characteristics of successful managers and entrepreneurs Flashcards
what is business success?
- healthy sales
- strong financial position/making and sustaining a profit
- satisfied shareholders
- motivated employees
- satisfied customers
entrepreneur characteristics willingness to take calculated risks
- willingness to take calculated risks -> considers and takes appropriate risks, even when they may fail. risks involved are usually financial.
how do these entrepreneur characteristics lead to business success? willingness to take risks
- willingness to take risks -> through taking calculated risks the business may gain access to more opp. that can help them grow and become popular.
how does this entre. charact. lead to business success? strong networking ability.
strong networking ability -> developing strong network = allows individuals outside of the business to offer support + expertise.
how does this entre. charact. lead to buinsess success? determined
a determined entre. will be driven to put in sig. amount of work required to develop a new business + effectively plan the direction that the business will take.
how does this entre. charact. lead to business success? innovative
can allow a business to distinguish itself from its competition or to develop new practices that improve that business operations
how does this entre. charact. lead to business success? knowledgeable
entre. characteristics strong networking ability
- strong networking ability -> sociable and a good communicator, this helps to build contacts.
entre. characteristics
determined
determined -> hard working and goal focused.
entre. characteristics
innovative
innovative -> ability to approach things differently and use your vision to develop new products or processes.
manager
an individual who has the responsibility of overseeing and handling employees and day to day tasks to achieve business goals.
manager characteristics
communication
communication -> often two-way exchange of info with employees and the relevant parties with a vested interest in the business -> meetings, emails, bulletins, briefings.
manager charact.
determination
hardworking and focused on achieving goals.
manager charact. knowledgeable
understand their industry/market and how to operate a business within it. does not need to have all the answers but can access and info they need when it is required.
manager charact. ethical
having strong moral values and demonstrating morally conscious behavior -> always following the laws, expectations and business policies -> leading by example.
