Summary Chapter 1: Entrepreneurship, an introduction
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Course
OBS 114 (OBS114)
Institution
University Of Pretoria (UP)
LO 1-2 Understand the general scope of small business
LO 1-3 Identify actions key to becoming a small business owner
LO 1-4 Recognise how small businesses are important to our economy and your community
LO 1-5 Recognise the key aspects of the entrepreneurial personality and their operational
co...
starting an entrepreneurial small business four key ideas
small business and the economy
two aspects of global entrepreneurship
south african entrepreneur
Written for
University of Pretoria (UP)
OBS 114 (OBS114)
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displayed by: the ability to stick with th promotion focus
·
looking a business challenges even when ittakes a long time -maximising gains
in a creative way 7 ... bias towards pursuing
·being consistently focused powerful contributor opportunities
on successful entrepreneurs
the business to
entrepreneurial ↳ balance focuses prevention focus
·
being absorbed by the tasks SUCCESS need eg. poor industry: minimising
-
losses
to
& concerns of the business think aboutwhere prevention better
focus: :. bias inaction
&
you wentwrong richer/dynamic enviro: protective action
and promotion focus:better
learned
optimism how to
benefits: improve results n
-
·
I commitment
·inspiring key stakeholders perseverance
M
promotion -
prevention focus
intensive positive feeling passion
the entrepreneur has
The 5PS Of comprehensive planners
towards the business and
Entrepreneurial ·long-term view;long range plans
its ideas for aspects the business
Behaviour
all of
4: actively involved in ·comfortable with planning
Pg 12-14
progression of business
professionalisation
expert business planning style
professionalisation critical pointplanners
aspects
·most of business reactive planners ·plan around the most
meetor exceed industry stds. ·
passive NB aspectof the bus.
S
W
·focus:shortterm act on it, then consider
the extentto which a if additional plans are
minimalised firm meets or exceeds needed
·none of the aspects the std. business practices Habit-based planners W
meet industry stds. for its industry letactions dictate opportunistic planners
W their routines ·
startwith a goal and
specialised standard business practice
W look for opportunities to
aspects
·a business action that
has
·one or two achieve it
been widely adopted within
meetstandards shortterm
·
an industry or occupation
, skills necessary to identify
and exploit elements the
of
business environmentthat activities, knowledge and skills
can lead to a profitable specific to a business in a
business particular industry
and
sustainable -
forms of opportunity industry -
specific
business-related competencies knowledge
expertise key business
-
functions
Entrepreneurial
competencies W
operational competencies Activities common to
PA 15
all businesses such as
sales, operations/production,
determination resource accounting, finances and
competencies competencies Human resources
W The ability or skill of the entrepreneur
skills identified with the to find expendable components necessary
energy and focus needed to the operation of the business.
to bring a business into eg.
time, info, location, financing,
existence raw materials, and expertise
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