Unit 3

Question 1

Meaning of Entrepreneur:

Answer 1

entrepreneur = an innovative person that can see a need, form an idea of how to supply for the need, transform the idea into an opportunity and, in doing so, takes a risk

Question 2

Described as:

Answer 2

• independent ­ own decisions
• passion to fulfill dreams
• take calculated risks

Question 3

Characteristics of successful Entrepreneurs:

Answer 3

• Creative
• Innovative
• Quick to identify an opportunity
• Able to work with people
• Leading other people
• Willing to take responsibility
• Good organiser
• Self­confident
• Risk­takers
• Resourceful

Question 4

Explanation of terms:

Answer 4

Characteristic: of entrip

Opportunity seeking
Information seeking 
Persistence 
Commitment 
Perseverance 
Creativity & originality 
Innovativeness 
Initiative 
Independence 
Problem­solving skills 
Goal­setting 
Risk taking

Question 5

Application

Answer 5

Search for new ideas and business opportunities

Use network to solve problems

Work towards a goal until it is completed

Willing to work long hours to reach a goal

Do not give up when facing difficulty

Come up with unique products or services, different from competition

Develop products that solve problems

Take advantage of new opportunities

Make own decisions

solutions to problems leads to new business ideas

Focus on end result

Impossible to know if enterprise will be successful

Question 6

Strategies for developing & strengthening Entrepreneurial qualities:

Answer 6

1. Personal plan of action

help remain focused
can do /match to circumstances >personal qualities >characteristics

Plan:
detailed goals
break up into smaller parts achievable steps >monitor &
motivating

Question 7

2. Putting the plan into action:

Answer 7

improve good qualities get rid of bad habits

don’t be too hard on yourself never give up

break up: smaller manageable steps stick to plan

short­term goals: easier to handle feel motivated

Question 8

3. Periodic personal checking against goals

Answer 8

stay on track & focused
measure progress
evaluate against previous rating : compare

motivating & re­focus work harder

revisit personal entrepreneurial qualities:
make adjustments/check regularly

Question 9

Strategies for developing & strengthening entrepreneurial qualities:

Answer 9

1. never stop learning ­ study for knowledge & skills
2. start a small business
3. manage time effectively
4. visualise goals & successes
5. read about new trends

Question 10

Role of entrepreneurship in Namibia:

Answer 10

Stimulating economic growth employment opportunities
 SME: 
income generation
poverty reduction
job creation

a lot of emphasis placed on SME sector by government
vision 2030
tenders given to SME’s

Question 11

Lessons learnt from successful entrepreneurs:

Answer 11

long & hard road
builds character
get help along the way