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Summary Chapter 1: Entrepreneurship, an introduction

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LO 1-2 Understand the general scope of small business LO 1-3 Identify actions key to becoming a small business owner LO 1-4 Recognise how small businesses are important to our economy and your community LO 1-5 Recognise the key aspects of the entrepreneurial personality and their operational competencies LO 1-6 Identify the sources of opportunity entrepreneurs draw on to get business ideas LO 1-7 Understand how creativity methods can help business owners recognise new opportunities LO 1-8 Describe how to construct a business model canvas to assess the feasibility of your business idea

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Uploaded on
April 13, 2023
Number of pages
7
Written in
2022/2023
Type
Summary

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displayed by: the ability to stick with th promotion focus
·
looking a business challenges even when ittakes a long time -maximising gains

in a creative way 7 ... bias towards pursuing
·being consistently focused powerful contributor opportunities
on successful entrepreneurs
the business to
entrepreneurial ↳ balance focuses prevention focus
·
being absorbed by the tasks SUCCESS need eg. poor industry: minimising
-

losses
to

& concerns of the business think aboutwhere prevention better
focus: :. bias inaction
&
you wentwrong richer/dynamic enviro: protective action
and promotion focus:better
learned
optimism how to

benefits: improve results n

-

·
I commitment

·inspiring key stakeholders perseverance
M


promotion -
prevention focus
intensive positive feeling passion
the entrepreneur has
The 5PS Of comprehensive planners

towards the business and
Entrepreneurial ·long-term view;long range plans

its ideas for aspects the business
Behaviour
all of

4: actively involved in ·comfortable with planning
Pg 12-14
progression of business
professionalisation
expert business planning style
professionalisation critical pointplanners
aspects
·most of business reactive planners ·plan around the most
meetor exceed industry stds. ·
passive NB aspectof the bus.
S



W
·focus:shortterm act on it, then consider
the extentto which a if additional plans are
minimalised firm meets or exceeds needed
·none of the aspects the std. business practices Habit-based planners W




meet industry stds. for its industry letactions dictate opportunistic planners

W their routines ·
startwith a goal and

specialised standard business practice
W look for opportunities to

aspects
·a business action that
has
·one or two achieve it
been widely adopted within
meetstandards shortterm
·




an industry or occupation

, skills necessary to identify
and exploit elements the
of


business environmentthat activities, knowledge and skills

can lead to a profitable specific to a business in a

business particular industry
and
sustainable -




forms of opportunity industry -
specific
business-related competencies knowledge
expertise key business
-
functions
Entrepreneurial
competencies W




operational competencies Activities common to
PA 15
all businesses such as

sales, operations/production,
determination resource accounting, finances and

competencies competencies Human resources




W The ability or skill of the entrepreneur

skills identified with the to find expendable components necessary

energy and focus needed to the operation of the business.
to bring a business into eg.
time, info, location, financing,
existence raw materials, and expertise
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