Theme 1: introduction to Entrepreneurship #2 Flashcards
The importance of applying beliefs in the enterprise
- It encourages the entrepreneur not to give up, but rather to carry on and preserve.
- It makes an entrepreneur see new opportunities to improve their enterprise which they would not have seen if they were being negative.
- A positive attitude helps you to be energetic and task-oriented, while negative beliefs suppress, or down ones energy.
- Your positive beliefs are passed on the employees an become part of the enterprise culture.
- Ignore any negative belief and value about work and business and focus on work that is legal and could be beneficial to the enterprise.
Define an entrepreneur
- An innovative person that can see a need, form an idea of how to supply for the need, transform the idea into an opportunity and in doing so, takes a risk.
Identify and explain the qualities or characteristics of successful entrepreneurs:
Opportunity-seeking – willing and able to see an opportunity or chances in whatever situation confronted with
Information-seeking – always on the lookout for more information on opportunities
Persistence/Determination – not giving up easily when facing challenges
Commitment – prepared to put in what it takes to succeed or dedicated to perform well.
Perseverance - not prepared to give up on ones aim even when disappointed or challenged
Creativity - ability to think and come-up with new imaginative ideas.
Innovative - ability to come up with new solutions to problems and overcoming challenges.
Initiative - taking the lead in doing what is needed, or solving problems.
Independence - ability to make decisions on your own or not depended on others for ideas, solutions and opinions.
Problem-solving - ability to tackle challenges and solving problems.
Task-oriented - prepare to finish work assignments as agreed.
Identify and explain the qualities or characteristics of successful entrepreneurs:
Concern, efficiency & quality - do not let things take their own course and risk to agreed standards.
Goal-setting - driven by desire to achieve.
Systematic planning & monitoring - able to follow a logical process and order in getting things done.
Competitiveness - eager to win.
Flexibility - able to listen and take other people’s views and advance.
Time consciousness - keeping time and meeting agreed deadlines.
Energy and mobility (high energy levels) - able to work with ones brains, body and energy.
Self-confidence & self-determination - sure of one self.
Persuasive - able to convince others to see and agree with your ideas.
Networking ability - able to get others to work with you in pursuit of your aims.
Risk-taker - willing to take chances with a hope of succeeding and getting bigger rewards after collecting information.
Explain the and implement strategies for developing and strengthening their entrepreneurial qualities or characteristics (including philanthropy)
- Education & training remain the keys to success:
- you have to develop a sense and willingness for lifelong training because the business world and need of people are changing daily and you should be prepared to handle such situations.
Do research:
- keep on doing research about needs, new trends, strengths and weaknesses of competitors and your own enterprise to stay at the cutting edge of development.
Use of expert mentors to show the correct ways:
- by interacting with a mentor, an entrepreneur becomes accountable to someone.
Networking:
- as much as possible in order to find more business opportunities and shape experiences with other businesses, with a view of making, them potential business partners.
Give back to promote your image:
- philanthropy is a desire to improve the material, social and spiritual welfare of humanity especially through charitable activities.
Continuously asses yourself:
- Continuously assess yourself regarding your characteristics, strengths and areas for development in an honest way and improve where needed to stay competitive.
Managing time effectively:
- an entrepreneur should always manage their time effectively as possible.
Team building:
- as an entrepreneur you are supposed to build a strong team who displays the strong qualities of entrepreneurship that you perhaps do not have yourself.
