Entrepreneur Skills And Characteristcs

Question 1

Entrepreneur

Answer 1

Entrepreneur is the person who takes the initiative and risk to set up a business with the hope of making a profit. It is about turning an idea into action.

Initiative means making decisions and taking a chance to make the most of an opportunity.

Question 2

Skills of Entrepreneur

Answer 2

Ability to Identify Opportunities

Ability to make decisions

Ability to set plan and set goals

Ability to manage time

Ability to assess and manage risk

Human Relations skills

Question 3

Characteristics of Entrepreneur

Answer 3

Risk Taker

Innovative/Creative

Proactive

Flexible

Self Confident

Determined

Question 4

Reasons to be an Entrepreneur:Rewards

Answer 4

Be your own boss and make all decisions

Keep all profits for themselves

Sense of achievement for succeeding

To create employment for themselves

Turn a hobby/interest into a business e.g. sport & personal trainer

Question 5

Reasons to be an Entrepreneur:Risks

Answer 5

Lose the money invested if the business fails

Work long working hours and difficult to get time off

Income is not guaranteed

You may not have all the skills needed for the business