ENTREPRENEURSHIP

 INTRODUCTION TO ENTREPRENEURSHIP

1. DEFINITION OF ENTREPRENEUR
The word “entrepreneur” is derived from the French word “entreprendre” which means ‘to undertake or to try’ and was used by Richard Cantillon in 1775. An entrepreneur is an individual who organizes, manages and assumes the risks of a business (Kuratko & Hodgetts, 2001). In French, the term entrepreneur refers to a person who undertakes and operates a new enterprise or venture and assumes accountability for the inherent risks.

An entrepreneur is an individual who creates a new business in the face of uncertainty for the purpose of achieving profit and growth by identifying and capitalizing opportunities and assembling the necessary resources to capitalize on the identified opportunities (Zimmerer, Scarborough & Wilson, 2008). Also refers to an individual who establishes a business and manages it to obtain profit and to be successful (Carland, 1984).


The word “entrepreneur” was introduced in year 1970 after the implementation of the New Economic Policy (NEP).

A common definition of an entrepreneur:
“someone who establishes a new entity to offer a new or existing product or service into a new or existing market, whether it is for a profitable or for a business growth”.

ENTREPRENEUR = PEOPLE

2. ENTREPRENEURSHIP
The process of seeking business opportunities under conditions of risk. Also refers to the process of creating something new of value by devoting the necessary time and effort, assuming the accompanying financial, physical and social risks, and receiving the resulting rewards of monetary, personal satisfaction and independence.

The success of a business venture depends on several aspects which are attitudes, skills and knowledge of an entrepreneur.

ATTITUDES                                    SKILLS                                              KNOWLEDGES

§ Motivation	§ Decision-making	• Law
• Confidence	• Problem-solving	• Management
• Initiative	• Negotiation	• Economics
• Responsibility	• Communication	• Accounting
• Risk-taker	•Creativity	• Values
• Diligence	• Team work	• Business
• Mental & physical fitness	• Management	• Culture
• Information-seeker	• Technical