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.
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Innovation: coming up with new ideas and ways of doing things and putting these into practice.
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Risk-taking: taking a chance when the outcome is not guaranteed.
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Communication: exchanging information with others by writing, speaking, etc.
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Negotiation: working with others to come to an agreement.
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Confidence: having belief in yourself or others.
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Determination: continuing to do something even though it is hard or there may be setbacks along the way.
FT
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A
How they will help the entrepreneur to be successful Innovative ideas and processes can help an entrepreneur to save time or money.
R
Creativity can help entrepreneurs to get ahead of the competition with new products or services.
D
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)
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Entrepreneurs possess a range of personal characteristics which help them to become successful.
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Entrepreneurs will possess these characteristics in different quantities.
Revision Guide
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