Entrepreneurship
Economics and Entrepreneurship for Planners Assignment
1. Acronyms
IDP Integrated Development Program
GDP Gross Domestic Product
LED Local Economic Development
MBA Master of Business Administration
PPP Private Public Participation
SME’s Small to Medium Enterprises
2. Declaration
“I hereby declare that the writing following assignment is of my own endeavour and
where information has been gathered I make no claim to quotes, or the supplied
data, relating to the investigation undertaken in research of preparing this
assignment. All information supplied herein is referenced in the text as well as the
bibliography”.
This report is submitted to meet the criteria of the studies towards Honours Degree
BLPM-H (Bachelors in Land and Property Development; Housing). Through the
Department of Urban and Regional Planning, Faculty of Natural Sciences at the
University of the Free State, Bloemfontein, South Africa.
3. Abstract
The value of entrepreneurship upon today’s’ society in the Modern World is
paramount to the success and pioneering of business tomorrow for global
economies. This paper evaluates the definition and role of an entrepreneur in
society, their challenges faced in affliction upon operations. Subsequently it departs
with the relativity to Regional Town and Urban planners to campaign for a, ethos of
entrepreneurship in their work ethic.
4. Introduction
The characterization of entrepreneurship is dispersed with a mixture of connotations,
to briefly deliberate upon the nuances of entrepreneurship, evokes instigation for an
analysis. Perhaps the key elements in succession to the life of an entrepreneur is a
broad clarification of an individuals’, determination to overcoming the risk element
they perceive being the challenges that they perceive would otherwise make any
other individual withdraw an idea. Their skills, (though not a deterrent to other
attributes they possess) and passion to executing a business idea or service for
multiplication of fiscal rewards is inclusive of a driven ethos to work ethic, and
anticipating the outcomes of a premeditated tenure to realizing a vision. Too,
entrepreneurs may have an ethic of continued learned aptitude, the benefit to
pioneering the horizons of business culture through their efforts. See (Davies 2009.
p. 5).
Quote. “The aim of education is to enable individuals to continue their education, the
object and reward of learning is continued capacity for growth”. (John Dewey –
American Philosopher, Psychologist and Educator, 1859-1952). (Todd & Johnson
2004).
Though accomplishments of great entrepreneurial ideas have been recorded in the
Western World these have been determined also by the calibre of the individual’s
determined self rationality of ideals that traverse the engagement of continued
learning through their experiences. The author and renowned entrepreneur, Robert
Kiosaki who wrote the book ‘Rich Dad Poor Dad’ and the ‘Cash Flow Quadrant’ is
classified as such an individual. (Kiosaki & Letcher 2001).
The phenomenon of leadership, the passion exuded by entrepreneurs is attributed to
a common thread in the characterization that embodies entrepreneurs to business
conduct in a comparable train of thought is by an ardent self qualification of the
entrepreneur’s belief in the preeminent monetary rewards that are anticipated in the
wake of success. This resolute determination is to almost blind one’s self of the
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reality of negative perceived interdicts that could/ should take place in the duration
of an initiative between the frame works of concept to the commission’s completion.
(Elgar, T 2008).
The Merriam Webster Dictionary supports the definition of an entrepreneur as one
who organises, manages and assumes the risks of a business enterprise. (Mirriam
Webster Dictionary).
5. Definitions of an Entrepreneur and Entrepreneurship
An entrepreneurs’ edict with amplification to their determination is explanation to the
repeated designation of driving at the core of achievement. Philosophically this
serves as purpose to their existence; as such individuals place high esteem on their
goals, vision and accomplishment. They could be described as the ‘Thrill seekers of
business environments’, much like adrenalin seekers in sort of exciting their lives by
engagement in extreme sports. Supplementary, it is the perception of their
autonomy that derives their success. (Petrova 2006).
