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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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