KK3 characteristics of a successful business managers and entreprenursand entrep

Question 1

Business Manager

Answer 1

A business manager runs a business on a day-to-day basis, ensuring that it makes a profit. They try to minimise risk and make calculated choices to ensure a reasonably clear outcome for the business. They will generally know if the idea will be successful or not.

Question 2

entrepreneur

Answer 2

An entrepreneur is someone who is willing to seize opportunities to start and operate a business, along with being prepared to take risks in the hope of making a profit. An entrepreneur’s vision might be to make a big change or have an impact on the world with their idea for a new product.

Question 3

what key characteristics do entrepreneur’s have

Answer 3

1) A shared vision

2) Initiative

3) Innovation and expertise

Question 4

Shared Vison

Answer 4

A Shared Vision a clear understanding or hope of what the business will be like in the future – having a shared vision means everyone in the business works together to develop and then accomplish a goal.

Question 5

Initiative

Answer 5

Initiative in which entrepreneurs will take the first step in the series of actions without someone prompting or telling them to take this step.

Question 6

Innovation and expertise

Answer 6

Innovation and Enterprise in which entrepreneurs identify that innovation is the process of adding a new product to an existing product line or significantly improving an exist product or process. Entrepreneur exhibit enterprise by taking risks to determine if the market is interested in their ideas).