BUSINESS STUDIES: ENTREPRENEURIAL QUALITIES GRADE 10

COLUMN A

COLUMN B

A person who takes a chance, not knowing what the outcome will be

a. Leadership

Wanting to be accountable and to answer for one’s conduct and obligations

b. perseverance

Quality that drives the entrepreneur to carry on until the job is done

c. flexibility

Ability to adapt to changing circumstances

d. risk taker

The ability to motivate others to follow

e. desire for responsibility

Big dreams with clear vision

• Entrepreneurs have big dreams of realizing long-term rewards in the form of profits
• They strive to reach a sense of personal realization
• They set clear and specific goals and objectives for themselves and their business
• They see possibilities and are creative to imagine achievement thereof
• They are action-orientated people who enjoy and strive for success in everything they do

Confidence in the ability to succeed

• Entrepreneurs are self-confident and believe in their own abilities to succeed
• They recognise their skills and abilities and can visualise themselves succeeding with hard work and determination
• They recognise their areas of weaknesses and are not afraid to ask for help from others in order to succeed

Desire for responsibility

• Entrepreneurs find it hard to work for other people or to take instructions from managers as they like being in control
• They strive for autonomy and like make their own decisions
• They prefer to be the creators of their future
• They accept full responsibility for their business
• They believe they are morally, legally and financially accountable for the business
• They accept responsibility for meeting their contractual commitments or completing jobs for their customers

Willpower to overcome obstacles

• Entrepreneur have the desire and drive to solve problems and to establish a successful business
• They are ambitious, set their goals and work to achieve them
• They set their own working schedules to achieve their goals
• They have the determination to keep going even when things are not working in their favour
• They redirect their energies into new ventures by refocusing if one business fails
• Their determination ensures success can be achieved

Passion and ambition

• Entrepreneur are driven by their passion and willingness to succeed in the things they believe in
• They are self-driven to achieve to achieve their goals
• They have a high level of enthusiasm and a willingness to learn from mistakes

Risk taking

• Entrepreneurs take calculated risks as they weigh up success and what they might lose before deciding
• They weigh risks carefully and once a decision is made; they have the courage to see through
• They risk their own money when they start their business as they envisage to make a profit
• They are flexible in their decisions should they turn out to be wrong

Perseverance

• Perseverance is the quality that drives a successful entrepreneur to keep on until the job is done
• Entrepreneurs keep on working towards the goals that they set for themselves
• They do not give up easily and have an amazing ability to keep going
• They cannot be easily persuaded to change direction or do something else
• Success is the only result acceptable to them and often become workaholics

Exceptional organisation skills

• Entrepreneurs are good at combining the other three factors of production
• They can take charge of a situation and make the business work
• They can get things done by turning plans into action
• They have good planning and time management skills to put things in order
• They are good at imposing structure and creating order

Management and leadership

• The entrepreneurs’ management skills enable them to plan, lead, organise and control the activities of the people who work with them
• They are good leaders who can motivate and inspire others to do their best
• They are good communicators, skilled at resolving conflict and generating enthusiasm in others
• They know what they are not good at and get others to complement their strengths

Flexibility/ability tom adapt quickly

• Able to adapt quickly to changing circumstances due to their openness to change
• They are willing to listen to other ideas and be able to admit when they are wrong
• They evolve and change with the times by updating their skills and knowledge on the latest technology or market trends
• They are always ready to see new business opportunities and ways to achieve

High motivation/energy levels

• Entrepreneurs are self-motivated
• They have great physical stamina and commitment to work hard for long hours with demanding customers
• They have a high tolerance for stress involved in running one’s own business and making difficult decisions
• They have emotional and personal strength to think clearly and deal with problems calmly

High degree of commitment

• They are not afraid to make sacrifices to realise their dreams
• Once their goals have been set, they focus on it to the exclusion of all else
• They have high standards and cannot tolerate mediocrity
• They are committed to their business idea and work hard to achieve their goals

NAME

BUSINESS

NAME

BUSINESS

Raymond Ackerman

Pick ‘n Pay

Cyril Ramaphosa

Mc Donald’s

Richard Branson

Virgin Group

Tokyo Sexwale

Mvelaphanda Mining

Bill Gates

Microsoft

Mark Shuttleworth

Shuttleworth Foundation

Donald Trump

The Trump Organisation

Mark Zuckerberg

Facebook