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Entrep Manage. > Module 8 > Flashcards

Module 8 Flashcards

1
Q

Reasons Why People Become Entrepreneurs

A

1.They admire other Entrepreneurs
2. They don’t want to have a boss
3. Can’t handle 9 to 5 Job
4. They like risks
5. They just have no other choice

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1
Q

Characteristics of Successful Entrepreneurs

A
  1. Risk –Taker
  2. Flexibility .
  3. Self – Confidence
  4. Tenacity
  5. Passion
  6. Professionalism
  7. Integrity
  8. self-motivation
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2
Q

Qualities of Successful Entrepreneurs

A

competitive
creativity
confidence
open minded
determination
disciplined
strong work ethic
self-starter

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3
Q

Skills Entrepreneurs Must Have

A
  1. Management skills
  2. Network skills
  3. Financial Management skills
  4. Social Skills
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4
Q

These individuals are focused on making their business work, and eliminate any hindrances or distractions to their goals. They are disciplined enough to take steps every day toward the achievement of their objectives.

A

disciplined

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5
Q

Entrepreneurs do not ask questions about whether they can succeed or whether they are worthy of success. They are confident that their business will succeed. They exude confidence on everything they do.

A

confidence

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6
Q

Entrepreneurs realize that every event and situation is a business opportunity. Ideas are constantly being generated about workflows and efficiency, people skills and potential new businesses.

A

open-minded

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7
Q

Entrepreneurs know that something needs to be done, they should start it themselves. They set the parameters and make sure that projects follow that path. They are proactive, not waiting for someone to give them permission.

A

self-starter

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8
Q

– Many companies are formed because an entrepreneur knows that they can do a job better than the other. They need to win at the sports they play and need to win at the businesses that they create.

A

competitive

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9
Q

Being able to make connections between seemingly unrelated events or situations that often come with solutions which are the synthesis of other items. They will repurpose the product to market them to new industries.

A

creativity

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10
Q

They are not thwarted by defeats. They look defeat as an opportunity to success. They are determined to make all of their endeavors succeed, so will try and try again until it does.

A

determination

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11
Q

– Will often be the first person to arrive at the office and the last one to leave. Their mind is constantly on their work, whether they are in or out of workplace.

A

strong work ethic

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12
Q

Benefits of Becoming Successful Entrepreneurs

A
  1. A flexible schedule
  2. Autonomy
  3. Creating a career that aligns with your values
  4. Meeting like–minded people
  5. Constant growth and development
  6. Unexpected and thrilling experience
  7. Choosing who to work with
  8. Greater self – confidence
  9. Leadership experience
  10. The best “Offices”
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13
Q

So many people begrudge the office routine that is called the 9 to 5 grind. As an entrepreneur, you have the opportunity to break out of the cycle and create your own schedule. This scheduling power isn’t just feeling, it also may be healthier as well.

A
  1. A flexible schedule
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14
Q

Reports on the multiple studies that have demonstrated the link between autonomy and job satisfaction. It turns out that employees who have more control over the work tend to be more engaged and less emotionally exhausted.

A
  1. Autonomy
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15
Q

It is intensely gratifying experience. Someone who believes in respecting the environment, for instance would probably find a career in renewable energy incredibly fulfilling.

A
  1. Creating a career that aligns with your values
16
Q

By becoming an entrepreneur, you will join a group of ambitious and helpful people who believe in bettering themselves and the world. There are plenty of opportunities to connect with mentors, brainstorm with fellow professionals, and reach out for help during tough times. No one succeeds alone, but with a supportive network of like-minded people entrepreneurs don’t need to.

A
  1. Meeting like – minded people
17
Q

Starting a company forces you to constantly improve your skillset, from marketing to closing deals for creating excel reports. There is always more to learn and apply to your business, which can prevent complacency and encourage constant professional growth.

A
  1. Constant growth and development
18
Q

Not knowing exactly how the day is going to play out when you wake up is exciting especially when compared to the predictable and monotonous schedule of a traditional office job.

A
  1. Unexpected and thrilling experience
19
Q

Entrepreneurs can choose which clients to work with, employees to hire and partnership to pursue. If having to control over business relationships appeals to you, the entrepreneurs life maybe perfect to you.

A
  1. Choosing who to work with
20
Q

Nothing boosts your confidence more than batting self- doubt and coming out on top. Many entrepreneurs become more confident in their self- sufficiency as time goes on and they see what they are truly capable of.

A
  1. Greater self – confidence
21
Q

Self-discipline, communication skill, passion, optimism, patience and unrelenting work ethic. Building a company from the ground up hones these leadership traits which mean that you can transform into an inspiring leader both professionally and personally.

A
  1. Leadership experience
22
Q

Digital nomads are becoming increasingly common. These types of entrepreneurship often combine fun travel with online business, and work from cafes, hotels, and co-working spaces in the coolest cities around the globe which can make for some neat offices

A
  1. The best “Offices”
23
Q

RISK OF AN ENTREPRENEURSHIP:

A
  1. Financial Risk
  2. Strategic Risk
  3. Technology Risk
  4. Market Risk
  5. Competitive Risks
  6. Environmental, Political and Economic Risk
24
Q

An entrepreneur will need funds to launch a business either in the form of loans from investors, their own savings or funds from family. Any new business should have a financial plan within the overall business plan showing income projections, how much cash will be required to break – even and the expected return to investors in the first five – year timeframe.

A
  1. Financial Risk
25
Q

An impressive business plan will appeal to investors. However, we live in the dynamic and fast –faced world where strategies can become outdated quickly. Changes in the market or the business environment can mean that a chosen strategy is the wrong one and the company might struggle to reach its benchmark.

A
  1. Strategic Risk
26
Q

New technologies are constantly emerging, particularly in the era of the fourth industrial revolution. Some of these changes are “paradigm shifts” or “disruptive” technologies. To be competitive, a new company may have to invest heavily in new systems and processes, which could affect drastically the bottom line.

A
  1. Technology Risk
27
Q

Many factors can affect the market for a product or service. The ups and downs of the economy and the new market trends pose a risk to new businesses, and a certain product might be popular one year but not the next.

A
  1. Market Risk
28
Q

An entrepreneurial must always be aware of its competitors. If there are no competitors at all, this could indicate that there is no demand for a product. If there are a few large competitors, the market might be saturated or the company might struggle to compete.

A
  1. Competitive Risks
29
Q

Some things cannot be controlled by a good business plan or the right insurance. Earthquakes, tornados, hurricanes, wars and recession are all risks that a companies and new entrepreneurs may face. A market for under develop country, can be unstable and unsafe, or logistic rates or tariffs might make trade difficult depending on the political climate in time.

A
  1. Environmental, Political and Economic Risk

Entrep Manage. (11 decks)

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