Entrepreneurship and Management 1. INTRODUCTION

Definitions Entrepreneurship: Management: The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. [...] In economics, entrepreneurship combined with land, labor, natural resources and capital can produce profit. Entrepreneurial spirit is characterized by innovation and risk-taking, and is an essential part of a nation's ability to succeed in an ever changing and increasingly competitive global marketplace. Management: The organization and coordination of the activities of a business in order to achieve defined objectives. The directors and managers who have the power and responsibility to make decisions and oversee an enterprise.

Final Marks 100 pts. max: Final score: max. 70 pts. for replies max. 30 pts. for activity 5 pts. for attendance at a lecture Final score: 2.0 — 0-50 pts. 3.0 — 51-60 pts. 3.5 — 61-70 pts. 4.0 — 71-80 pts. 4.5 — 81-90 pts. 5.0 — 91-100 pts.

Literature Corporate Governance Business Environment A. Shleifer, R.W. Vishny, A Survey of Corporate Governance, “Journal of Finance” 1997, Vol. 52, No. 2. R.A.G. Monks, N. Minow, Corporate Governance, 5th Edition, John Wiley & Sons, New York 2011. OECD Principles of Corporate Governance, OECD, Paris 2004. I. Hashi, The Legal Framework for Effective Corporate Governance: Comparative Analysis of Provisions in Selected Transition Economies, “Studies and Analyses” CASE, 2003. Kozarzewski P., Corporate Governance Formation in Poland, Kyrgyzstan, Russia and Ukraine, in: R.W. McGee (ed.), Corporate Governance in Transition Economies, Springer, New York 2008. Business Environment Doing Business, The Word Bank, Washington D.C., various years. Technology Incubators: Nurturing Small Firms, OECD, Paris 1997. Clusters for Competitiveness A Practical Guide & Policy Implications for Developing Cluster Initiatives, The World Bank, Washington D.C., 2009.