entrepreneurship Business Management 2b
Entrepreneurship and intrapreneurship Module 1 Entrepreneurship and intrapreneurship
What is entrepreneurship? See page 8 & 9 of study guide Involves the creation and building of value & benefits
Some points on entrepreneurship Building long term value Durable cash flows Entrepreneurship can be developed
Benefits of entrepreneurship To the economy To the entrepreneur Establishment & management of small businesses Sale of products & services Creation of employment Profits Contributing to society Recognition of efforts
Profile of an entrepreneur Innovators Skilled in identifying new products, opportunities & methods of production Creators of value Through innovation they present profitable products & ventures that did not previously exist
The entrepreneur Starts their own business Manages their own business Buys a business Identifies new products or opportunities Is creative or innovative Organises & controls factors of production Takes calculated risks
Examples of entrepreneurs discussion
Match the Entrepreneur with the business Ray Kroc Mvelapandla Herman Mashaba Pick n Pay Sol Kersner Rembrandt Mark Shuttleworth Famous Brands Tokyo Sexwale Thawte Raymond Ackerman McDonalds Anton Rupert Black Like Me George Halamandres African Rainbow Patrice Motsepe Sun International
The importance of entrepreneurs “spark plug” – activate & stimulate the economy Small businesses create more jobs than big business Big business started off small! The most successful economies are those that have the most entrepreneurs
Qualities of an entrepreneur Skill, expertise & aptitude Persistence – try again Commitment – “skin in the game” Involvement – owner managed & taking calculated risks Relationship builder Creative – original ideas & different ways Positive attitude
intrapreneurship Entrepreneurship practiced within an existing organisation Corporates encouraging managers to think & act like entrepreneurs The mavericks within the enterprise
intrapreneurship Encouraging factors Discouraging factors Competitive advantage Creativity encouraged Executive Champions Incentives & recognition skunkworks Cost of failure too high Not willing to change No rewards
Objectives of an entrepreneur Control over your own destiny Reach your full potential Contribute to society Recognition Career change Profit Boredom & creativity