UNIT 8: ENTREPRENEURSHIP, THE ENTREPRENEUR, INTRAPRENEURSHIP …pages.intnet.mu/neoxionix/hans/SUPERGEM/Unit 8 .pdf · UNIT 8: ENTREPRENEURSHIP, THE ENTREPRENEUR, INTRAPRENEURSHIP

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.

Documents

UNIT 8: ENTREPRENEURSHIP, THE ENTREPRENEUR, INTRAPRENEURSHIP …pages.intnet.mu/neoxionix/hans/SUPERGEM/Unit 8 .pdf · UNIT 8: ENTREPRENEURSHIP, THE ENTREPRENEUR, INTRAPRENEURSHIP