Class notes
Lecture notes Sports management
- Course
- Institution
it is all about business management and its contains information on how to run a business
[Show more]
Seller
Follownontandotshabalala
Content preview
lOMoARcPSD|39826478Business management notes
Business Management 1A (University of Johannesburg)
Scan to open on Studocu
Studocu is not sponsored or endorsed by any college or university
Downloaded by Nontando Tshabalala (tshabalalanontando21@gmail.com)
, lOMoARcPSD|39826478
Business management notes test 2
CHAPTER 3, 4&5
Chapter 3
Define entrepreneurship
Entrepreneurs can identify and seize an opportunity and create and develop a business by adding value
to the business.
Entrepreneurship is the process of establishing a business, from the identification of a business
opportunity and innovation through to planning, start up, managing and growing the business.
The relationship between entrepreneurship, a small business enterprise and small business
management
A small business manager must be able to:
plan, organise, lead and control the various business functions
organise the efficient performance of tasks
ensure interpersonal and inter-group competence
facilitate formal communication during scheduled meetings
Compile and implement necessary policies and procedures for the business.
Types of entrepreneurial businesses
The formal small business
The small and micro business sector
Medium business
Gazelles and serial entrepreneurs
Medium business
Medium businesses employ between 50 and 200 employees, with turnover from the upper limit of
small businesses.
Highly formalized
Require: professional expertise, management and an entrepreneurial team
Downloaded by Nontando Tshabalala (tshabalalanontando21@gmail.com)
, lOMoARcPSD|39826478
Examples: P86 -87
(Notes from the textbook)
Downloaded by Nontando Tshabalala (tshabalalanontando21@gmail.com)
, lOMoARcPSD|39826478
Gazelles and serial entrepreneurs
Gazelles, otherwise known as high growth entrepreneurial businesses, are entrepreneurs who are
focused on growing and developing their businesses at a quick pace.
Serial entrepreneurs are entrepreneurs that are always on the lookout for new business ideas.
Serial entrepreneurs also create businesses to sell them. They are good at commercialising ideas
and can identify novelty.
Corporate entrepreneurship or intrapreneurship
Corporate entrepreneurship or intrapreneurship occurs when the corporate entrepreneur identifies
a specific business opportunity and establishes a new business or businesses within an existing
large business,
Using new ideas and exploiting opportunities.
Business Unit: Producing a product or service using the resources of an existing business and
within the structures of an existing enterprise
Franchisors and franchisees
Franchising – is an arrangement in which an individual or business (the franchisor) grants and
independent part (the franchisee) the right to sell the products or services of the business
according to guidelines set down by the franchisor.
The franchisor – retains control of the conduct of the business and offers the franchise a
comprehensive business package.
The franchisor – is an entrepreneur, whereas the franchise should rather be seen as a corporate
entrepreneur (or intrapreneur) who innovates within the franchise.
Franchisees do not have the latitude to experiment, operate and market their franchise business
according to their own vision but must adhere to the plans of the franchisor.
Franchisees do show an entrepreneurial orientation in certain situation
Downloaded by Nontando Tshabalala (tshabalalanontando21@gmail.com)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller nontandotshabalala. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $20.96. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
66475 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now