Brain stimuli is said to aid the logistical rationality of how a human process thoughts,
even so, physical exercise results with the outcome of muscle tone, and in continued
deportation leads to healthy muscle tone. Then surely the same analogy could be
made of the process of engagement an entrepreneur would facilitate to culminate
the net result by consistent practice. (Online. 2010.1).
Definitively the net results of a seasoned entrepreneur are the emancipation of one’s
financial health, through the asset creation of ideas and the successful
implementation from the genius. The forgoing attribute in succession of the
cordiality the entrepreneur displays or exudes to the panel operating for them is
probably the primary minister of their total efforts. A warm personality, with an
aptitude of rationality and professionalism is the key anecdote to living a life
harmoniously in successive business transactions. This is determined through their
response to ‘Social Engineering’ in situations for best results. An entrepreneurial
spirit usually advocates that the engagers’ also to emancipate their well being
through the genius of the idea, for corporate mutuality. (Ellis 2008).
6. Role of Entrepreneurs in the Economy
The forgoing benefit of entrepreneurs in our society is that they pioneer not only
ideas but through their creation, create new avenues for business conduction. Bill
Gates in his book ‘Insight from the World’s Greatest Entrepreneur’, states that you
have to create a ‘Brains Trust’ to depend and lean on for answers and advance of
ideas. (ed. Louw 1998, p.47). Though the enterprise of entrepreneurs is a small
segment of modern society their role is paramount in developing small to medium
enterprises SME’s. Generally they are people who would progress existing
merchandise, by scrutinizing a prospective product. Alternatively they are individuals
who create new commodities for the markets. Entrepreneurs supply alternatives,
contributing to provision of commodities and strategic business innovation to the
markets. Such individuals provide an assortment to administration methodology,
design solutions providing dissimilar approaches to foreign exertions. Entrepreneurs
provision of jobs advances office stationary consumption resources, thus
contributing fractionally to the commerce of these resources. (Online 2010:2).
Thus it is determined that entrepreneurs have a core role to advise an economy.
They as a collective are the lubrication to the State’s economical machine. Economic
success of a Nation globally is incident of its willingness to foster an entrepreneurial
ethos, offering the Nation an Absolute Advantage.
“Absolute advantage is the when one country is greater than the other at offering a
universal variety of merchandise and services”. (Clever 2004, P. 207).
Therefore it must be agreed that the most dynamic countries in the world are those
nations who deploy an entrepreneurial energy in their societies. (Online 2010.3).
7. Biography of an Entrepreneur
The biography of Richard Branson, ‘Virgins’ business mastermind, indicates the
pitfalls and nuances not known to budding entrepreneurs. In his book, Business the
Richard Branson Way: 10 Secrets of the World’s Greatest Brand Builder”. Determines
that Branson and his corporation the Virgin Group are unparalleled in our
contemporary society era which is subjugated by economical strategists, Branson is
an opportunist with an almost supernatural ability to perceive a subsequent
paramount on ideas for the global market where competitors would hesitate.
‘Never before has a single brand been so successfully deployed across such a diverse
range of goods and services. Branson is the ultimate brand builder. Branson’s
remarkable success draws out the universal lessons and identifies strategies that can
be applied to business or career’.
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From selecting a peer, to moving at exacerbating speed, the creative implementation
of ‘fun’ in work to deploying an ethos of personal touch, Branson divulges his secrets
of phenomenal success, as outlined in the book by (Dearlove 2006).
Dearlove, explains that only by self belief and determination has Branson succeeded
at the game of entrepreneurship. The adjective of ‘game’ perhaps elucidates just
how ones attitude toward entrepreneurship should be focussed. That to have a
passion for what you do, and experience a momentum of life, are the criteria to
having an open minded perspective upon the tenure and combined transactions
entrepreneurship would ordinarily journey.
