KNOWLEDGE – BASED AND – INSPIRED ENTREPRENEURSHIP DEVELOPMENT!

The Practical Response to Unemployment and New Order in the Global Economies! A shift in Focus from Generic Individual Development to Specific & Knowledge Based Individual Development, is the answer to unemployment. 

DEFINITION: “An entrepreneur is a person who decides to start a new business, endures the potential risks, and relishes the rewards. Entrepreneurship can be denoted as the process used by the entrepreneur in establishing a business”, extract from the course material.

The members of COMETSA Friends & Supporters Club NPO are entering the new era of knowledge based and inspired development, starting with the online Entrepreneurship Development Programme that is accessed 24/7 for free by those members that are in good standing. 

MEMBERSHIP – Starting Point: Apply for your individual or student membership: You may apply for either individual, student or corporate membership at COMETSA Friends & Supporters Club NPO online using the following link, https://cometsafriendsandsupportersclub.wildapricot.org/page-7743 or go to https://www.cometsaclub.africa and click on the icon, Join Us, choose the type of membership, and complete the membership form online. 

FURTHER EXTRACTS: Here are some extracts from the course on which you will deepen your knowledge on entrepreneurship when you participate in the course as our member.

HISTORY OF ENTREPRENEURSHIP: In the past there was no forthright definition of an entrepreneur. 

  • In 1771, Nicolas Baudeau defined the term entrepreneur to mean an innovator or inventor. 
  • In 1775, Richard Cantillon stated that an entrepreneur is someone who works for uncertain wages. In his definition, Richard noted that thieves and beggars were also entrepreneurs because they were unemployed
  • In 1803, Jean Baptiste Say noted that an entrepreneur referred to a person who loves adventure coming from the French word entreprendre. 
  • In 1881, Alfred Marshall defined an entrepreneur as someone who considers the opportunities with cost minimisation in mind.
  • In 1907, Frederick Howley defined an entrepreneur as an uncertainty bearer and motivator. 
  • In 1921, Frank Knight noted that an entrepreneur is a risk taker.
  • In 1928, Joseph Schumpeter asserted that an entrepreneur is not only an innovator but a profit-maker, as well. 
  • In 1997, Israel Kirzner linked entrepreneurship to discovery. 

The current definition of entrepreneurship incorporates the meanings brought forth in the earlier definitions which include innovation, risk taking, discovery, uncertainty, seeking opportunities, and profit making. 

ROLES OF AN ENTREPRENEUR: Considering the definitions of an entrepreneur above, an entrepreneur has major roles including creativity and innovation, identifying opportunities, managing and organising business activities, job creation and employee management, risk-taking and achievement, forecasting changes in business, and contributing to the economy by creating wealth and sharing it. 

THE MAIN GOALS: Ultimately, the main goals of an entrepreneur are profit making, cost minimisation, solving problems, business growth, efficiency in meeting customer needs, working with skilled employees, and business expansion. 

The rallying call is for the local businesses to be supported by buyers and funders

CHARACTERISTICS OF ENTREPRENEURSHIP: The following are some of the characteristics of entrepreneurship 

  • Curiosity – need to learn new things as they seek opportunities. 
  • Flexibility – need to adapt easily to changes and situations.
  • Resoluteness – make decisions and do not waver. 
  • Plans Investigation – test market on new ideas to see if they are worthwhile.
  • Accepts Failure – not all ideas succeed and an entrepreneur needs to be okay with that.
  • Perseverance – ability to see failures as learning points and foundations for growth. 
  • Futuristic Mindset – thinking ahead and making plans for business continuity. 
  • Innovation – ability to come up with new ideas or spot opportunities to explore.
  • Risk Endurance – accept that risks are prevalent and work towards balancing risk with reward.

BECOMING AN ENTREPRENEUR: as defined, an entrepreneur is a person who starts a business while balancing the risks and rewards. The entrepreneurship is about taking risks while trying out an idea or solving a problem. Knowledge of a product or service is key in ensuring that an idea is successful. Flexibility and open-mindedness characterise entrepreneurship initiatives that succeed, and without innovation, entrepreneurship is bound to fail. 

Entrepreneurship Development Indaba – The LEKGOTLA Way! Online

THE COURSE: The Entrepreneurship Development Programme (August 2022 – November 2023) covers comprehensive theoretical content on entrepreneurship packaged into sixteen chapters. We will be sharing the sun-topics of each chapter from now until the end of the programme on a monthly basis. 

THE START: We start with Chapter 1 that will be offered 24/7 online from August 2022. The chapter title is ENTREPRENEURSHIP IN THE ECONOMY. It covers the following lessons: What is an Entrepreneur? Definition, Characteristics & Examples; Entrepreneurship & the Economy- Definition & Importance; Entrepreneurs – Required Skills & Competencies; How to Determine if a Passion is a Hobby or a Potential Career; The Nature of Business – Raising the Standard of Living; and Small Business in the established Economies and Global Markets.

PRIORITY: In the offering of this course to the members of COMETSA we pay special attention to the youth unemployment challenges. Hence, the minimum student membership fee of R50.00 per person per year, unlike the individual membership fee of R280.00 per person per year, and corporate membership of R15,000.00 per company per year.

The Mini-LEKGOTLA Conversation! The Knowledge Sharing Methodology!
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