Enterprise and entrepreneurship

An entrepreneur is a person who organizes, operates and takes risks for a new
business venture. The entrepreneur brings together the various factors of production
to produce goods or services.

Characteristics of successful entrepreneurs

Risk Taker: An entrepreneur is willing to take calculated risks in pursuit of their

business goals. They understand that entrepreneurship involves uncertainty and are
comfortable stepping outside their comfort zone to seize opportunities that others may
shy away from.

Creative: Entrepreneurs are often creative thinkers who can generate innovative ideas
and solutions to problems. They possess the ability to think outside the box, adapt to
changing circumstances, and envision new possibilities for their businesses.
Optimistic: Entrepreneurs maintain a positive outlook even in the face of challenges
and setbacks. They believe in the potential for success and are resilient in overcoming
obstacles, viewing failures as learning experiences rather than deterrents.

Self-confident: Successful entrepreneurs have confidence in their abilities, ideas, and

vision. They trust their instincts, make decisions with conviction, and are not easily
discouraged by criticism or skepticism from others.

Innovative: Entrepreneurs are constantly seeking ways to innovate and differentiate

their products or services in the market. They embrace change, embrace new
technologies, and continuously strive to improve and evolve their businesses to stay
ahead of the competition.

Independent: Entrepreneurs are self-reliant and possess a strong sense of autonomy.

They are comfortable making decisions independently, taking initiative, and assuming
responsibility for the success or failure of their ventures.

Effective Communicator: Entrepreneurs excel in communication, both verbal and

non-verbal, as they need to convey their vision, ideas, and plans to various
stakeholders, including employees, investors, customers, and partners. They can
articulate their message clearly, persuasively, and convincingly.

Hard Working: Entrepreneurs are often characterized by their strong work ethic and
dedication to their businesses. They are willing to put in long hours, make sacrifices,
and persevere through challenges to achieve their goals. They understand that success
requires hard work, commitment, and determination.
 BUSINESS PLAN

Business Plan – Document with important information about your business e.g.
Business objective, operations, finance, owners

Business plans assist entrepreneurs because:

 It helps gain finance. Banks will ask for a business plan before agreeing to a loan
or overdraft for the business
 It forces the entrepreneur to plan carefully, which reduces the risk of the business
failing.

Some of the content of a regular business plan are:

 Executive summary: brief summary of the key features of the business and the
business plan
 The owner: educational background and what any previous experience in doing
previously
 The business: name and address of the business and detailed description of the
product or service being produced and sold; how and where it will be produced,
who is likely to buy it, and in what quantities
 The market: describe the market research that has been carried out, what it has
revealed and details of prospective customers and competitors
 Advertising and promotion: how the business will be advertised to potential
customers and details of estimated costs of marketing
 Premises and equipment: details of planning regulations, costs of premises and
the need for equipment and buildings
 Business organisation: whether the enterprise will take the form of sole trader,
partnership, company or cooperative
 Costs: indication of the cost of producing the product or service, the prices it
proposes to charge for the products
 Finance: how much of the capital will come from savings and how much will
come from borrowings
 Cash flow: forecast income (revenue) and outgoings (expenditures) over the first
year
 Expansion: brief explanation of future plans