Entrepreneurship Flashcards
Define entrepreneurs?
Refers to an individual who has an idea to start up a business.
They should be enthusiastic and committed to the idea , in order for it to succeed.
These people tend to be risk-takers both personally and financially.
What type of skills should entrepreneurs have?
Business skills -planning and management p, marketing and sales, accounting and finance
Functional skills -specialist information, relevant experience.
Hard skills - financial management, planning and operations management.
Soft skills- communication, decision-making, team building, strategic planning (short and long term)
What is the big aspect in entrepreneurship?
People as a whole. Dealing with individuals.
Employees- managing them, resolving problems
Customers- adhering to their enquiries and needs/wants, making sure they have the best experience
Characteristics of entrepreneurs?
Vision- being able to see the bigger picture.
Resilience- sticking things out regardless if they aren’t going according to plan.
Risk tolerance- the ability to bite into opportunities.
Adaptability- adjusting their strategies when needs and responding to market shifts.
Leadership and communication
Innovative thinking
Resourcefulness
Financial savvy
Why would people become an entrepreneur?
To generate their own wealth and work for themselves.
They may be at risk of becoming redundant.
They have identified gaps within the market.
Advantages of starting up a business
Being able to work for yourself- all decision-making and responsibilities.
Flexible hours
No interviews
Disadvantages of starting up a business
Time consuming to hire individuals
Tend to have longer hours if they want the business to succeed
Financial risk- savings and bank loans that they have an obligation to pay back.
Dealing with people .
