Entrepreneurs are individuals who identify business opportunities and decide to create a business venture of their own. Entrepreneurs are found in every industry and at every level in society, from the hawker on the side of the road to the owner of a large corporation who started from a small business in a back room.
What all entrepreneurs have in common is that they are making a living through a venture over which they have direct control.
There are people who may be considered entrepreneurial by nature and can even be identified from a young age, collecting and swapping goods after school, making deals and arrangements with other children, buying and selling. These individuals have an eye for identifying a business opportunity, they enjoy seeking out new ways of conducting business, and they are often very determined individuals who are open to testing new ideas. These individuals often become the pioneers of one or a number of new businesses.
Some people become entrepreneurs because they are ambitious and want to better themselves, for instance, they may have been working for an organisation in a specialised field for many years and decide that they would like to open their own business in this field. Other people are forced to set up their own business because they have lost their jobs or cannot find work.
In South Africa, entrepreneurial skills are becoming more and more essential. Every individual should develop basic bookkeeping and customer service skills, draw up a business plan and identify their strengths, weaknesses and interests in order to develop themselves as potential entrepreneurs.
Many entrepreneurs start out as small business owners who run their own business, selling products or providing a service. Small business owners need to know how to prepare sales plans and annual budgets and how to assess credit worthiness of customers or clients. They need to keep records of sales and orders and monitor cash flow and debts. Before embarking on new projects, they would be wise to analyse the market to decide whether and when to introduce new products or services.
To be successful they need to ensure that their prices are competitive and the service provided is good. They may hire and train staff; market and promote their business; order stock and replace equipment; and pay government taxes and levies.
Thus, small business owners need to have a broad range of business, management and administrative skills. They also need planning, sales forecasting, budgeting, accounting and organisational skills.
Small business owners need to know about current market values and trends, budgeting and business management, taxation and accounting systems. They also need to know about costing methods, customer relations, and the legal requirements for business owners including health and safety, employment, and government regulations.
Small business owners should draw up a business plan, and have good financial backing and knowledge of the industry they intend to work in.
Small business owners work to their own timetable. Their hours may be long and flexible, and they may also work evenings and weekends. Earnings for small business owners depend on the success of their business. They deal directly with clients or customers. They may also consult lawyers, accountants, suppliers and discuss their finances with a bank manager.
Entrepreneurs may begin their careers by working for someone else in order to gain experience before starting their own business.
Abm University College, Adventist University of Central Africa, AFDA, Afda Botswana, Africa Institutional Management Services (AIMS), Africa Nazarene University, Africa University, African International University, Akilah Institute for Women, All Saints University Lango, Alliance International University, Anistemi College and Training Centre, Archbishop James University College, BA ISAGO University College, Bindura University of Science Education, Bishop Stuart Universities, Boland TVET College, Boston City Campus & Business College, Botho University, Botswana Accountancy College, Botswana College of Distance and Open Learning, Buffalo City TVET College, Cape Peninsula University of Technology, Capricorn TVET College, Catholic Institute of Kabgayi, Catholic University College of Ghana, Catholic University of Eastern African, Cavendish University, Central Johannesburg TVET College, Centre for Training and Projects Development (CTPD), Centurion Academy, Chinhoyi University of Technology, Chuka University, Coastal KZN TVET College, College of Cape Town , Cornerstone Institute, CTI Education Group, CTU, Da Vinci Institute for Technology Management, Damelin, DAPP (Development Aid from People to People) Vocational Training School, Daystar University, Dedan Kimathi University of Technology, Destiny International Business Institute, DMI-St.Eugene University, Durban Computer College, Durban University of Technology , Durbanville College, Eastcape Midlands TVET College, Ed-U City Campus, Egerton University, Ehlanzeni TVET College, Ekurhuleni East TVET College, Ekurhuleni West TVET College, Embu University College, Esayidi TVET College, False Bay College, Flavius Mareka TVET College, Gaborone Academy of Education, Gaborone University College of Law and Professional Studies, Gert Sibande TVET College, Ghana Baptist University College, Ghana Institute of Management and Public Administration, Gideon Roberts