Business Test Term 3
Qualities of an entrepreneur
Desire for responsibility
Entrepreneurs like to prove themselves as being innovative, hardworking, and
responsible for creating their own income.
Taking calculated risks
An entrepreneur is willing to take a well thought o risk because risks involve
a degree of uncertainty.
Good management and leadership skills
An entrepreneur has good management skills such as planning, motivating,
and controlling.
High levels of energy
High energy levels and good health are essential.
Dreams with a clear vision
An entrepreneur has a vision of where they are heading and what they want to
achieve in future.
Confidence in one’s ability to succeed
An entrepreneur must have confidence, believe in themselves and believe
they can achieve their goals.
Flexibility
The business environment is constantly changing, and entrepreneurs must
be flexible to adapt to these changes.
Willpower to overcome obstacles
Entrepreneurs face many obstacles, for example, new competitors.
, Recognising opportunities
A successful entrepreneur can recognise opportunities and has the drive to
convert them into business opportunities.
Showing perseverance
An entrepreneur shows perseverance by continuing to try until they have
reached a goal.
Organisational skills
Entrepreneurs need to have excellent organisational skills.
Passion
An entrepreneur is passionate and enthusiastic about their product and
business.
A high degree of commitment
Entrepreneurs must be committed to see something through despite
di iculties.
Product and customer focus
Developing products or services that make people’s lives easier is a
characteristic of entrepreneurship.
Being creative
An entrepreneur uses creative thinking skills to turn threats into business
opportunities in order to be competitive.
, Success factors that contribute to the success of a business:
Strategic focus- includes leadership, management and planning
Profitability -successful businesses e ectively manage financial matters to
ensure return on investment
Sustainability -the business must be able to contribute without doing damage to
the environments in the community in Richards works
Market knowledge- having market knowledge is knowing about the various
aspects that could also be impact on the business
Strong customer base -successful businesses have a strong customer basing
keeping looking for ways to expand the customer base
Good leadership - Good leaders also bring energy, enthusiasm, and urgency to
the workplace, which filters through the business and motivates sta .
Ethics, controls, and good governance -An unethical, corrupt business is not
sustainable.
Stable workforce -a stable workforce that are experts in their field is productiv
Unique product or service- Goods and services must fulfil the needs and desires
of the consumers
Areas for improvement :
Regularly evaluate the price of every product.
Operate from a plan based on its vision to avoid deviation.
Make sure the money comes in quickly.
Keep business expenses to a minimum.
Set goals with reasonable milestones and timelines
Qualities of an entrepreneur
Desire for responsibility
Entrepreneurs like to prove themselves as being innovative, hardworking, and
responsible for creating their own income.
Taking calculated risks
An entrepreneur is willing to take a well thought o risk because risks involve
a degree of uncertainty.
Good management and leadership skills
An entrepreneur has good management skills such as planning, motivating,
and controlling.
High levels of energy
High energy levels and good health are essential.
Dreams with a clear vision
An entrepreneur has a vision of where they are heading and what they want to
achieve in future.
Confidence in one’s ability to succeed
An entrepreneur must have confidence, believe in themselves and believe
they can achieve their goals.
Flexibility
The business environment is constantly changing, and entrepreneurs must
be flexible to adapt to these changes.
Willpower to overcome obstacles
Entrepreneurs face many obstacles, for example, new competitors.
, Recognising opportunities
A successful entrepreneur can recognise opportunities and has the drive to
convert them into business opportunities.
Showing perseverance
An entrepreneur shows perseverance by continuing to try until they have
reached a goal.
Organisational skills
Entrepreneurs need to have excellent organisational skills.
Passion
An entrepreneur is passionate and enthusiastic about their product and
business.
A high degree of commitment
Entrepreneurs must be committed to see something through despite
di iculties.
Product and customer focus
Developing products or services that make people’s lives easier is a
characteristic of entrepreneurship.
Being creative
An entrepreneur uses creative thinking skills to turn threats into business
opportunities in order to be competitive.
, Success factors that contribute to the success of a business:
Strategic focus- includes leadership, management and planning
Profitability -successful businesses e ectively manage financial matters to
ensure return on investment
Sustainability -the business must be able to contribute without doing damage to
the environments in the community in Richards works
Market knowledge- having market knowledge is knowing about the various
aspects that could also be impact on the business
Strong customer base -successful businesses have a strong customer basing
keeping looking for ways to expand the customer base
Good leadership - Good leaders also bring energy, enthusiasm, and urgency to
the workplace, which filters through the business and motivates sta .
Ethics, controls, and good governance -An unethical, corrupt business is not
sustainable.
Stable workforce -a stable workforce that are experts in their field is productiv
Unique product or service- Goods and services must fulfil the needs and desires
of the consumers
Areas for improvement :
Regularly evaluate the price of every product.
Operate from a plan based on its vision to avoid deviation.
Make sure the money comes in quickly.
Keep business expenses to a minimum.
Set goals with reasonable milestones and timelines
