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CHAPTER 8: ENTREPRENEURSHIP–HISTORICAL BACKGROUND
8.1 HISTORICAL BACKGROUND
During the past few decades, a considerable amount of research has been
carried out on entrepreneurship. One reason for a heightened interest in the subject has
been the appreciation of the role of entrepreneurship in fostering economic growth. Much
of the research has attempted to establish patterns for predicting incidence of
entrepreneurship and/or identifying success factors. Evidence from studies on
entrepreneurship shows that entrepreneurs are not randomly drawn from the population;
they tend to share certain backgrounds and orientations.
The term 'entrepreneur' was used for the first time in economic theory by
Richard Cantillon, a Frenchman, in the late 18th century. He saw the entrepreneur as
somebody who innovates, invests and takes risks.
However, it is John Baptiste Say who, in the early 19th century, first made
a clear distinction between the capitalist and the entrepreneur. The usage of the term
became increasingly regular in the second half of the 19th century. This was because
while many capitalists had liquidity surpluses which they tried to invest,
entrepreneurs provided interesting opportunities.
In the early 20th century, Joseph Schumpeter presented what has been
credited as the most significant meaning of the term 'entrepreneur'. He saw the essence of
entrepreneurship as innovative behaviour. According to Schumpeter, the essence of
entrepreneurship lies in the perception and exploitation of new opportunities...it always
has to do with bringing about a different use of national resources in that they withdraw
from their traditional employ and subject them to new combinations. (Schumpeter, 1934).
8.2 DEFINITION OF ENTREPRENEUR TODAY
An Entrepreneur is defined broadly as a person who thinks, reasons, and acts in a
way that result in the creation, enhancement, realisation, and renewal of value for
an individual, group, organization and the society at large.
An entrepreneur is different from a business man who buys and sells good and
services for profit. Not all business men are necessarily entrepreneurs.
Entrepreneurs are found in all professions-education, medicine, research, law,
architecture, engineering, social work, distribution and the government.
Entrepreneurship is defined broadly as a way of thinking, reasoning, and acting
that results in the creation, enhancement, realisation, and renewal of value for an
individual, group, organisation, society.
Entrepreneurship is a dynamic process of creating incremental wealth. The
wealth is created by individuals who assume the major risks in terms of equity,
time and career commitment or provide value for some product or service.
8.3 INTRAPRENEURSHIP
Entrapreneurship is practicing entrepreneurship within an existing/established
organization. Eg. Religious institution, Corporate organization, Government agencies,
NGO, Home/family/relationship etc.
Intrapreneurs are highly valued in today’s world, because it calls for constant
improvement, aggressiveness, vision, ability to assess risks and quickly take action, etc
Existing businesses have the financial resources, business skills and the marketing and
distribution system to commercialize innovation successfully.
8.4 IS AN ENTREPRENEUR BORN OR MADE?
Entrepreneurship researchers point to two major contentions. There are those who argue
that entrepreneurship is a function of individual personality traits. That there exist a
number of recognisable behaviours, and attributes that are commonly associated with the
“enterprising” person, and which may further distinguish between entrepreneurs and non-
entrepreneurs or between successful entrepreneurs and unsuccessful enterpreneurs.
These are innovativeness, creativeness, proactiveness, need for achievement, risk taking
independence. Etc.
On the other hand, those in the second strand, argue that entrepreneurship is an
environmentally determined phenomenon. That the display of enterprising behaviours
and attitudes will be stimulated or otherwise, by different environments.
There is now an overwhelming literature, (including proponents of the trait approach)
that point to the common conclusion, and to which we also subscribe to, that
entrepreneurship is not a biological trait. More specifically, entrepreneurs can be
developed and that even the much advocated entrepreneurial traits and behaviours such as
need for achievement and risk-taking can be learnt. That the mix and degree of
enterprising attributes will vary between persons, but more importantly the enterprising
behaviour can be developed by exposure to stimuli and therefore can be learned.
8.5. GENERAL ENTREPRISING TENDENCIES/TRAITS [GETs]
Generally, an entrepreneur possess the following Traits/behaviors
i. Creativity
ii. Initiative taking
iii. Innovation
iv. Strong sense of independence and autonomy
v. Belief in self/ believe can make things happen
vi. Strong sense of ownership
vii. Aggressive
viii. Determined/Persevering
ix. Hard working
x. Pro-active
xi. Belief that rewards come with own effort and hard work brings its rewards
xii. Strong action orientation
xiii. Networking
xiv. Readiness to take reasonable risks
xv. Achievement orientation/urge to succeed/conquer
8.6 HOW CAN GETS BE DEVELOPED?
(i) Always ask the question – is there a better way?
