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Entrepreneurship/Leadership/Innovation- MGT 2251Y
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UNIT 8: ENTREPRENEURSHIP, THE ENTREPRENEUR, INTRAPRENEURSHIP
Unit Structure
8.0 Overview
8.1 Learning Objectives
8.2 Introduction
8.3 Entrepreneurship – Historical Evolution
8.4 Entrepreneurship – Definitions
8.5 The Dimensions of Entrepreneurship
8.6 The Entrepreneur - Entrepreneurial Traits
8.6.1 Need for Achievement
8.6.2 Risk Taking Propensity
8.6.3 Need for Autonomy
8.6.4 Locus of Control
8. 7 Economic Importance of Entrepreneurship and SMEs
8.7.1 Relationship between Entrepreneurship and Economic Growth
8.7.2 General Economic Importance of SMEs and Entrepreneurship
8.8 Advantages and Risks of Entrepreneurship
8.8.1 Advantages
8.8.2 Risks
8.9 Intrapreneurship
8.9.1 The Intrapreneur – Mode of Operation
8.9.2 Intrapreneurial Characteristics
8.9.3 The Organisation Characteristics
8.10 Summary
8.11 References
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8.0 OVERVIEW
In business history worldwide, over the years, a number of small businesses constantly
emerge from the turbulent business environment. Generally, the focus is on small
businesses and their owners, termed entrepreneurs, who display a somewhat common set
of characteristics that distinguish them from other people. Included in the notion of
entrepreneurship are those employees who display entrepreneurial characteristics within
the organisations they serve (intrapreneurs).
8.1 LEARNING OBJECTIVES
By the end of this Unit, you should be able to do the following:
1. Define entrepreneurship in relation to the changing business environment.
2. Analyse the historical evolution of the concept from the eighteenth century to date.
3. Relate the dimensions of entrepreneurship in terms of the individual, the act and
innovation.
4. Adopt a mixed approach to the subject in terms of inherited traits and learning.
5. Critically analyse the characteristics of entrepreneurs.
6. View the intrapreneur as a non-conformist employee displaying entrepreneurial
characteristics.
7. Interprete the ‘organisation architecture’ concept in terms of the entrepreneurial
organisation.
8.2 INTRODUCTION
Entrepreneurship is currently considered to be a mini revolution in economic thought and
action. Government are putting a lot of emphasis on promoting and supporting
entrepreneurship, almost as a panacea for current economic ills. The rationale behind this
is change and the pace of change in the business environment.
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In such an environment, small entrepreneurial firms are in a better position to cope and to
thrive. The main advantages of small size are flexibility (to adapt to changes) and speed
of response (faster than competitors). One can also add farsightedness in spotting
opportunities from market changes.
The success or failure of such entrepreneurs is determined by a number of factors often
termed the building blocks of entrepreneurship. These include technical skills,
management and leadership skills, networking skills, communication skills, and so on.
Entrepreneurship also refers to the entrepreneur (working individually or in teams)
possessing a number of characteristics that somewhat predisposes him/her to be
entrepreneurial. Eventually, these characteristics may be developed in people who already
have the potential (role of Business Schools and Entrepreneurship Education).
Contrary to general belief, entrepreneurs are not only those who develop ideas by
building their own organisations, but also those employees who circumvent policies,
rules and procedures and act entrepreneurially within their employer’s organisation.
They share mostly the same characteristics as entrepreneurs and are called intrapreneurs.
Entrepreneurship is something that all government are keen to develop and people
(including students) are increasingly being encouraged to become more entrepreneurial.
“Any one who starts in business is called an entrepreneur and entrepreneurship is
inextricably linked to small business environment”. (Stokes & Wilson, 2006).
8.3 ENTREPRENEURSHIP – HISTORICAL EVOLUTION
Obviously, entrepreneurship is not a recent phenomenon although the term is more popularly
used in current times. The term ‘entrepreneur’ is derived from the French word
‘entreprendre’ which literally refers to someone who takes between, for example, acting as
an agent or middleman.
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In the Middle Ages, the entrepreneur was someone who would manage an agricultural (or
other) project on behalf of the landowner or the Church, for example, building a Cathedral.
Later in the Seventeenth Century, the meaning was extended to include some notion of risk
and associated profit (and loss!). A few people and dates are listed below to depict the
historical evolution of entrepreneurship.
