A large percentage of smaller firms represent family enterprises

Motivation to acquire the necessary knowledge and expertise through relevant exploration and reflection, in order to excel

Timmons (1994) defines entrepreneurship as creating and building something of value from practically nothing. It is the process of creating or seizing an opportunity, and pursuing it regardless of the resources currently personally controlled.

see entrepreneurs as mercurial, that is, prone to insights, brainstorms, deceptions, ingeniousness and resourcefulness. They are cunning opportunistic, creative and unsentimental.

Ingenious mobilization of ____ enables the pursuit and realization of opportunities without regard for the resources a firm actually controls.

Capability to identify an opportunity for creation or innovation, and ability to turn it into a reality

As the embryonic entrepreneurial firm grows, ownership is likely to become more diffused and entrepreneurship may become a group quality rather than confined to any one individual.

This approach relates to entrepreneurship which is not a constant process, but one which can be applied as and when required. It

_________studied 150 entrepreneurs and concluded that they are tough, pragmatic people driven by needs of independence and achievement. They seldom are willing to submit to authority.

Acting within a limited window in which an opportunity can be optimized.

found there are four types of entrepreneur:  the innovator, the calculating inventor, the over-optimistic promoter, and the organization builder. These types are not related to the personality but to the type of opportunity the entrepreneur faces.

Renewal of products or services by adding value through application of expertise and imagination.

Evaluation of personal and financial risk elements, self-confidence and determination to succeed.

____defines entrepreneurship as creating and building something of value from practically nothing. It is the process of creating or seizing an opportunity, and pursuing it regardless of the resources currently personally controlled.

under the concept of marketing markets are people who are willing and able to satisfy their needs. In Economics this is called effective demand.

These businesses are often entirely dependent upon the talents and energies of the proprietors.

This typology does not view the process of entrepreneurship or intrapreneurship as the preserve of the individual.

Their owners are likely to be concerned with survival, and maintaining sufficient income to ensure that the business provides them and their family with a satisfactory level of funds to enable enjoyment of their chosen _____

Continuous focus on emerging trends and opportunities to be captured and realized.

Formulation of ambitions, and strategies to realize them.

Maintenance of effective teams, networks, and flexible management structures

Business format franchising entails the franchisor granting a license to local operators

Constantly vigilant towards identifying new opportunities to be pursued, and awareness that opportunities have a limited life. Thus, the importance of acting quickly in order to optimize themm

claim entrepreneurs are prone to overconfidence and over generalizations.

Ingeniously marshalling resources, of both a financial and managerial nature, from a complex set of sources in order to mobilize and realize the opportunity.

Their owners / managers will be driven by the managerial objective of growth realization, and maximization of the potential opportunities which can be developed from the original venture created. They are characterized by innovative strategies and practices.

Has the power to discern future prospects of success, and the ambition and strategies to progress towards achieving them. Clear vision and directions for the future are forces which bind the firm

A learning organization which is continuously committed to the acquisition of knowledge and expertise relative to both market and management information. This is in order to maximize the firm’s potential and to excel within a given activity.

Entrepreneurship has been identified as a vehicle through which members of ethnic minority groups can overcome disadvantage and achieve personal success.

It is the innovatory process involved in the creation of an economic enterprise based on a new product or service which differs significantly from products or services in the way its production is organized, or in its marketing.

Within the hospitality, tourism and leisure industries, this represents a small, highly specialized segment. The restricted size is mainly due to the nature of the businesses in this sector with their fixity to the service provider’s home, rather than the location of the customers.

Values the contribution of ______ in the process of entrepreneurship. Entrepreneurial teams are linked to a set of commonly held values. The firm has the ability to manage effectively the relationships involved.

Evaluates the ________associated with projects, but does not suffer from analysis/paralysis in that it has the confidence to assume a certain degree of risk and is willing to learn from mistakes

This represents an arrangement whereby firms remain independent but set a up new organization jointly owned by the parent firms.

He described the entrepreneur as primarily motivated by an overwhelming need for achievement and strong urge to build.

Within corporations the process of entrepreneurship may be initiated by dynamic employees who are motivated to be creative and innovative to the social and economic enhancement of their organization.

Development of sources of management information to enable first-mover capability, and effective strategy formulation and implementation.

Application of appropriate management practices and reward systems designed to exact employee loyalty, retention and efficiency