1. BUSINESS STUDIES – GRADE 10
HEADING FOR SUCCESS
BUSINESS STUDIES – GRADE 10

2. Topic 3: Entrepreneurial Qualities
TERM 2
Topic 3: Entrepreneurial Qualities

3. ENTREPRENEURIAL QUALITIES
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4. ENTREPRENEURIAL QUALITIES
What is an entrepreneur?
An entrepreneur is someone who converts a business idea into a business venture.
Entrepreneurs are self-employed
Entrepreneurs create their own income.

5. ENTREPRENEURIAL QUALITIES
Qualities of successful entrepreneurs refer to the desired characteristics that an entrepreneur should have to operate a business successfully.
To be an effective entrepreneur a person would normally have to have several or a combination of these entrepreneurial qualities.
It is possible for people to develop these qualities and succeed as entrepreneurs.

6. ENTREPRENEURIAL QUALITIES
Opportunity-seeking
Successful entrepreneurs see business opportunities where other people see no hope or nothing but problems.
Entrepreneurs look for opportunities to do things faster, better and cheaper.
They look for opportunities to get hold of the necessary resources such as finance, equipment, workspace, and technical assistance.
In this way, they get ahead of their competitors. They make more profits and capture or hold on to a growing market share.
Desire for responsibility
Entrepreneurs like to prove themselves as being innovative and hard working.
Entrepreneurs are responsible for creating their own income.
Take risks
Risks involve a degree of uncertainty.
There are many examples of risks.
Some entrepreneurs risk the financial security of a day job to start their own business venture.
Sometime entrepreneurs must take the risk to borrow money to grow their business.
Sometimes entrepreneurs must take the risk to change the image of their business.
sometimes a new partner must be taken in.
Some risks have a greater possibility of having a positive outcome than other risks.
Such a risk is known as a calculated risk.

7. ENTREPRENEURIAL QUALITIES
Perseverance
To persevere menas to keep on trying until you reach your goal.
Usually, this does not happen with the first or second attempt.
Most successful entrepreneurs work very hard to build a business.
Good management and leadership skills
Entrepreneurs must be capable of inspiring other people to believe in their vision.
Entrepreneurs must also have the skills to manage their own businesses.
Confidence in one’s ability to succeed
If you want to start your own business, you must believe in yourself.
But it is very important not to have a false sense of confidence.
You must know your own strengths and weaknesses very well before starting your own business.
High levels of energy
Most entrepreneurs, when first starting out, have to do everything themselves.
This requires much energy.
Entrepreneurs can easily suffer from burn-out because of their workload.

8. ENTREPRENEURIAL QUALITIES
Passion
You cannot start a business if you are not passionate about your business and your product.
Being passionate about something means you love doing it.
Entrepreneurs spend most of their tie thinking about their businesses, managing their businesses and working on their businesses.
Lack of passion will result in poor service delivery and eventually the closing of the business.
Dreams with a clear vision
Most entrepreneurs have a vision of what they want to achieve.
It is not always possible to explain this vision to others, especially when a brand new idea is involved.
Entrepreneurs must therefore know exactly what they want to achieve and how they are going to convert their vision into a sustainable business enterprise.
Organisa-tional skills
Starting and running a business does not end with having a good idea.
Entrepreneurs need to possess organisational skills to manage their business on a day-to-day basis.
Examples of organisational skills are administrative skills, time management skills and people management skills.

9. ENTREPRENEURIAL QUALITIES
High degree of commitment
Being committed means to see something through despite difficulties.
If you want to make a success of your business, you have to work very hard.
Entrepreneurs must be willing to make sacrifices to build their buisnesses.
Flexibility
Entrepreneurs are part of the business environment.
The business environment is dynamic – this means that the business environment is constantly changing.
Entrepreneurs must be flexible to adapt to these changes.
Willpower to overcome obstacles
Entrepreneurs face many obstacles, for example employees who resign, changing laws, financial difficulty and new competitors.
Entrepreneurs who lack the willpower to overcome obstacles will not last very long.