Unit 1 Topic 1.3.2

 Must learn: What qualities are shown by entrepreneurs  Should learn: How these qualities determine the success of a business  Could learn: Evaluate to what extent these qualities play an important part in business success for entrepreneurs

What type of qualities would does an entrepreneur need to have? List:-....

 Michael Dell  Pierre Omidyar  Howard Schultz  Anita Roddick  Jamie Oliver  Richard Branson  Mark Zuckerberg  Steve Jobs  Alan Sugar  Computers (Dell Computer)  Internet (Ebay)  Coffee (Starbucks)  Health Care (Body Shop)  Food (Chef)  Lots of markets (Virgin)  Facebook  Apple  Media

 Obtaining finance  Risk  Business understanding  Business knowledge  Having a qualification in business  Being clever  Having good ideas  Determination  Planning  To be good on computers  Enthusiasm  Energy  Drive  Spotting a niche market  Leadership  Having a good education  Having lots of money  Been pretty or handsome  Having a totally original idea  To work very hard  Driving license

 Drive (take on new challenges)  To keep your eye on the goal  The persistency to make it work  To have the “I will” attitude  To want it so badly that even when other people keep telling you not to, you keep going  When the business fails, to start up again

 The will power to start something  Come up with a new idea  Be creative  Taking action  Low fear of failure

 Sometimes taking a chance  Not everything will work out  you have to be in it to win it  Maybe you can loose a lot

 In business just like in life there are always options and you will need to make a choice, the ability to make a decision is essential  Thinking things through  Assessing the risk

 Thinking things through  Saving money for quiet times  Ice-cream is not sold in the winter, venders need to plan for this and make sure they have enough money to keep in business over the weekend.

 To encourage other people to do things  To get others to buy your product or service  Make people believe in what you are doing  Negotiation Skills

 To lead others (Self confidence)  To have management skills  To get others to work effectively (motivate)

 is more than just setting up a new business; it is taking risks, coming up with new innovative ideas and ultimately finding solutions to problems. There is no such thing as a typical or standardised entrepreneur.

 are individual people that come from different backgrounds, with different skills. They can exist in any area of business from marketing to sales. Entrepreneurs can be at the forefront of large multinational organisations such as Bill Gates (Microsoft) or be starting out in small local businesses such as (Sherlock’s hair dressers) instrumental in working for other organisations and leave to set up by themselves.

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1. Convinced the staff to work overtime, to cover my absence while at meetings 2. Taking a loan to expand the business to produce a new product line 3. Been rejected by 4 potential customers, but yet still going to give a presentation to the 5th one 4. Organised the meetings for next week and arranged for cover while away 5. Choosing to change supplier, even though they are more expensive, they are more reliable 6. Motivating the staff to work more efficiently, and investing in the quality of the product 7. Spotting an opportunity to make and sell a new product and setting up the facilities to do it

 Write down what characteristics you have!!  And how you think you could develop other areas.