(ii) Challenge custom, routine and tradition
(iii) Realize that there may be more than one answer
(iv) See mistakes and failures as mere pit stops on the way to success
(v) Identify yourself with successful people
(vi) Expose yourself to difficult and challenging situations
(vii) Share information with others
(viii) Add value to everything you do
(ix) Be an achiever – finish what you start
(x) Set long-term goals
(xi) Try to make things happen for yourself
(xii) Solve your own problems before seeking help
(xiii) Be proud/feel good about yourself and your work
(xiv) Build up stamina
(xv) Observe others and copy – but don’t be a copycat
(xvi) Experiment
8.7: TYPES OF SKILLS REQUIRED IN ENTREPRENERUSHIP
The skills required by entrepreneurs can be classified into three main areas:
i. Technical skills
ii. Business management skills
iii. Personal entrepreneurial skills
Technical skills Business mangnt skills Personal entrepreneurial skills
i. Writing
ii. Oral communication
iii. Monitoring environment
iv. Technical business mgmnt
v. Technology
vi. Interpersonal
vii. Listening
viii. Ability to organize
ix. Network building
x. Management style
xi. Coaching
xii. Being a team player
i. Planning and goal setting
ii. Decision making
iii. Human relations
iv. Marketing
v. Finance
vi. Accounting
vii. Management
viii. Control
ix. Negotiation
x. Venture launch
xi. Management growth
i. Inner control
ii. Risk taker
iii. Innovative
iv. Change oriented
v. Persistent
vi. Visionary leader
vii. Ability to manage
change
8.8: COMPARISON OF TRADITIONAL MANAGERS AND ENTREPRENEURS
BASIS TRADITIONAL MANAGERS ENTREPRENEURS
1. Primary motives Promotion of traditional rewards eg.
Office, staff and power
Independence, opportunity to
create and money.
2. Activity Delegates and supervises more than
direct involvement
Direct involvement
3. Risk Careful Moderate risk taker
4. Status Concerned about status symbols Not concerned about status
symbols
5. Decision Usually agrees with those in upper
management positions
Follow dreams with decisions
6. Failure and
mistakes
Tries to avoid mistakes and
surprises
Deals with mistakes and
failures
TOPIC 9: SOURCES OF CAPITAL FOR A NEW VENTURE.
One of the most difficult problems in the new venture creation process is obtaining
financing. For the entrepreneur, available financing needs to be considered from the
perspective of debt visas equity financing.
9.1 Debt or Equity financing
Debt financing is a financing method involving an interest-bearing instrument, usually a
loan, the payment of which is only indirectly related to the sales and profits of the
venture. Typically, debt financing (also known as asset based financing) requires that
some assets (eg. Car, house, plant, machine, or land) be used as collateral. Debt
financing requires the entrepreneur to pay back the amount of funds borrowed as well as
a fee expressed in terms of interest rate.
Equity financing does not require collateral and offers the investor some form of
ownership position in the venture. The investor shares in the profits of the venture as
well as any disposition of its assets on a pro rata basis (in proportion) based on the
percent of the business owned. Usually, an entrepreneur meets financial needs by
employing a combination of debt and equity financing.
9.2 Internal or external Funds
Financing can also be obtained from both internal and external funds. Internally generated funds can come from several sources within the company such as:
i. profitsii. sale of assetsiii. extended payment termsiv. Accounts receivable (collections)v. Reduction in the working capital (inventory)
The other source of funds is external to the venture. External funding can come from various sources such as:
i. Personal fundsii. Family and friendsiii. Commercial banksiv. Government grantsv. Private equity placement
9.3 EXTERNAL SOURCES OF FUNDING (DETAILED)
9.3.1 PERSONAL FUNDS
Few, if any, new venture are started without the personal funds of the entrepreneur. Not
only are these funds least expensive funds in terms of cost and control, but they are
absolutely essential for attracting outside funding. Outside providers of capital fee that
the entrepreneur may not be sufficiently committed to the venture if he/she does not have
money invested. Typical sources of personal funds include:
i. savings
ii. life insurance
iii. mortgage on a house or car.
