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• Entrepreneurial Mindset


  The entrepreneurial mindset is all about being a free thinker. The idea that you believe you have the ability to create something out of nothing. It is also about how you approach challenges and mistakes.
• Entrepreneur


  A person who identifies successful business opportunities, risk time and money to start and operate the business, bringing resources together with the intention of generating wealth.
• Elements of Entrepreneurship

  • Innovation - generating new ideas or improving existing ones to create value
  • Risk taking - being willing to take calculated risks and embrace uncertainty
  • Vision - having a clear long-term goal and the ability to inspire others to pursue it
  • Flexibility - able to adjust to changing circumstances and market conditions
  • Persistence - continuing to pursue goals despite obstacles and challenges
  • Passion - having a genuine enthusiasm and dedication for what you do
• Characteristics of an Entrepreneur

  • Hard working - they work long and hard hours to achieve success
  • Persistent - does not give up, when they fail they learn from their mistakes and try again until they are successful
  • Innovative - developing a new idea or making changes to an existing one; this might be merely a change in the way it is delivered or one feature
  • Creative - ability to develop new and novel ideas, or new ways of doing things to satisfy the needs
  • Visionary - thinking about or planning the future with imagination or wisdom
  • Goal-oriented - strong motivation towards the achievement and has a strong urge to achieve
  • Calculated risk takers - take calculated risk to gain a chance to embark on an investment opportunity with the intention of realizing profits but not without awareness of the likely consequences
  • Systematic planner - framed realistic business plans and follows them rigorously to achieve the objectives in a stipulated time limit
  • Emotional intelligence - the skill of perceiving, understanding, and effectively managing different emotions
  • Dynamic - characterized by constant change, activity, or progress and always full of new ideas
  • Self-confident - have a great deal of confidence on their ability to succeed
  • Aggressive - always taking advantage of an opportunity that they know they will benefit from
  • Flexible - being able to adapt quickly with any changes in the environment
  • Opportunity seeking - identifies an opportunity, seizes it and converts it into a realistic and achievable goal or plan
• Role of an Entrepreneur

  • Growth in GDP - Entrepreneurship drives economic growth by promoting innovation, productivity, and competitiveness. New business introduces new products, services and business model, contributing to increased output, revenue and tax revenue.
  • Social Development (Social Entrepreneurship) - Addresses social, environmental, or community challenges through innovative business solutions and collaboration. Dual mission.
• Role of Entreprenur Cont...

  • Job Creation - Creates jobs indirectly by stimulating economic activities and supporting the growth of supply chains and service sectors. Fostering the development of new businesses and industries who usually hire locally and quickly adapt to market demands.
• Impact on Entrepreneurship

  • Growth in GDP - Entrepreneurship is closely linked to economic growth, new businesses drive productivity, innovation, and competition. Increased productivity, output, wealth creation leading to higher GDP. Also stimulates investment, consumer spending and exportation.
  • Social Development - A transformative impact on society by addressing pressing social and environmental challenges. Leading to tangible improvements in quality of life and well - being. Leverage business principle to achieve positive, sustainable social impact.
• Impact on Entrepreneurship Cont...

  • Job Creation - Significant impact, particularly in dynamic sectors (technology, healthcare, renewable energy). Startups and small businesses are responsible for a substantial portion of new job opportunities. Entrepreneurship fosters a culture of innovation and creativity, leading to the emergence of new industries and employment opportunities.
• Social Entrepreneurship 


  The practice of using entrepreneurial principles and business techniques to address social, environmental, or community challenges. Social entrepreneurs are driven by a dual mission: to create positive social impact and to achieve financial sustainability.
• What Has To Be Managed As A Social Entrepreneur

  • Recognizing opportunities
  • Finding resources
  • Developing an innovative strategy
  • Developing the venture
  • Developing a rich network
• Recognizing Opportunities

  • Challenge: Identifying viable opportunities to address social or environmental challenges can be complex.
  • Solution: Need to conduct thorough research, engage with stakeholders, and leverage their understanding of local contexts to identify unmet needs and potential solutions
• Finding Resources

  • Challenge: Acquiring the necessary resources, including funding, talent, and infrastructure, is often a major challenge.
  • Solution: Can explore diverse funding sources, including grants, impact investment, crowdfunding, and partnerships
• Developing An Innovative Strategy

