In this essay I am going to identify and discuss three types of entrepreneurs which are a well-known South African entrepreneurs. An emerging South African entrepreneurs from the so-called Asian Tiger countries I am going to focus on their characteristics. Risks and analysis of the macro-environment and market-environment factors impacting on the running of their respective enterprises then give a summary based on my findings by providing possible reasons for the sooner and greater success of the Asian Tiger entrepreneur versus his emerging South African counterpart.
3 types of entrepreneurs
1. A well-known South African entrepreneurs ( The person may currently be residing in another country)
Patrice Tlhopane Motsepe is a South African mining businessman and billionaire. He is the founder and executive chairman of African Rainbow Minerals, which has interests in gold, ferrous metals, base metals, and platinum. He sits on several company boards, including being the non-executive chairman of Harmony Gold, the world’s 12th largest gold mining company, and the deputy chairman of Sanlam.
Inspire Motsepe he really motivated a lot of entrepreneurs in South Africa, And many people in our country recognized him and his great work and also his passion qualities.( Duffy.2012) page 31( Van Aardt |Bezuidenhout) 5th edition
Vision Entrepreneurs like Patrice Motsepe they begin with a dream of what they really want to fulfil and set clear goals and objectives.They strategies plan and act on what they really want to achieve. (Duffy.2012) page 31( Van Aardt |Bezuidenhout) 5th edition
Courage Patrice Motsepe have the courage to take on new challenges to follow the instinct and go boldly were no one has gone before.
Duffy.2012) page 31( Van Aardt |Bezuidenhout) 5th edition)
Financial risk When Motsepe decide to start a venture of mining services. The entrepreneur Patrice Motsepe has often not know the outcome. Good financial decision need to be made and good cashflow of mining services should be followed to minimize financial risk.
Career risk At times a situation of job with stable income to pursue the dream, Motsepe wanted to have his own business. Motsepe he even quit his current workplace to take risk of having this big dream he has achieve.
Physical and psychological risk – Entrepreneur Patrice Motsepe he did put business first before his own health. The Health is vital to enable the entrepreneur to look after himself and the business day to day and his long term business concerns. Duffy.2012) page 31( Van Aardt |Bezuidenhout) 5th edition)
Internal and External analysis
Patrice Motsepe at the time he couldnt have fair funds to pay his employees,most employees they were not motivated by how things are in such way that the productive. of the business was bit low and shaking and also the salary was very low.
Political legal factors The inflation and interest rates affect the business due to high impact on the business as well.
2. An emerging South African entrepreneur
3. Dion Mhlaba (CA) is the CFO for RH Bophelo Limited, listed in the JSE. He holds a B.Com Accounting Degree and Honours from the University of Johannesburg. He completed his auditing articles with KPMG (Johannesburg) in 2010, where he qualified as a Chartered Accountant (CA) and Registered Auditor (RA).
4. While with KPMG, Dion worked with Nedbank, IDC and DBSA. His audit role included financial model audits, tax reviews, IFRS compliance, budgeting and accounting, and in other instances the treatments of financial instruments such as bonds, preference shares, debentures, loans and money market, equities and hybrid instruments.
5. From 2011 to 2013, Dion held advisory roles with Afripalm Resources, a company with mining and financial services interests and Sakhumnotho Holdings with exposure to a variety of projects, including mining, financial services, engineering. In 2013, he worked as a financial support at Thebe Investments where the role entailed streamlining of reports, analysing of financial data, budgeting, performance and board reports.
Vision , passion and motivation Dion Mhlaba saw a need in the community and took it he saw there was a need to help local hospitals that were struggling to cope with a rapid increase in chronic patients.He also have a dream about helping those who need help through his passion work.
Self-belief, hard work and Disciplined Dedication entrepreneurs like Dion Mhlaba He created hundreds of jobs, became wealthy and got not one not two but a lot business off the ground all in a matter of months. A lot of people have good faith on him.
Family and social risk Dion Mhlaba family did not believe in him he had to start a business without the knowledge of his parents he did start the business and it became a success.
Financial risk Dion did not have a start-up capital he did not have good cash flow
Career risk Dion applied for a job at Nedbank Partners he got offered the job and accepted it & Company to following his dream of becoming an entrepreneur he started working on his business ideas.
Career risk Daniel applied for a job at Auditors he got offered the job and accepted it & company to following his dream of becoming an entrepreneurs he started working on his business ideas.
Economics factors they have a huge impact on most business they have a problem concerning these factors.
International factors since Daniel had to move from different countries the law and imports, export etc. did affect his business a bit but when he move to Singapore he started his business that side and there were international problems.
Labour force Daniel did not have any employees at first he had a few friends who supported brainstormed together he had to staff a business that required no capital because he did not have any he got more customers and employees because he was then able to pay.
Entrepreneurs are influenced by their environments. Whether it is economic situation of South Africa, a new competitors in the market or environment in which they were raised,it has an enormous effect on the entrepreneur. Just as some individuals are natural athletes due to their family background, entrepreneurs are very much influenced by their background.
5.2 The 3 articles tell us how entrepreneurs use are the innovators of the economy innovation contributes to the success and longevity of the business the articles state that innovation refers to implementing new ideas creating a dynamic products or improving existing services this gives the business a competitive advantages to grow and adapt the business in the marketplace innovation should be part of every business strategy entrepreneurs should develop strategic, responsive plan which promote innovation as a key business process across the entire business.
It is said that an entrepreneurs mind should revolve around new ideas and opportunities for innovation the importance of innovation in entrepreneurs she combination of innovation and entrepreneurs are vital for business success and sustainability entrepreneurs should know how important innovation is because it addresses the needs of the market how innovation and the entrepreneurship are complementary because innovation to is source of entrepreneurship and entrepreneurship allows innovation to flourish and realize its economic value they also show how innovation cannot be tangible without entrepreneurial activity
5.4 The article shows us why it is important for entrepreneurs to be creative and how it helps them in their businesses the entrepreneurial process shows that creativity is the most important skills and entrepreneur should have because it helps develop new ways of improving an existing product or services and optimizing a business in todays economic world creativity helps entrepreneurs to think of how to improve existing business practices it gives entreprenurs a competitive advantage the articles also show that there should be 2 separate approaches to creativity which are convergent and divergent
Creativity is considered the key factors towards economic development and entrepreneurs use creativity to strive to create employment opportunities creativity is a central element in problem solving and there are numbers of ways in which creativity is a creative thinking can facilitate decision making for entrepreneurs.
5.5 ENERGY and the green economy congretype green energy solutions
5.6 This SME is creative and innovative because it focuses on funding new and innovative ideas it focuses on generating, recognizing ideas or alternatives that might be useful in solving problems this SME uses innovation to achieve high economic growth and development they find new ways/methods to do things. maxine Horn says that creativity is the capability or act of conceiving something original or unusual and creativity is the implementation of new, Congretype green. (
Duffy.2012) page 31( Van Aardt |Bezuidenhout) 5th edition)
1. Opportunity and recognition evaluation The entrepreneur will use his or her cognitive skills to gather, process, evaluate and use the information from these changing conditions to recognize and evaluate viable opportunities. (Allinson 2000:35) (Van Aardt | Bezuidenhout)
major discontinuity in the radical innovation lifecycle
2. Opportunity and assessment screening The criteria that are used by venture capitalist when evaluating the applications for funding they receive from first time entrepreneurs could serve as one of the bases for developing assessment criteria in the assessment and screening of ideas and opportunities. (Page 71 Van Aardt | Bezuidenhout)