A Review of the Traits of Successful Entrepreneurs and the Benefits of Owning a Small-Micro-Medium Enterprise (SMME)

Abstract

This is a desktop study with the main objective to review the characteristics of successful entrepreneurs and the benefits of owning a business in this 21^st century. The world of entrepreneurship is now here and growing every day. This study will review literature related to the current statistics of entrepreneurs starting their own small-medium enterprises, definition of entrepreneurship, outline the traits of entrepreneurs, benefits of owning an SMME and the advantages of SMMEs to an economy. One of the reasons why there has been a rise of the entrepreneurship field is the shift of the global economy from being a manufacturing oriented economy to being a knowledge-based and service or marketing oriented economy. This has led to the creation of many lucrative business opportunities for new aspiring entrepreneurs to enter the entrepreneurship field, be able to satisfy customer needs and wants with their products and services.

Keywords: Small Medium Micro Enterprise, Entrepreneurship, Traits and Benefits.