Question 1: An entrepreneur is a person who recognizes an opportunity or gap in the market and assesses the risk related to the formation of the business and is prepared to make the accompanying risk to start the business in order to make a profit. The entrepreneur has the skill to gain the resources to start and develop a business. Entrepreneurs are extremely essential to the economic development of the country as well as wealth and job creation within a country. Entrepreneurs are often regarded as national assets to be cultured, driven and rewarded to the greatest possible extent. What is the role of entrepreneurship in the economic development in South Africa? Entrepreneurs can change the way we live and work. Successful entrepreneurs can improve the standard of living in the country through their innovations and ideas. They create wealth from their business ventures and they also create jobs and the environments for a successful society. New ideas and innovation offered by entrepreneurs result in new employment. Entrepreneurs deliver instant large-scale employment to the unemployed which is a big problem of underdeveloped nations. The encouragement of associated businesses or sectors that support the new venture adds to further economic development. Entrepreneurs play an effective role in dropping the unemployment rate in the country which then clears the path towards economic development of the nation. Entrepreneurial projects generate new wealth. New and improved
2. What role does entrepreneurship play in the economy? Who stands to gain from the success of individual entrepreneurs? How do other parties benefit? Entrepreneurship is the main ingredient for a healthy economy. Everyone stands to gain form a strong economy. With more people working the economy grows.
A) A real entrepreneur can take an idea and that can be change in to a service or product according to the needs of certain population. Because of this characteristic economists said that “entrepreneurship is becoming an important agent in the growth and wellbeing of the society”.an entrepreneur is motivated by family or society. They offer new completion and also promotes improved productivity. They can recognize and resolves social problems on a large scale. To create social value entrepreneurs act as a change agent for the society like designing and distributing new approaches. Entrepreneur react very quickly and effectively to the change so that they can take the advantage of opportunities. If they can’t capable of quick action it will be result on their process and success. Social entrepreneurs are stepping to solve the problems.
2. What role does entrepreneurship play in the economy? Who stands to gain from the success of individual entrepreneurs? How do other parties benefit? Entrepreneurship can kicks-tart the economy by creating work opportunities for the community. However, the entrepreneurship cannot make it on a community that does not support them. Anyone who has the desire to gain employment and better themselves can gain something from an entrepreneurship. Other parties can befit by letting them in and having freedom of trade and not over taxing.
The belief and implementation of free markets and pro-business policies have allowed the American nation to become the strongest country in the world. The entrepreneur is a special type of business person that is hurt by the livable wage. Our nation’s economy is diverse and adaptable because entrepreneurs are always willing to take risks to make money and stay competitive. Entrepreneurs act as the catalysts for the American economy. They take the capital risks to create new products,
Entrepreneurship is key to the economy and most economies support it. The entire economy is going to gain from an entrepreneurship starting a business. Because businesses can decrease the workplace environment and not pay as many
Entrepreneurs are hard working, innovative people who enjoy taking risks. They accept their failures and work back up to success. When they fall hard to the ground, they rise back up to the top with another new invention. There are countless of thriving entrepreneurs in the world today. Two of the most well known entrepreneurs are Thomas Edison and Steve Jobs.
The role of entrepreneurship in the economy of a country is to inspire new business ventures that support wealth
A real entrepreneur can take an idea and that can be change in to a service or product according to the needs of certain population. Because of this characteristic economists said that “entrepreneurship is becoming an important agent in the growth and wellbeing of the society”.an entrepreneur is motivated by family or society. They offer new completion and also promotes improved productivity. They can recognize and resolves social problems on a large scale. To create social value entrepreneurs act as a change agent for the society like designing and distributing new approaches. Entrepreneur react very quickly and effectively to the change so that they can take the advantage of opportunities. If they can’t capable of quick action it will be result on their process and success. Social entrepreneurs are stepping to solve the problems.
An entrepreneur is “a person who organizes and manages a business with considerable initiative and risk”. In other definitions an entrepreneur “identifies an opportunity or a gap in a market and evaluates the risk related to the establishment of the business and is prepared to take the associated risk to start the business in the quest for making profit; and has the ability to obtain the resources to establish and grow a business”. Entrepreneurship exceedingly relies on entrepreneurs to start-up, develop and produce companies across the use of their
Entrepreneurs are a very, or perhaps the most, important boost in our economy. They do not only take the risk for the sake of a business, but also they provide our economy with employment opportunities and culture. A society can only be prosperous only when it rewards and encourages entrepreneurial activity because in fact, it is the entrepreneurs and their activities that are the critical factor for success, prosperity, growth and opportunity in any given economy. Entrepreneurship is not easy and it comes with its own risks and up and downs. On the last decade, entrepreneurship has rose and expanded, with this change and constant expansion, it has changed the rules of entrepreneurship once again. But I certainly believe that
An entrepreneur is someone who starts a new company to produce a product or service. An entrepreneur is usually a risk taker and an opportunist. Entrepreneurship is a positive change in our society. Entrepreneurship is combined with land, labour, resources and capital in order to make a profit.
Entrepreneur is a person who establishes, owns or operates a business and is characterised by traits such as creativity, strong will, motivation, passion, determination, leadership qualities, work ethic and non-conformity. They are willing to take (non-excessive) risk in order to make a financial profit and are fully responsible for the outcomes. Their ideas are usually ground-breaking and innovative in their particular field.
Entrepreneurship is the process of starting a business or other organization in which the ‘Entrepreneur’ develops a business plan and is fully responsible for its success or failure.
Returning to the Demand and Supply Side Dynamics Principle, the CSDP takes for granted that there is a steady flow of localised small ‘Black’ owned businesses. However, the latest independent growth figures of Entrepreneurship in South Africa reveal a decline in Entrepreneurial Activity in South Africa. Using the analogy between Supplier Development and the manufacturing process, without the Entrepreneurial raw material the desired end result will not be
A comprehensive approach to promoting entrepreneurship must work on three levels-individuals, firm and society. To motivate individuals to become entrepreneurs, they should be made aware of the concept of entrepreneurship and this should be made sufficiently attractive option. They should be equipped with the right skills to turn ambitions into successful ventures. For entrepreneurial ventures to develop