Topic 3

Introduction to Business
Lecture 3
Entrepreneurship and
Small Business Ownership
Based on Chapter 6
from the textbook
Copyright © 2020 Pearson Education Ltd. All Rights Reserved.

Learning Objectives (1 of 2)
6.1 Define entrepreneurship and highlight the contributions
small businesses make to the economy.
6.2 Discuss the various types of entrepreneurship such as:
- E-/technology entrepreneurship
- Serial and portfolio entrepreneurship
- Entrepreneurship for sustainability
6.3 Explain the advantages and disadvantages of
franchising.
6.4 List the most common reasons people start their own
companies.

Learning Objectives (2 of 2)
6.5 Identify the common traits and qualities of successful
entrepreneurs.
6.6 Explain the importance of planning a new business and
outline the key elements in a business plan.
6.7 Discuss the principal sources of small-business private
financing.
6.8 Identify sources of advice and support for struggling
business owners.

Definition of Entrepreneurship
by OECD
“Entrepreneurship is defined as the phenomenon
associated with entrepreneurial activity, which is the
enterprising human action in pursuit of the generation
of value, through the creation or expansion of
economic activity, by identifying and exploiting new
products, processes or markets. In this sense,
entrepreneurship is a phenomenon that manifests
itself throughout the economy and in many different
forms with many different outcomes, not always
related to the creation of financial wealth; for example,
they may be related to increasing employment,
tackling inequalities or environmental issues.”
(Organisation for Economic Cooperation and Development, 2016: 12-13)

Entrepreneurial Activity (1 of 2)

Entrepreneurial Activity (2 of 2)

Economic Roles of Small Business
• They provide jobs (enterprises employing fewer than 250 people
represent about 99% of all enterprises in the EU)
• They introduce new products (more patents per employee than

in larger firms)
• They meet the needs of larger organizations

• They inject a considerable amount of money into the
economy
• They take risks that larger companies sometimes avoid
• They provide specialized goods and services (niche
players)

Characteristics of Small Businesses
• Most small firms have a narrow focus
• Small businesses have to get by with limited resources
• Small businesses often have more freedom to innovate
• Entrepreneurial firms find it easier to make decisions
quickly and react to changes in the marketplace

Exhibit 6.3 Business Start-Up
Options (1 of 2)
Financial Possibilities Business Customer
Owner’s
Start-Up Outlay for Attracting Processes Support Work- Base, Brand
Freedom and
Strategy at Start- Outside and Networks force Recognition,
Flexibility
Up Funding Systems and Sales
Create a Some Usually very Very high, Must be Suppliers, Must be None; must be
new, inde- businesse limited; most particularly designed bankers, and other hired and built from the
pendent s can be lenders and during early and created elements of the trained at ground up,
business started many phases, from network must be the which can put
with very investors want although low scratch, selected; the good owner’s serious strain
little cash; evidence that capital can which can be news is that the expense on company
others, the business severely time- owner can select finances until
parti- can generate restrict the consuming and recruit ones sales volume
cularly in revenue owner’s ability and that he or she builds
manu- before they’ll to maneuver expensive specifically wants
facturing, offer funds;
may venture
require a capitalists
lot of invest in new
capital firms, but only
in a few
industries

Exhibit 6.3 Business Start-Up
Options (2 of 2)
Financial Possibilities Owner’s Business Customer
Start-Up Outlay for Attracting Freedom Processes Support Base, Brand
Workforce
Strategy at Start- Outside and and Networks Recognition,
Up Funding Flexibility Systems and Sales
Buy into a Varies Varies, but Low to very One of the Varies; Must be Customer
franchise widely, many low; most key some hired and base and
system from a few franchisors do franchisors advantage franchise trained, but repeat sales
thousand not allow require rigid of buying a companies a franchisor must be built
to several franchisees to adherence franchise is specify Usually up, but one of
hundred buy a to company that it which provides the major
thousand franchise with policies and comes with suppliers a training or advantages of
dollars borrowed processes an franchisee training a franchise is
funds, so they established can use support established
must have business brand
their own system recognition
capital