9.3.2 FAMILY AND FRIENDS
Family and friends are a common source of capital for a new venture. They are most
likely to invest due to their relationship with the entrepreneur. This helps to overcome
one portion of uncertainty felt by impersonal investors-knowledge of the entrepreneur.
9.3.3 COMMERCIAL BANKSCommercial banks are by far the source of short term funds most frequently used by the
entrepreneur when collateral is available. The funds provided are in the form of debt
financing and, as such, require some tangible guarantee or collateral – some asset with
value. This collateral can be in form of:
i. business assets ( land, stock, equipment, or the building of the venture)
ii. personal assets ( the entrepreneur’s house, land, car, stock or bond)
9.3.4 GOVERNMENT GRANTS
The entrepreneur can sometimes obtain grant from the Government to develop and
launch an innovative idea.
9.3.5 PRIVATE PLACEMENT
Another source of funds for the entrepreneur is private investors who may be family and
friends or wealth individuals. Individuals who handle their sizeable investments
frequently use advisors such as accountants, and technical experts, financial planners, or
lawyers in making their investment decisions.
CHAPTER 10 FAMILY BUSINESS AND SUCCESSION
10.1: What is a Family Business? Two or more members of the family with financial
control/interest in the business
10.2 Advantages of Family Business
If you start or join a family business you're likely to benefit from a range of advantages
which you often don't find in other enterprises.
i. Common values - you and your family are likely to share the same ethos and
beliefs on how things should be done. This will give you an extra
sense of purpose and pride - and your business a competitive edge.
ii. Strong commitment - building a lasting family enterprise means you're more
likely to put in the extra hours and effort needed to make it a success.
Your family is more likely to understand that you need to take a more
flexible approach to your working hours.
iii. Loyalty - strong personal bonds mean you and family members are likely to stick
together in hard times and show the determination needed for business
success.
iv. iv. Stability - knowing that you're building for future generations encourages the
long-term thinking needed for growth and success - though it can also
produce a potentially damaging inability to react to change.
v. Decreased costs - family members may be more willing to make financial
sacrifices for the sake of the business. For example, accepting lower
pay than they would get elsewhere to help the business in the longer
term, or deferring wages during a cashflow crisis. You may also find
you don't need employers' liability insurance if you only employ close
family members.
10.3 Dangers/Disadvantages of Family Business
i. A business can be a breeding ground for family problems: jealousy, anger,
resentment. There is less reservation about letting feelings out among
family members and family problems can easily spill over into the
workplace.
ii. The manager of a family business may be hard put turning down relatives as
employees regardless of lack of qualifications. Relatives who are
allowed into the company may abuse family ties and feel that they can
under-perform simply because they are relation.
iii. Some family members, especially the elderly, may find it difficult to retire and let
the younger members take over.
iv. Other disadvantages include possible managerial incompetence, lack of exposure
to other business, nepotism, and inability to separate family and work.
10.4: Copreneurs: Are Entrepreneurial couples who work together as co-owners.
Division of labour based on expertise rather than gender
10.5 requirements for a successful copreneurship
i. Assessment of whether personalities will mesh/conflict in a business setting
ii. Mutual respect for each other
iii. Compatible business and life goals
iv. Ability to keep lines of communication open, talking and listening to each
other about personal as well as business issues
v. A clear division of roles and authority
vi. Ability to encourage each other and to lift up a disillusioned partner
vii. Separate work space to allow them to escape when the need arises
viii. Boundaries between business and personal life so that one does not consume
the other
ix. A sense of humour
10.6 SUCCESSION PLANNING IN FAMILY BUSINESSES
The entrepreneur is an integral part of the business and his/her loss represents the
loss of a key resource
Replacement decision is critical to continued success
Bringing a new leader might be good (opportunity for change) or bad
(discontinuity of important things)
Families must be pragmatic when considering succession
Developing and adopting a Management Succession plan
Developing and adopting an Ownership Succession plan
Looking outside the family unit for the right people to take them forward (if
necessary)
10.6.1 Choosing the successor:
When choosing a successor, bear in mind the following issues:
Get someone who is right for the business, not your copy
i) Get someone who is right for the business, not your copy
ii) Choose successor in advance and train/mentor him/her
iii) Gradually transfer power
iv) Avoid the temptation of picking a non-performing/unproven relative – you have
responsibility to all stakeholders
v) Get advise from other managers and stakeholders in the sector
vi) Choosing a successor should be done when the entrepreneur is in charge,
whenever possible
vii) Replacement decision should take into account the interests of different
stakeholders of the business – the owner, his family, employees, customers,
suppliers, government, community
viii) Involve the family in succession planning
3.5.2 NECESSARY QUALITIES OF A GOOD SUCCESSOR
i) Has the necessary technical knowledge of the business sector
ii) Has the right business skills
iii) Is able to manage and develop relationships already established
iv) Is able to lead the business.
