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 [ ]