8. The business of an Entrepreneur
Typically the attitude in business is of leadership principals. They exude magnetic
auras and personalities larger than life, that is discussed by their counterparts even
after they have exited a room. (Buffett 2007). Entrepreneurs would conduct their
business in a manner;
- Of an identity of the process to operate a business efficiently, to foster targets
advancing economies of scale, knowledge of the basic principles to market
economics, the supply and demand theories of relativity. - To psychologically remind one’s self “malfunction is not an alternative.” To
move out of the placate sector, to take the necessary risks for business
progression. - Mobilize one’s ingenuity to avoid utilizing personal funds in consideration of
pre-economical liberation for retail of the product/s; to apply consistent new
methodologies to the business operations for paramount capitol outcomes.
Entrepreneurs are inimitable as they are accomplished in bridging project finances,
the raw materials, manufacturing facilitation, the capable labour, professionals and
property necessary to fabricate an invention or service package. Their duties
additionally aid performance of promotion, sales and circulation of the particular
product or service. (Elgar 2008, p.205-207).
9. How and why they commenced their business.
A notion of self achievement and sense of accomplishment is why entrepreneurs
commence their business. The primary though is motivated by the financial rewards
determined. Entrepreneurs are sanguine and future oriented; they believe that
success is possible and are enthusiastic to implement their resources in jeopardy of
the detection of a superior yield. These are superior motivated individuals, willing
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experiment on strategies in achievement of their target for profit. They’re flexible,
willing to change quickly when they get new information, as described in the book
‘Hard Drive”, the story of how Bill Gates attended to his call in entrepreneurship.
(ed. Wallace 1993).
Entrepreneurs are skilled at trade in opposition to the opposition by acuity of
distinction and exclusivity in their commodities and services. They repeatedly
determine market requirements that rivalry competitors do not fulfil. They devise to
methodology in providing their commodities and services to an attractive extent of
what else is obtainable.
Entrepreneurs in a Nation ought to be cosseted, promoted, and remunerated for
national advantage. They contribute to the creation of National wealth, the job
sector, notice opportunities, and aid in the prosperity of a Nation. They must be
classified as preeminent people in an economy and their role in society should be
emancipated by National ordinance.
As an entrepreneur, success is vital to the continued succession of a Nation.
Entrepreneurs help to develop efficient business that contributes to the GDP of the
Nation’s economy.
10. What challenges do they encounter?
A sense of loneliness is the probable factor that eludes the entrepreneur, after all
they are the pioneers of business, and very few mentally wade the hierarchal
echelons of business. An entrepreneur usually displays a keenness to know more
and strives for perfection. (Jordan & Vancil 1994) This can be a lonely world. They
are vision-ists and general society ordinarily won’t comprehend their target when
embarking the strategy of a potential 50 year plan for their business ideas.
11. What are the negative aspects of being an Entrepreneur?
- Lack of colleagues’ visualization
- Loneliness
- Frustration
- Perfectionism
- Hedonism.
(Longneckker & others 2004).
12. What are the positive aspects of being an entrepreneur?
- Leadership
- Business Pioneer-ship
- Desirable
- Financial security
- Independence.
Donald Trump and his empire display the fortitude of the positive aspects to
entrepreneurship. His television series on the ‘The Apprentice’ displays his coy
attitude to business, but radiates the role and positive dialect of the man.
13. What kind of personality does it take to be an entrepreneur?
Level headed and rational aptitude suites a description of a personality to be an
entrepreneur. Determining the background of Oprah Winfrey discovery is she had to
have been a purist at decision making. In her youth she was neglected, sexually
abused and yet this mighty African American women rose head and shoulders above
her situation of life’s circumstances to become America’s greatest Television Host
Debater. Her apt, determined personality exemplifies that which an entrepreneur
would adopt for success.
13.1. Exit strategies for Entrepreneurs
Every entrepreneur would have devised an exit strategy for their business. The first
notion for an entrepreneur is how this would affect their self identity. The Exit
Strategy is also deemed as a time to harvest your profits, but consequently a time
where business is not profitable. See (Longennecker and others 2004).
14. What town and regional planners can do to foster
entrepreneurship?
