Characteristics of successful entrepreneurs
see p. 66
What you need to know •
Explain why each characteristic might help an entrepreneur to be successful over time.
Characteristics are the qualities or features that determine somebody’s personality. Successful entrepreneurs possess a similar set of characteristics that help them to achieve amazing things.
Definitions of characteristics Creativity: using your imagination to create something original.
•
Innovation: coming up with new ideas and ways of doing things and putting these into practice.
•
Risk-taking: taking a chance when the outcome is not guaranteed.
•
Communication: exchanging information with others by writing, speaking, etc.
•
Negotiation: working with others to come to an agreement.
•
Confidence: having belief in yourself or others.
•
Determination: continuing to do something even though it is hard or there may be setbacks along the way.
PL E
•
How they will help the entrepreneur to be successful Innovative ideas and processes can help an entrepreneur to save time or money.
M
Creativity can help entrepreneurs to get ahead of the competition with new products or services.
SA
Risk-taking needs to be carefully thought through. A calculated risk can lead to long-term reward.
Determination is needed to overcome challenges.
Communication is vital. Good communication can make you seem professional and trustworthy.
Confidence will convince people that a business or idea will be a success.
Characteristics of successful entrepreneurs
Negotiation is needed to agree business deals or bank loans. A good negotiator can get what their business needs.
Practise it!
Remember it!
Identify two characteristics of a successful entrepreneur and explain how they can help the entrepreneur to become successful. (4 marks)
•
Entrepreneurs possess a range of personal characteristics which help them to become successful.
•
Entrepreneurs will possess these characteristics in different quantities.
Revision Guide
19
Original material © Cambridge University Press 2022. This material is not final and is subject to further changes prior to publication.
