Summary Entrepreneurship & Innovation Management 214

Entrepreneurship & Innovation Management 214 Sold on {site_name}. This summary has been sold to {first_name} {last_name} with email {email}. Any resale/distribution strictly prohibited. Report unauthorized use to for a reward. 2 Chapter 1: The Nature and Development of Entrepreneurship Entrepreneurs are the core and essence of any economy. Economic development can be directly attributed to the level of entrepreneurial activity, and entrepreneurialbusiness ensure growth in the economy. Examples of some successful South African entrepreneurs include ErnestOppenheimer, Pam Golding, Elon Musk and Sol Kerzner. Most entrepreneurial activity takes place in small, medium and micro enterprises (SMME’s), which form 97.5% of all businesses in South Africa. SMME’s generate35% of the GDP, contribute 43% of the total value of salaries and wages paid in South Africa, and employ 55% of all formal private-sector employees. The Development of the Entrepreneurship Theory While the economists have associated entrepreneurship with innovation, the behaviourists (which includes psychologists, psychoanalysts, sociologists and otherspecialists in human behaviour) have concentrated on the creative and intuitive characteristics of entrepreneurship. The Economists → The essence of entrepreneurship lies in the perception and exploration of newopportunities in the realm of business. It always has to do with bringing about a different use of national resources in that they are withdrawn from their traditional employ and subjected t