v) Good leadership style.
vi) Able to take over the vision.
vii) Able to offer a new perspective.
viii) Acceptable to all stakeholders.
3.5.3 WHY MANY BUSINESSES DIE WITH FOUNDERS?
a. Lack of proper succession: owners do not choose successors in advance, wait until
death
b. There are no qualified/capable/skilled/experienced successors
c. Lack of policies/procedures on succession
d. Cultural obstacles: family conflicts over property – business dismantled
e. In case of personal services – family has no skilled person to take over
f. Reputation of the business is attached to the specific person
g. Dubious activities
h. Limited exposure of family members of the business: pouses/children not involved
i. One man show – governance structures
j. Business activities/records not documented
k. Offspring of many successful people are spoilt
EVELVEN: REVISION QUESTIONS
TOPIC ONE: PARTS OF SPEECH
1. With an example in each case, outline nine parts of speech.2. With an example in each case, outline five types of nouns.3. With an example in each case, outline eight types of adverbs.
4. Classify each word in the following sentences into appropriate parts of speech:
a. ‘Her beauty was for nothing, because she behaved and acted completely as a professional prostitute’
b. ‘Bravo! A beautiful girl is for smart man’
5. Fill in the blanks with suitable prepositions:i. His dress is made………… cotton. [at. for, to, of ]ii. The dog is suffering……….. rabies. [for, with, from, to]iii. The teacher is pleased …………me [for, with, from, to]iv. You have to knock ……….. the door. [at. for, in, to]v. Students write exams……….ink [by, with, in, to]vi. The King died………….cancer [at. for, to, of ]vii. This school is suitable ………… my children [for, with, from, to]viii. This room is full……………mosquitoes. [for, with, from, of]ix. Ashok is waiting……………you. [for, with, from, of]x. Masanja is not interested…………..singing. [at. for, in, to]xi. The cheapest way to travel in town is ………….bus. [for, with, from, by] xii. He is a man …………principles. [at. for, to, of ]xiii. Don’t gossip………others [by, with, in, to]xiv. I believe …………. fair play [at. for, in, to]xv. Is your child good ……… diving. [at. for, to, of ]xvi. Students must abide …………... examination rules [by, with, in, to]xvii. We are afraid ………… bad weather [with, for, at, of]xviii. Juma was eager ………. learn advanced mathematics [at. for, in, to]xix. Little children prefer chocolate………..chapati [for, with, in, to]xx. They were tired ……….waiting for something to happen [at. for, to, of ]xxi. They have great desire……… success [for, with, of, in]xxii. Does the president have sympathy …… citizens who commit crime? [at, for, with, of ]xxiii. Anna is fond………….. dancing [at, for, with, of ]
TOPIC TWO: SENTENCE REVIEW
6. What is a sentence?
7. Classify each of the following sentences as, assertive, interrogative, Exclamatory, imperative or optative sentence.
i. We wish you the best in your exams.ii. How did you manage to escape?iii. ‘Please, do not let me down’.iv. He was asked if he would come the following day.v. Bravo! We have done it.vi. Jackson is a famous doctor.vii. Go out.viii. Is the red car yours?ix. ‘What a wonderful boy!’ the Preacher exclaimed.x. ‘May the almighty God rest his soul in eternal peace.’
8. Classify each of the following sentences as, simple, compound or complex sentence.
a. The man whom I loved was my uncle.b. I appreciate your effort.c. The rat running but the rat is standing still.d. Neither Anne nor Upendo is my frienda. It is a sunny day.b. Whenever you see him tell him that the teacher wants to meet himc. She is a Member of Parliament and a preacher.d. Musa told me that he planned to marry her.e. My sister sent me a present.f. The sun rises in the east.
