Entrepreneurship is the process by which individuals pursue opportunities without regard to the resources they currently control (Stevenson’s 1983). Richard Cantillon (circa 1730) says that Entrepreneurship is self-employment of any sort.

Both small and large businesses are of critical importance to the performance of the economy. It is useful however to draw a distinction between entrepreneurial ventures and individual and corporate entrepreneurship since they serve different economic functions and their potentials for innovation and growth are different.

In this paper, drawing upon entrepreneurial strategy formation perspective, entrepreneurial marketing, and value innovation logic for high growth, we introduce a model of a transitional entrepreneurial model for the behavior and the strategic approach of the entrepreneurial venture. A shift into the entrepreneurial mode is instrumental in planning and initiating new ventures. Further, in achieving a forward leap in the growth trend at any point in the life of ongoing ventures.

The study of the franchised business, the business format franchisor and their partnership as examples of individual, corporate and collective entrepreneurship contributes to the domain of entrepreneurship research. The growing appreciation of franchising as an entrepreneurial endeavor presents us with multiple disciplinary perspectives. It is attracting the attention of marketing, management, entrepreneurship and small business researchers. The roles of the franchisor and the franchisee in business format franchising are discussed in order to demonstrate the limitations of small businesses in adopting an entrepreneurial mode.

Questions

Demonstrate an understanding surrounding SME development/growth/survival and how they relate to the wider environment of business support and economic development

Assess the relevance and impact of government initiatives in relation to the need of SMEs, especially during start-up phases.

Develop and evaluate the business idea and plan. Taking into account issues such as resources management, business/ market research, team management and presentation

Demonstrate critical self – reflection and self – evaluation of their personal development through experiences and team activities