CHARACTERISTICS/QUALITIES

OF AN ENTREPRENEUR
 CREATIVITY

-Conceptual skills and imagination

-Ideas for a new product.
-See possibilities in the ideas of others
 PERSISTENCE

-Confidence – carry on in spite of setbacks.

- patience until goal is reached.
 COMMITMENT

- own money in the business.

-working long hours
-accepting low standard of living at first.
◦ ENJOY A CHALLENGE AND WILLING TO TAKE RISKS
-Take calculated risks.
-Reduce risk with careful detailed planning based
on a lot of information.
-Accept that they can loose savings.

◦ INVOLVEMENT IN THE ENTERPRISE

- personally involved in what is happening in all
sections of the business.
- they communicate with suppliers and clients
- hands on approach
◦ SOUND HUMAN RELATIONS
- realize they cannot succeed on their own.
- Motivate employees and communicate effectively.
◦ ENERGETIC
-Emotional and physical energy.
-Have contacts with Government.
◦ POSITIVE ATTITUDE AND APPROACH
- Use negative experiences positively and learn
from past mistakes.
◦ SELF CONFIDENT AND SELF MOTIVATED
◦ They take initiative and don’t wait for phone to
ring.
◦ They have will power and self discipline.
◦ NEED FOR INDEPENDENCE
- In control of their lives and destiny.
◦ WILLINGNESS TO LEARN FROM OTHERS
- Open to wisdom and experience of others
- Good listeners.
◦ ADAPTABILITY
- Constant change is the only certainty in
business.
- Its viewed as an opportunity, not a threat.
◦ NEED FOR ACHIEVEMENT
- A desire for excellence or to succeed in competitive
situations.
- Godfrey Moloi was the first black taxi and night club owner.
CONTRIBUTIONS OF SMALL
BUSINESS TO THE ECONOMY
PROVIDING NEW JOBS
- More labour intensive

SERVE A SMALLER MARKET

Provide products or services that cannot be
provided by big businesses.

MANAGEMENT TRAINING
Provide owners with training ground.
◦ SOCIAL STABILITY
◦ Offer more employment – cleaning, consulting etc

◦ INCOME DISTRIBUTION
◦ Businesses can be set up in both rural and urban
areas.

◦ COMPETITION
◦ Customer needs, improving quality and service.
BENEFITS OF ENTREPRENURSHIP
Profit
Independence
Personal fulfilment
DRAWBACKS OF
ENTREPRENEURSHIP
Hard work
Long hours
Lot of emotional energy
ALTERNATIVE ROUTES TO
ENTREPRENEURSHIP
1. Buying and existing business
It is better than starting a business from

scratch – it saves on time and costs.

2. Buying a franchise
Ready made business, proven formula,
make sure lawyer draws up your
contract.
ALTERNATIVE ROUTES TO
ENTREPRENEUR
3. Entering a family business
Parents may finance the business.
Adv- decisions are made quicklu
Disadv- family conflict and business
looking inward.
4. Creating a new business
starting from scratch. Identifying a new
opportunity, deciding on the form of
ownership and raising capital