Who is an Entrepreneur ? Flashcards
not just about creating something new ; it’s about doing things better, faster, or more efficiently than before .
- Innovation
a fundamental trait of entrepreneurs, as starting and growing a business inherently involves stepping into the unknown.
- Risk-Taking
the ability to recover from setbacks, adapt to change, and keep moving forward despite challenges.
- Resilience
Having a clear and compelling vision is essential for entrepreneurs, as it guides their decisions and inspires others to join them on their journey.
- Vision
the ability to adjust to new conditions and pivot strategies in response to changing market dynamics, customer needs, or unforeseen challenges.
- Adaptability
a driving force for entrepreneurs, fueling their persistence and commitment to their business goals.
- Passion
A strong focus on understanding and meeting customer needs is critical for entrepreneurial success.
- Customer Focus
the unwavering determination to keep pushing forward, even in the face of obstacles and setbacks.
- Persistence
a vital skill for entrepreneurs, as building strong relationships with customers, investors, partners, and other stakeholders can open doors to new opportunities, resources, and support.
- Networking
essential for entrepreneurs, as they must inspire and guide their teams, manage resources effectively, and steer their companies through growth and challenges
- Leadership
Social and Economic Benefits of Entrepreneurship :
- Entrepreneurship produces more jobs that equate to an increase in national income.
- Entrepreneurship amplifies economic activities of different sectors of society.
- Entrepreneurship introduces new and innovative products and services.
- Entrepreneurship improves people’s living standards.
- Entrepreneurship disperses the economic power and creates equality.
- Entrepreneurship controls the local wealth and balances regional development .
- Entrepreneurship reduces social conflicts and political unrest.
- Entrepreneurship elicits economic independence and capital formation.
The ability to see opportunities and envision the future of their business or industry
- Visionary Thinking
Willingness to take calculated risks to achieve success, even in uncertain situations.
Risk-Taking
Creativity in developing new ideas, products, services, or business models that solve problems or add value.
Innovation
Perseverance to keep going despite setbacks, failures, or challenges.
- Resilience
A proactive approach to identifying and overcoming obstacles.
- Problem-Solving
The ability to inspire and guide teams toward achieving shared goals.
- Leadership
Flexibility to pivot and adjust strategies in response to changing circumstances.
- Adaptability
Driven by intrinsic goals and the determination to succeed without constant external validation.
- Self-Motivation
Understanding the financial aspects of running a business, such as budgeting, forecasting, and profit management.
- Financial Acumen
Building and maintaining relationships with key stakeholders, including customers, partners, and mentors.
- Networking Skills
Genuine enthusiasm for their product, service, or mission, which drives commitment and energy.
- Passion
The ability to make timely decisions, even with incomplete information.
- Decisiveness
Willingness to put in the time and effort required to achieve success.
- Strong Work Ethic
