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EMC619 ASSIGNMENT 2 ANSWERS 2024
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EMC619 ASSIGNMENT 2 ANSWERS 2024
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2024EMC619 ASSIGNMENT 2
STUDENT NO:
3/4/2024
, Assessment 1
SECTION A
1. Define and critically evaluate the three definitions of entrepreneurship. Of these
three definitions, which one is more convincing and compelling with reference.
to entrepreneurship pursuits in the SADC region and why? [five paragraphs
max [5 marks]
There are three main definitions of entrepreneurship: the classical, the modern, and the innovative
definition. The classical definition of entrepreneurship focuses on the actions of an individual who takes on
the risk of starting a new business venture. It emphasizes the role of the entrepreneur as a risk-taker and
innovator who seeks opportunities to create new products or services. The modern definition expands this
view to include the functions of organizing, managing, and assuming the risks of the business. It also
emphasizes the importance of creativity, innovation, and adaptability in responding to market demands.
The innovative definition goes even further by emphasizing the role of the entrepreneur in creating value
and driving economic growth through the introduction of new ideas, products, and processes.
When considering entrepreneurship pursuits in the SADC region, the modern definition of entrepreneurship
appears to be the most convincing and compelling. This is because the SADC region is characterized by
diverse and dynamic markets, and entrepreneurship in this context requires a combination of traditional
risk-taking and managerial skills, as well as innovative thinking and adaptability. The modern definition
captures the complexities and challenges of entrepreneurship in this region, as it acknowledges the need
for creativity, innovation, and adaptability in responding to diverse market demands and economic
conditions.
Moreover, the modern definition aligns with the current trends and developments in the SADC region,
where entrepreneurs are increasingly focusing on creating sustainable and socially responsible businesses.
This requires not only the ability to take on risks and manage a business but also to innovate and create
value that benefits the community and the environment. The modern definition also emphasizes the role of
entrepreneurship in driving economic growth and development, which is crucial for the SADC region as it
seeks to address issues of poverty, unemployment, and inequality.
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