Types of Entrepreneurship
E-preneurship/ technology
entrepreneurship
Serial/ portfolio
entrepreneurship
Social/ green/ sustainable

entrepreneurship
Franchising
Source: based on Blundel, Lockett & Wang, 2011, chapter 2

E-preneurship
• „e“ refers to „electronic“ (as in „email“ and „e-commerce“)
• E-preneurs run businesses that depend entirely on the
Internet
• A very broad category: from owner of a large online
retailing empire (e.g. Amazon) to a self-employed person
using an online shopping platform to sell specialist
products from home (e.g. eBay.com)

Example: Arianna Huffington
Ariana Huffington grew

up in Greece, studied in
Cambridge, the UK and
moved to the USA in
her thirties.
She is the founder of

The Huffington Post.

Technology Entrepreneurship
• New venture creation to develop some form of advanced
technology, commonly in industry sectors as information
and communication technology (ICT), biotechnology,
nanotechnology, and other applied sciences
• Often very fast moving, as a result of new scientific
discoveries and intensive international competition (and
cooperation!)
• An important source of economic growth (e.g. by the
creation of new industry sectors or re-structuring the
existing ones) and offering possible solutions to major
societal challenges

Example: Sergey Brin
At the age of six, Sergey Brin

emigrated from the former
Soviet Union to the USA,
where he studied
mathematics and computer
science before becoming an
Internet entrepreneur.
He is one of the Google

founders.

Serial Entrepreneurship
 Entrepreneur sets up several different ventures over a
period of time
 Sometimes in an entirely different field of activity
 Seeks greater opportunities

Example: Elon Musk
1995: Zip2, a dot-
com publishing
business. The
company helped He was born in South
newspapers Africa and studied in
develop city Canada and the USA
directory websites. before pursuing his
entrepreneurial career in
1999: Paypal, financial Internet and renewable
services and payment by energy. He is the founder of
email many inventions.
2002: SpaceX, own
2003: Tesla, first
rocket company
electric vehicle
2006: SolarCity, the nation’s

largest rooftop solar
provider in 2014
Source: The New York Times,

5th Dec 2016

Portfolio Entrepreneurship
 Entrepreneurs runs several different ventures at the
same time
 Different
types ranging
− From extremely wealthy owners of multiple
businesses, seeking greater opportunities,
− To less prosperous entrepreneurs, often based in
remote rural areas, who engage in several small
businesses to maintain an income when local
economic conditions are depressed or uncertain

Entrepreneurs for Sustainability (1 of 2)
• Sustainable development:
“meeting the needs of the

present without
compromising the ability of
future generations to meet
their needs.”
(WCED, 1987: 8)
Source: Belz & Binder 2017

Entrepreneurs for Sustainability (2 of 2)
• Sustainable development goals set by the United
Nations

Social Entrepreneurship
• Solving a social problem, e.g. poverty, literacy,
access to clean, drinking water, integration of
immigrants to the labour market
• For-profit or non-profit, preciously three models:
purely non-profit SE, hybrid SE, and social
businesses
• Receiving grants to produce products (diverse
social impact competitions, supporting
organizations such as Ashoka)

Social vs. Conventional
Entrepreneurship
Social entrepreneurship Conventional entrepreneurship
Social value creation (promise of benefits in the Economic value creation (benefit promise in the
form of a significant contribution either to a form of achieving the highest possible financial
social group or to society as a whole) return)
Social or ecological mission as leitmotif Profit-making as a leitmotif
Responsibility towards the people affected, Responsibility towards the shareholders

mostly the poorest members of the population
(Bottom of the Pyramid)
Profits are reinvested in social programs (they Profits are distributed (to shareholders)
are a facilitator, but not the main purpose of the
organization)
Social sustainability (providing sustainable Economic sustainability (building a sustainable
solutions to social problems) competitive advantage)
Dissemination of innovative ideas to other Protection of one's own ideas or intellectual
geographical regions or other target groups capital
Sources: Martin & Osberg 2007; Müller 2012; Volkmann et al. 2012

