1. Introduction
This project will be exploring entrepreneurship. Throughout this project the definition, the qualities, the advantages and disadvantages of entrepreneur will be given. Will Keith Kellogg the entrepreneur that has been chosen, Kellogg’s will be the product topic.
2. Explore Entrepreneurship
a. Definition of an Entrepreneur
Has capability and is prepared to hold up the business. Even if the business goes into a profit or loss, if the business goes into the loss sector, must be able to put the business back on the map.
b. Qualities of a good Entrepreneur
Desire to excel – The first and primary feature that an entrepreneur must have that crave the desire to excel. The entrepreneur must always participate in competitions with self-included ethics, the entrepreneur must always advance his last performance. For the entrepreneur to excel.
Hard work – Entrepreneurs who effectively build new originalities have a passionate level of strong determination and enthusiasm to work hard. They own the ability to work for several hours and several days with little sleep. Through their hard work and powerful desire to finish or elucidate a difficulty, they are able to achieve things most of us can’t.
Self-confidence – Entrepreneurs must have assurance and faith in themselves to accomplish their desired purpose. They strongly have faith in that they can beat people that work in the same sector, they don’t trust in the status quo, moderately they trust that the events in their life are self-determined.
Initiative – An entrepreneur should have creativity in search of a particular duty for actions and use the existing resources for optimisation of goals.
Moderate Risk-Taker – An entrepreneur should be a moderate risk taker and learn from the mistakes. The good entrepreneurs are not really risk takers, ’thugs’. I think risk taker should be able to do anything for the business so that the business is able to grow
Independence – Positive entrepreneurs do not like being told what to do. They prefer to work in an atmosphere where they can do whatever they want. They like to depend themselves in the matters of choice making for their business.
Leadership – An entrepreneur must have good leadership qualities to develop a successful entrepreneur feature of entrepreneurship. I think that a leader should be someone who can understand everyone that they work with.
c. Contribution to the Economy
Entrepreneurs not only create jobs in their own companies but also contribute to improving their local economies. When people are employed, they spend money in the local businesses, such as clothing stores and restaurants, which keeps those businesses going. The new company starts a relationship with suppliers, vendors and other companies and spends money purchasing good services from those companies. The existence of a new company can encourage others to open businesses in the same place, that will make new job creation. Entrepreneurs are nation builders.
Below are the examples of how it can impact:
Create jobs
Provide services and products needed in the country
Create wealth (entrepreneurs and country)
Entrepreneurs pay tax when they sell goods, when they pay their employees and when they import goods and they pay duties when duties are due.
http://www.the totalentrepreneurs.com/impact-of-entrepreneurship-on-economy
d. Advantages and disadvantages of being an entrepreneur:
Advantage Disadvantage
Salary- as an entrepreneur, your profits are connected to your efforts and the success of your business…I agree but it is also an advantage because all the money goes to you. Salary- becoming an entrepreneur means you have to leave behind the safety of having a remuneration every month
Control-you can decide what work you want to do and that makes up your strength and skills. It makes your job more fun Administration- while creating all the choices can be an advantage, it can also be an encumbrance. Being an entrepreneur comes with a lot of work that can take up time and energy.
Freedom- the entrepreneur can work wherever, whenever, however, whatever he/she wants. They prefer work over anything because they are doing what they love. Loneliness- It can be very lonely and sad to be totally responsible for success that you have no-one to celebrate with and failure you have no-one to grief with.
Excitement- entrepreneurship is a very interesting, some entrepreneurs think that their job is very exciting. I disagree because working is not exciting even if you are doing something you love. Work is stressful. Work schedule- there is a huge disadvantage because the entrepreneur has to work longer hours and more days than an employee
Flexibility- entrepreneurs can make plans when they are suitable, they work according to how much they love their work. Decisions- making the decisions in the business it can be trying and a huge load of responsibility
e. Entrepreneurs in South Africa
Entrepreneurship & opportunity Data year country Global avg
Good place to start a business 2010 69,4% 70%
ICT Exports(%of total) 2013 1.2% 3.6%
Internet servers(/ 1 mil) 2014 116.5% 329.9
Internet bandwidth(Mpbs) 2014 3894 1300000
Royalty receipts(us dollars) 2013 62818 2000000
Business start-up costs (% of GNI/capita) 2014 0.3% 25.5%
Phones/ 100 people 2014 149.7 109.3%
Phones/ household 2014 86% 85.8%
R&D expenditure(% of GDP) 2013 1% 0.9%
Uneven economic development 2014 7.7 6
Ahead by working hard? 2014 84.7% 80.3%
The funding
Most young entrepreneurs have lack of funding as a priority situation they face launching their business off the ground. Most of them say that their lack of funding is because of a value with more concern.
Risk aversion
The problem we have that we live in a risk averse society. South African consumers, business and inventors tend to be too aware of what goes around. There is a sense of uneasiness when it comes to consuming locally conceived and produced commodities.