1734
Richard Cantillon described three types of economic agents:
• Landowners who provided the primary resource.
• Entrepreneurs who organised resources and accepted risk (e.g. merchants).
• Hirelings who rented out their services (employees).
Early 1800’s
Jean Baptiste Say distinguished between the profits of those who
provided capital and the profits of entrepreneurs who used it.
The entrepreneur uses existing resources such as money, people, materials and infrastructure,
and redeploys them productively for greater value creation. The entrepreneur is therefore an
agent of change.
Mid twentieth Century
Schumpeter argued that by optimising what already exists, economic equilibrium does not
create healthy economies.
“A dynamic economy takes as its norm the disequilibrium brought about by the constant
change of innovation and entrepreneurship”. (Schumpeter, 1934).
1980’s
Peter Drucker defined an entrepreneur as an individual who “always searches for change,
responds to it, and exploits it as an opportunity”. He linked entrepreneurship both with
innovation and with the management processes involved in what an entrepreneur does.
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Nowadays, entrepreneurship has broadened to include corporate entrepreneurship and
intrapreneurship where the organisation and the employee respectively display
entrepreneurial characteristics. More recently, the notion has been extended to include social
entrepreneurship, whereby NGO’s and other social entities carry out entrepreneurial projects,
at least partly for profits (to be reinvested, not distributed).
8.4 ENTREPRENEURSHIP – DEFINITIONS
Entrepreneurship has been defined from a number of perspectives. Some authors have
focused on outcomes and/or process from “opportunity recognition” to realising value.
Hisrich and Peters (2002) define entrepreneurship as “the process of creating something new
of value by devoting the necessary time and effort, assuring the accompanying financial
psychic and social risks, and receiving the resulting rewards of monetary and personal
satisfaction and independence”.
This definition refers to both process and outcomes, but focuses on the individual.
Entrepreneurship in the Asiatic context focuses otherwise on the group, for example, family
or partnership.
Stevenson & Jarillo (1990) bring an intrapreneurship dimension in their definition:
“Entrepreneurship is the process by which individuals – either on their own or inside
organisations – pursue opportunities without regard to the resources they currently control”
Schaper & Volery (2004) disagree on focusing definitions on the individual and rather
propose an approach whereby entrepreneurship involves the linking of two phenomena: the
presence of lucrative opportunities and the presence of enterprising individuals. The authors
however agree that entrepreneurship remains difficult to define because it is a multifaceted
phenomenon that spans many disciplinary boundaries, otherwise termed the dimensions of
entrepreneurship.
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8.5 THE DIMENSIONS OF ENTREPRENEURSHIP
Entrepreneurship encompasses various concepts such as small business, change management,
innovation, turbulence in the business environment, new product development and so on. It
also cuts across disciplines such as management, economics, sociology, psychology and
business itself.
For entrepreneurship to take place, the following factors are commonly cited by authors to
be necessary:
- An individual/ A team
Holt (2001) refers to an individual in unusually good health, realistic about working
hard and driving towards measurable efforts, tending to have superior conceptual
abilities, and who are generally emotionally stable.
Activity 1
How can an entrepreneur measure result? For example, short term and medium term?
In general, the venture may originate from an individual at first, but almost invariably
develop in a team. Asian entrepreneurs build extended organisations from a network of
family members and friends.
- Innovation
Peter Drucker is one of the authors who believe that it is not sufficient to launch an
enterprise to be counted as entrepreneurship, it also has to represent innovation (to be
distinguished from the majority of small business start ups that follow an “imitation”
strategy).
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Activity 2
The majority of small businesses are not examples of entrepreneurship and do not
deserve institutional support”. Discuss.
Entrepreneurship refers to the ability to recognise opportunities that other people don’t
see. Entrepreneurs must know what customers want – sometimes in anticipation, a little
before the need is expressed.
- An act
It is not sufficient to develop a vision and translate it into an opportunity. “Entrepreneurs
are people who are not only astute at identifying opportunities but who will actively do
something to capitalise on them”. (Schaper & Volery, 2004). This may mean preparing a
Business Plan and implementing it.
8.6 THE ENTREPRENEUR - ENTREPRENEURIAL TRAITS
A number of questions need to be answered in describing the entrepreneur, for example:
- Can anyone become an entrepreneur?
- Does it require certain attributes?
