From an economists point of view entrepreneurship is best considered as a function. The entrepreneur is what the entrepreneur does. Entrepreneurship was first described in economic terms by Cantillon who defined the components of trade but the term was accorded by Say. The modern theory of the entrepreneur is primarily concerned with the primary characteristic of the search for or the discovery of knowledge. The entrepreneur uses this knowledge in moving resources‚ where it is argued that the qualities
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2.4. Small Medium Enterprises (SMEs) Small Medium Enterprises (SMEs) do not have a stable definition because it varies on the economic status of each country. Generally‚ SMEs are divided into two: small enterprises and medium enterprises. In the developing countries‚ the employment level for micro enterprises should be less than 10. Small enterprises should range from 10 to 49 while large enterprises should range from 50 to 249 (Hussain‚ et al.‚ 2012). It was specified by the European Commission
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Micro‚ small‚ medium enterprises defined Micro‚ small‚ and medium enterprises (MSMEs) are defined as any business activity/enterprise engaged in industry‚ agri-business/services‚ whether single proprietorship‚ cooperative‚ partnership‚ or corporation. MSMEs have value falling under the following categories: By Asset*: MICRO: Up to P3‚000‚000 SMALL: P3‚000‚001 to P15‚000‚000 MEDIUM P5‚000‚001 to 100‚000‚000 LARGE: Above 100‚000‚00 This table shows that in a small business it should
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STRATEGIC PLANNING FOR SMALL BUSINESS Chapter 6 What is Strategic Planning? • The process of determining the primary objectives of the entrepreneurship and then adopting courses of action and allocating resources to achieve those objectives. • It provides the entrepreneur with a systematic approach to the achievement of the firm’s objectives. Three Distinct Steps of Strategic Planning: I. Determination of Primary Objectives II. Adoption of Course of Action III. Allocation of Resources I. Determination
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run a business‚ an enterprise or any kind of economic project. Second personal trait that an entrepreneur should have is a really strong personality‚ good ideas and an open mind‚ to be able to see everything in many different ways. Last but not least‚ I want to mention are romantic relationships; if an entrepreneur has some kind of romantic relationship‚ in my humble opinion he could not be able‚ totally‚ to run a good enterprise without undermining his/her relationship. In this last case a good
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Entrepreneurship: A Journey from Rags to Riches When I was reading several literatures to develop this research paper‚ although‚ I was impressed from the story of male Indian entrepreneur (Late Dhirubhai Ambani)‚ which made me emotionally snooping to know about how he had been a winning entrepreneur. In the very beginning time as narrated in the story‚ he started his business from a tin of groundnut. In the beginning‚ he purchased some amounts on credit from one of local wholesaler‚ and he sold in
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Peter Nicholson wishes to convert the factory in the north east to production of the electric taxi. Using data in Appendix C‚ Table 1‚ calculate payback period and the average rate of return. (8 marks) Peter Nicholson proposes to remove two management levels from the organisational structure and to encourage greater empowerment of the workforce. Do you think that this is a good idea? Justify your view. (18 marks) I believe that delayering the organisational structure by two
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CREATIVITY IN BUSINESS Promote regular team brainstorming sessions‚ which allow employees a chance to produce a high quantity of ideas. Once you have a large amount of ideas‚ analyze and choose those ideas that are of high quality. Create an encouraging work environment. If employees see that their ideas are encouraged and accepted‚ they will be more likely to be creative‚ leading to potential innovation in the workplace. Create a collaborative work environment. Creativity and innovation can
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History of entrepreneurship[edit] Etymology and historical usage[edit] First used in 1723‚ today the term entrepreneur implies qualities of leadership‚ initiative and innovation in manufacturing‚ delivery‚ and/or services. Economist Robert Reich has called team-building‚ leadership and management ability essential qualities for the entrepreneur.[5] The successful companies of the future‚ he has said‚ will be those that offer a new model for working relationships based on collaboration and mutual
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SAE220 Business and legal studies Lesson 6 Overview 2 Revision § Recap of week 5 and homework 5 § Business Functions: Human Resources § Cash Flow‚ Profit & Loss‚ Balance Sheet § plans and Projections § Sales forecasting § Book keeping and account management § Calculating staffing costs § Homework 6 revision 4 Business Plan – Introduction § Exercise 1 § Seminar presentations § Publicity and PR | Gabriel / Wadah § Direct Marketing | Jack / Nour § Advertising
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