Economics

• Entrepreneur


  Someone who takes the financial risk to start their own business
• Enterprise


  The ability to organize and manage the production of goods and services
• Functions of an entrepreneur

  • Conceptualizing
  • Planning
  • Accessing funds
  • Organizing
  • Operating
  • Evaluating the performance of a business
• Characteristics of a typical entrepreneur

  • Creative
  • Innovative
  • Flexible
  • Goal-oriented
  • Persistent
  • Persevering
  • Propensity to take calculated risks
• Financial independence


  The desire to determine your own finances and income
• Self-fulfillment


  Running a business can be more satisfying and enjoyable than working in a dull, repetitive job
• Self-actualization


  Running a business allows you to fulfill your potential and make the best of your skills, interests, abilities and ideas
• Increase income


  Starting a business can allow you to increase your income beyond what you could earn as an employee
• Increase control of work life


  As a business owner, you can choose when, where and how hard you work, unlike most employees
• Even with the benefits of entrepreneurship, there are also challenges such as not having a steady income and having to work harder than in a regular job
• Entrepreneurs take calculated risks when starting a business
• Creativity allows entrepreneurs to turn ideas into reality
• Innovation allows entrepreneurs to invent and develop new ideas, designs and ways of doing business
• Flexibility allows entrepreneurs to adapt to changes and unexpected situations
• the roles of the entrepreneur example conceptualizing planning accessing finance organizing factors of production operational business evaluating and risk being these are the roles of the entrepreneur do not confuse roles and characteristics do not obscene some exams people confuse your actual name give me one word and people give you a goal-oriented you know no that's a characteristic that's not a role I don't get them mixed up
• conceptualizing notice in your brain you're thinking of an idea you have a vision an idea of what you want the business to be so you have to that's all in your head so that's when you develop in your ideas so have to go as in hmm what can I do out there it's not being done before what is a good idea of making a business what do I do what can I do what can I offer what is new what is innovative it I can off of that is not being done before so you have an idea so conceptual eysan is bit of a concept as it would can separate deal say the brand idea so what the book says developing a business idea of vision and turning into a working business every generate sales and profit understanding how a business will deliver what consumers need I want and which consumers will benefit researching all aspects of the business idea including the best sources of finance comes from a preferences and buying patterns the most effective place to advertise suppliers will offer the best valid cetera
• planning is the gathering the necessary resource and organizing them into an efficient way so production can flow smoothly and the goals of a company are met proper planning can be can guard against business failure for cousins are important for planning for your business ventures
• accessing funds of course you're a entrepreneur it's your business you want to set your business of course you need money to run this business so you identify okay I have an idea I have all these plans now these plans take money we am I gonna get the finance to get these plans up and running so that's the role of the entrepreneur ya know we're gonna get the money from so identifying various sources from which finance can be obtained to start the business and I did video on business finance in which you can go to and look at the sources of finance but they have some listed here this was can be personal savings loans from friends and family lonesome a financial institutions fund raising activities angel founders venture capitalists are grants so you know which is the best avenues to access finance as the entrepreneur
• organizing business resources to get the best product to concert customers should be parity for entrepreneur also should be fully employed to maximize production and achieve business success you organising know Nora I've pulled all resources together you have access to finance and everything you organize them in a nice productive unit
• operating the business you have to make sure the business running so for approach of the business a good management team needs to be hired to undertake the overall supervision of and memory of the business so as I'm gonna have to source the people you see or imagines to run the business for you if you don't want to write did today but it still have to be the one who overlooks the general operation of your business your business only you know your best interests
• evaluating the performance of your business the performance of a business should be monitored and assessed against targets or plans on a regular basis so that the measures can be taken to correct areas that are on the performance again you have to evaluate your business of are we doing what we supposed to do our meeting sales expectations if not what kind of change to change was going around so you have to monitor and I put an assessed and put corrective measures in place so things that are not going home you planned it
• the entrepreneur is the one who bears the risk to start their own business so that's a rule at the Bailey risk every business fail that's on you if you succeed all all better where we fail is on you so you're building overall risk of running your own business if the business fails to succeed the actual soil response for the outcome it is therefore important to take all three steps to make a profit especially of course have to be legal of course especially if persons personal savings have been invested in the business and a low need to be repaired
• the reward for entrepreneurship is perfect that's the reward be an entrepreneur you make a decent profit and so everybody doesn't mean even for business to make a profit or like elected I like to say this way the main area of business is to maximize the profit net profit yes but you have them you want to maximize you know you could make 10 don't make 5 so making a profit is the key aim poverty's earn when business revenue exceed costs losses occur when the business costs exceed revenue and other business on incomes
• entrepreneurs work with many organizations when they create new businesses or expand existing ones including suppliers of materials and equipment banks and recruitment agencies
• entrepreneurs provide goods and services to satisfy the citizens, create jobs and contribute to nation-building
• Suppliers of materials and equipment


  They work with entrepreneurs
• Banks and recruitment agencies


  They work with entrepreneurs
• Entrepreneur


  Works with other members of society and the community to enhance overall development
• Public-private partnerships


  • Where the public sector (government) collaborates with the private sector (entrepreneurs, businesses)
• Collaboration between public and private sectors


  1. Training staff

  2. Workshops

  3. Bringing in entrepreneurs to collaborate
• Collaboration between stakeholders in the community and society helps to develop the economy and country
• Businesses collaborate


  To enhance the economy and develop the country
• Linkages


  Relationships between different types of businesses, e.g. primary and secondary
• Risk-takers


  Entrepreneurs who invest their knowledge, time, energy and often money into starting a new business, with the aim of creating wealth, but risk failure and losing money
• Entrepreneurs take risks that the government would not, starting businesses in areas the government deems not viable
• Providing goods and services


  Entrepreneurs create businesses that provide goods and services to satisfy citizens, unlike the government
• Competition


  Entrepreneurs create competition between businesses, which helps keep prices low
• Creating jobs


  Businesses create employment opportunities, which reduces unemployment, provides incomes and improves standard of living
• Contributing to nation-building


  Businesses give back to communities through scholarships, workshops, soup kitchens, environmental initiatives, etc.
• Steps to establish a business

  1. Conceptualization

  2. Market research

  3. Identifying resources

  4. Business plan

  5. Accessing funds

  6. Operation