- Are these attributes innate or can they be acquired?
Entrepreneurs are highly influential for their businesses. They conceive the business, devote
their energy in its creation, growth and survival (although, in general, a management team
takes over).
The rationale behind identifying entrepreneurial traits is to encourage those who have the
right fit because they are more likely to succeed and maybe to discourage those who do not
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possess the right characteristics. Furthermore, if possible, to inculcate certain attitudes and
behaviour change so as to develop these attributes in other individuals.
Four traits in particular have received attention: need for achievement, need for autonomy,
locus of control and risk taking.
8.6.1 Need for Achievement This refers to “a person’s desire either for excellence or to succeed in competitive situations”.
Schaper & Volery (2004). A number of influences are linked to the need for achievement.
- Parental influences are significant in the development of this personality dimension.
Parents are likely to have expected them to be self-reliant while remaining
supportive at the same time.
- Family background and experiences. Someone having endured hardships during
childhood and having suffered low self esteem and insecurity may often exhibit
hyperactivity and ambition later. Similarly, someone who has been refused
conventional employment may wish to create his/her own organisation to succeed.
Stokes & Wilson (2006) describe a number of ways on which need for achievement
manifests itself:
• Risk-taking.
• Confidence of success.
• Desire for independence.
• Energy in pursuing goals.
• Measurement of success by wealth.
8.6.2 Risk Taking Propensity Without being gamblers, entrepreneurs are characterised by a propensity to take calculated
risks. Risk is managed to some extent by transferring portions of it to stakeholders, for
example, bankers, investors, partners, customers, suppliers, employees and so on.
Entrepreneurs know by instinct that gains do not accrue to those who always play safe. This,
in fact, represents a continuum with at one end the entrepreneur who relentlessly pursues
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every possibility with little regard to available resources and the cautious entrepreneur who
while taking some risks to start the business, may wish to preserve initial gains by taking
calculating risks
Kets de Vries (1985) states that “….this compulsive competitiveness stems from their deep
insecurity which drives them to prove themselves time and again by taking risks”.
Stokes & Wilson (2006) take a similar view:
“A young unemployed person with no family would be seen as taking less risk in starting a
new venture than an older person in a secure job with a family”. However, what appears as
risk for one person might actually represent a real opportunity for someone else. As such,
entrepreneurs may not be accepting more risk than others, they may simply be seeing
opportunities where others feel uncertainty.
Those with a high risk-taking propensity can accept a greater likelihood of loss, which can
be compensated by greater reward potential.
8.6.3 Need for Autonomy Entrepreneurs display a strong desire for independence and freedom. Since they must make
decisions often contrary to majority opinion (they see the opportunities that others don’t see),
they have the tendency to do things autonomously. The desire for independence and self-
direction has been long considered as a predictor of successful ‘fit’ of a person with an
entrepreneurial position.
Activity 3
Does the need for autonomy contradict the ‘network’ or team approach in entrepreneurship?
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8.6.4 Locus of Control
This refers to the extent to which people believe they can control events that affect them.
This attitude is consistent with a need for autonomy and high achievement motivational
drive.
Successful entrepreneurs are convinced that they can control their own destinies (people
with an external locus of control believe their lives are dominated by chance and fate or by
powerful others).
There is an assumption that people’s thoughts control their actions and that they can
positively affect their beliefs, motivation and by extension their performance.
A number of other characteristics have been proposed by authors (psychologists, sociologists
and economists) following research. These include:
• Self confidence.
• Flexibility.
• Tolerance of ambiguity.
• Independence of mind.
• Creativity.
• Energy and diligence.
• Resourcefulness.
• Hard work ethic.
• Perseverance.
The list is not exhaustive. However, there needs to be a word of caution. There is little
empirical evidence to support a direct link between the above characteristics and
entrepreneurial behaviour. For example, it would be misleading to claim that these
personality traits are present in business entrepreneurs and not in public officers or other
managers.
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Case Study – An Entrepreneurial Profile – Rebecca Smith
Rebecca Smith is one of the most sought-after speakers in the United States. She was
featured at the Working Woman’s Summit of the most successful women entrepreneurs in
2001 and was a past winner of Ernest & Young’s Entrepreneur of the Year. Smith began
dreaming of starting a business of her own when she was a young child helping her father on
home projects and watching him prepare drawings in the evenings. Her fascination with the
technical world of architecture and construction led to an early house design that won her a
prize.
