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exploring more about it

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  1. 1. Entrepreneurship EXPLORING MORE ABOUT IT
  2. 2. What is an Entrepreneur? An Entrepreneur (ahn’tra pra nur) is a person who organizes and manages a business undertaking, assuming the risk for the sake of profit. Any person (any age) who starts and operates a business is an entrepreneur.
  3. 3. Characteristics Being an entrepreneur requires specific characteristics and skills that are often achieved through education, hard work, and planning. Risk Taker Businesses face risk. Entrepreneurs minimize risk through research, planning, and skill development. Perceptive Entrepreneurs view problems as opportunities and challenges. Curious Entrepreneurs like to know how things work. They take the time and initiative to pursue the unknown
  4. 4. Characteristics Continues….. Imaginative Entrepreneurs are creative. They imagine solutions to problems that encourage them to create new products and generate ideas. Persistent True entrepreneurs face bureaucracy, make mistakes, receive criticism, and deal with money, family, or stress problems. But they still stick to their dreams of seeing the venture succeed. Goal-setting Entrepreneurs are motivated by the excitement of staring a new business. Once achieved, they seek out new goals or ventures to try. Hardworking Entrepreneurs need a great deal of energy to see a venture start and succeed. Yet they are not deterred by the long hours to achieve their goal.
  5. 5. Characteristics Continues….. Self-confident Entrepreneurs believe in themselves. Their self-confidence takes care of any doubts they may have. Flexible Entrepreneurs must be flexible in order to adapt to changing trends, markets, technologies, rules, and economic environments. Independent An entrepreneur’s desire for control and the ability to make decisions often makes it difficult for them to work in a controlled environment.
  6. 6. Advantages and disadvantages of entrepreneurship •Merits of being an entrepreneur • What is beneficial to you about being an entrepreneur? • You reach your full potential • You reap profits • You contribute to society and are recognised for your efforts • You gain control over your own destiny
  7. 7. Reasons why entrepreneurs succeed or fail •Management skill •Experience •Financial control •Changes in the business environment
  8. 8. THE ENTREPRENEURIAL PROCESS  Identify and evaluate the opportunity – Techniques to generate ideas – Feasibility study – Viability study – Market size – Window of opportunity  Develop the business plan – Important for managing the resources required – Essential if one needs funding (finance) – Helps reduce risk
  9. 9. Determine the resources required – Capital – People – Physical and intangible assets – Resources determined by the cash flow projection in the business plan  Start and manage the enterprise
  10. 10. THE IMPORTANCE OF ENTREPRENEURS IN SOUTH AFRICA IN SOUTH AFRICA  Entrepreneurship as a critical solution: – Low economic growth – High unemployment – An unsatisfactory level of poverty – Choosing entrepreneurship as a career – Entrepreneurship and the informal sector – If the customer does not buy, the entrepreneur does not live – Relationship between entrepreneurship and economy – Multi-faceted and complex  Small, medium and micro enterprises (SMMEs)
  11. 11. Stages of entrepreneurial growth
  12. 12. Entrepreneurial relationships Entrepreneurship often involves managing relationships with other companies:  Corporate venturing – investing externally in new ventures thereby protecting early-stage ventures from internal bureaucracy and by spreading risk.  Spin-offs (or spin-outs) – the generation of small innovative units from larger organisations.  Ecosystems – fostering communities of connected suppliers, agents, distributors, franchisees, technology entrepreneurs and makers of complementary products.
  13. 13. Social entrepreneurship Social entrepreneurs are individuals and groups who create independent organisations to mobilise ideas and resources to address social problems, typically earning revenues but on a not- for-profit basis.
  14. 14. Social entrepreneurship decisions  Social mission  Organisational form  Business model
  15. 15. CHALLENGES FACING ENTREPRENEURS SMMES IN SOUTH AFRICAFood Social Entrepre  Lack of start-up and expansion finance  Access to markets and gaining market credibility  Access to appropriate technology  Access to human resources (managing people) Food Social Entrepreneurship
  16. 16. Other barriers faced by South African entrepreneurs – The lack of entrepreneurial skills, awareness and preparedness amongst entrepreneurs – Lack of respect for and recognition of the contribution made by entrepreneurs u South Africa – Forecasts, which are rarely accurate – Sub-optimal infrastructure, which is impairing the culture of entrepreneurship in South Africa – Everything taking longer than planned
  17. 17. FOCUSINGONDIFFERENTLABELS FOR ENTREPRENEURS  Women entrepreneurs – Types of women entrepreneurs – Barriers facing women entrepreneurs – Success factors of women entrepreneurs  Emerging entrepreneurs – Survivalist and micro enterprises (the informal sector)  Characteristics of the informal sector  Central categories of informal business  Characteristics of informal and survivalist environment – Opportunity and necessity entrepreneurship
  18. 18.  Youth entrepreneurs – Usombuvo Youth Fund – Young Entrepreneur South Africa (YESA) – Entrepreneurship as a subject in schools’ syllabuses – Student Enterprises Trust
  19. 19. Entrepreneurship and certain industries or sectors – Technology entrepreneurs (Technopreneurs)  Four types of entrepreneurship in the context of the technology entrepreneur:  Small Enterprises Development Agency (SEDA) – Social entrepreneurs  Definition according to Dees (1998: 4) – Tourism entrepreneurs – Opportunities: accommodation sector of industry, transport industry and man-made attractions
  20. 20. THANK YOU
  21. 21. REFERENCES • CHAPTER1.pptx(protected view) • CHAPTER2.pptx(protected view) • Entrepreneurshippowerpointslide-140307085907- phpapp02.ppt • Entrepreneurshippresentationmodule1-090929020528- phpapp02.ppt • Innovationandentrepreneurship-121118084443-phpapp01