1. TERM 3: BUSINESS ROLES AND BUSINESS OPERATIONS ENTREPRENEURIAL QUALITIES AND SUCCESS FACTORS

2. INTRODUCTION WHAT IS AN ENTREPRENEUR? WHAT IS AN INTRAPRENEUR? (NB! FOR GR 12)

3. INTRAPRENEUR? ENTREPRENEUR:

4. INTRAPRENEUR? INTRAPRENEUR:

5. ENTREPRENEURIAL QUALITIES A lack of entrepreneurial qualities will lead to an unsuccessful business. Entrepreneurs combine the 3 factors of production (labour, capital and natural resources) Why? All entrepreneurial qualities are important, some qualities will lead you to success, while others will not.

6. Only a few amount of business’ are successful. One of the reasons can be because not all entrepreneurial qualities are necessarily good qualities. For example: To make mistakes when taking risks. To be over confident. Entrepreneurs tend to take on too many projects at the same time. This may be because they have passion, because of high energy levels or because of them being over confident. Entrepreneurs are inventive, but this requires high energy levels (completing of tasks, creative thinking and crisis management)

7. IMPORTANT ENTREPRENEURIAL QUALITIES Desire for responsibility *Want to prove themselves (innovative and hard working) Takes risks *Degree of uncertainty & degree of success may differ (Calculated risks: think it through!!) Perseverance *You will reach your goal when you perservere

8. Good management and leadership skills *Inspiring & skills to manage their business Self confidence *Believe in yourself and know your strengths and weaknesses High energy levels *You can burn out because of your workload *In the beginning you have to do everything yourself

9. Passion *Helps you to connect to your dream and reach success *Do something that you like Dreams with a clear vision *Know exactly what they want to achieve and know how to convert their vision into a sustainable business enterprise Organisational skills *Includes admin skills, time management ect

10. High degree of commitment *To see something through despite difficulties Flexibility *Business environment is dynamic = you have to adapt!! Willpower to overcome obstacles *If you cannot overcome obstacles, you won’t last long!!