What is Entrepreneurship?

Entrepreneurship is the process of identifying the opportunities in the marketplace, arranging the
resources to pursue these opportunities and investing the resources for long term gain.

There are different types of entrepreneurship and these are:

Social Entrepreneurship

This involves creating innovative solutions to immediate social or environmental problems and
mobilizing resources to achieve social transformation.

 Corporate Entrepreneurship

This is the creation of new products processes, and ventures within existing large organisations. Example
Grace foods 

Family Entrepreneurship

Involves business that is owned and managed by multiple family members, usually more than one
generation. Example Kamals Supermarket

Serial/ Habitual Entrepreneurship

This refers to individuals who start several businesses, simultaneously or one after the other.

Example Shines supermarkets

Lifestyle Entrepreneurship

This involves a venture to suit a personal lifestyle and not for the sole purpose of making a profit,
example Usain Bolt’s Tracks n Records

High technology Entrepreneurship

Involves ventures in the information, communication and technology space, example Phone Technicians
Who is an Entrepreneur?

An entrepreneur is a person who sees an opportunity to make a profit and is willing and able to risk
his/her money to gain that profit. This person is someone who sees an opportunity to create something
new or to improve on something, and is willing to take the necessary actions to turn the idea into
something real.

The entrepreneur sets up a business, gets the needed resources, puts his/her money at risks and reaps
the profit or stands the losses of the business

Please Note: In short, an entrepreneur is someone who takes an idea, develops a business around it,
manages the business and assumes the risks for its success.

Characteristics of an Entrepreneur

1. Inner drive to succeed

2. Innovative

3. Competitive

4. Highly motivated

5. Energetic

6. Openness to change

7. Risk takers 

8. Self-confident

9. Persuasive

10. Independent 

Innovation 

This is the implementation of new ideas, creating dynamic products or improving your existing
product/service.