Explain the role and importance of entrepreneurship in modern society and, in particular, its link with innovation;

• Critically analyze the problems large fi rms have in coping with this and the advantages enjoyed by small, more entrepreneurial fi rms;

• Explain why fi rms become more bureaucratic as they become old and larger and the implications for management and shareholder value;

• Understand the character traits and managerial characteristics of an entrepreneur and explain their importance in helping an organization manage in a changing, uncertain environment;

• Understand the relevance of complexity theory to this.