N4 Entrepreneurship & Business Management


1 Confidence in your ability to succeed Confidence in yourself is always a good characteristic, but it will be put to the test when starting your own business. Doubting yourself when it is not going well, particularly in the beginning, is likely to ensure that your business does not succeed!


E-LINK


Watch this clip of Richard Branson giving advice to entrepreneurs. www.youtube.com/embed/ VH35Iz9veM0


2 Preference for moderate risk Being in business is a risk since nothing is certain. Being self-employed means that no fixed salary is deposited into your bank account every month. However, if you have never worked before, then you may argue that you have nothing to lose.


3 Desire for responsibility Some people want to be in charge of their own and even other people’s lives. Starting your own business means that you are taking charge of your own life. You do not expect others to provide for you. A much better approach is a “want to provide for others”.


4 Energetic


Starting a business will require long working hours. You will have to perform a wide variety of tasks, i.e. deal with workers, customers and suppliers. All of this requires lots of energy, patience and tact. An entrepreneur can often rely only on himself/herself to perform these tasks.


5 Identifying opportunities The ability of an entrepreneur to identify and react to new business opportunities is often the only big advantage he/she has over other businesses. You saw the gap in the market before anyone else. Studying your business environment is one way to achieve this.


6 Organising skills


The organising of people, assets, equipment, stock, etc. is all part of the daily schedule of an entrepreneur. The ability to organise these resources correctly is an important attribute of a successful business.


7 Need to achieve You are on your own when you start a business. Proving to yourself and to others that you can do it successfully on your own is probably part of your motivation. You want the entrepreneur to be successful. The question is, however, how convinced you are about this.


8 Desire for immediate feedback Starting and managing your own business mean you get feedback (positive or negative) on


every action you take. This happens because everything happening in your business will cross your desk. Your bank account will also tell you whether you are doing well or not. If you do not get feedback where you are right now, a new business will definitely give it to you.


What methods can Entrepreneurs use to control “Risk”?


Once an entrepreneur has identified the risks, he or she must decide what to do about them. Some risks are easier to control than others and the actions of the entrepreneur/business owner will vary with the circumstances faced by individual firms. Most entrepreneur/business owners control risk by doing one or more of the following: • Risk avoidance (eliminating the risk) is abandoning or refusing to undertake an activity or make a decision that is too risky and therefore potentially costly.


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