Characteristics of Entrepreneurial Quiz PDF

Characteristics and skills required Entrepreneurial characteristics introduction There are lots of characteristics that an entrepreneur should have, these are the six that the exam board would like you to be able to discuss. Get ready to make some notes on the next few slides: 1. Creativity 2. Hard...

Characteristics and skills required Entrepreneurial characteristics introduction There are lots of characteristics that an entrepreneur should have, these are the six that the exam board would like you to be able to discuss. Get ready to make some notes on the next few slides: 1. Creativity 2. Hard-work 3. Resilience 4. Initiative 5. Self-confidence 6. Risk-taking #1 creativity Entrepreneurs need to be creative people, it helps when designing or inventing new products or services In dynamic markets the consumers are faced with a huge variety of products from trusted brand names New products onto the market need to be more creative in the ways that they add value to stand out from the established products Watch the video – why is this an example of creativity? #2 hard-work Starting a business can mean hard work. Some entrepreneurs will put 100s of hours into their own business to get it off the group and may have to continue working long hours to get the business established This can include time working on the website, on social media, selling to customers, developing products, or even just thinking about the next move Watch the video – in what way is this entrepreneur hard working? #3 resilience Resilience means the capacity to recover quickly from difficulties An entrepreneur may get many ‘knock backs’ before their business is a success There may be problems with finding suppliers They may have difficulties getting the right staff Sales may be slow when a business first opens #4 Initiative Initiative means; inventiveness, enterprise, ingenuity, or resourcefulness Many entrepreneurs may start a business because they have a good idea and want to take it to market Watch the wand company present in the den. Here is the website: Dragons Den – Wand company Have a look at their website. What are their new products? Entrepreneurs Chris Barnardo and Richard How do they show initiative? Blakesley #5 self-confidence Self-confidence is how an entrepreneur feels about their own abilities. It is easy for an entrepreneur to become frustrated and give up if they lack self-confidence in their own ability and in their products and services Watch the video from the Den. Levis roots and reggae reggae sauce, his website is here: http://www.leviroots.com/ Why is Levis Roots a good example of self-confidence in an entrepreneur? #6 risk-taking Entrepreneurs who want to start their own business will need to be able to take a risk There is a risk of leaving a secure job to start up on your own There is also a financial risk of losing any money that is put into the business, if the business fails What other risks do you think there may be if a person gives up a secure job to start their own business? Entrepreneurial skills introduction There are lots of skills that an entrepreneur should have, these are the six that the exam board would like you to be able to discuss. Get ready to make some notes on the next few slides: 1. Communication 2. Team working 3. Problem solving 4. Organisation 5. Numeracy 6. IT #1 Communication Entrepreneurs need to be good communicators They may need to write exciting product descriptions on their websites They may have to talk to customers or clients fact to face or on the phone They may need to negotiate deals with suppliers Suggested activity - communication The previous slide had a range 1) The entrepreneur is trying to of ways that an entrepreneur get a larger company to invest needs to be able to in the business communicate Discuss why an entrepreneur 2) The entrepreneur is trying to would need communication persuade a computer skills in the following scenarios programmer to work for free on a project that could ultimately What would be the best make them lots of profit communication method? What problems or barriers 3) The entrepreneur is trying to to communication might the recruit some staff to work in the entrepreneur face? business #2 team working An entrepreneur may decide not to work alone but as part of a pair or a team Working with others has advantages and disadvantages The advantages are that there are more ideas and more capital in the business The disadvantages are that there can be conflicts and profit has to be shared Who are the guys in the photo and what did they invent? #3 Problem solving Entrepreneurs will come across many problems when setting up and running their business, they will need to be good at working out cost effective solutions that help to move the business forwards. James Dyson’s initial problems were in the creative process that went into creating the bag- free, "cyclone technology" design, including the 15 years and 5,127 prototypes it took before the first model, DC01, would ultimately prove successful in 1993. There are countless times an inventor can give up on an idea. How many prototypes would you have made before giving up? #4 Organisation Entrepreneurs need to be organised When first staring the business they will have to develop a range of systems for dealing with enquiries, suppliers and orders from customers They may need to buy stock, sell to customers, make products all in the same day, which takes organisation skills Watch the video and explain why the entrepreneurs developing Beezer.com business demonstrates organisation #5 Numeracy Entrepreneurs will need to be numerate They will need to complete their own tax returns when they first start They will have to balance sales books, keep records of goods and services purchased to keep the business running They will have to complete cash flow forecasts if they wish to attract more funding from lenders #6 IT Entrepreneurs need to be IT literate If the business is online they will need some web design skills If the business is not online they may still need to know how to process an order, send and print invoices, keep databases of customers, process accounts on a spreadsheet etc. Watch the video and explain why these entrepreneurs would need IT skills in their business