Characteristics of Entrepreneurs Flashcards
Profit
The financial reward to the owner of a business
Entrepreneur
A person who has ideas and makes them happen
Revenue
Money earned by the business
Costs
Money spent by the business
Initiative
The quality of taking action without needing somebody else to tell you to do so or give you direction
Hard working
Willing to work long hours or do difficult tasks to make ur idea happen
Resilience
The ability to recover from difficult situations
Worry, struggle and perhaps eventually want to give up
Examples of resilience
Periods of time when demand is low
Difficulties raising finance for capital investment
Periods of high workload
Times when things do not go according to plan
Customers making complaints to competitors
Creativity
Having original ideas
Persuading customers to give you their money
Convince them the product is worth spending their money on
Unique products
New way to advertise the product which will capture customers’ interest
Regulations
Rules that business have to follow
Capital investment
Spending on equipment and premises
Working capital
The money available to fund the day to day running of the business
Self confident
Setting up in business is risky coz it involves committing time and money to an idea that might not be successful
Risk taking
Estimate the probability of success or failure.
