Defining entrepreneurship has occupied scholars for many years and to this day there is still lack of consensus on its exact meaning The term is used.

Defining entrepreneurship has occupied scholars for many years and to this day there is still lack of consensus on its exact meaning

The term is used differently in different contexts and environments

The term entrepreneur is derived from the French verb “entreprendre”, meaning “to undertake” .

The French economist Richard Cantillon is generally accredited with being the first to coin the phrase in the context of what we view today as entrepreneurship in about 1730. He defined entrepreneurship as self-employment of any sort, and entrepreneurs as risk takers in the sense that they purchased goods at certain prices in the present to sell at uncertain prices in the in the future.

Frank Knight (1885-1972) first introduced the dimension of risk-taking as a central characteristic of entrepreneurship. He considers uncertainty as a factor of production, and notes that the entrepreneur acts in anticipation of future events. The entrepreneur earns profit as a reward for taking such risks.

1934 Joseph Schumpeter came up with a definition of an entrepreneur which ushered in the more modern interpretation which relates entrepreneurship to innovation. Schumpeter defined entrepreneurs as innovators who implement entrepreneurial change within markets.

He highlighted that entrepreneurial change has five manifestations:

the introduction of a new or improved product or service

the introduction of a new method of production

the opening of a new market the exploitation of a new source of supply; the re-engineering/organization of business

management processes.

- Necessity Entrepreneurship which refers to having to become an

Entrepreneur because you have no better option.

- Opportunity Entrepreneurship which is an active choice to start a new

enterprise based on the perception that an unexploited or under exploited business opportunity exists.

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While it is easy to see that starting a new business to exploit a perceived business opportunity would lead to economic development, it is also possible that necessity entrepreneurship may not lead to economic development.

Being pushed into Entrepreneurship (self-employment) because all other options for work are either absent or unsatisfactory can even lead to under development.

It is a process of searching and exploiting an opportunity.

Efforts of an individual who goes against the odds in translating a vision into successful business enterprise.

It is a way of life, thinking, acting and attitude towards working

entrepreneurship is about innovation, bringing new ideas, new markets, new

products and new processes bring notable positive change in the

economic, technological and social development of a country.

Entrepreneurship is about having the eye to see opportunities and the ability pursue them resulting in the realisation of economic value.

It requires passion, the willingness to take risks and the desire to bring about change.

Today entrepreneurship is viewed as a driving force for economic growth

(Wenneckers and Thurick 1999).

Saxenian (1994) demonstrated that the

most prosperous and dynamic economic regions were characterized by very high rates of entrepreneurship

• Entrepreneurs create new businesses • New businesses create jobs • Increase level of disposable income • New businesses intensify competition • Intensified competition may improve

quality • New businesses may increase productivity

through technological change

Acting as the economy’s guinea pigs Turning inventions into innovations Creating new horizons Entrepreneurs take a concept and turn it

into reality

Creating new industries by experimenting in market niches that were overlooked by established firms

Tackling uncertainty by pursuing competing strategies and responding flexibly to changing conditions

Generating competition to established firms

WHAT ENTREPRENEURS DO?

EMPLOYMENT & INCOME GENERATION

ENTERPRISES

ENTREPRENEURS

Taxes/Govt. Revenues

Poverty Alleviation

Higher Productivity & Innovations

Output & Exports

Wealth

Allows you to be yourself Is enjoyable and does not seem like work Fulfils you Follows your wants instead of should Gives you energy instead of draining you Enables you to align with your passion and

do what you love Your own master Gain influence and respect “

Desire for Success• Dream big and keep on dreaming. If you

cannot see it you cannot have itPassion• Love what you do and it will be easy to put

in effort. Successful entrepreneurs do not mind putting even 18 hours a day because they love what they are doing

Focus• Focus on your strengths, do not lose sight of

the dream despite the challenges that you may face.

Hard work• Brian Tracy – You work 8 hours a day for

survival if you want to succeed you have to put in more hours

• Working hard will be easy if you have a vision, clear goals and are passionate about what you do.

Desire for knowledge• This is not about degrees and diplomas• To succeed you must be willing to ask

questions, remain curious, interested and open to new knowledge

• Learning is crucial given the rapid changes in technologies and ways of doing business

Perseverance and Faith• Courage to persist in the face of adversity,

setbacks and resounding defeat

Discipline and diligence• Do what you should do, when you should do

it whether you like it or notPlanning• If you have a dream/vision write it down and

put in place concrete goals that • Plan each day in such a way that each

action contributes to the attainment of your vision

Networking• Your success depends on the company that

you keep• Always be alert for opportunities to expand

your contactsFailure is not an option• Believe in your goals, have faith in your

idea and have confidence in your capabilities and yourself

Mentorship• One of the things that makes someone one

advance to greatness is to have a coach• A mentor is a voice you can listen to,

someone who has been there before and has succeeded.

• A good mentor acts a catalyst to make you achieve your results faster

Some say that successful entrepreneurs are born, not made. Others disagree, saying good entrepreneurship is a talent that can be learned and nurtured. The truth probably lies somewhere in the middle. The desire to create and grow a business – large or small – requires a combination of character, talent, vision, energy, timing, and a bit of luck.

“Every body stumbles across a golden opportunity at least once in a lifetime. Unfortunately most people just pick themselves up, and others dust off and walk away from it” (Winston Churchhill)