TOPIC THREE: TENSES
9. Change the following tenses as directed.
i. You ride a bicycle (into future perfect continuous)
ii. Boys are playing cricket (into future perfect)iii. They have driven a car (into future
continuous )iv. We had gone to school (into simple future)v. Rita ate a mango (into past perfect
continuous)vi. Neema was making tea (into past perfect)vii. Sam had played football (into past continuous)viii. We had been going to Tanga. (into simple past)ix. I will dream a sad dream (into present perfect
continuous)x. Mr Kato will be teaching maths (into present perfect)
xi. The cat will have been sleeping for 2 minutes (into present continuous)
xii. They will have been digging the trench for 4 hours (into simple present tense.
xiii. You ride a bicycle (into past perfect continuous)
xiv. Boys are playing cricket (into past perfect)xv. They have driven a car (into past continuous )xvi. We had gone to school (into simple past)xvii. Rita ate a mango (into future perfect
continuous)xviii. Neema was making tea (into future perfect)xix. Sam had played football (into future continuous)xx. We had been going to Tanga. (into simple
future)xxi. I will dream a sad dream (into simple present)xxii. Mr Kato will be teaching maths (into present continuous)xxiii. The cat will have been sleeping for 2 minutes (into present
perfect)xxiv. They will have been digging the trench for 4 hours (into
present continuous).xxv. Do you do it? (into future perfect
continuous)xxvi. Had they arrived? (into present perfect)xxvii. Did students challenge the teacher? (into simple future)xxviii. What will you say? (into simple past
tense)xxix. Are you listening? (into present perfect
tense)xxx. Will you have done it? (into present continuous
tense)
10. Choose the correct verb form from those in brackets.
i. She ……………to Dodoma yesterday. [has gone, went, had gone]ii. Hussein ……….. his arm in an accident. [hurt, has hurt, hurted]iii. I…………… basketball for ten years. [teach, am teaching, have been
teaching]iv. When I went to the theatre the play……. [ already started, will start, had
already started]v. He ……….a new car tomorrow. [ buy, will buy, bought]vi. Always………to answer the questions briefly. [tries, had been trying, try]vii. The match…….. before they reached the stadium. [ begun, had begun, has
begun]viii. His mother waited patiently till he……his meat. [eats, was eat, had eaten].
ix. She ……… her games regularly during his school days. [ plays, has played, played]
x. He ……….. his lessons now. [learns, is learning, had learned]
TOPIC FOUR: ACTIVE AND PASSIVE VOICE:
11. Change the following sentences into PASSIVE VOICEi. Asha has written a storyii. Did children love flowers?iii. We celebrated Independence Day on 9th of December.iv. My father helped mev. The doctor prepares medicinevi. They are picking flowersvii. She has cleaned the cupviii. I am reading this bookix. I have lost my bookx. She has cleaned the cupsxi. My sister is painting a picturexii. Mosses has posted a letterxiii. Nyerere preached peace.xiv. They had finished the exams.xv. We will kill the lions.
12. Change the following sentences into ACTIVE VOICE
i. Food was not taken yesterday by meii. Were all questions answered by you?iii. The box was being painted by the girls.iv. The match had been won by themv. Food will be cooked by Annavi. The work will have been finished by mevii. He is a man to be admiredviii. The race will have been won by the girlsix. A story was told to me by my motherx. A reply must be sent by Husseinxi. The plane was hijacked by terrorists.xii. The window was broken by wind.xiii. Students had been challenged by the teacher.xiv. Flowers have been picked by the girlsxv. The floor will be swept by the boys.
TOPIC FIVE: PUNCTUATION RULES:
13. Mention and show eight punctuation marks used in English language.14. Mention four situations where capital letter must be used.15. Punctuate the following sentences correctly:
i. juma is a serious studentii. Kigali Kampala Nairobi and Dar es Salaam are capital cities of East Africa
countries.iii. Fatumas farther taught me swimming.iv. The preacher said I will always worship my messiah.v. What a wonderful girl. the President exclaimed.vi. The team will be composed of the following members doctors nurses
counselors and extension officers
TOPIC SIX: WRITING SKILLS
16. What is a paragraph?17. Mention three major stages in writing a paragraph.18. What is meant by ‘paragraph unity’?19. What do you understand by the guideline ‘make the paragraph move forward’?20. Define the term, ‘transitional signals’ as used in writing.21. Mention any seven types of transitional signals. Give an example in each case22. With examples, outline eight types of transitional signals.23. Outline four steps in the pre-writing stage during the writing process.24. Write T if the statement is true or F if the statement is false.
