1.1 - Characteristics of successful entrepreneurs Flashcards
What is an entrepreneur?
Someone who has the mind and skill sets to pursue business opportunities beyond the resources that they have available
What is the role of an Entrepreneur?
They make decisions about how to use the resources they have available
What are examples of resources that Entrepreneurs may have available?
- Land - Naturally occurring resources
- Labour - Human effort
- Money - Money and equipment/machinery
Examples of entrepreneurs?
- Hairdresser
- Plumber
- Web designer
What are the typical characteristics of an Entrepreneur?
- Determination
- Confidence
- Innovation
- Risk-taking
- Negotiation
- Creativity
- Communication
How is Determination important for an entrepreneur?
Needed to keep going, and not give up when things go wrong
How is Confidence important for an entrepreneur?
Provides belief in the ability to be successful
How is Innovation important for an entrepreneur?
Turns creative ideas into real products that have value
How is Communication important for an entrepreneur?
Vital for sharing ideas and gaining support from others
How is Creativity important for an entrepreneur?
The imagination to generate new ideas and solutions
How is Negotiations important for an entrepreneur?
Can solve conflicts and close deals with customers