Smith earned her B.A degree in architecture and her M.S degree in building construction.
After working for others, and with a small initial loan from her father and a lot of practical
applied experience, she opened her own firm at age 29. Her business was not an overnight
success, however. Smith’s first priority was to be successful enough to pay back her father
within the first year, which she did. Like many entrepreneurs, she learned what it was to
struggle – a common denominator that links all business owners.
Today she is a Class A Certified General Contractor and the founder and president of A.D.
Morgan Corporation, a commercial general construction company with offices in Tampa and
Melbourne, Florida. Smith’s path to becoming a successful entrepreneur followed a series of
stages: obtaining a strong educational background, acquiring corporate experience and skill,
and using supportive network to launch her own business. Smith’s approach was one of
many that can lead to success, but each requires identifying an opportunity, extending a
vision by careful strategic planning, being capable of doing even the most miniscule task,
and having the will to persevere when times are rough.
(Source: Kaplan, 2007)
Activity 4
Identify the entrepreneurial characteristics of Rebecca, those that she ‘inherited’
and those that she developed.
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8. 7 ECONOMIC IMPORTANCE OF ENTREPRENEURSHIP AND SMEs
8.7.1 Relationship between Entrepreneurship and Economic Growth
According to the model, differences in economic growth rates between countries and
between different periods in one country can be attributed largely to the quality of
entrepreneurship.
It would also seem that economic growth occurs not only because of improvements in
resources available, productivity and technology, but also because entrepreneurs improve
their technology, innovate and become more productive and force other less performing
firms out of business. This business dynamics is also termed ‘creative destruction’, whereby
“it is illusory to think that society can benefit solely from the growth and progress generated
by entrepreneurial activities, without incurring enterprise restructuring and bankruptcies
and their inevitable consequences…”. (Schaper & Volery, 2004).
GEM:
The Global Entrepreneurship Monitor is a joint research initiative by Babson College in
Boston and the London Business School. It was launched in September 1997 to analyse
entrepreneurial activity, its impact on national growth, and factors that affect the level of
entrepreneurial activity.
The relationship between the entrepreneurial process and economic growth is depicted by
the GEM model, 2001.
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Figure 1 - GEM Model
(Source: Simon, O’Neill & Cromie, 2003).
8.7.2 General Economic Importance of SMEs and Entrepreneurship In general, specifically, small firms are important for the economy because they provide jobs,
diversity and democratise the economy, enable innovation, improve balance of payments
through exports, among others.
• Job creation
Firstly, the owner manager creates his/her own job (self employment). Secondly, a
number of conventional jobs are created, having positive consequences on
Social, Cultural, Political Context
Entrepreneurial Framework Conditions
General National Framework Conditions
Major Established Firms
Micro, Small and Medium Firms
Entrepreneurial Opportunities
Entrepreneurial Capacity
National Economic Growth
Business Churning
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unemployment. Thirdly, a lesser number of indirect jobs are created, for example, a
small hotel business further generates creation of a few jobs in supply industries -
transportation, agri-business and so on.
• Economic diversification
Small firms reduce dependence of the economy on a few large sectors, for example,
tourism, textile (manufacturing in general), ICT, Sugar and so on, in Mauritius. They
increase the number and variety of economic pillars, thereby reducing vulnerability
resulting from natural or man made disasters.
Activity 5
Reflect upon the dangers of a monocrop economy - the situation of
Mauritius with the Sugar Industry in the 1960’s.
• Economic democratisation
Once dominated by a few traditional ‘actors’, the Mauritian economy is now
characterised by a variety of Small to Medium firms, which result in a more vibrant
economic and social climate. Government support to SMEs goes in the direction of
democratisation of the economy by empowering start-ups at the early stages so as to
increase their chances of survival.
• Exports and balance of payments
Starting with import substitution, small firms soon saturate the local market and seek
export markets, while making good use of Trade Agreements between neighbouring
countries or otherwise, for example, SADEC and COMESA.
Exports bring in sought for foreign currency and improve balance of payments. They
also force an improvement in product and service quality from the need to be more
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competitive and to meet international standards.
• Benefits from competition
A market dominated by a few firms results in price setting rather than an equilibrium
market price. This is disadvantageous both for customers and producers. Lack of
competition leads to complacency and increased costs of production thereby reducing
competitiveness, especially for export.
