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Entrepreneurship 214 Summary
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A comprehensive summary of the entire Entreps 214 module
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By: alexandralevor • 2 year ago
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DOPE NOTESENTREPRENEURSHIP & INNOVATION
214
, Chapter 1: The Nature and Development
of Entrepreneurship
Notes: Sections 1.4 – 1.6 were highlighted as important in the chapter breakdown
DOPE NOTES 1 dopenotes.co.za
,Defining entrepreneurship, the
entrepreneur, small businesses and
entrepreneurial ventures
Entrepreneurship
• Is the emergence and growth of new businesses
• The motivation is to make profits
• It is the process that causes changes in the economic system through
innovations of individuals who respond to opportunities in the market
The entrepreneur
• An entrepreneur is an individual who sees an opportunity in the market,
gathers resources, and creates and grows a business venture to meet these
needs. They bear the risk of the venture and is rewarded with profit if it
succeeds
• Important aspects
o Identifying an opportunity
o Innovation and creativity
o Getting resources
o Creating and growing a venture
o Taking risks
o Being rewarded
o Managing the business
Small business
• Small business owners are individuals who establish and manager their
businesses for the principle purpose of furthering personal goals and ensuring
security
• It is independently owned and operated, but is not dominant in its field and
does not engage in any new marketing/innovative practices
• Qualitative criteria (that relates to ownership)
o Separate and distinct business entity
o Not be part of a group of companies
o Include subsidiaries and branches when measuring the size
o Be managed by its owners
o Be a natural person, sole proprietorship, partnership or a legal person,
such as a close corporation or company
DOPE NOTES 2 dopenotes.co.za
, The entrepreneurial venture
• Has three characteristics that distinguishes it from the small business venture
• Innovation
o Entrepreneurial ventures thrive on innovation
• Potential for growth
o The entrepreneurial venture has much more potential for growth
o It is in a position to create its own market
• Strategic objectives
o The entrepreneurial venture will set itself objectives in relation to
§ Market targets
§ Market development
§ Market share
§ Market position
DOPE NOTES 3 dopenotes.co.za
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