Skills and characteristics of an entrepreneur

Question 1

Define the term enterprise:

Answer 1

Enterprise is any attempt to start or do something new. Enterprise is about turning ideas into actions, using creativity and a willingness to try new things. (Entrepreneur opening gym)

Question 2

Outline one reward of being an entrepreneur

Answer 2

Profits - earn a large amount of income:
An entrepreneur can earn more money than they would as an employee

Question 3

Outline one risk of being an entrepreneur

Answer 3

Lose their investment:
An entrepreneur might lose the money that they put into the business.
E.g. An entrepreneur who sets up a gym might lose the money they put in if the gym fails/closes

Question 4

Characteristic of an entrepreneur

Answer 4

Flexible
Entrepreneurs accept change as natural. They learn from their mistakes and failures by adapting when things don’t go according to plan.

Question 5

Skill of an entrepreneur

Answer 5

Ability to manage money
Entrepreneurs need to have good financial skills in order to prepare budgets and manage cash flow.