  • Challenge: Developing an effective innovation strategy that addresses the unique needs of the target community or environment while ensuring scalability and sustainability can be daunting.
  • Solution: Adopt a human-centered design approach, involving stakeholders in the co-creation process, and iterating on solutions based on feedback and evidence
• Developing The Venture

  • Challenge: Building and scaling a social venture requires navigating various operational, legal, and organizational challenges.
  • Solution: Prioritize organizational sustainability, operational efficiency, and impact measurement from the outset
• Developing A Rich Network

  • Challenge: Establishing and nurturing a diverse and supportive network of stakeholders can be crucial.
  • Solution: Actively engage with communities, networks, and platforms dedicated to social innovation and entrepreneurship
• Intrapreneur 


  An employee within an organization who behaves like an entrepreneur as they have the responsibility of coming up creative and innovative ideas for the firm.
• Difference Between An Entrepreneur & Intrapreneur

  • Ownership - In a startup the entrepreneur is the owner who establishes the venture whereas the intrapreneur is the creative employee within the already established business
  • Risks - In a startup the entrepreneur takes all the risks whereas the intrapreneur takes minimal risks
• Intrapreneur: Features, Advantages & Disadvantages

  • Features - Innovative, Flexible & Initiative
  • Advantages - Still have a job if they fail, Resources are provided & They don't incur any losses
  • Disadvantages - Work within firm guidelines, Resistant to change & Not much remuneration
• Entrepreneurship 


  The activity of setting up a business or businesses, taking on financial risks and gathering resources in order to own or operate a business.
• Small Business 


  An independently owned and operated enterprise with relatively few employees and a limited scale of operations.
• Small Business: Features, Advantages & Disadvantages

  • Features - Limited scale of operations, Has a more local focus & Limited resources available
  • Advantages - Personalized customer service, Flexible & Cost effectiveness
  • Disadvantages - Competitive disadvantage, Limited resources available & Owner dependency
• Main Difference Between An Entreprenurial Venture & Small Business

  • The main difference: innovation.
  • Where the entrepreneurial venture uses innovation it is not the same for the small business as they have a local focus, reactive, smaller market share and are satisfied with success.
• Myths of an Entrepreneur

  • All you need is money to start
  • An entrepreneur venture and a small business is the same thing
  • Successful entrepreneurs only need a great idea
  • Anyone can start a business
  • All entrepreneurs are rich
  • Entrepreneurship is easy
  • Entrepreneurs are born, not made
  • All you need is luck
  • Entrepreneurs are extreme risk takers
  • Entrepreneurs always generate new ideas
  • Entrepreneurs are motivated primarily by money or profit
• Myths Explanation

  • All you need is money to start - a venture does need capital to survive however failure can be due to other reasons: managerial incompetence, poor investment, poor planning, etc.
  • Entrepreneur venture and a small business is the same thing - entrepreneurship can be found in any size organisation - not because the business is small doesn't necessarily mean that is entrepreneurial.
• Myths Explanation Cont...

  • Successful entrepreneurs only need a great idea - a great idea is part of the entrepreneurial process - only the first stage. Without backing of adequate finances, a suitable market strategy and other aspects of the entrepreneurial process, a good idea would only remain as that.
  • All entrepreneurs are rich - some entrepreneurs who are rich you also have some who are not.
• Myths Explanation Cont...

  • Anyone can start a business - takes a lot of skills, attributes and will have to portray the necessary characteristics to overcome failure and achieve success.
  • Entrepreneurship is easy -          definitely not easy since it takes commitment, dedication and hard work. Even if you possess these characteristics the process still is not effortless.
• Myths Explanation Cont...

  • Entrepreneurs are born, not made - characteristics of an entrepreneur cannot be learned due to persons being born with the characteristics. In contemporary society, courses are provided to individuals to teach them.
  • All you need is luck - entrepreneurs who seize an opportunity when they arise are considered lucky. Simply prepared to deal with situation and turn them into success. Luck is a combination of preparation, determination, desire, knowledge and innovativeness.
• Myths Explanation Cont...

