The foundation of Entrepreneurship

Definition of an entrepreneur
An entrepreneur is someone who takes on risk and initiative to start and manage a
business.

They typically innovate new products or services, or create a new market for them.

Entrepreneurs often bring new ideas and creativity to the marketplace, often using
technology to drive their business objectives.
 Characteristics of an entrepreneur
1. Risk-Taker 3. Passionate
2. Creative Problem Solver: 4. Adaptable

For more on the characterises of an entrepreneur watch the video on: The Power of an Entrepreneurial Mindset |Author: Bill
Roche |

https://www.youtube.com/watch?v=Ihs4VFZWwn4
Benefits of entrepreneurship

PROS CONS

1. Uncertainty of income
1. Financial freedom 2. Risk of losing your entire investment
2. Flexible working hours 3. Long hours and hard work
3. Sense of accomplishment 4. High levels of stress
4. Control over your future

For more on benefits of entrepreneurship watch For more on benefits of entrepreneurship watch
the video below the video below
https://www.youtube.com/watch?v=9Yk0LaFPGZc https://www.youtube.com/watch?v=qvG46ko998c
 Feeding the entrepreneurship fire

Despite the challenges that entrepreneurs face on a daily basis, it still remains a mystery what is
feeding the entrepreneurial fire.

For more understanding on this watch the video below

The Entrepreneurial Fire: Author: Lee Thurburn

https://www.youtube.com/watch?v=qLdopG5LLwY
The diversity of entrepreneurs
Young entrepreneurs Home-based businesses
Women entrepreneurs Family businesses
Minority-owned enterprises Co-preneurs
Immigrant entrepreneurs Corporate castoffs
Part-time entrepreneurs Corporate dropouts
Retiring baby boomers
Putting failure into perspective
Failure is a necessary part of the entrepreneurial journey and it can provide valuable insight for
future successes.
Instead of viewing failure as something to be feared, entrepreneurs should embrace it as part of
the creative process.

Why most entrepreneurs fail & how to prevent it from happening to you:
By Vusi Thembekwayo

https://www.youtube.com/watch?v=SQMoLF-O4YY
 Avoiding the Pitfalls of Small Business Failure

Know your business in depth

Build a viable business model – and test it
Develop a solid business plan
Set your business apart from the competition
Maintain a positive attitude
 Conclusion
Entrepreneurs:
Are an important part of the free enterprise system
Are a diverse and talented group of people
Represent a cross-section of society as a whole
Are able to enhance the profitability of their businesses
through acquiring additional knowledge and experience
References
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