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Defining entrepreneurship has occupied
scholars for many years and to this day there
is still lack of consensus on its exact meaning
The term is used differently in different
contexts and environments
The term entrepreneur is derived from the
French verb “entreprendre”, meaning “to
undertake” .
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The French economist Richard Cantillon is
generally accredited with being the first to
coin the phrase in the context of what we
view today as entrepreneurship in about
1730. He defined entrepreneurship as selfemployment of any sort, and entrepreneurs
as risk takers in the sense that they
purchased goods at certain prices in the
present to sell at uncertain prices in the in
the future.
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Frank Knight (1885-1972) first introduced
the dimension of risk-taking as a central
characteristic of entrepreneurship. He
considers uncertainty as a factor of
production, and notes that the entrepreneur
acts in anticipation of future events. The
entrepreneur earns profit as a reward for
taking such risks.
1934 Joseph Schumpeter came up with a
definition of an entrepreneur which ushered
in the more modern interpretation which
relates entrepreneurship to innovation.
Schumpeter defined entrepreneurs as
innovators who implement entrepreneurial
change within markets.
He highlighted that entrepreneurial change has
five manifestations:
 the introduction of a new or improved
product or service
 the introduction of a new method of
production
 the opening of a new market
 the exploitation of a new source of supply;
 the re-engineering/organization of business
management processes.
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- Necessity Entrepreneurship which refers to
having to- become an
Entrepreneur because you have no better
option.
- Opportunity Entrepreneurship which is an
active choice to start a new
enterprise based on the perception that an
unexploited or under exploited business
opportunity exists.
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While it is easy to see that starting a new
business to exploit a perceived business
opportunity would lead to economic
development, it is also possible that necessity
entrepreneurship may not lead to economic
development.
Being pushed into Entrepreneurship (selfemployment) because all other options for
work are either absent or unsatisfactory can
even lead to under development.
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It is a process of searching and exploiting an
opportunity.
Efforts of an individual who goes against the
odds in translating a vision into successful
business enterprise.
It is a way of life, thinking, acting and attitude
towards working
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entrepreneurship is about innovation,
bringing new ideas, new markets, new
products and new processes
bring notable positive change in the
economic, technological and social
development of a country.
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Entrepreneurship is about having the eye to
see opportunities and the ability pursue
them resulting in the realisation of
economic value.
It requires passion, the willingness to take
risks and the desire to bring about change.
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Today entrepreneurship is viewed as a driving
force for economic growth
(Wenneckers and Thurick 1999).
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Saxenian (1994) demonstrated that the
most prosperous and dynamic economic
regions were characterized by very high rates
of entrepreneurship
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• Entrepreneurs create new businesses
• New businesses create jobs
• Increase level of disposable income
• New businesses intensify competition
• Intensified competition may improve quality
• New businesses may increase productivity
through technological change
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Acting as the economy’s guinea pigs
Turning inventions into innovations
Creating new horizons
Entrepreneurs take a concept and turn it
into reality
 Creating
new industries by experimenting
in market niches that were overlooked by
established firms
 Tackling uncertainty by pursuing competing
strategies and responding flexibly to
changing conditions
 Generating competition to established firms
WHAT ENTREPRENEURS DO?
Poverty
Alleviation
Taxes/Govt.
Revenues
Higher Productivity &
Innovations
EMPLOYMENT & INCOME GENERATION
Wealth
ENTERPRISES
ENTREPRENEURS
Output &
Exports
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Allows you to be yourself
Is enjoyable and does not seem like work
Fulfils you
Follows your wants instead of should
Gives you energy instead of draining you
Enables you to align with your passion and
do what you love
Your own master
Gain influence and respect
“
 Desire
for Success
• Dream big and keep on dreaming. If you
cannot see it you cannot have it
 Passion
• Love what you do and it will be easy to put in
effort. Successful entrepreneurs do not mind
putting even 18 hours a day because they
love what they are doing
 Focus
Focus on your strengths, do not lose sight of
the dream despite the challenges that you
may face.
 Hard work
• Brian Tracy – You work 8 hours a day for
survival if you want to succeed you have to
put in more hours
• Working hard will be easy if you have a vision,
clear goals and are passionate about what
you do.
•
 Desire
for knowledge
• This is not about degrees and diplomas
• To succeed you must be willing to ask
questions, remain curious, interested and
open to new knowledge
• Learning is crucial given the rapid changes in
technologies and ways of doing business
 Perseverance and Faith
• Courage to persist in the face of adversity,
setbacks and resounding defeat
 Discipline
and diligence
• Do what you should do, when you should do
it whether you like it or not
 Planning
• If you have a dream/vision write it down and
put in place concrete goals that
• Plan each day in such a way that each action
contributes to the attainment of your vision
 Networking
Your success depends on the company that
you keep
• Always be alert for opportunities to expand
your contacts
 Failure is not an option
• Believe in your goals, have faith in your idea
and have confidence in your capabilities and
yourself
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 Mentorship
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One of the things that makes someone one
advance to greatness is to have a coach
A mentor is a voice you can listen to,
someone who has been there before and has
succeeded.
A good mentor acts a catalyst to make you
achieve your results faster
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Some say that successful entrepreneurs are
born, not made. Others disagree, saying good
entrepreneurship is a talent that can be
learned and nurtured. The truth probably lies
somewhere in the middle. The desire to
create and grow a business – large or small –
requires a combination of character, talent,
vision, energy, timing, and a bit of luck.
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“Every body stumbles across a golden
opportunity at least once in a lifetime.
Unfortunately most people just pick
themselves up, and others dust off and walk
away from it” (Winston Churchhill)