What Is Entrepreneurs?
The entrepreneur is defined as someone who has the ability and desire to establish, administer and succeed in a startup venture along with risk entitled to it, to make profits. The best example of entrepreneurship is the starting of a new business venture. The entrepreneurs are often known as a source of new ideas or innovators, and bring new ideas in the market by replacing old with a new invention.
It can be classified into small or home business to multinational companies. In economics, the profits that an entrepreneur makes is with a combination of land, natural resources, labour and capital.
What Are The Types Of Entrepreneurships?
It is classified into the following types:
Small Business Entrepreneurship-
These businesses are a hairdresser, grocery store, travel agent, consultant, carpenter, plumber, electrician, etc. These people run or own their own business and hire family members or local employee. For them, the profit would be able to feed their family and not making 100 million business or taking over an industry. They fund their business by taking small business loans or loans from friends and family.
Scalable Startup Entrepreneurship-
This start-up entrepreneur starts a business knowing that their vision can change the world. They attract investors who think and encourage people who think out of the box. The research focuses on a scalable business and experimental models, so, they hire the best and the brightest employees. They require more venture capital to fuel and back their project or business.
Large Company Entrepreneurship-
These huge companies have defined life-cycle. Most of these companies grow and sustain by offering new and innovative products that revolve around their main products. The change in technology, customer preferences, new competition, etc., build pressure for large companies to create an innovative product and sell it to the new set of customers in the new market. To cope with the rapid technological changes, the existing organisations either buy innovation enterprises or attempt to construct the product internally.
Social Entrepreneurship-
This type of entrepreneurship focuses on producing product and services that resolve social needs and problems. Their only motto and goal is to work for society and not make any profits.
Top Entrepreneurs In South Africa?
- Ryan Bacher
“Our plan was to run the site for one day to prove that we could do it. And then we got R30 000 worth of orders. That was the equivalent of a whole month’s revenue at a flower shop.”
- Albe Geldenhuys
“At first, I wasn’t even thinking about launching a product line or even a business. I just wanted to be out there, selling product and making a profit.”
- James Robertson and Philip Cronje
Big Blue’s R100 million success: From concept store to national retailer success
James Robertson and Philip Cronje launched Big Blue from a flea market stall. Today the company has a turnover of R100 million.
- Lebo Gunguluza
“Notice the difference between what happens when a man says to himself, I have failed three times, and what happens when he says, I am a failure.”
Lebo Gunguluza is the founder and group chairman at GEM Group, a turnaround strategist, motivational speaker and Dragon on SA’s Dragon’s Den.
- Fats Lazarides
“We convinced all of our suppliers to let us pay them with post-dated cheques, and then we worked like hell to make enough money that month to ensure they didn’t bounce.”
Fats Lazarides founded Ocean Basket in 1995 with R800. Today the nation-wide brand has system-wide sales of over R1 billion.
- Irfan Pardesi and Hina Kassam
“Focus on what you know best. You don’t need to be a master of everything, you just need to know a lot about one thing.”
Irfan Pardesi and Hina Kassam launched ACM Gold in 2005. The company has a current valuation of R3 billion.
- Anat Apter
“There was a long queue of people trying to get a stall at Bruma flea market and I was at the back of it. So I stood on my toes and yelled, “Excuse me, Do you want me to sell falafel here?’ The man in the booth waved me to the front of the queue.”
- Wally & Debbie Fry
“There’s a process for how you walk into my factory – and if you walk in the wrong way, I’m going to [figuratively] klap you for it, because that system is there for a reason. It has its foundation in the mistakes that we’ve made and the solutions we’ve found to challenges.” – Wally Fry
- Rob Stokes
“I’d love to be able to tell you it all happened according to some grand vision, some master plan – but frankly it didn’t. I quit my job as a waiter, six weeks later I ran out of money, and it took the market seven years to catch on to what we were offering.”
Rob Stokes is the founder of Quirk Digital agency, an idea born on a couch at 3am, and grown to the point that in 2014 its consolidated revenues tipped R140 million and it was sold to international giant WPP.
- George Sombonos
“Without my father’s knowledge, I swapped the existing chicken coating for an untested recipe I bought in the US for $1 000. Sales increased and turnover shot up to over R200 000 a month. That was a big deal in the 1980s.”
George Sombonos is the founder and franchisor of fast food chain, Chicken Licken, that has grown to 240 stores around the country and turned over R1,3 billion in 2013.