Topic 3 Entrepreneurship Flashcards
What is an entrepreneur?
An entrepreneur is a passionate, creative, and determined person who creates something new, starts their own business, takes risks, and works independently to generate income.
Entrepreneurship
Entrepreneurship is the act of starting and managing a new business to make a profit.
It involves recognizing opportunities, taking risks, and being innovative.
Entrepreneurs use their creativity and determination to build and grow their business independently.
Why do people become entrepreneurs?
- To be their own boss
- To generate an (extra) income
- To allow a more flexible schedule
- Because they are passionateabout what they do
- To be rewarded for their own hard work
Why do entrepreneurs sometimes fail?
- Did not plan well
- Missed the target market
- Did not manage their finances well (BUDGET)
- Did not manage resources well
- Got greedy
What does an entrepreneur need to do to be successful
To be SUCCESSFUL, they have to
* Make responsible decisions
* Take calculated risks
* Be persistent
* Stay enthusiastic
* Work hard
* Be organised
* Plan well in advance
* Manage well on various levels
Why is entrepreneurship important
in SOUTH AFRICA?
- Improves economy
- Reduces unemployment (more people “employed”)
- Reduction in crime (own income)
- Increased competitiveness
- New ideas
- Community development
