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hus,  entrepreneurship  can  be  defined  as   an  economic  process  in   hich  an  idea  or  an  opportunity  is  generated,
        improved, developed and implemented  hile being e posed to uncertainty in order to reali e a profit through effective
        resource utilisation.
         conomists define an entrepreneur as someone  ho combines resources, labour, materials and other assets to make
        a profit.  sychologists define an entrepreneur as a person  ho is typically motivated by a psychological impulse that
        develops a desire to gain or attain something.  ociologists define an entrepreneur as a person  hose actions affect the
        social status and contribute to the society s progress.  anagement e perts define an entrepreneur as someone  ho has
        a goal and creates a plan of action to realise it.

        Entr epr eneur ship C har acter istics
         he follo ing are some of the characteristics of entrepreneurship based on the definitions provided above.
        •  It is an economic activity that is carried out in order to establish, develop and sustain a profit oriented organisation.
        •  It starts  ith finding an opportunity as a potential to sell and gain profit in the market.
        •  It deals  ith resource optimisation.
        •  It refers to a company's and an entrepreneur's  illingness to take chances.

        Entr epr eneur ship—S  cience and A r t
         ntrepreneurship is seen as an art as much as a science.  o be termed scientific, a sub ect must have a gradual progression
        supported by reliable proof, such as chemistry or physics.  ome steps must be taken in order to achieve a specific result.
        On the other hand, some sub ects are classified as art,  here no e act method of achieving a result is required and the
        ability to use the sub ect matter is essential.  usic is an e ample of art. A musician can use any combination of music
        notes to create calming and heartfelt music.  ntrepreneurship is the perfect combination of art and science because it
        involves definite progression and procedures to be follo ed as  ell as the ability to deviate  henever necessary  hile
        still making the entire activity profitable and gro th oriented.
        An entrepreneur is someone  ho has the ability to establish a business by organising the numerous resources needed
        to make a business possibility a reality.  rofit is not al ays motivating for entrepreneurs, but it can serve as a yardstick
        for assessing performance or success.


        Q ualities of  S uccessf ul Entr epr eneur s
         onsider the qualities of great entrepreneurs.  any qualities are required to properly run a business.  o ever, the
        follo ing are regarded as essential

                                                      Willingness to
                                                        take risks



                                 Initiative                                    Ability to learn
                                                                               from mistakes
                                                       Qualities of
                                                        Successful
                               otivation              Entrepreneurs              elf confidence



                                                                              Ability to make
                                 ard  ork
                                                                                 decisions

        •   Initiative: In the  orld of business, opportunities emerge and  ust disappear. An entrepreneur must be able to take
            the initiative and capitalise on opportunities. If a person misses out on an opportunity, it may never return. As a
            result, the entrepreneur must take the initiative.



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