Entrepreneurial Characteristics Quiz

Study Notes

Entrepreneurs should possess creativity, hard work, resilience, initiative, self-confidence, and risk-taking abilities.
Creativity helps in designing new products or services, especially in dynamic markets with diverse offerings from established brands.
Hard work is crucial for establishing a business; it often involves long hours to manage website, social media, customer relationships, product development, and strategy.
Resilience is vital for recovering from challenges and setbacks in the business journey. Entrepreneurs may face difficulties like supplier problems, staffing issues, and slow initial sales, needing to bounce back quickly.
Initiative involves inventiveness, enterprise, ingenuity, or resourcefulness; entrepreneurs should have good ideas and take them to the market.
Self-confidence is the entrepreneur's belief in their abilities, preventing frustration and maintaining a positive outlook.
Risk-taking is an essential characteristic; entrepreneurs need to assess and manage the risk of leaving a secure job, putting their financial resources, and initiating their business.

Entrepreneurs require strong communication skills for interactions with clients, customers, and suppliers.
Team work is crucial for bringing different perspectives and resources together.
Problem-solving skills are needed to address challenges effectively that emerge in business operations.
Organization skills are essential for establishing system for sales, customers, and suppliers.
Numeracy is required for accounting, tax returns, sales records, and cash flow forecasting.
IT literacy is vital for online businesses, including web designing, account management, and data handling.