Enterpreneur and its Characteristics:

we will define entrepreneurship as:

The process of identifying business opportunities, allocating resources, and
taking risks to produce goods and services of value, through creative and
innovative processes, to satisfy unmet consumer demands.

The Entrepreneur:

The person who plans, implements and manages a small business is usually
called an entrepreneur.

An entrepreneur, can be defined as

"one who undertakes innovations, finance and business acumen in an effort

to transform innovations into economic goods.

An entrepreneur must:

1. Be a risk taker.

2. Be innovative.

3.Possess business acumen.

4.See potential opportunities in the community.

CHARACTERISTICS OF AN ENTREPRENEUR:

1.An innovator ‐

a person who attempts to introduce new products,

new productive techniques or new forms of business organisations.

2. A risk taker,
risking not only time, effort and business reputation, but his or her invested
funds and those of other stakeholders/role players/investors.

3.Take initiatives

A person who takes the initiative to combine land, capital and labour to
produce goods and services.

4.Organize people and work

A person who has the ability to organise multiple people and tasks and
makes business policy decisions to set the course of the business
enterprise.

5.S.M.A.R.T. Goals

S.M.A.R.T. goal setting guides successful entrepreneurs.

S.M.A.R.T. goal setting means that your goals are:

Are your goals precise, detailed and unambiguous?

How will you measure it? Goals can be measurable by

quality, quantity and cost.

Is it achievable? Although goals should be a stretch to the

team’s capabilities, they must be within reach and realistic.
 Does it contribute to the goals and strategies of the team?
Goals should focus on practical results to be achieved.

‐bound:

When will this goal be achieved? Is the completion date

realistic?

6.Competent in human relations

Entrepreneurs must be able to inspire their employees to work towards

their vision and achieve common goals, while nurturing creative spirit
among them.

7.Market knowledge

Entrepreneurs must have a deep knowledge about the market and the
industry in which they wish to start a company.

8.Superior customer service

Successful entrepreneurs make customer satisfaction the company’s central

focus without limiting their imagination on how or how much to satisfy
their customers.

9.Organised

Entrepreneurs, especially the ones that go “solo”, are the business. They
must carry out a diversity of tasks while meeting deadlines. It is therefore
extremely important for entrepreneurs to have excellent organisation skills,
so that they are able to manage their time and tasks effectively.