Being an entrepreneur Flashcards
Pertains to the act of being concerned.
Social responsibility
steps to make social responsibility work:
- Identify a specific cause that you want to support.
- Link with other organizations.
- Design a program.
- Involve employees and customers.
- Sustain the mission.
People involved in a business operation:
- Workers
- Suppliers
- Customers
- Government
- Business organizations and competitors
They should receive compensation and benefits.
Workers
Treat them with the highest level of respect.
Suppliers
The needs and demands of them should be met.
Customers
Always comply with the existing laws and regulations in the community.
Government
Develop a healthy inter-business connections and relationships with fellow entrepreneurs.
Business organizations and competitors
Factors affecting entrepreneurship:
- Viable business idea
- General business skills
- Adequate capital
- Personality requirements
Personality requirements’:
- Passion and motivation
- Risk-taking
- Dedication and discipline
- Adaptability and flexibility
- Understanding the market
- Financial management
- Planning
- Networking abilities
- Preparedness to take the exit
determines the success of any entrepreneurial venture.
Passion and motivation
pertains to the readiness and willingness of entrepreneurs.
Risk-taking
it means entrepreneursenjoy their work.
Dedication and discipline
this is a need in a business. without this qualities to business will surely lead to its failure.
Adaptability and flexibility
this can help entrepreneurs plan better strategies to avoid business downfall.
Understanding the market
