Who is an Entrepreneur?
- Wishes to take a risk in business.
- Brings resources together in order to make a profit.
- Recognizes an opportunity and is willing to use time, managerial and other skills, and money to add to that opportunity, while handling the uncertainties and risks of running a business.
What is an Enterprise?
- An enterprise is a business.
- It is an activity whereby individuals organize capital, land, and labor in order to create a good or provide a service and generate profits.
What is Entrepreneurship?
- Entrepreneurship is the entire process a person undergoes to set up a business. It also includes the successful running of the business.
- There are two major aspects to Entrepreneurship. They are the entrepreneur and the enterprise. Thus, we can say: Entrepreneur + Enterprise = Entrepreneurship
What are the functions of an Entrepreneur?
- The realization of opportunity.
- The consolidation of resources, which involves bringing together all the necessary resources of finance, land, equipment, and managerial skills.
- The implementation and creation of venture, which is starting the business after the resources are brought together.
Does Entrepreneurship involve risks?
- Yes, risk-taking is an important part of entrepreneurship. Successful entrepreneurs are those who take calculated risks.
Do all Entrepreneurs have the same risk-taking orientation?
- No, the risk-taking orientation of an entrepreneur would depend on their background, personality, socialization, and experiences.
What are some of the common characteristics of successful entrepreneurs?
- Self-confident all-round performers.
- Resilient.
- Innovative.
- Results-oriented.
- Professional risk-takers.
- Totally committed.
- Ability to get along with people.
- Possess high business acumen.
- Patient.
- Self-motivated.
- Information-seeking.
- Persuasive.
- Demand for quality.
What are the main business processes an Entrepreneur engages in?
- Organizing inputs.
- Production of goods and services.
- Selling goods or services.
- Recovery of costs.
How will I know if I have what it takes to be an Entrepreneur?
- You can take a quiz to determine if you have the entrepreneurial qualities and skills.
- You can do a SWOT analysis to help you determine your strengths and weaknesses, the opportunities that would help make you a successful entrepreneur, and the threats that would hinder your chances of success.
Please note that the result of these will not guarantee your success or failure as an Entrepreneur.