A large number of competitors ensure that customers have a choice and that there is
efficiency in the economy.
• An outlet for innovation and entrepreneurial activity
Small businesses are often a vehicle to materialise innovations. Competition further
‘pushes’ innovations on the market.
Small firms support innovation and innovators by providing the fertile grounds to
grow innovation and the vehicle to test new ideas and offer them in the market place.
• Support to larger industries – subcontracting business
Actually, a symbiotic relationship exists between small and larger firms. The former
supply the latter with component parts, consultancy services (e.g. accounting),
distribution networks (small retail shops) and casual labour. Such a sub-contracting
relationship was largely responsible for the success of the Textile Industry in
Mauritius.
Activity 6
Identify elements of partnership among firms in the Textile Industry in Mauritius
prior to 2004.
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Obviously, without an ample ‘supply’ of small firms, there can be no future for large firms.
Some SMEs of today will grow in tomorrow’s large firms, while some large firms will
inevitably exit the marketplace, for example, through bankruptcy.
A number of other positive economic and social consequences arise from entrepreneurship
and small firms. For example, if small firms did not exist, a number of market segments
would remain unattended (large firms are not interested with ‘small’ markets). Niche markets
appeal to smaller firms, smaller in size.
Furthermore, social aspects of entrepreneurship include poverty alleviation (e.g. through the
Micro Credit Scheme), Social cohesion and social peace (to be discussed in next Unit).
8.8 ADVANTAGES AND RISKS OF ENTREPRENEURSHIP
There are many advantages and disadvantages to self-employment and entrepreneurship.
8.8.1 Advantages
• Satisfaction from autonomy
The freedom to make decisions and the feeling of being your own boss is highly
satisfying for many entrepreneurs.
• Satisfaction from challenge
Coupled to the exhilaration of the challenge, the feeling of achievement is highly
motivating for any entrepreneur, especially when they are solely responsible for their
success.
• Financial control
Far from being wealthy, a large number of entrepreneurs derive satisfaction from
financial independence. They have more control over their financial situation than,
say, an employee who can unexpectedly face a layoff or a cut in salary.
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8.8.2 Risks
• Financial risks
Entrepreneurs must invest large sums of money in their business, committing part of
the totality of their savings and even offer collateral (security) to raise finance. The
greatest risk is bankruptcy.
In order to reduce or share financial risks, entrepreneurs can have recourse to bankers
or venture capitalists as mentioned earlier. Choosing to operate as a company (instead
of as a sole proprietorship) can limit risks, whereby only the assets of the company
will be at stake.
• Career risks
Should the venture fail, entrepreneurs may find it difficult to find a job (sometimes
due to social sigma). If they do get a job, they may have to accept a lower paid one
and not necessarily in their field of expertise.
One way to minimise career risk is to launch the business while still being in
employment, so long this remains possible. In this way, a fall back position and
income remain.
• Social risks
Being given that the new venture will consume much of the entrepreneur’s energy
and time, family and social commitments will inevitably suffer. One way to minimise
this is to involve family members in the business and to delegate responsibilities so
as to afford leisure time.
Another social risk is the image of the failed entrepreneur in certain cultures, which
have a low tolerance for failure. Examples are Japan and Singapore where there is a
pervasive ‘afraid to lose’ attitude. Failure is perceived to be a disgrace and brings
shame to the individual and the family.
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• Health risks
It is well known that entrepreneurs care more for their machines and vehicles
(servicing and maintenance) than for their own selves. Entrepreneurship is a rigorous
activity, both physical and mental. A normal workday can be quite ‘abnormal’ by any
‘normal hours of work’ standards. A typical working day for an entrepreneur can be
10-12 hours long and may extend over the weekend, thereby increasing the risks of
non communicable diseases, stress and resulting psychosomatic health problems
A medical check up before starting the venture and regular check ups during the
subsequent stages of business growth is therefore necessary to avoid major health
problems and subsequent discontinuities in the business.
8.9 INTRAPRENEURSHIP
In his best selling book, Intrapreneuring, Gifford Pinchot (1985) coined the term
‘intrapreneurs’ and described it as: “These courageous souls form underground teams and
networks that routinely bootleg company resources or ‘steal’ company time to work on their
own missions”. The author obviously refers to employees (working for a company or an
owner-manager) displaying entrepreneurial characteristics we have seen earlier.
