
Institutional Restructuring Training Kit
A kit on managing organisational change and crises, diagnosing institutional failure, and the concepts, reasons and methods of administrative and financial restructuring.
What is entrepreneurship? Is a normal response to this question is that entrepreneurship is about creating or establishing a business?
Entrepreneurship however is more than simply starting or operating a small business. Entrepreneurship is a dynamic, social process where individuals, alone or in collaboration identify opportunities for innovation and act upon them by transforming ideas into practical targeted activities whether in a social, cultural, or financial context.
An entrepreneur can be defined as "one who undertakes innovations, finance, and business acumen in an effort to transform innovations into economic goods.
The person who plans, implements, and manages a small business is usually called an entrepreneur.
Building upon the definition, Nieman et al, (2004:9) identified the following concepts as integral to the understanding of entrepreneurship.
Entrepreneurship means that an individual must be able to:
Identify an opportunity ‐ this means that there must be a real business opportunity.
Be innovative and creative ‐ something new and different is required that is needed by a target audience.
Gather resources ‐ Capital, labour and operating equipment must be found.
Create and grow a business ‐ This means the start of a new business venture or the conversion of an existing business.
Take the risk ‐ There will be both personal and financial risks.
Create rewards ‐ Rewards can be in the form of profit or increased value of the business.
Manage a business ‐ this means that there must be planning, organisation, leadership, and control of all the functions.
So, if entrepreneurship is a process of starting a new business, generally there also needs to be someone who undertakes such a process? That is the entrepreneur
Aspiring entrepreneurs, start-up founders, and anyone interested in sustainable business.
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