1d Characteristics of successful managers and entrepreneurs Flashcards
What is an Entrepreneur?
An entrepreneur is an individual who takes on the calculated risks of associated with starting a business in the hope of making a profit.
What 6 characteristics does a successful entrepreneur need?
Willing to take calculated risks Strong networking ability Determination Innovation Resourceful Knowledgeable
Meaning of willing to take calculated risks?
An entrepreneur needs to be able to consider and choose when to take appropriate risks even when the outcome may be failure.
Meaning of Strong network abilities?
Being a good net worker involves being sociable and helpful so that you can develop business contacts and support networks.
Meaning of determination?
Determined individuals are those who are hard working and focused on achieving specific goals.
Meaning of Innovation?
Being innovative is being able to approach things differently and develop new ideas and processes.
Meaning of Resourceful?
Being resourceful is the ability to be able to overcome problems using what is currently available.
Meaning of Knowledgeable?
A knowledgeable entrepreneur is someone who understands the environment they operate in and how to perform necessary business tasks.
What is a Manager?
A manager is the person who gets every thing rolling, and is responsible for overseeing/handling employees.
E.G - Something needs building such as a shed, then they are the ones who handles that.
What 5 characteristics does a successful Manager need?
Communication skills Determination Knowledgeable Ethical Flexible
Meaning of communication skills?
Communicating is the managers ability to clearly exchange information with employees and relevant people with an interest in the business. Communication also requires a manager to listen to feedback.
Meaning of Knowledgeable?
A knowledgeable manager is someone who understands the environment they operate in and how to perform the relevant business tasks.
Meaning of Ethical?
Being ethical is having strong moral values and morally conscious behaviour.
Meaning of Flexible?
Flexibility is being able to adapt and change to a situation with ease.
