Topic 9 Entrepreneurial Qualitites Flashcards
Entrepreneurship
Art of starting a business. A Start up company offering a creative product , process or service.
Entrepreneur
Innovator or a creator who introduces something new to the firm / economy.
Meaning of entrepreneur
Person with knowledge and the skills to combine and coordinate the factors of production to make a profit.
Qualities of entrepreneur
Flexibility/ Ability to adapt quickly.
Desire 4 responsibility.
Willpower to overcome obstacles.
Ambition and self confidence.
Risk takers.
A high degree commitment.
High motivation/ energy levels
Perseverance
Management and leadership skills.
Flexibility/ Ability to adapt quickly.
Always ready to expand their businesses by seeking new opportunities.
Continously update their skills and knowledge for latest tech or market trends.
Willing to listen to other ideas and use the ideas to correct the mistakes.
Desire for responsibility
They strive for autonomy and like to make their own decisions.
Prefer to build their future.
Entrepreneurs like to be self employed find it difficult to take instructions from other people.
Will power to overcome obstacles
Their hard work ensures success can be achieved.
They set their working schedules to achieve their goals.
They are ambitious set goals and work to achieve them.
Ambition and self confidence
Entrepreneurs always strive to reach their future dreams.
They are self driven to achieve their goals.
High level of enthusiasm and willingness to learn from mistakes.
Risk takers
Flexible in their decisions even when it turns out to be a wrong one.
Risk putting capital to start a business.
Entrepreneurs are willing to take risks to achieve their goals.
Perseverance
Entrepreneurs keep on going even if things are difficult / failing.
They do not give up easily and has motivation that keeps them going.
Goal driven and cannot tolerate failure.
Management and leadership skills
Good leaders always listen to other people and inspire them to do their best.
Good communicators skilled at resolving conflict and generating enthusiasm in others.
Know what they are not good at and others get to complement their strengths.
High motivation / energy levels
Entrepreneurs are self motivated.
Have great physical stamina and commitment to work hard for long hours and have to deal with demanding customers.
Have high tolerance for stress involved in running a business and making difficult decisions.
A high degree of commitment
Entrepreneurs are not afraid to make sacrifices to realize their dreams.
Open minded towards learning about people and the future.
High standards and cannot tolerate mediocrity.
