RUNNING A BUSINESS: Discuss the characteristics of an entrepreneur, including: Flashcards
1
Q
Seeing and taking advantage of an opportunity
What is it?
A
- An opportunity is something that a person can see as an avenue to success.
- It is often identified when a person feels they can provide goods or services in a better or different way from that already in the market
2
Q
Seeing and taking advantage of an opportunity
Why is it important?
A
- The successful identification of a gap in the market is key to establishing a lucrative business.
- It means that the new business provides something not already available.
- Breaking into a market that is already well served means that the new business has to do something exceptional to draw customers away from existing businesses.
3
Q
Establishing a shared vision
What is it?
A
- Vision refers to the clear, shared sense of
direction that allows people to achieve a common
goal. - A vision involves creating a short statement
that will guide the business over the next few years. - It should be capable of motivating everyone within the
business to achieve a common goal.
4
Q
Establishing a shared vision
Why is it important?
A
- Knowing where the business is headed and what
it is trying to achieve helps employees understand
where the manager wishes to take the business, and what the business will be like in the future. - This gives the business a clear direction.
5
Q
Demonstrating initiative
What is it?
A
- Initiative refers to the ability to be resourceful and decide, in an independent way, what to do and when to do it.
6
Q
Demonstrating initiative
Why is it important?
A
- You’re proactive in the way that: when you show initiative, you do things without being told; you find out what you need to know; you spot and take advantage of opportunities; and, you keep going when things get tough.
7
Q
Innovation and resilience
What is it?
A
- Resilience refers to the ability to cope with the ups and downs, adapt well to change and bounce back from challenges.
- Innovation generally refers to the process of creating a new or significantly improved product, service or process (way of doing something)
8
Q
Innovation and resilience
Why is it important?
A
Ideas for new products or improvements to
existing products will often provide the opportunity for the establishment of a new business.
9
Q
Appreciating the role of failure in success
What is it?
A
- Entrepreneurs do not fear failure; instead, they appreciate the role of failure in success and view it as an opportunity to learn.
- Failure can teach us a lot.
10
Q
Appreciating the role of failure in success
Why is it important?
A
- Everything leading up to failure is a lesson: the choices you made; the reasons behind your decision, and so on.
- What distinguishes a successful entrepreneur from a mediocre one is whether they get discouraged and contemplate giving up when failure arises or whether they embrace failure, learn from it and grow.
