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Summary MNE3701 - Entrepreneurship And Small Business Management
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Entrepreneurship is a subject of great importance and relevance to any economy, because it involves the formation of companies, which supply people with goods and services they need and results in the creation of jobs. The purpose of this module is to encourage and stir the entrepreneurial spirit i...

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  • August 30, 2022
  • 9
  • 2022/2023
  • Summary

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Entrepreneurship and Intrapreneurship

1.1 Introduction
Entrepreneurship is a subject of great importance and relevance to any economy, because it
involves the formation of companies, which supply people with goods and services they
need and results in the creation of jobs. The purpose of this module is to encourage and stir
the entrepreneurial spirit in the students, so that they can go into their communities and
form new companies, develop existing businesses and create the much needed jobs for
their countries.
In this unit we will learn the meaning of the word entrepreneurship and distinguish it from
intrapreneurship. We will focus on entrepreneurs – their objectives, personal qualities,
importance to the economy and their personal qualities. We conclude the unit by posing the
question, but who can be an entrepreneur? Anyone who is willing to be an entrepreneur
and make the necessary sacrifices can be an entrepreneur. The reader can also be an
entrepreneur.



1.2 What is entrepreneurship?
There are many definitions of the word entrepreneurship. The more comprehensive
definition is by Timmons, Smollen and Dingee (1990:5-6) and is given below:
‘Entrepreneurship is creating and building something of value from practically nothing. That
is, entrepreneurship is the process of creating or seizing an opportunity and pursuing it
regardless of the resources currently controlled. Entrepreneurship involves the definition,
creation and distribution of value and benefits to individuals, groups, organisations and
society. Entrepreneurship is very rarely a get-rich-quick proposition; rather it is one of
building long-term value and durable cash flow streams.’
Note the key words in the definition, which are in italics for emphasis. Entrepreneurship
involves creating and building something of value e.g. a business enterprise or company.
Note also that the quantity of resources held has little bearing on entrepreneurship. Whilst
resources are important, their absence does not necessarily stop entrepreneurship.
Entrepreneurship benefits individuals, groups, organisations and society through the
provision of goods and services.
It is important to note that entrepreneurship is about building long-term value and durable
cash flow streams. It should also be noted that entrepreneurship can be developed. People
can be stimulated and activated to be venturesome, creative and dynamic. This is why we
are talking about entrepreneurship, so that the entrepreneurial spirit can be developed in
the reader.

, And finally, entrepreneurship has benefits for the economy, society and the entrepreneur.
Benefits to the economy and society and entrepreneur include:
The establishment and management of small businesses
The sale of products and services and the creation of employment
Benefits to the entrepreneur from self-fulfilment by doing what they enjoy, reaping profits,
contribution to society to recognition for his/her efforts.



1.3 Entrepreneurs
We have established the concept of entrepreneurship, the next question we have to tackle
is, but who are entrepreneurs?
In 1947, a researcher called Schumpeter categorically launched the field of
entrepreneurship, not only by associating entrepreneurs with innovation, but also
demonstrating the importance of entrepreneurs in creative destruction (radical
improvements and changes that made old processes and technologies obsolete), and hence,
economic development.
His concept of economic development had five phases which were, the introduction of new
goods, the introduction of new production methods, opening of new markets, the conquest
of a new source of supply of raw materials and the carrying out of the new organisation of
an industry. (Venter et al.,2010)
Entrepreneurs are skilled in the identification of new products, new methods of production
and marketing. Having identified these opportunities, they set up operations to exploit
these opportunities. This skill can be in-born or developed by reading books, magazines and
learning from others.
Today, entrepreneurs are conventionally viewed as the movers and shakers – people who
challenge convention in pursuit of new venture creation. Through innovation they guide the
way people live, work, learn, play and lead. Through innovation entrepreneurs present
profitable products and ventures that did not exist before. In this sense, they add value.
They generate innovations, fill market gaps and increase competition, consequently
promoting economic efficiency. Dynamic growth is accompanied by inventively combining
human, material, financial and physical resources. (Venter et al.,2010)

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