How many employees does small businesses have?

How many employees does medium businesses have?

How many employees does Large businesses have?

What is the definition of Non-employing business?

What is the definition of Micro business?

What is the definition of other small business?

Importance of small businesses to an economy

What is entrepreneurship?

They define entrepreneurship as " The process, brought about by individuals, of identifying new opportunities and converting them into marketable products or services."

They define entrepreneurship as " a way of thinking, a way of acting, a form of organizing, not a personal quality reserved for a minority of the population: entrepreneurship is a social construction which arises in the interaction between people in certain situations, professional connections and life phases”.

They define entrepreneurship as “Entrepreneurship is a way of thinking, reasoning, and acting that is opportunity obsessed, holistic in approach, and leadership balanced for the purpose of value creation and capture...at the heart of the process is the creation and/or recognition of opportunities, followed by the will and initiative to seize these opportunities. It requires a willingness to take risks – both personal and financial – but in a very calculated fashion in order to constantly shift the odds of success, balancing the risk with the personal reward”.

Who stated that "From an economic perspective, people start a business because they expect to make extra profits"?

The SCAMPER method

Who argues that most people, at some point in their lives, have an idea that could form the basis for setting up a business, but only a few people actually pursue this idea.

_________ define an ‘entrepreneur’ as “a person who owns and starts an organization, such as a business”.

_________ argue; “the individual entrepreneur is regarded as the firm” and that “the small business firm is simply an extension of the individual who is in charge”.

All ideas could be transformed into a business opportunity

“Entrepreneurs use innovation to exploit or create change and opportunity for the purpose of making profit. They do this by shifting economic resources from an area of lower productivity into an area of higher productivity and greater yield, accepting a high degree of risk and uncertainty in doing so”

stated that:

Entrepreneurs make a difference

Entrepreneurs are creative and innovative

Entrepreneurs spot and exploit opportunities

Entrepreneurs find the resources required to exploit opportunities

Entrepreneurs are good networkers

Entrepreneurs are determined in the face of adversity

Entrepreneurs manage risk

Entrepreneurs have control of the business

Entrepreneurs put customers first

Entrepreneurs create capital (cited in Butler 2006, p.12)

__________ argues that there are four mechanisms by which a business plan might aid the performance of a business

“Entrepreneurs discover, evaluate and exploit new business opportunities…in contrast, a small business owner-manager is a person who runs an existing small business; there may be little innovation, idea-generation or risk involved in such a project”.

Furthermore, entrepreneurs are:

Furthermore, entrepreneurs are very competitive and they direct this energy toward the goal and their competitors. They are also disciplined, tenacious, and persistent in solving problems. However, they are also realistic in recognizing what they can and cannot do (Timmons & Spinelli 2009).

Entrepreneurs possess leadership skills including:

• Entrepreneurs have a Motivation to Excel.

• The best entrepreneurs are aware of their own strengths and weaknesses.

Successful entrepreneurs believe in themselves

Entrepreneurs cannot be created

Entrepreneurial self-efficacy affects performance by influencing the entrepreneur’s ____________ (Chen et al. 1998). Thus, self-efficacy levels affect the entrepreneur’s abilities to deal with the day-to-day challenges and uncertainties of running the business (Chen et al. 1998). Moreover, entrepreneurs with high levels of entrepreneurial self-efficacy set higher goals for themselves and for their businesses and are also more persistent in their efforts to try and achieve these goals (Boyd & Vozikis 1994).

A constant supply of entrepreneurs in hospitality industry is essential for the livelihood and success of the sector. Unique characteristics of entrepreneurship in tourism and hospitality industry are the relatively low barriers to entry, including low professional, skill, and financial barriers. The industry is also highly competitive and appeals to those with lifestyle objectives.

Married couple managing and running a business

Entrepreneurial behaviours occurring by an individual in an organisation

Concurrently owning more than one business

Entrepreneur will own a series of businesses, i.e. one after another

The primary objective of the entrepreneur is to contribute to the welfare of the community

A team of unconnected people coming together to start a business may create some problems, for example, there may be a case where different partners in the business have invested different amounts of funds, and hence have different expectations on their returns.

is usually short, one or two sentences, and is designed to express the main idea, aim or goal of the business.

is closely related to the vision. It should be a paragraph in length and describes the business’ goals and competitive advantages. It provides focus for the organisation, it sets out the key activities and helps keep the business decisions and operations on track.

This is a “30-second (100 word or less) action-oriented description of the business designed to sell the idea of the business to another” (Katz & Green, 2009, p.207).

This is normally around 250-500 words in length and is a very important component of the plan. It presents an overview of the business, its business model, the market, expectations, and goals. This should be written in a formal manner. The executive summary should describe the product/service offered by the business, a description of the market and the targeted customers, the competitive advantage of the business, the management team, current stage of the business and its operations, and an overview of the business finances.

This is normally around 250-500 words in length and is a very important component of the plan. It presents an overview of the business, its business model, the market, expectations, and goals. This should be written in a formal manner. The executive summary should describe the product/service offered by the business, a description of the market and the targeted customers, the competitive advantage of the business, the management team, current stage of the business and its operations, and an overview of the business finances.