The Entrepreneur

1
The Entrepreneur
2
Definition of Entrepreneur

• The entrepreneur, by definition, shifts
  resources from areas of low productivity and
  yield to areas of higher productivity and yield.
  Of course, there is a risk the entrepreneur may
  not succeed.
  (Drucker, 85)

3
Entrepreneurship Vs Management

• Entrepreneurship
• Creating something new
• New product, new method of production, new
  markets, new source of raw material
• Challenges the norm
• Management
• Protects
• Stewardship of existing resources

4
Why become an Entrepreneur?

• Personal situation
• Resources
• Entrepreneurial skills
• Success stories
• Desire for independence
• Opportunity to exploit a gap
• Frustration

5
Characteristics of an Entrepreneur

• Drive
• Perseverance
• Ambition
• Leader
• Survivor status
• Competitive
• Interpersonal skills
• Innovative skills
• Ability to bounce back

• Vision
• Motivation
• Self-confidence
• Self Satisfaction
• Extrovert (Expr. Person)
• Results orientated
• Committed
• Risk taker
• Social

6
Psychological Characteristics of Entrepreneurs

• Need for achievement
• Locus of Control
• Internal
• External
• Risk-taking Prosperity
• Tolerance for ambiguity
• Type A Behaviour
• Impatient, time urgency, driving ambition,
  competitiveness
• Need for Independence

7
What is the Role of the Entrepreneur?

• Opportunity recognition
• Market uncertainties
• Dealing with the future
• Risk taking
• Businesses, financial and personal
• Resource gathering
• Profits/Reward

8
Skills Competencies

• I can.Communicate
• I can.... Present
• I can. Represent my opinion
• I can. Co-ordinate tasks
• I can. Develop alternative plans
• I can. Hand tasks over to a 3rd party
• I can. Co-operate with others
• I can. Negotiate
• I can . Sell
• I can. Organise and plan
• I can. Handle numbers
• I can. Handle technical devices
• My literacy is .
• My interaction with people is .

9
Hurdles in starting up a a business

• Lack of contact clients/customers
• Economic cycle
• Business environment
• Fear of failure
• Support by family and friends
• Lack of time
• Lack of entrepreneurial skills