business planning: Influences in establishing an SME (personal qualities)

Question 1

What are personal qualities?

Answer 1

Refers to someone’s strengths and weaknesses and weather they have the right personal characteristics to become a business owner.

A range of skills obtained through experience are:

organisational skills
administration and bookkeeping
sales presentation

Question 2

list the personal qualities

Answer 2

• qualifications
• skills
• motivation
• entrepreneurship
• cultural background
• gender

GEMSQC

Question 3

What are qualifications?

Answer 3

the requirements someone needs to qualify and be successful within a specific role.

Some SME’s have a few or no formal academic requirements needed to commence operating
Tertiary courses are available for people who want to gain academic qualifications in small businesses

Question 4

What are skills?

Answer 4

can be attained through experience, education and/or training

Question 5

What is motivation?

Answer 5

Refers to personal drive, determination and desire to achieve a goal or objective.

Question 6

What is entrepreneurship?

Answer 6

An entrepreneur is someone who starts, operates, and assumes the risk of a business venture in the hope of making profit.

General characteristics of a typical entrepreneur:
- take moderate risks
- feels motivated by achievement

Question 7

What is a cultural background?

Answer 7

cultural influence can arise from a communities traditions and beliefs such as work ethic.

Eg a person from Thailand may be able to work in a Thai restaurant as they have good knowledge

Question 8

What is Gender?

Answer 8

Refers to gender in the workforce. Particularly focuses on the rising number of women in male-dominated industries.