Flashcards on Entrepreneurial Ventures: Characteristics and Types
Entrepreneurial Ventures: Characteristics and Types Explained
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Entrepreneurship
12 cards
Card 1
Question: What is an emerging entrepreneur in the South African context?
Answer: An entrepreneur who was previously disadvantaged and receives preferential treatment (e.g., under the Preferential Procurement Act) when tendering for
Card 2
Question: How do informal entrepreneurs typically operate?
Answer: They operate without fixed premises or formal business locations, face limited legal requirements, and do not pay income tax.
Card 3
Question: List three positive roles the informal sector plays in economic development.
Answer: Creates jobs, contributes to skills development, and encourages economic growth.
Card 4
Question: What is the focus of youth entrepreneurship initiatives (PPPs)?
Answer: To train youth through entrepreneurial programs, provide resources and ongoing support, aiming to increase employment and improve living standards.
Card 5
Question: What three characteristics differentiate an entrepreneurial business venture from a business that only tries to survive?
Answer: Innovation (continually improving to satisfy customers), growth potential (seeking new markets or larger reach), and sound objectives (clear goals and
Card 6
Question: Define a techno-entrepreneur.
Answer: An entrepreneur who develops technology or uses technology to grow their business.
Card 7
Question: What is a social entrepreneur and what form do these businesses usually take?
Answer: An entrepreneur who starts ventures to solve social problems; these businesses are usually non-governmental organisations (NGOs).
Card 8
Question: What does a tourism entrepreneur do? Give examples.
Answer: Identifies gaps in the tourism industry and offers goods or services to attract tourists, such as hotels, sight-seeing tours, or selling souvenirs.
Card 9
Question: What is an enviro-entrepreneur and give examples of their businesses.
Answer: An entrepreneur who creates ventures to solve environmental problems, contributing to sustainability (e.g., businesses selling solar panels, bio-fuels
Card 10
Question: What does innovation mean for an entrepreneurial venture?
Answer: Continuously looking for new and better ways to satisfy customers' needs/wants, often by incorporating technology into products or services.