LESSON 1 – PART 1
ENTREPRENEURSHIP AND SMALL,
MEDIUM AND MICRO ENTERPRISES
IN PERSPECTIVE
Business Management Fundamentals 1A
BSM1501
Open Rubric
CONTENT AND LEARNING OBJECTIVES COVERED
• Definition of entrepreneur
• Definition of small business manager
• Definition of intrapreneur
• LO: Distinguish between the terms “entrepreneur”, “intrapreneur” and “small business
manager”
• Similarities and differences between entrepreneurship, intrapreneurship and small
business management
• LO: Critically compare the similarities and differences between entrepreneurship,
intrapreneurship and small business management
2
LEARNING OUTCOME
3
Distinguish between
the terms
“entrepreneur”,
“intrapreneur” and
“small business
manager”
ENTREPRENEUR
Definition of an entrepreneur
• Ability to identify and seize opportunities
• Create and develop a business by adding value
• Applying resources: finance, time, effort, people, skills
• Willingness to take calculated risks
• Organise, manage, achieve results
4
ENTREPRENEUR
Characteristics of an entrepreneur
• Starts own enterprise
• Manages it
• Identifies new opportunities
• Is creative and innovative
• Organises and controls resources
• Ability to market, produce, finance a product/service
• Willingness to take risks
• Responsible for growth
5
SMALL BUSINESS MANAGER
Definition of a small business manager
• Manages existing business or franchise without ensuring growth
• Works in a lifestyle business with insufficient income
• Satisfied with no-growth, single-premise business
• Inherits/takes over business without expansion/improvement
• Appointed by owner as manager
6
SMALL BUSINESS MANGER
Role of a small business manager
• Plan, organise, lead, control business functions
• Ensure efficient task performance
• Foster interpersonal and inter-group competence
• Facilitate formal communication
• Develop and implement policies and procedures
7
INTRAPRENEUR
Definitions of intrapreneurship and an intrapreneur
• Corporate Entrepreneurship
• Also known as Intrapreneurship
• Occurs within existing organisations
• Intrapreneur definition
• Employee with entrepreneurial abilities
• Utilises entrepreneurial abilities within an existing organisation
• Identifies opportunities without starting own enterprise
• Drives innovation and growth within the company
8
LEARNING OUTCOME
9
Critically compare
the similarities and
differences between
entrepreneurship,
intrapreneurship and
small business
management
ENTREPRENEUR, SMALL BUSINESS MANAGER & INTRAPRENEUR
Main characteristics
Entrepreneur
Small business manager
Starts and manages own enterprise Manages an enterprise (owner)
(owner)
Intrapreneur
Employee with entrepreneurial
abilities
Identifies opportunities and seizes
them
Does not identify new opportunities Identifies business opportunities
within an existing enterprise
Takes new risks
Carries financial risk. Do not take
new risks.
Do not want to take risks
Creative and innovative
Run enterprise in same way as
predecessor. No creativity or
innovation.
Creative and innovative
Responsible for growth
Does not ensure growth (only profit
and survival)
Responsible for growth
10