Social Entrepreneur
Muhammad Yunus (1 of 2)
• 2006: Nobel Peace Prize for Muhammad Yunus and his

social enterprise Grameen Bank in 2006
• The Grameen Bank (since 1983) offers small loans only
for the poor population people, especially women. Before
the establishment of this social enterprise, women were
recipients of only 1% of the loans in Bangladesh. The
bank has repayment rates of over 97%.

Social Entrepreneur
Muhammad Yunus (2 of 2)
• The Grameen Bank has so far been able to guarantee

small loans to more than eight million people
• Yunus’ initiative has ‘destroyed’ the existing economic
equilibrium (in Schumpeter's sense), as the credit
systems of traditional financial institutions mostly favour
wealthy customers
• Spillovers: greater financial autonomy and independence
of women in Bangladesh

Eco-/Green Entrepreneurship
• Ecopreneurs - agents who engage in entrepreneurial
action to intentionally create environmental value on the
basis of financial viability
• They manifest “a life-long commitment to sustainability in
everything that is said and done” (Isaak 2010: 44)
• Ecopreneurs’ preferences going beyond profit-orientation
and their strong commitment to sustainability expose their
socio-cultural embeddedness

Source:
https://ceoblognation.com/2014/07/ecopr
eneur-lily-tran-boxup/
Sustainable Entrepreneurship
• Sustainable entrepreneurs recognize, develop and
exploit opportunities to bring into existence future
goods and services with economic, social and
ecological gains
• This process has to be balanced in the face of
ambiguities, contradictions and trade-offs
 different orientations, for instance:
Environmental Commercial market
protection
Mission / Basis of Conservation of nature Obtain and increase profit
strategy and life
Sources of legitimacy Integrity of the ecosystem Share price, market
acceptance
Basis of norms Being part of the wider Self-interest
ecological system

Sustainable Entrepreneur
Sören Lex (AAU)
Background of the entrepreneur

• Social welfare (helping victims of war and floods, volunteering in
other countries)
• Trip to Uganda, volunteer
• Foundation of a community-based organization
Preparation for first venture “FairCycle”

• Product: sustainable bike made from 3D-printed recycled plastic and
bamboo
• Production site in Uganda (creating well-paid jobs)
• First technical developments, prototypes, and awards with this idea
Firm development:
• Shift from environmental to commercial orientation due to problems
with finding customers on the European market
• Focus on producing a scalable product for funding and a positive
environmental and social impact – shift of the product (Ski poles)

The Franchise Alternative (1 of 2)
• Franchise
– A business arrangement in which one company (the
franchisee) obtains the rights to sell the products and
use various elements of a business system of another
company (the franchisor)
Source: https://blog.fastbill.com/franchising-franchise-nehmer-geber/

The Franchise Alternative (2 of 2)
• Franchisee
– A business owner who pays for the rights to sell the
products and use the business system of a franchisor
• Franchisor
– A company that licenses elements of its business
system to other companies (franchisees)
Source:: https://marketbusinessnews.com/financial-glossary/franchising/
Advantages of Franchising
1 2
Combines at least some of the Name recognition, national advertising
freedom of working for yourself with programs, standardized quality of
many of the advantages of being part goods and services, and a proven
of a larger, established organization formula for success

Disadvantages of Franchising
1 2 3
Typically agree to Little control over Don’t have the option
follow the business decisions the of independently
format franchisor makes changing your
that affect the entire business in response
system to market changes