Pioneering is the natural advantage a planner has to contribute in their field to the
edifice local society succession initially here determines their impact pioneering ideas
for the essence of sustainability to global society for the future sustenance of
development, Idea development. This been ratified by the author, in his book
(Lovejoy 1993) and so expanding the horizons of knowledge toward holistic planning
principals.
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One of the prevalent chieftains of South Africa’s previous regime in the sphere of
urban and regional planning to a lesser extent was to ensure vast tracts of land
segregated the distinction of societal classification. Planning methodology implied
that working force labour were located incident to industrial zoned areas which were
at extreme distances to the cartographic placement of residential suburbia, for the
cohabitation spatial arrangement of the esteemed echelon of society post 1994, prior
to South Africa’s first democratic elections.
An understudy of the suggested default in this planning theory as it adversely has
affected the landscape, implies that peri-urban locations have become the simplest
bearer of locality for formal and informal housing developments. This situation
culminated over the first decade of new rule, in result adding pressure upon
infrastructure and bulk supplies. Transportation systems in the expanding urban
environment, is but one sphere that has been adversely affected. Though we cannot
equate this pressure situation as the sole propagation for transportation defects to
our arterial transport systems, as town planners must determine in an
entrepreneurial ethos the possibility of opportunities this equation offers. The
advance of the multiplication of various opportunities stem from various divides in
our landscape of Southern Africa from past planning principals. Not to equate
transportation mechanisms are the only outcome, but to determine the by-products
in an entrepreneurial grain, I have collated some ideas off this platform. The
affiliation of these ideas could be tied various stakeholders in Private Public
Participation (PPP) and Local Economic Development (LED) through an interpretation
of the various Integrated Development Program (IDP) of South African local
municipalities and strategies for business democratisation.
- Water Harvesting. At an appropriate scale, to immediate communities, a novel
innovation for storm water harvesting off arterial routes offers suggestion to
the possibility of harvested water plants (with the provision of treatment to
the soiled/ oiled water) being provided for irrigation to peri-urban agricultural
locations to the edge of human settlement location. - Waste Management in Urban Cities. Considering the influx of pedestrian
traffic to the urban framework naturally brings with it a need for waste
management. In Rotterdam the management of waste is controlled by the
infusion of additional aesthetical bins placed in the urban environment and
these bins have a certain weight capacity. Once a bins refuse is over its
weighted parameters it mechanically releases the refuse into a model sized
waste room underground where the facility serves for a number of collective
surface bins. Such facilities deem that municipal collection is then infrequent
and the ideology for the waste management system is that it aids city
cleanliness, contributing to ‘Greening Philosophies”, added the necessity to
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keep large volumes of waste underground requires less collection by waste
management agreements or local ordinance according to Frazer (2010, p.72). - City Traders. Thirdly an entrepreneurial principal to informal traders in the city
is to provide them with an aesthetical removable structure placed at strategic
positions in the city, with architectural street furniture paved landscaping and
ornamental shrubbery converged with mature trees, offering the buyer an
attractive space to encounter when transacting for minor supplies. The
traders could pay a min fee daily for the location and the proceeds could be
contributed to a security presence that suggests a policed environment,
deterring the criminal element off the city streets.
There are many external parameters that planners with an entrepreneurial ethos
would conjunct an extended feasibility study of the surrounds to planning principals
and implement these in their rational when planning for a purpose serving the
outcomes to ecological resolutions, propagating social engineering principals or
advanced sustainable solutions to ‘genius Loci’ situations.
14.1. Entrepreneurial Opportunities
The working definition of a business idea and an entrepreneurial one is that the
business idea generally does not evoke an attraction to all in a specific market
community. Determine in the advertising field, a business idea on filing projects
through a revised systems on the computer, indicates an efficiency to other
managers for easier access in the future to that work. However managers would
construe that change surmounts to time learn new systems adversely effecting loss
of time in production. An entrepreneur would recognise the similarity in the
proposed filing system, projecting efficiency to productivity, then determine which
other industries could benefit from such a package. The obvious is that the
entrepreneur would execute an understudy of affiliated typologies, (i.e. Engineering
firms, architectural practices, planning business), almost any business who works
with an extension of related computer aided drawings, to promulgate the newly
devised system for efficient operation, so attending to that business’s ‘economies of
scale’.
