Influences in Establishing a SME Flashcards
Personal Qualities
1
Q
What are the 7 personal qualities of an Entrepreneur?
A
Qualifications, skills, motivation, entrepreneurship, cultural background, gender
2
Q
What are some Skills an Entrepreneur needs?
A
- Works well with others
- Tolerates failure
- Sets goals
- Takes moderate risks
- Is a skilled organiser
3
Q
What does an entrepreneur do?
A
An entrepreneur takes a calculated risk to turn an idea into a successful business operation
4
Q
What is taking a calculated risk?
A
- Weighing up all the potential costs and compare them to the potential benefits of a new business venture
- If the risk is too great, a sensible decision would be to not invest.
5
Q
What are some motivations to become an Entrepreneur?
A
- Independence
- Status and recognition
- Increased personal wealth
- contributing to society
