Entrepreneurship is essentially an act of creating something new from scratch. Predicting that society will want it, and then figuring out how to scale it, and get it to everybody in a profitable way, in a self-sustaining way.

We are joined today by inspiring entrepreneurs from more than 120 countries and many from across Africa. And all of you embody a spirit that we need to take on some of the biggest challenges that we face in the world -- the spirit of entrepreneurship, the idea that there are no limits to the human imagination; that ingenuity can overcome what is and create what needs to be. And everywhere I go, across the United States and around the world, I hear from people, but especially young people, who are ready to start something of their own -- to lift up people’s lives and shape their own destinies. And that’s entrepreneurship. Entrepreneurship creates new jobs and new businesses, new ways to deliver basic services, new ways of seeing the world -- it’s the spark of prosperity. It helps citizens stand up for their rights and push back against corruption. Entrepreneurship offers a positive alternative to the ideologies of violence and division that can all too often fill the void when young people don’t see a future for themselves. Entrepreneurship means ownership and self-determination, as opposed to simply being dependent on somebody else for your livelihood and your future. Entrepreneurship brings down barriers between communities and cultures and builds bridges that help us take on common challenges together. Because one thing that entrepreneurs understand is, is that you don't have to look a certain way, or be of a certain faith, or have a certain last name in order to have a good idea.

Entrepreneurship is a personal growth engine disguised as a business pursuit.

Start with the limited capital you have, never give up, seek knowledge on ideas before and after initiating, diversity in skills within an entrepreneurial team is an important factor for success, networking is an important thing in the business world and passion for a business is good but not enough, commitment and determination sustain it.

Entrepreneurship is a kind of management. No, you didn’t read that wrong.

Entrepreneurship is far more a personal journey than it is a business journey. The extent to which you are willing to grow as a person, has a direct impact on your business because in the early stages so much of your business is about you. I believe that true success comes from operating from an authentic space and being true to your own goals and aspirations. If you try to behave like someone else, you deviate from that authentic space where your real power lies. Understanding of self, what truly motivates you, what your strengths and weaknesses are, building self-awareness are critical qualities. This is a skill available to anyone who seeks it – it’s about reflecting, reading, listening to yourself, exploring your hunches or ideas, even if they don’t seem like much.

Entrepreneurship, then, is behavior rather than personality trait. And its foundation lies in concept and theory rather than in intuition.

Becoming an entrepreneur means you are responsible for an enterprise and beyond the idea

Successful entrepreneurship is ultimately a matter of flair. But there is also a fund of practical knowledge to be acquired and, of course, the right legal and financial framework has to be provided for productive enterprise to develop.

Tim believes that entrepreneurship isn’t based on an idea or a plan, or even a model - it is based on having a strong competency in something. The way to overcome fear, he claims, is by testing your competency.

Entrepreneurship is, first of all, the power to create.

Entrepreneurship for me is a personal journey rather than a business journey, which is why perseverance and humility go a long way. Entrepreneurship, especially at a young age, is an incredibly steep learning curve and learning every day is a very humbling experience because you have to acknowledge how little you know and perhaps how-not-so-smart you are, and still keep going regardless.

The number one requirement to be a successful entrepreneur is having an unreasonable amount of determination.

Be stubborn on goals, and persistent in finding ways around anything that might stop you getting there.

I do not choose to be a common person. It is my right to be uncommon — if I can. I seek opportunity — not security. I do not wish to be a kept citizen, humbled and dulled by having the State look after me. I want to take the calculated risk — to dream and to build, to fail and to succeed. I refuse to barter incentive for a dole; I prefer the challenges of life to the guaranteed existence, the thrill of fulfillment to the stale calm of Utopia. I will not trade freedom for beneficence nor my dignity for a handout. I will never cower before any master nor bend to any threat. It is my heritage to stand erect, proud and unafraid, to think and to act for myself, to enjoy the benefit of my creations and to face the world boldly and say, This, with God's help, I have done. All this is what it means to be an Entrepreneur!