15. Conclusion
It is determined that those who follow entrepreneurship have or should continue to
be guided well by the acknowledgement of a brains trust or their piers successes.
Continued educational development is a prerequisite for knowledge of edict.
University degrees as MBA programs cover the ideology of entrepreneurship, and
internationally the symbiosis of synergetic learning experiences aids individuals to
the platform of pioneering new strategies in the wake of an ever evolving world.
We must also acknowledge that an Entrepreneur is a capitalist in the economic
world, as they determine their success through wealth creation. They are motivated
and passionate about their business, to see all stakeholders’ progress. See (Silbigger
2005)
16. Bibliography
Dearlove, D 2006. Business the Richard Branson Way: 10 Secrets of the World’s
Greatest Brand Builder”. 3rd edn. Capstone Publishers, London, United Kingdom.
Buffet, W 2007. Warren Buffett Speaks, in; Wit and Wisdom from the World’s
Greatest Investor, 2nd edn. Wiley Books, Chicago, USA.
Clever, T 2004. Economics the Basics. Routlidge, London & New York.
Ellis, R 2008. Zero to One Million, How I Built A Company to $1 Million in Sales and
How You Can, Too, 1st edn. McGraw-Hill, USA.
Jordan, M and Vancil, M 1993. I Can’t Accept Not Trying: Michael Jordan on the
Pursuit of Excellence, 1st edn. Harper Books, San Francisco, USA.
Kiosaki, R and Letcher, S 1998. Rich Dad’s Cash Flow Quadrant. Warner Books, USA.
Longenecker, Moore and Petty 2004. Small Business Management. An
Entrepreneurial Emphasis. 12th edn. Thomson South Western, USA.
Louw, J (ed.) 1998. Bill Gates, the World’s Greatest Entrepreneur. Wiley Books,
Chicago, USA.
Lovejoy, D 1993. Land use and Landscape Planning. Oxford Publishers, London,
England.
Silbiger, S 2005. The ten day MBA. A Step by Step Guide to Mastering the Skills
Taught in Top Business Schools. CPI Makays Publishers, Chatham, London.
Wallace, T. (ed.) 1993. Hard Drive: Bill Gates and the Making of the Microsoft
Empire. Harper Paperbacks, Chicago, USA.
Journals
Elgar, T 2008. ‘Handbook of Research in Entrepreneurship Education: General
Perspective, Vol. 1 (Original Reference). Article provided by World Scientific
Publishing Co. Pte. Ltd. Journal of Enterprising Culture. Volume 16, no. 02, pp. 205-
207.
News Paper Articles
Davies, L 2009. ‘Business Practices and Essential Notes’. The HRM, Human
Resources and Management, 4 April 2009, p.5, viewed 3 March 2010.
Magazine
Frazer, N 2010, ‘Clean and Green’. Leading Architect Magazine, March April, p.72
Dissertations
Petrova, K 2006. “Essays in entrepreneurship, motivation and autonomy”.
Dissertations and Theses. 1 January. Boston College. Johannesburg, South Africa.
Conferences Paper
Todd, R and Johnson, T 2004. ‘On Continued Education Development’. Paper
presented to the Californian College Schools in San Francisco, California, USA.
Online resources
Online 2010.1. Dated22.03.2010. http://www.Entrepreneur.com/Journal of
Neuroscience Nursing.
Online 2010:2. Dated22.03.2010. http://www.stavrosinstitute.org/Assets/PDFs/The
Role of the Entrepreneur.pdf
nline 2010.3. Dated22.03.2010. http://www.Entrepreneur.com
DICTIONARY
Mirriam Webster Dictionary.