Lesson 1: Introduction

Welcome to Entrepreneurship in Action – your first step toward turning that great idea you’ve always had into a sustainable business initiative.

Why is entrepreneurship important?  It’s a vehicle for causing positive economic and social change. Those involved in entrepreneurship and entrepreneurial thinking are agents of innovative change and have the potential to transform existing firms and to exploit new opportunities. Regardless of whether you’re starting a new business (or thinking of doing so), currently involved in a new business, or just want to put into practice the necessary skills for entrepreneurial actions, this course is designed for you.

Entrepreneurship in Action has been developed to provide you with the necessary theoretical underpinnings to understand the concept of entrepreneurship  as well as practical advice, cases, and tips and tools for you to put into action. Your role is to engage at every level and put as much into the course as you hope to get out.

Richard Branson is a great example of an entrepreneur. He started selling a student magazine to cover his expenses. Although faced with many challenges and setbacks, such as his dyslexia and scholastic trouble, he eventually founded the Virgin Group. Today, Virgin controls more than 400 companies. Branson is one of the world’s most famous entrepreneurs, and in October of 2018, Business Insider listed his estimated net worth at R70 billion.

A timeline of the achievements of Sir Richard Branson (Source)

Not all entrepreneurs are created from the same blueprint. They come from different geographic locations, upbringings, income brackets and social classes, and education levels. While we have no foolproof map to entrepreneurial greatness, one thing is certain: successful entrepreneurs all possess the following characteristics and traits. They are:

• Driven and ambitious
• Not afraid to take risks
• Innovative and able to identify opportunities where there is a business need
• Willing to put a significant amount of effort into making something work
• Good at money management
• Self-confident and dedicated.

The skills that make a good entrepreneur (Adapted: Source)

If you identify with some or all of these traits, then entrepreneurship is definitely for you.

In this module, we will delve into what it means to be an entrepreneur, how to identify a business opportunity, and what process to follow to start your entrepreneurial journey. A firm grasp on the theory of entrepreneurship and what it takes to be an entrepreneur is critical to setting you up for success later on in your journey.

By the end of this module, you will be able to:

• Understand the different approaches to entrepreneurship
• Recognise the behaviours of successful entrepreneurs
• Demonstrate what it means to have an entrepreneurial mindset
• Discuss the human centered design process.