Business studies grade 11

2.  Definition of Terms:
 Entrepreneurship: An act of creating, building, expanding & sustaining a
venture
 “Entrepreneur” derives from the French word “entre” meaning “between” &
“prendre” meaning “to take”.
 An entrepreneur assembles & then integrates all the resources needed –
money, people, business model, strategy – to transform the invention into a
viable business
 Entrepreneurs are those who, through hard work & long hours, generate
business success.

3.  Macro View – outside processes that are beyond the control of the
entrepreneur
 Environmental factors
 Economic factors
 Political factors
 Micro View – processes from within the entrepreneur to which he/she has
control
 Entrepreneurial traits – creativity, determination, achievement, technical
knowledge
 Developing the right idea, at the right time for the right marketplace
 Detecting the opportunity when it arises & exploit it
 A unique strategic formulation

4.  Initiation of a business idea
 Explore the idea’s feasibility & viability
 Start the business, by utilizing the available
physical & human resources that are essential to
ignite motion on the business
 Manage the business in such a manner as to
ensure stability & sustainability

6.  Personal Characteristics
 Visionary
 Proactivity
 Ability to take calculated risks
 Need for achievement
 Commitment to the business
 Perseverance
 Good personal relationships
 Direct involvement
 Functional management
 Internal locus of control
 A need for autonomy
 Opportunism
 Entrepreneurial self-efficacy

8. ◦ Intrapreneurship can be defined as the development of new
business ideas & opportunitienities
◦ begins with an idea, & a business unit
◦ Rigid, bureaucratic businesses usually inhibit intrapreneurship
◦ An intrapreneur is someone who has no need to start an
independent business, but uses entrepreneurial abilities