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lOMoARcPSD|39826478Business management notes
Business Management 1A (University of Johannesburg)
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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
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Examples: P86 -87
(Notes from the textbook)
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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
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