Entrepreneurs, planning and
launching a new business

Why People Start Their Own
Companies?
• More control over their futures
• Tired of working for someone else
• Passion for new product ideas
• Pursue business goals that are important to them
on a personal level
• Make a difference in the world or/and make the
world a better place to live in (social/technological
innovations)
• Inability to find attractive employment anywhere

else  necessity-driven entrepreneurship
Motivation to Make a Difference in the
World (Global Entrepreneurship Monitor)

Media Images of Entrepreneurs
• Myth: the ‘male tech hero-genius’

• Parody: a lone-wolf whose traits account for
the extraordinary success
• Reality: consistent practice of everyday
people

……
Source: GEM 2018/2019

The Entrepreneurial Spirit
• The positive, forward-thinking
desire to create profitable,
sustainable business
enterprises
Source: Global Entrepreneurship Monitor

2019/2020 Global Report

Entrepreneurial Characteristics (1 of 2)
Characteristics Background and commentary Sample references
Need for achievement McClelland (1961) argued that people with high need for McClelland (1961),
achievement (NAch) scores are attracted to open-ended Miner et al. (1994)
entrepreneurial situations because they provide an
opportunity to satisfy this needs. It has become one of the
best-known personality characteristics. It suggests intrinsic
motivations for engaging in entrepreneurial activity. For
example, people are motivated by the prospect of making a
difference, or having a tangible impact of some kind. Modified
versions of the NAch concept have been supported in
subsequent empirical studies.
Risk-taking propensity Frank Knight distinguishes between risk and uncertainty, the Knight (1921), Kirzner
latter characteristics many entrepreneurial decision-making (1979), Brockhaus
situations. In popular imagery, entrepreneurs are big “risk- (1980)
takers”, but the belief in this personality characteristics is not
supported by the research evidence. Studies have revealed a
much more complex picture, in which the degree of risk-
taking (or tolerance of uncertainty) depends on a variety of
factors, relating to the individual (e.g. age, educational level,
prior experience, cognitive bias) and to the situations in which
the decision is being made.

Entrepreneurial Characteristics (2 of 2)
Characteristics Background and commentary Sample references
Desire for autonomy There is some evidence that entrepreneurs, defined in Carid (1991). Cromie
occupational terms as owner-managers, value their autonomy (2000)
and are resistant to external forms of control in comparison to
other occupational groups. However, there is a paradoxical
element to the desire for autonomy. For these “owner-
managers”, wanting to retain personal control becomes a
barrier to the further growth of the organisation. Prospective
entrepreneurs may be motivated by a desire for autonomy,
but this desire may also develop as a product of the
experience of setting up a new venture, or taking control of an
existing organisation.
Locus of control This concept describes an person’s perception of whether Rotter (1966), Sexton
achieving outcomes or goals, was under their own control, or and Bowman-Upton
subject to external factors. In other words, “do you make (1985), Furnham and
things happen in the world?” (i.e. internal locus of control). Steele (1993)
Empirical testing of the concept produced inconclusive
results, with some studies showing no significant differences
between populations of entrepreneurs and managers. Locus
of control has largely been superseded by more sophisticated
concepts, notably “self-efficacy”.

Exhibit 6.2 Qualities Shared by
Successful Entrepreneurs
Sources: Norman M.Scarborough and Jeffrey R. Cornwall, Essentials of Entrepreneurship and Small Business
Management, 8th ed. (New York: Pearson, 2016), 5–12; Sujan Patel, “10 Essential Characteristics of Highly Successful
Entrepreneurs,” Inc., 2 September 2017, www.inc.com; Nina Zipkin, “Barbara Corcoran on the 5 Traits All Successful
Entrepreneurs Share,” Entrepreneur, 12 April 2017, www.entrepreneur.com.

Entrepreneurial Teams
• Entrepreneurial teams can
be defined as two or more
people who are actively
collaborating in the
founding of a venture in
which they have a direct
financial and/or personal
stake Source: Bessant & Tidd 2018: 3
• A group of people with complementary skills and a

shared sense of commitment coming together in
founding an enterprise to build and grow the company.

