1.1: Entrepreneurship In Terms of Employment Opportunities

Definitions of entrepreneurs generally correspond, but different features are stressed.

An entrepreneur is:

“A person who is skilled at identifying new products, setting up operations to provide new products, marketing the products and arranging the financing of the operations.” (French & Saward, 1983)

“An individual who recognizes opportunities for new products or services and raises the money and organizes the wherewithal to produce and deliver them. The money may come from him or other sources. Entrepreneurs are essentially risk-takers who are generally associated with economic growth.” (Lamming & Bessant, 1988)

“People with the ability to create a working business where none existed before. The entrepreneur produces the combination of ideas, skills, money, equipment, and markets, which form a successful business”. (Blake 7 Lawrence, 1989)

An entrepreneur is somebody who sees and uses an opportunity to fill a need in society.

He/she starts the venture and organizes the finance and the people to do the work. The entrepreneur takes most of the risk if it should fail and is responsible for its success. (Hands-on Market Reader FEBDEV)

Entrepreneurs are born and through training, those with potential are assisted to unlock this potential.

An entrepreneur can be described as someone:

• Who starts his own business
• Who manages his enterprise?
• Who identifies new products and opportunities?
• Who is creative and innovative
• Who organizes and controls resources (like capital, labor, materials) to ensure a profit
• With the ability and insight to market, produce, and finance a service or a product
• Who has the financial means or who can obtain financing so as to realize the enterprise
• Who is willing to take calculated risks?

Read the following Case Study. Look for where Denise’s entrepreneurial characteristics are shown. 

“Young Entrepreneur Flying High

A lot of people told Denise Bottger that she was crazy to sink her life’s savings into starting her own travel business, just when violence and uncertainty seemed to be taking hold in South Africa. But she took no notice, and at the age of 23 started an ambitious business called Debon-Air Tours.

One year later, she has regular groups of visitors coming in from Europe and the East and flies them to exotic and wild destinations around Southern Africa.

“I don’t listen to pessimists (negative people),“ says Denise, who has all the enthusiasm and confidence of youth on her side. “Generally speaking, they aren’t the winners anyway. Let them pack up and head for Perth. I believe this country has a great future.“

(She now has her private pilot’s license, and is going for a commercial license). “I met many interesting people through flying, and have done a lot of traveling myself. I realized the importance of getting to your destination fast – especially in Africa where the distances are so great.” These experiences gave her the idea of starting a travel company that picks up the guests at the airport as they fly in from overseas, and whisks them straight to their destinations by light plane. “I investigated the possibilities, identified the top tourist spots, negotiated package deals with them, printed marketing brochures, registered Debon- Air Tours as a CC in December last year, and I just took it from there,” she said.

She uses 16 freelance air hostesses and 12 pilots when she needs them and hires the planes from National Airways Corporation. She has done some marketing in the UK and Europe, and most of her clients come from there: She has just closed a major contract in Singapore and has four reps in the USA where she expects to get a lot of business. She firmly believes South Africa will be the jewel of Africa for tourists.

So, is life hectic for the boss of a travel company? “Yes, I hardly have time to fly anymore. The phone rings at all hours of the day or night because my clients don’t realize that it’s two o’clock in the morning in Johannesburg.“ What was her motivation for starting her own business? “I didn’t want to work for a big company and become just a number. There’s nothing more soul-destroying than not making your own decisions.“

One million bucks

Fortune favors the brave and this certainly seems to be the case with Denise. A few months back she saw a brochure advertising the BE IN Millionaire’s competition and entered “just for the hell of it” Out of 278 entrants, hers was judged to be the best new business venture in the country, winning her a prize of R1 million, to be paid out in installments over 20 years.”

Business tips?

“Anything can be overcome by talking to people – negotiation is the key to success. And don’t be scared of making mistakes. If you screw up – fix up. Oh yes! Word-of-mouth, i.e. happy customers, is your best marketing tool. But never promise anything you can’t deliver.

Action Tasks

• Tell us why you are studying this course by leaving a comment on your Entrepreneurial & Opportunities Group discussion forum.

Resources 

• Download the Course Workbook and complete the question and answer sheets as you work through this module.