“Entrepreneurship is the process of identifying, developing, and bringing a vision to life. The vision may be an innovative idea, an opportunity, or simply a better way to do something. The end result of this process is the creation of a new venture, formed under conditions of risk and considerable uncertainty.”
b) Descript by rolel the creation of organizations (Gartner, 1988)
l the carrying out of new combinations (Schumpeter, 1934)
l the exploration of opportunities (Kirzner, 1973)
l the bearing of uncertainty (Knight, 1921)
c) Descript by personalityl the bringing together of factors of production (Say, 1803)
l a self-confident, determined business starter;
l an intuitive lateral thinker who can exploit an opportunity or idea and turn it into a profitable business;
l a pro-active, persuasive and socially-competent net-worker who is able to mobilize resources;
l a maverick or ‘salesman’ who, undaunted by failure, can adapt and bounce back from whatever adversity besets them
d) Characteristics and traits of entrepreneursl Tangible determination to succeed
l The vital element of pure and simple hard graft;
l Enduring success forged on enduring effort.
e) Skills of entrepreneursl Critical self-analysis
l Clear perception of the factors
f) Expertise of entrepreneursl Prior knowledge: of market, of ways serve markets and customers.
l Experience: thinking patterns and personal theories that enabled them to perceive, filter, decide and act upon the opportunity
l Social network: a way of finding and evaluating ideas but also provide a means of locating resource necessary to the venture.
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