Grade 10 – Paper 2
TOPIC: QUALITIES OF AN ENTREPRENEUR
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.
Entrepreneurs look for opportunities to get hold of the necessary resources such as
finance, equipment, work space and other technical assistance.
Commitment - entrepreneurs work hard and people often see them as workaholics.
Through their commitment, they often aspire to the best and want something that
they can be proud of.
Perseverance - is the quality that drives many a successful entrepreneur to keep on
until the job is done.
Entrepreneurs keep on working towards the goal set for themselves.
Risk taker - successful entrepreneurs will only take careful and calculated risks.
Before they commit their resources, they will assess the risks associated with a
business opportunity.
They try to minimise their risks by getting others to share the risk.
They will not take more risk than is necessary and they will not run away from
unavoidable risks.
Successful entrepreneurs will usually only take risks that they can manage.
Big dreams with a clear vision - many entrepreneurs have a clear vision of what
they want to achieve.
They set clear and specific goals and objectives for themselves and their business.
If their goals are realistic, they have a feeling of being in control of achieving their
goals and dreams.
Flexibility / ability to adapt quickly - entrepreneurs look for information so that they
can make informed decisions with regard to their customers, suppliers and
competitors.
They constantly develop plans that are used to monitor and evaluate the progress
and flexibility of their business.
When things do not go according to plan, they quickly develop alternative solutions
to achieve their goals.
Desire for responsibility - entrepreneurs see their business as an extension of
themselves and accept full responsibility.
They believe they are morally, legally and financially accountable for the business.
Good management and leadership skills - entrepreneurs are accountable to many
people such as customers, suppliers, investors, employees, creditors, families and
their communities.
They have or develop the ability to link encourage and persuade others to maintain
business contacts at a high level.
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Grade 10 – Paper 2
Confidence in their ability to succeed - many successful entrepreneurs have a
strong belief in themselves.
They are confident and can complete difficult tasks.
They want to solve problems and establish successful businesses.
High levels of energy - it will help to make entrepreneurs successful if they have a
lot of energy, but it is not a critical factor.
Sometimes the right know-how, experience and contacts is more important than high
levels of energy.
Passion – many successful entrepreneurs are driven by their passion and their will
to succeed in the things they believe in.
There are driven to achieve their goals.
Their goals are not only financial but can include respect and recognition.
Exceptional organisational skills – entrepreneurs are good at combining the other
three factors of production natural resources, labour and capital.
Entrepreneurs are people with exceptional organisational skills and can take charge
of a situation and make the business work.
Willpower to overcome obstacles – the entrepreneurs have the desire and
willpower to solve problems and establish a successful business.
TOPIC: QUALITIES OF AN ENTREPRENEUR – ACTIVITY
1. Read the following case study and answer the questions that follow.
ACCOUNTANT BECOMES AN ENTREPRENEUR
Philemon Kekana was an accountant for 20 years. He was on the lookout for new
challenges. He resigned from his position and used his pension money to start a
café. Without any experience, he initially struggled, but after five years he reached
his vision to be the owner of a café in the vicinity with the largest client base. When
he was asked why he got to it in such a short time, he answered: “Excellent client
service and hard work.” However, he mentioned that he could give more attention to
stock control.
1.1
Identify TWO entrepreneurial qualities of Philemon and motivate your answer
with extractions from the case study.
(8)
1.2
Give a reason for his success as an entrepreneur and refer to an area where
he can improve.
(4)
2. List the FOUR factors of production and their remuneration.
(8)
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