i) A paragraph should have two or more sentences [ ]ii) A standard paragraph should focus on more than one idea [ ]iii) A standard paragraph should have a topic sentence, some supporting sentences
and closing sentences [ ]iv) Length is a factor in determining whether a section in a paper is a paragraph [ ]v) Clear writing encourages the use of jargons [ ]vi) Shorter sentences are better than long ambiguous sentences [ ]
TOPIC SEVEN: EIGHT: SENTENCE ERRORS 25. Mention any five types of sentence errors.26. Re-write the following sentences correctly:
i. The students does not study hard.ii. The cat did not catch the rat tomorrow.iii. You was not playing well.iv. She likes cooking, jogging and to play basketballv. Since she was late. She must be punished.
27. Write T if the statement is true or F if the statement is false.
i) When a sentence is missing a subject, verb, or main clause, this error is called ‘ a sentence fragment’
ii) When a comma is used to join two ideas that could each stand alone as a sentence, this error is called ‘misplaced period’
iii) When two sentences are run together with no punctuations, this error is called ‘faulty parallelism’
iv)
TOPIC EIGHT: ENTREPRENEURSHIP–HISTORICAL BACKGROUND
28. Define the term, ‘entrepreneur’29. Differentiate the term, entrapreneuship’ from ‘entrepreneuship’30. What do you understand by the term, ‘copreneurs’?31. Mention any seven requirements for a copreneur to be successful.32. Differentiate a business man from an entrepreneur.33. Mention any eight General Entrepreneurship Tendencies (GETs) of an entrepreneur.34. Outline any seven ways of developing/acquiring General Entrepreneurship Tendencies35. Mention the three classes of skills required in entrepreneurship36. Mention Requirements for a successful copreneurship37. Compare a traditional manager and an entrepreneur. 38. What will you see to know that a student is enterprising?39. Write T if the statement is TRUE or F if the statement is FALSE
i. An entrepreneur is a person who takes very serious business risks to maximize profit [ ]
ii. Entrepreneurship is a biological trait [ ]iii. An entrepreneur is a small business trader [ ]iv. Expose yourself to difficult situations can develop your General Enterprising
Tendencies[]v. An entrepreneur is always more concerned about status symbols as compared
to a traditional manager [ ]vi. Poor entrepreneurs see mistakes and failures as mere pit stops on the way to
success [ ]vii. Enterprising behaviors can be developed by exposure to stimuli and therefore
can be learned [ ]viii. Entrapreneurship is practicing entrepreneurship within an existing/established
organization [ ]s
TOPIC NINE: SOURCES OF CAPITAL FOR A NEW VENTURE/BUSINESS.
40. Differentiate debt from equity financing.41. Mention any four sources of financing a new venture.42. An entrepreneur can obtain funds from both either internal or external sources. Mention
any four internal sources of funds.43. Define the term, ‘collateral’ as used in financial institutions. 44. Mention any five assets that an entrepreneur can be use as collateral in obtaining a bank
loan.45. ‘Personal funds’ is one of the sources of funds for financing business ventures. Mention
any two typical sources of personal funds.46. Write T if the statement is TRUE or F if the statement is FALSE
i. Debt financing by commercial banks requires a borrower to have a collateral []ii. Equity financing is financing by family members and friends [ ] iii. Personal savings cannot be used to fund a new business venture [ ]
TOPIC TEN: FAMILY BUSINESS AND SUCCESSION
47. What is family business?48. Mention 3 advantages and 3 disadvantages of family business.49. Mention any seven issues to bear in mind when choosing a family business successor. 50. Mention any seven necessary qualities of a good business successor51. Outline any five reasons as to why many businesses die with founders. 52. Write T if the statement is TRUE or F if the statement is FALSE
i. Power must be transferred gradually from the outgoing family business manager to the new manager [ ]
ii. ‘knowledge of the entrepreneur’ is an important motivator for a family member or a friend to invest into the entrepreneur’s new business venture [ ]
iii. A successful family business manager is required to select and hand over to his successor business management functions, a few days before his death [ ]
iv. A successful family business manager must select his successor who is identical to him in every aspect. [ ]
v. Copreneurship means practicing entrepreneurship in small business companies [ ]
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