Enterprise - Business Revision Notes
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- Entrepreneurship: using your initiative to identify a need and then taking the steps to satisfy that need. It involves taking both financial (taking out a loan with your house as security|) and personal risks (reputation).
- Entrepreneur: an individual who spots an opportunity (gap in the market) and is willing to take a risk to try exploit that gap. The entrepreneur takes risks in the hope of making a profit. Example: Gillian Bowler founded Budget Travel
- Self-Belief: an entrepreneur believes in themselves and their idea, and that they will succeed eventually. They are not put off by other people’s opinions
- Proactive: they take positive steps to achieve their goal. They don’t wait for things to happen- make them happen
- Independent: they like working for themselves and being in charge of their own destiny. They like to be giving orders not taking them
- Need for Achievement: they have a desire to be a success to be ‘somebody’ Entrepreneurs are ambitious and want to get on in life
- Risk taker: entrepreneurs are not afraid of taking a chance even though they might fail. However, they take sensible risks (personal and financial) with a good chance of success
- Self- Motivated: they push themselves to achieve their goals and don’t need others to inspire them. Their need to achieve comes from within
- Ruthless: they put their business ahead of everything else. If they have a difficult decision to make they chose the one best for the business
Harry Potter Robbed The Rod from Dumbledore
- Human Relations: entrepreneurs are good with people. Get the best out of people and get them to do what is best for the business. Example: entrepreneurs persuad...