Question: Entrepreneurship

Answer: The process of creating something unique and valuable by committing resources, thus growing this venture in terms of profit, products, and market share. Accepting all risks involved in the process in order to generate rewards

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Question: Types of entrepreneurs

Answer: - Basic survivalist: Operates as an entrepreneur until they find a formal-sector job
- Pre-entrepreneur: Involved in welfare-based entrepreneurship, where profit maximisation is less important
- Subsistence entrepreneur: Independent income-generating activities operating as a small-scale vendor
- Micro-entrepreneur: Formal sector entrepreneur with 0 - 10 employees
- Small-scale entrepreneur: Formal sector entrepreneur with 11 - 49 employees
- Necessity entrepreneur: Start business because there is no other choice
- Lifestyle entrepreneur: Type of business is chosen due to a passion or support in something
- Tenderpreneur: Someone who runs a tender given by the government
- Social entrepreneur: motivated to improve things like educational, environmental or health conditions.
- Serial entrepreneur: creates, builds and sells businesses to do it all over again.
- Solopreneur: entrepreneur who operates on their own.

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Question: Importance of entrepreneurship in SA

Answer: SMMEs account for 97.5% of all businesses.
SA is a growing economy and needs entrepreneurs to start businesses as "economic development can be directly attributed to the level of entrepreneurial activities in the country." Entrepreneurship encourages growth in the economy.

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Question: Entrepreneurial Process

Answer: 1: Idea generation
- Sufficient attractive market opportunity?
- Is it feasible?
- Do we have a sustainable competitive advantage?
- Can we capitalise on this opportunity?
- What is the risk/reward profile?

2: Opportunity evaluation
3: Business plan development (Planning the venture)
4: Determination of required resources
5: Formation & management of business enterprise
6: Growth & harvest

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Question: Micro environment

Answer: Refers to the organisation itself. It is everything that is included inside the organisation.
eg. Strengths & Weaknesses

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Question: Market environment

Answer: Includes:
- Customers
- Competitors
- Suppliers
- Distributors
- Labour Force

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Question: Macro environment

Answer: Includes:
- Political factors
- Economic factors
- Social factors
- Technological factors
- Legal factors
- Environmental factors

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Question: What is innovation?

Answer: Innovation means introducing something new. This can be an idea, product, model, process, or a service. Innovations need creativity and new thinking. Innovation always does not mean invention. Innovation can create change and add values to the existing product or a service.

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