Introduction: In this entrepreneurial project, the definition of an entrepreneur will be discussed as well as the qualities of a good entrepreneur and the advantages and disadvantages of being an entrepreneur. Entrepreneurs in South Africa and their contribution will also be looked at. One famous entrepreneur will be chosen and discussed as well as the business this entrepreneur created and their product. 1) Entrepreneurship: Definition: “Entrepreneurship is the development of a business from the ground up — coming up with an idea and turning it into a profitable business. But while the definition of entrepreneurship may be simple, its execution is much more difficult.” -www.businessnewsdaily.com/2642-entrepreneurship.html (5 January 2015)
An entrepreneur is an individual who rather than working as an employee, runs a small business and assumes all the risk and reward of a given business venture, idea, or good or service offered for sale. The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes. Entrepreneurs play a key role in any economy. These are the people who have the skills and initiative necessary to take good new ideas to market and make the right decisions to make the idea profitable. An entrepreneur supplies risk capital as a risk taker, monitors and controls the business activities.
Many people list the personal characteristics that are needed for successful entrepreneurs. Thus, according to Surridge and Gillespie (2012), “have defined the term successful entrepreneurs as someone who is prepared to work very hard, especially in the initial stages of setting up the business” (p. 7). Cynthia (2009), “explained entrepreneurs as people who own, operate and take risks of a business venture”. There many characteristics that successful entrepreneur should have in order to start up and operate the business. If you are willing to be an entrepreneur here are characteristics that an entrepreneur should have.
They must be able to look outside the square and see things others may not see. They must be able to offer solutions to difficult problems as well as being able to brainstorm ideas for their products. They must be able to create a business that will set them apart from others. An achiever Another key quality of a successful entrepreneur is that they are achievers. Getting things done is important.
Introduction to entrepreneurs Entrepreneurship refers to the concept of developing and managing a business venture to gain profit by taking several risks in the corporate world. Simply put, entrepreneurship is the willingness to start a new business. Entrepreneurship has played a vital role in the economic development of the expanding global marketplace. An entrepreneur is willing to work for himself and by himself. There are several different meanings of the term entrepreneurship.
Entrepreneurs are described as the value adders, who represents the prosperity of the nation and its prospective to produce employment; they are the driving force of any nation. All the same, an entrepreneur owns the following qualities: 1. They are alert to new opportunities, resourceful and energetic. An entrepreneur must and is able to bend in with varying situations. Also, they are enthusiastic to believe the risks in expansion and change.
Entrepreneurships prefer to take risks. Adventures can win the wealth for them. However, no matter how they are rich or successful, we should pay attention to their contribution for the society and economy. In the modern society, entrepreneurship plays an important role in a nation’s economic development. Entrepreneurships always use their advantages to make the economic grow well.
So entrepreneurs are identified by a set of behaviors which connect them with organization creation. Also an entrepreneur is principally by innovative behavior and will employ strategic management practices in the business. Theme 3: identifying business
There are various entrepreneurial ventures which are coming up so well and are leaving behind already settled organizations. Entrepreneurship has become the symbol of business tenacity and achievement and their sense of opportunity, their drive to innovate and their capacity for accomplishment have become the standard by which free enterprise is measure now. These characteristics of an entrepreneur come from the self-efficacy and self-confidence which they have in themselves. These are becoming the factors of changing the way a business is done and to handle the dynamic nature of the business
CHARACTERISTICS OF AN ENTREPRENEUR A person can start his/her own venture or business regardless of the age, gender or place constraints. If a person has the entrepreneurial streak and the passion to pursue it, he/she should surely engage in activities that can help set up one’s own business. There are no particular or specified characteristics to be an entrepreneur, some people are hard-working and subtle where as some others are very enthusiastic and flamboyant. Few qualities or traits that I believe that an individual needs to have in order to become a successful entrepreneur are • Passion: The person should be passionate about his/her idea and should be persistent in following it and transforming it into a business and nurturing it thereby. Unless and until one enjoys what he/she is doing there is no full effort being put in.