This characterization moves the discussion away from the confines of small

This characterization moves the discussion away from

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This characterization moves the discussion away from the confines of small, owner-managed businesses to that of concepts and theories that can be applied to any economic enterprise. Hence the focus is on innovation and the creation of economic enterprise. The table below summarizes the different definition approaches and associated features which are generally identified with the process of entrepreneurship. The process of entrepreneurship has its foundations in both concept and theory, and person and intuition. At the heart is a human creative act that initiates economic activity and applies the associated management practices. Without such action there is no entrepreneurship. Thus it is concluded that entrepreneurship is about more than an economic function. The essence is the application of innovatory management processes, directed at bringing about change of both a social and economic nature. The key to unlocking the potential of entrepreneurship lies within the individual members of society, and the degree to which the spirit of enterprise exists or can be stimulated. Furthermore, without this personal initiative the process of entrepreneurship is a non-starter. Below is a summary of the different definition approaches and associated features which are generally identified with the process of entrepreneurship ( Table 1.1 ). Table 1.1: The Process of Entrepreneurship Definition Approaches and Features Approaches Features Economic Function Personal initiative of entrepreneur Risk-bearing function Harnessing of factors of production Ownership Structure Creation of business with entrepreneur as founder Degrees of Entrepreneurship Size of firm Personal financial risk Creativity and innovation Growth realization Resource Base Primordial to potential production process Size and Life-Cycle of Firm Association with young start-up firm Consolidation Approach Conditions of uncertainty and competition Entrepreneurial management and strategy Initiation of change
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11 Innovatory process Ownership, structure and size of firm irrelevant Personal initiative through the spirit of enterprise d. Typologies and Categorization The admission that there is no universally acceptable definition contributes to the elusive nature of an entrepreneur. Furthermore, the imagery in the popular press with the entrepreneur as a „hero‟ tends to result in an eulogistic aura wh ich often obscures our understanding. However, given the premium which society is placing on the role of the entrepreneur as the saviour of economic and social systems, it is understandable that researchers are consumed with the desire to identify what makes or moulds this precious resource.
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