Entrepreneurship

• An entrepreneur is a person who is willing and able to create a new business idea or invention and takes risks in pursuing success

  • Successful entrepreneurs can identify and pursue opportunities, create value for customers and build thriving businesses
• What do entrepreneurs do?:

  • Organise resources
  • make business decisions
  • take risk
• Intrapreneurship refers to the practice of promoting entrepreneurial thinking and behaviour within an existing business

  • It involves empowering employees to think and act like entrepreneurs
  • The business encourages them to take risks, innovate, and develop new ideasand projects that may benefit the business
• • Intrapreneurship allows businesses to tap into the creative potential of their employees and generate new products/services or processes that can drive growth and competitive advantage
• Barriers to entrepreneurship:

  • Entrepreneurial capacity
  • Access to finance
  • Lack of training/know-how
  • Fear of failure/lack of confidence
• Entrepreneurial capacity refers to an individual's ability to think creatively, take risks, and identify and seize business opportunities
• • Access to financeMany aspiring entrepreneurs struggle to secure the funding necessary to start or grow their businesses. Lack of access to finance is a major barrier to entrepreneurship, especially for those from disadvantaged backgrounds
• Lack of training/know-howStarting and growing a successful business requires a range of skills, including marketing, finance, management, and leadership. Aspiring entrepreneurs may struggle to develop a viable business plan, attract customers, or manage their finances effectively
• • Fear of failure/lack of confidenceEntrepreneurship is inherently risky and individuals/businesses may be held back by a fear of failure or a lack of confidence. They may worry about the financial risks involved in starting a business or fear the stigma of failure