Frequently Asked Questions

There are different types of entrepreneurship. These include small businesses, scalable start–ups, social entrepreneurship and large companies. 

Social entrepreneurship’s goal is to create a benefit to humankind or society and focuses on helping the environment or communities through its services or products. Rather than being driven by generating profits, social entrepreneurship is about helping the world become a better place. 

Innovator entrepreneurs typically come up with unique concepts, developing them into profitable business ventures. Their exciting new inventions, technologies or goods may even facilitate the development of new markets and can make a significant contribution to economies. 

Successful entrepreneurs generate revenues greater than the costs incurred by their business. Increasing revenues may be achieved through networking, marketing and word of mouth, while keeping costs down could be achieved through more efficient operations. 

While all entrepreneurs are different, many share several key personal traits or abilities. These include versatility, flexibility, resilience, focus and great communication skills. Most successful entrepreneurs are skilled at money and business management and can effectively manage cashflow. Entrepreneurs should also have the ability to take risks, have exceptional leadership qualities and problem-solving skills, and be open-minded. 

The acquisition of capital funding can be challenging for entrepreneurs. Many choose bootstrapping, which is where a business is financed via methods such as using the entrepreneur’s own money, minimising inventory or providing sweat equity. Financing may also be available through angel investors, venture capitalists, crowdfunding, hedge funds or bank loans. 

There are lots of ways that entrepreneurship can benefit economies; for example, it often creates employment opportunities and even a ripple effect that results in further innovation and development. Successful entrepreneurs contribute to the gross national income, potentially bring about positive social change, and may invest in charities and community projects to support causes beyond their own. 

Broadly speaking, prospective entrepreneurs need to have a great concept that people are willing to pay for, a comprehensive plan for success and the ability to consistently execute their plan. It’s also important for these individuals to practice the intentional development of entrepreneurial traits and characteristics.