Entrepreneurship and Enterprise: notes

Key Terms

• Entrepreneur: a person who spots an opportunity, takes a risk and starts a business. A woman who begins selling vegetables at a Harare market is an entrepreneur.
• Enterprise: the business itself, or the willingness to try new ventures. Her vegetable stall is an enterprise.
• Intrapreneur: an employee who shows entrepreneurial spirit inside an existing firm, such as a shop worker who starts a delivery service for the shop.
• Innovation: a new or better product or way of working. Selling airtime by mobile money is an innovation.

Qualities and Skills

• Qualities: hard work, creativity, confidence, willingness to take risks, determination.
• Skills: managing money, selling, planning and leading people.

Risk and Reward

• Risk: the chance of losing money or time. A new tuckshop may fail.
• Reward: profit and independence if it works.

Why Small Enterprises Matter

• Job creation: a small bakery employs local people.
• Self-employment: you earn your own income without a boss.
• Informal sector: small unregistered traders, such as street vendors, who provide many Zimbabweans with income.
• Motivation: the need for income, independence, or a wish to use a talent.