University, Goldfields TVET College, Great Zimbabwe University, Greenlight University, Gretsa University, Gulu University, Harare Institute of Technology, Helderberg College NPC, Ibanda University, ICESA City Campus, IMM Graduate School of Marketing, Imperial School Of Business and Science, Ingwe TVET College, Institute of Applied Sciences, Institute of Development Management, Integrated Polytechnic Regional Centre (East), International University of Management, Jomo Kenyatta University of Agriculture and Technology, Jomo Kenyatta University of Agriculture and Technology (Tanzania), KAAF University College, Kabale University, Kabarak University, Kaimosi Friends University College, Karatina University, KCA University, Kenneth Kaunda Metropolitan University, Kenya Highlands Evangelical University, Kenya Methodist University, Kenyatta University, Kepler Kigali, Kibabii University, Kibogora Polytechnic, Kigali Independent University, King Hintsa TVET College, King Sabata TVET College, Kirinyaga University College, Kiriri Women's University of Science and Technology, Kisii University, Kumasi Polytechnic, Kyambogo University, Laikipia University, Letaba TVET College, Limkokwing University of Creative Technology, Lira University, LISOF, Lovedale Public TVET College, Lukenya University, Lyceum College, Maasai Mara University, Machakos University College, Majuba TVET College, Makerere University, Malawi University of Science and Technology, Maluti TVET College, Management College of Southern Africa (MANCOSA), Management University of Africa, Marian University College, Marist International University College, Maseno University, Masinde Muliro University of Science and Technology, Mauritius Institute of Training and Development, Mega Size College, Meritorious Biz Tech College, Meru University of Science and Technology, Middlesex University Mauritius, Milpark Education, Mnambithi TVET College, Moi University, Monash South Africa, Monitronic Success College, Mopani South East TVET College, Motheo TVET College, Mount Kenya University, Muhabura Integrated Polytechnic College, Multimedia University of Kenya, Multitech Business School, Mulungushi University, Murang'a University of Technology, Mzumbe University, Namibia College of Open Learning (NAMCOL), Namibia University of Science and Technology, National University of Lesotho, National University of Science & Technology, National Youth Service (NYS), Ndejje University, Nelson Mandela Metropolitan University, Nile Institute of Management Studies Arua, Nkangala TVET College, Northern Cape Urban TVET College, Northlink College, North-West University, Open Learning Group, Open University of Tanzania, Orbit TVET College, Oval International Computer Education, Pan Africa Christian University, Pearson Institute of Higher Education, Port Elizabeth TVET College, Presbyterian University College, Presbyterian University of East Africa, Production Management Institute of Southern Africa, Pwani University College, Red and Yellow School of Logic and Magic, Regenesys Management, Regent Business School, Riara University, Richfield Graduate Institute of Technology, Rongo University College, Rosebank College, Scott Christian University, Sedibeng TVET College, Sekhukhune TVET College, Sol Plaatjies University, Solusi University, South African School of Motion Picture, South Cape TVET College, South Eastern Kenya University, South West Gauteng TVET College, Southern Business School, St Paul's University, St. Augustine College of South Africa, St. Augustine University of Tanzania, Stefano Moshi Memorial University College, Strathmore University, Swaziland College of Technology, Taita Taveta University College, Tangaza University College, Technical University of Kenya, Technical University of Mombasa, Texila American University, The Co-Operative University, The East African University, Thekwini TVET College, Tom Mboya University College, Triumphant College, Tshwane North TVET College, Tshwane South TVET College, TSIBA Education NPC, Tumaini University Makumira, Uganda Catholic Management and Training Institute, Uganda Martyrs University, Uganda Technology and Management University, Umfolozi TVET College, Umgungundlovu TVET College, Umma University, United States International University, Université des Mascareignes, University for Development Studies, University of Africa, University of Botswana, University of Dar Es Salaam, University of Eastern Africa Baraton, University of Education Winneba, University of Eldoret, University of Energy and Natural Resources, University of Iringa, University of Johannesburg, University of Kabianga, University of Kigali, University of Kisubi, University of KwaZulu-Natal, University of Lusaka, University of Mauritius, University of Nairobi, University of Namibia, University of Pretoria, University of Rwanda, University of Stellenbosch, University of Swaziland, University of Technology and Arts of Byumba, University of Technology Mauritius, University of the Free State, University of Tourism, Technology and Business Studies, Vaal University of Technology, Valley University of Science and Technology, Valley View University, Varsity College, Vuselela TVET College, Waterberg TVET College, Web-Info-Net Institute of Technology, West Coast TVET College, Western TVET College, YMCA Comprehensive Institute, Zambia Catholic University, Zambian Open University, Zetech University, Zimbabwe Open University