Non-quantifiable attributes evident
The behaviourists
o Includes psychologists, psychoanalysts,
sociologists & other specialists in human
behaviour
o Dominated entrepreneurship research from
1960-1980
o Entrepreneurship is a regional phenomenon
o Criticisms:
o No profile to discover potential
entrepreneurs
o Behaviour developed a wider meaning
o Research shifted to skills & competencies required within the entrepreneurial sphere
The explosion of the field of entrepreneurship
o Exploded in the 1980s – driven by 2 events
o First encyclopaedia on entrepreneurship published
o First annual conference on entrepreneurial research (Babson Conference)
o Researchers from different fields began to take interest
o First doctoral theses appeared
o Entrepreneurship was integrated into other disciplines
o 1990s – research leaned towards entrepreneurial activities
, Research trends in the field of entrepreneurship
The development of entreprenology
o Difference between entrepreneurologu (study of entrepreneurial behaviour in a broad sense) &
entreprenology (the study of the overall entrepreneurial process)
o Entrepreneurship: practices of an entrepreneur used to facilitate the expression of entrepreneurial
activity:
o Activities
o Characteristics
o Economic effects
o Social effects
o Support methods
Defining entrepreneurship, the entrepreneur, small business & entrepreneurial
ventrues
Entrepreneur and entrepreneurship
o Associated with:
o Emergence & growth of new businesses
o Profit driven
o Responsive to opportunities in the market
o Creation of value for society & the individual
o Various definitions for ‘entrepreneur’: a person who sees an oppourtunity in the market, gathers
resources & creates & grows a business venture to meet these needs. He or she bears the risk of the
venture & is rewarded with the profit if it succeeds
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