Entrepreneurship Chapter 2: The Entrepreneur

Flashcards covering the definitions, characteristics, levels of sophistication, and challenges of entrepreneurs specifically within the South African context.

Entrepreneurship is a critical solution in South Africa for low economic growth, high unemployment, and an unsatisfactory level of __________.

poverty

According to Bowmaker-Falconer & Herrington (2020), __________ entrepreneurs are individuals engaged in the process of evaluating opportunities before making an exploitation goal decision.

Potential

A __________-__________ entrepreneur is defined as one who operates a new business that is less than $3$-and-a-half years old.

start-up

An intentional (nascent) entrepreneur is an individual who intends to pursue a business opportunity within the next __________ years.

$$3$$

An __________ entrepreneur operates an established business that is older than $3$-and-a-half years.

established

__________ __________ have no economic independence and little involvement with other entrepreneurs within their social network, characterized by individualism.

Basic survivalists

In terms of entrepreneurial sophistication levels, __________-__________ follow the group's initiative, demonstrating collectivism.

Pre-entrepreneurs

__________ entrepreneurs have $0$ to $9$ employees, an operating licence from a local authority, and a fixed place of business.

Micro

Small-scale entrepreneurs are categorized as having __________ to __________ employees.

$10$, $49$

The majority of South African entrepreneurs fall within the age groups of $25$–$34$ and __________–$44$.

$$35$$

One of the common childhood environment characteristics for South African entrepreneurs is having an __________ in the immediate family.

entrepreneur

The eight managerial success factors include planning, knowledge of competitors, client service, and being mainly __________ __________.

market orientated

Entrepreneurial competencies are defined as integrated components of skills, attitudes, and __________.

knowledge

__________ competencies are relatively fixed, such as natural ability, talent, and emotional stability.

Stable

__________ competencies can be learnt, developed, and acquired, such as managing risks or building and using networks.

Dynamic

__________-driven entrepreneurs have few or no other income generation opportunities and become entrepreneurs to sustain their livelihood.

Necessity

__________-driven entrepreneurs choose to start their own business to pursue a perceived market opportunity despite having employment options elsewhere.

Opportunity

The transcript provides __________ __________ as an example of a necessity-driven entrepreneur.

Lebo Gunguluza

The owners of __________, James Paterson and his partner, serve as examples for different stages of the entrepreneurial process.

Aerobotics

One major challenge facing SMMEs is the risk __________ of the banking sector towards them.

aversion

Access to appropriate technology leads to improved efficiency and reduced __________ and production costs.

operational

Entrepreneurs address human resource challenges by building __________ __________ and nurturing life-long learning among employees.

team spirit

Unlike entrepreneurs, an __________ success depends on the total number of inventions created.

inventor's

While inventors are focus on a singular product, the entrepreneur focuses on the __________.

business

One way to rectify the lack of sustainable markets for SMME products is through __________ and marketing training.

networking