1. The Entrepreneur

2. Definition of Entrepreneur
“The entrepreneur, by definition, shifts resources from areas of low productivity and yield to areas of higher productivity and yield. Of course, there is a risk the entrepreneur may not succeed” (Drucker, ’85)

3. Entrepreneurship Vs Management
Creating something new
New product, new method of production, new markets, new source of raw material
Challenges the ‘norm’
Management
Protects
Stewardship of existing resources

4. Why become an Entrepreneur?
Personal situation
Resources
Entrepreneurial skills
Success stories
Desire for independence
Opportunity to exploit a gap
Frustration

5. Characteristics of an Entrepreneur
Drive
Perseverance
Ambition
Leader
Survivor status
Competitive
Interpersonal skills
Innovative skills
Ability to bounce back
Vision
Motivation
Self-confidence
Self Satisfaction
Extrovert (Expr. Person)
Results orientated
Committed
Risk taker
Social

6. Psychological Characteristics of Entrepreneurs
Need for achievement
Locus of Control
Internal
External
Risk-taking Prosperity
Tolerance for ambiguity
Type A Behaviour
Impatient, time urgency, driving ambition, competitiveness
Need for Independence

7. What is the Role of the Entrepreneur?
Opportunity recognition
Market uncertainties
Dealing with the future
Risk taking
Businesses, financial and personal
Resource gathering
Profits/Reward

8. Skills & Competencies I can.…Communicate I can.... Present
I can…. Represent my opinion
I can…. Co-ordinate tasks
I can…. Develop alternative plans
I can…. Hand tasks over to a 3rd party
I can…. Co-operate with others
I can…. Negotiate
I can …. Sell
I can…. Organise and plan
I can…. Handle numbers
I can…. Handle technical devices
My literacy is ….
My interaction with people is ….

9. Hurdles in starting up a a business
Lack of contact clients/customers
Economic cycle
Business environment
Fear of failure
Support by family and friends
Lack of time
Lack of entrepreneurial skills