Source: https://www.entrepreneur.com/article/276265
Characteristics of a Great
Founding Team
• Industry experience
• Ability to manage complex problems
• Ability to cope with pressure
• Drive to overcome obstacles to achieve growth
• Healthy conflicts instead of groupthink
Groupthink - the desire for cohesiveness in the group resulting in
a dysfunctional decision-making process, because some
members have a tendency to agree at all costs; it is also a
situation in which peer pressures cause individual team
members to withhold contrary or unpopular opinions

Blueprint for an Effective Business
Plan (1 of 3)
• Business plan
– A document that summarizes a proposed business
venture, goals, and plans for achieving those goals

Plan (2 of 3)
Summary
Mission and objectives
Company overview
Products and services
Management and key personnel
Target market
Marketing strategy

Plan (3 of 3)
DESIGN AND OPERATIONS START-UP MAJOR RISK

DEVELOPMENT PLAN SCHEDULE FACTORS
PLANS
FINANCIAL EXIT STRATEGY

PROJECTIONS

Financing Options for Small
Businesses (1 of 4)
The first infusion of capital used
Seed money to get a business started
Organizations, often not-for-

profit, that lend smaller
Micro lenders amounts of money to business
owners who might not qualify
for conventional bank loans

Businesses (2 of 4)
Investors who provide money to
Venture finance new businesses or
turnarounds in exchange for a portion
capitalists (VCs) of ownership, with the objective of
reselling the business at a profit
Source: https://medium.com/startup-grind/which-us-venture-
capital-firms-are-really-investing-in-europe-2895c0a91793
Businesses (3 of 4)
Private individuals who invest
money in start-ups, usually
earlier in a business’s life and
Angel investors in smaller amounts than V Cs
are willing to invest or banks
are willing to lend
Jesper Buch – Considered as one of the

top internet entrepreneurs and influential Source: https://www.eu-
business angels in Europe startups.com/2017/12/top-40-

business-angels-that-are-rocking-
europe-and-help-startups-grow/
Initial public offering A corporation’s first offering of

shares to the public
(IPO)

Businesses (4 of 4)
Soliciting project funds, business
Crowd funding investment, or business loans from
members of the public
Source: blog.privateinvestmentsnetwork.com/the-
best-crowdfunding-platforms-in-europe/
Exhibit 6.5 Financing Possibilities over
the Life of a Small Business

Government Agencies and Not-For-
Profit Organizations (1 of 4)
• Local chambers (as Austrian Economic Chamber WKO)
• Business incubators (as “Build” in Klagenfurt)
• Foundations (as Erste Stiftung)
• Competition and awards (as Social Impact Award)
Source: https://www.wko.at/service/Austrian-Economic-Chambers.html

Business Incubators (2 of 4)
• Business incubators
– Facilities that house small businesses and provide
support services during the company’s early growth
phases
Source: https://www.build.or.at/

Source:https://de.wikipedia.org/wiki/E
RSTE_Stiftung

Source: https://austria.socialimpactaward.net/
Source: https://greenstart.at/
Source: https://www.campfire-
solutions.com/homepage/home

Mentors and Advisory Boards
• Advisory board
– A team of people with subject-area expertise or vital
contacts who help a business owner review plans and
decisions