8.9.1 The Intrapreneur – Mode of Operation Intrapreneurship is concerned with how individual employees might be encouraged to act in
an entrepreneurial way within an existing organisation belonging to the owner (at least at the
beginning). While not necessarily being the inventor of the product/process, they work alone
or in teams to forge their way through the bureaucracy to develop the idea for the market
place in a highly competitive manner.
8.9.2 Intrapreneurial Characteristics They are entrepreneurs in their employer organisations. They share many of the
characteristics of entrepreneurs, but in their organisations, they are borderline
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insubbordinators and are perceived to be undisciplined. However, their successes often
shield them from disciplinary action.
Ultimately, intrapreneurs may end up leading an ‘autonomous’ company set up by the parent
company to exploit the idea. Otherwise, the intrapreneur remains a hybrid employee “having
to work hard to create entrepreneurial structures and cultures around them, but always
having to communicate with the more bureaucratic organisation that employs them”. (Burns,
2007).
Despite strict and bureaucratic company policies, intrapreneurs can make things happen by
innovating and creating new commercial successes. For them, the pursuit of wealth is not a
primary goal. Rather, they pursue a vision to provide something of value, money being
simply one way to measure progress (or success).
Intrapreneurs are therefore known to violate policy, ignore the chain of command,
circumvent procedures and in the process come up with an innovation for the benefit of the
company. Success is linked to a bonus, but failure may result in a shattered career.
8.9.3 The Organisation Characteristics The challenge for the company/employer is to provide support and indulgence by providing
a work environment that attracts, motivates and retains talented people who are empowered
to pursue dreams.
Intrapreneurs will get the best of both worlds, a safe salary and taking initiatives while
keeping a very small share of financial risk.
In order to encourage entrepreneurial behaviour, some structural changes are sometimes
necessary in the organisation. The rationale behind this is that large firms especially need to
adapt to an ever-changing environment in order to survive. Therefore, they need to adapt
structures and cultures so as to elicit and motivate entrepreneurial activity in individual
employees.
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Burns (2005) describes the ‘entrepreneurial architecture’ as being composed of leadership,
strategy, systems, structures and culture that support entrepreneurship in the organisation.
According to John Kay (1993), this can be translated into a commitment to sharing of
rewards of collective achievement (team bonuses) and a high but structured degree of
informality. However, informality should not be construed as disorganisation or chaos. It
rather refers to personal informal relations being nurtured, for instance, with management,
staff, customers, and suppliers, where influence is used to secure resources or repeat sales at
the expense of competitors. Relations are based on trust rather than on formal contacts.
One closely related concept, corporate entrepreneurship, will be dealt with in detail in a
subsequent Unit.
8.10 SUMMARY
In this Unit, the concept of entrepreneurship was broadly defined to include the individual
within the act, that is, the entrepreneur. A number of entrepreneurial characteristics were
analysed. The entrepreneurship concept was extended to include intrapreneurs, employees
who display entrepreneurial characteristics and action within their employer organisations.
It was found that the notions of entrepreneurship and entrepreneurs are inextricably linked
with an individual, an act and innovation. Entrepreneurship also refers to intrapreneurs who
display entrepreneurial characteristics being employed in an employer organisation.
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8.11 REFERENCES
1. Burns, P. (2005). Corporate Entrepreneurship.
2. Hisrich, R. D. & Peters, M.P. (2002). Entrepreneurship.
3. Holt, D.H. (2001). Entrepreneurship, New Venture Creation.
4. Kay, J. (2004). Foundations of Corporate Success.
5. Kets de Vries. M (1985), “The Dark Side of Entrepreneurship”, HBR, Nov/Dec 1985
6. Pinchot, G III (1985). Intrapreneuring.
7. Schaper, M. & Volery, T. (2004). Entrepreneurship and Small Business.
8. Schumpeter, J. (1934). The theory of Economic Development.
9. Stevenson, H.H. & Jarillo, J.C. (1990). “A paradigm of Entrepreneurship”,
Entrepreneurial Management, Strategic Management Journal.
10. Stokes, D. & Wilson, N. (2006). Small Business Management Entrepreneurship.
11. Simon, B., O’Neill, K. & Cromie, S.(2003). Understanding Enterprise,
Entrepreneurship and Small Business.