  • Entrepreneurs are extreme risk takers - usually working on a moderate or calculated risk. Work hard through planning and preparation to minimize the risk involves and gain better control.
  • Entrepreneurs always generate new ideas - belief that entrepreneurs are always coming up with revolutionary, never-before-seen ideas, leads people to think that. Do indeed come up with groundbreaking ideas or improvement. Entrepreneurship is more about innovation and execution than just generating entirely new ideas.
• Myths Explanation Cont...

  • Entrepreneurs are motivated primarily by money or profit - common misconception. Finacial success is undoubtedly a motivator for many entrepreneurs, its rarely the primary driving force. Successful entrepreneurs are often motivated by passion, desire for autonomy, personal fulfillment and commitment to making a positive impact.
• Types of Entrepreneurs

  • Nascent
  • Novice
  • Serial
  • Survival/ Necessity
  • Lifestyle
  • Habitual
  • Portfolio
  • Social
  • Opportunity
  • Speculative
• Explanation of Entrepreneurs

  • Nascent - early stages of developing a business idea but have not yet taken significant steps to establish or launch. Conducting research, gathering resources, or formulating plans.
  • Novice - new to entrepreneurship and lack experience in starting or operating. Limited Knowledge and skills but possess enthusiasm and willingness to learn.
• Explanation of Entrepreneurs

  • Serial - found and launch multiple businesses over time. Thrive on starting new ventures, identifying opportunities and taking calculated risks. Leverage their past experiences and networks to create interest of the venture which they would usually sell.
  • Survival/ Necessity - start business out of necessity rather than opportunity or a need to generate income or escape unemployment. Operate in challenging economic environments and have limited access to resources.
• Explanation of Entrepreneurs

  • Lifestyle - priorities personal fulfillment and work life balance. Aims to create a business that align with their interest, values and desired lifestyle. May not prioritize rapid growth or high profits but focus on sustainability and enjoyment.
  • Habitual - persistent desire to start and operate a business. Habit of engaging in entrepreneurial activities repeatedly, regardless of success or failure. Entrepreneurship is deeply ingrained in their identity and behaviour.
• Explanation of Entrepreneurs

  • Portfolio - manage multiple businesses simultaneously. Different industries, markets, or business models to spread risk and maximize opportunities.
  • Social - aim to address social, environmental, or community challenges through innovative business solutions. Prioritize creating a positive impact. Dual mission.
• Explanation of Entrepreneurs

  • Opportunity - identity and pursue business opportunities. Proactive in seeking out potential ventures, conducting market research and developing strategies to capitalize opportunities. Desire for innovation, growth and financial success.
  • Speculative - engage in ventures with high risks and uncertainty. Driven by speculative investments or market trends. Pursue opportunities in emerging industries, speculative markets, or high-growth sectors with the potential for significant returns but also substantial risks.
• Role of the Entrepreneur and Intrapreneur in Enterprise Development

  • Factors that contribute to enterprises becoming more entrepreneurial
  • Openness, flexibility, innovation and proactivity
  • Environmental of change, chaos, complexity, competition, uncertainty and contradiction
• Factors That Contribute to Enterprises Becoming More Entrepreneurial

  • Leadership Support: leaders who encourage and empower employees to take initiative, innovate, and pursue opportunities.
  • Organizational Culture: culture that values openness, experimentation, and risk-taking fosters entrepreneurial behavior among employees, driving innovation.
  • Resource Allocation: Allocating resources, such as time, funding, and talent, towards entrepreneurial initiatives signals a commitment to fostering innovation and growth.
• Factors That Contribute to Enterprises Becoming More Entreprenurial Cont...

  • Market Dynamics: Changes in market conditions, emerging technologies, competitive pressures may compel enterprises to adopt a more entrepreneurial mindset.
  • External Partnerships: Collaborating with startups, accelerators, and industry experts, can infuse entrepreneurial energy and perspectives.
• Openness, Flexibility, Innovation & Proactivity

  • Openness and Flexibility: embrace openness to new ideas, feedback, and perspectives, fostering a culture of continuous learning and adaptation. Flexible and capable of responding quickly to changing market conditions.
  • Innovation: Innovation is a core driver of entrepreneurial behavior as it meets evolving customer needs and stay ahead of the competition. Encourage creativity, experimentation, and risk-taking.
• Openness, Flexibility, Innovation, Proactivity Cont...

  • Proactivity: proactive in identifying and pursuing opportunities for growth. They anticipate market trends, customer preferences, and emerging technologies to capitalize opportunities.