Source: https://www.know-center.tugraz.at/know-center-ist-neues-mitglied-im-advisory-board-von-plattform-business-makeover/
Exhibit 6.4 Why New Businesses Fail
Marketing and Sales
Strategic Issues Leadership Issues Financial Issues
Issues
Little or no demand: Managerial Ineffective marketing: Inadequate funding: Company
Company introduced a incompetence: Owner Small companies— lacked the funding needed to
product that few, if any, didn’t know how to plan, especially new small launch or scale up to the point
customers wanted. lead, control, or organize. companies—face a of being self-funding.
Lack of strategic Lack of relevant tremendous challenge Poor cash management:
planning or a viable experience: Owner may getting recognition in Company spent too much on
business model: be experienced in crowded markets.. nonessentials, failed to balance
Owners didn’t think business but not in the Uncontrolled growth: expenditures with incoming
through all the variables particular markets or Company added customers revenues, failed to use loan or
needed to craft a viable technologies that are vital faster than it could handle investment funds wisely, or
business strategy. to the new firm’s success. them, leading to chaos, or failed to budget enough to pay
Failure to pivot: Inability to make the might have even “grown its its bills.
Owners missed (or transition from way into bankruptcy” if it Excessive overhead:
failed to take) a chance employee to spent wildly to capture and Company created too many
to purpose a better entrepreneur: Owner support customers.. fixed expenses that weren’t
opportunity. couldn’t juggle the multiple Poor Location: For directly related to creating or
Overpowering and diverse retailers and businesses selling products, leaving it
competition: responsibilities or survive that depend on easy vulnerable to any slowdown in
Company might have the lack of support that customer access or the economy
been on the right track, comes with going solo. visibility, a poor location Poor inventory control:
but the competition Motivational collapse: limited sales potential. Company produced or bought
simply did things better. Entrepreneur burned out Customer neglect: too much inventory, raising
before the business Company failed to support costs too high—or it did the
became self-sustaining customers or respond to opposite and was unable to
problems satisfy demand
Applying What You’ve Learned (1 of 2)
1. Highlight the contributions small businesses make to
the economy and society.
2. Identify the diverse types of entrepreneurship,
inclusive those for sustainability.
3. Explain the advantages and disadvantages of
franchising.
4. List the most common reasons people start their own
companies.
5. Identify the common traits and qualities of successful
entrepreneurs/entrepreneurial teams.

Applying What You’ve Learned (2 of 2)
6. Explain the importance of planning a new business and
outline the key elements in a business plan.
7. Discuss the principal sources of small-business private
financing.
8. Identify sources of advice and support for struggling
business owners.
9. Identify the major causes of business failures.

Questions for Analysis
• Could writing a conventional business plan ever cause
more harm than good? Explain your answer.
• If you wanted some assistance in setting up and running a
social business, you might look at business incubators as
a solution. What kind of assistance would you consider the
most valuable?
• An engineer, who has developed an environmentally and
user-friendly product that can be used to generate
electricity in many third countries, likes to start a social
business with partners. What are the biggest challenges of
the diversity in entrepreneurial team and how would you
respond to them?

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Introduction to Business

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• They introduce new products (more patents per employee than

• They meet the needs of larger organizations

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Social/ green/ sustainable

Source: based on Blundel, Lockett & Wang, 2011, chapter 2

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Ariana Huffington grew

She is the founder of

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At the age of six, Sergey Brin

He is one of the Google

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2006: SolarCity, the nation’s

Source: The New York Times,

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“meeting the needs of the

Source: Belz & Binder 2017

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Copyright © 2020 Pearson Education Ltd. All Rights Reserved.

Copyright © 2020 Pearson Education Ltd. All Rights Reserved.

Social or ecological mission as leitmotif Profit-making as a leitmotif

Responsibility towards the people affected, Responsibility towards the shareholders

Copyright © 2020 Pearson Education Ltd. All Rights Reserved.

• 2006: Nobel Peace Prize for Muhammad Yunus and his

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• The Grameen Bank has so far been able to guarantee

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Copyright © 2020 Pearson Education Ltd. All Rights Reserved.

Background of the entrepreneur

Preparation for first venture “FairCycle”

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• Inability to find attractive employment anywhere

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• Myth: the ‘male tech hero-genius’

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Source: GEM 2018/2019

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Source: Global Entrepreneurship Monitor

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• A group of people with complementary skills and a

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