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Characteristics of an entrepreneur
Character traits of entrepreneurs
Characteristics of an entrepreneur
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ASSESSMENT TASK: 1
(A) IMAGINE YOU ARE PLANNING TO START A SMALL BUSINESS IN AUCKLAND. IDENTIFY 5 QUALITIES AND CHARACTERISTICS YOU NEED TO HAVE TO BE SUCCESSFUL ENTREPRENEUR. ANS :( A)
QUALITIES 1.) ADAPTABILITY: Adaptability means entrepreneur should know that what he actually wants to do because he needs to do many tasks.
2.) PERSISTENCE: Persistence means entrepreneur should have focus on target for success.
3.) WORK ETHIC: Running a small business is very hard that’s why entrepreneur needs to do hard work.
4.) SELF-CONFIDENCE: Entrepreneur needs to be confident because he needs to promote himself.
5.) COMPETITIVENESS: Entrepreneur needs to be competitive as he will face many competitors in market.
6.) TIME MANAGEMENT: Entrepreneur
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When people like products and if they don’t like then entrepreneur work hard for making products best. For example: We are starting small business of wedding planner and if people will like our services then that will be big motivation for us and If they will not like our products then we will do work hard for making our services …show more content…
YOU EXAMINATION MUST INCLUDE THE DIFFERING REQUIREMENTS AT STAGES OF THE LIFE CYCLE FOR NAKED BUS BUSINESS.
ANS:
START-UP This is starting time of business where entrepreneur will invest in business and they will do planning for internal and external environment factors of business. In naked bus service entrepreneur needs to do planning for new technology on the behalf of internal and external environment of business. They should do planning for business with the purpose of profit maximization.
GROWTH This is stage where business is doing good sales and cash slow system is positive. In naked bus service entrepreneur should be careful not to expand faster than their business can adapt to the changes. Entrepreneur of naked bus service needs to do long term planning. Advertisement is important during both establishment and growth.
MATURITY This is a condition of regular cash flow like business is on average point. Sales are on average percentage in business. In naked bus service they need to maintain profits at pre-existing levels. They need to monitor the financial activities because they need to remain same in their business. Average stage is a middle stage like there is no loss and there is no profit that’s at least they should stay at maturity
Identify his or her entrepreneurial characteristics, traits and skills. Back up your findings with an
Business has been in charge of the upgraded innovation that has generally supplanted the drudgery of most physical work, an outcome in part of the innovativeness of business and its readiness to take and bear the weight of money related hazard. Besides, maybe no establishment in our regular life is more proficient in its operations and more discerning in its association than business. No foundation is more receptive to the requests of its constituents than business.
Businesses exist to produce goods and services. If someone is thinking of starting up their own business or becoming part of an existing business, they would have to have the knowledge of what makes business work successfully and know how to how to apply that knowledge in the particular area of business. For this unit I will be entering and exploring the world of business. For this unit I will encounter and evaluate information provided by certain businesses and actually gather my own information from at least one business. The business I have chosen to study is J Sainsbury’s.
In today’s society, how a business operates and how it conducts its organization and affairs is extremely important. Especially, since today’s society is extremely diverse and tends to have its various wants
For any business to grow and survive in the current tough world market, its management body must come up with sound strategic plans. In other words, plans should be made and implemented for such an organization to outsmart its business rivals in one way or the other. In this case, Midas is considered to be doing quite well in automotive repairs though it offers narrow range of services. However, the management is planning to launch a new program that is aimed to boost the business. In relation, this paper will state and critically discuss the impacts that this new service will have to the existing operations.
After analysing the situation of this specific market, it is going to be a good decision to set up this business if they keep the image of luxury and moreover if the political environment is improved to avoid the deterioration of the economy.
...he market and lack of an all-round business plan covering all aspects. For the company’s discussed it will be very easy to achieve the goals and be one of the successful company’s in the country and global wise.
The business plan will also be useful in facilitating the adoption of a strategy that will help the business prosper in the modern market. The plan will be a critical tool that will help in the production of a reliable strategy for attaining the goals and objectives. The proposed business plan will be implemented in three years time. Within the first three years, the business i...
“There is no one definitive profile of an entrepreneur. Successful entrepreneurs come in various ages, income levels, gender, and race. They differ in education and experience. But research indicates that most successful entrepreneurs share certain personal attributes, including: creativity, dedication, determination, flexibility, leadership, passion, self-confidence, and smarts." (Principles of Entrepreneurship)
Most successful entrepreneurs are have a passion for their product or service as well as a desire to solve a problem and make life easier, better, cheaper (10 Qualities of successful entrepreneurs, 2010). Their desire to be an entrepreneur is mostly due to in internal factor rather than an external such as money.
Studies have found that there is a deep link between Entrepreneurship and Need of Achievement. According to Begley and Boyd (1987), those who have founded their own companies had a higher need for achievement than non-founders or owner managers. Also, (Stewart et al., 1998) responded that need for achievement is higher in entrepreneurs than the corporate manager and owner managers. Need for Achievement is usually high in entrepreneurs than the general population. It provides them with motivation to go ahead and achieve their next target easily. Entrepreneurs showing this tendency usually are good planners, sets their goals, always look for information and learning (Miner, 2000). They accept success and failure of their work and this need of achievement help them to overcome failure, obstacles and setbacks.
1. WHY? Develop your "why". As an entrepreneur, not all times you have in business will be perfect. In fact, there will be many, many difficulties along the way. However, if you can develop your why, you can achieve success. Your why must be this personal, passionate, emotional drive that keeps you going, when the world tells you to give up. It is the reason you commit and work so hard. Pushing on when it seems all the odds and world is against you. Your "why" becomes your driving will to wake up and do it again tomorrow.
Entrepreneurship is an important aspect of social, economic and community life. It can be viewed as a critical factor to economic growth as well as a way of addressing unemployment (Nolan, 2003).Entrepreneurs are people who are persistently focused on identifying opportunities, they seek to create something worthwhile while taking into account foreseeable risk and rewards associated with the efforts (Nolan, 2003). Furthermore, entrepreneurs are frequently understood to be individuals who discover market needs and establish new business to meet those identified opportunities. The following assignment will firstly discuss the types of entrepreneurship, secondly it will discuss the reasons people become entrepreneurs, and thirdly it will discuss the importance of entrepreneurship.
The path to achieving great success is not easy. Whereas there are many shortcuts, the long and patient walk is what takes a person many miles ahead. This concept applies to any individual who aims at becoming a successful businessman. The process of becoming a successful businessman requires a person to attain several accomplishment levels. Each of the level takes energy and time, as well as the ability to recognize the things that make a person truly successful in the business world and life. Becoming a successful businessman requires measurements that take into account not only the monetary and material gains but also the greater scheme of things. Therefore, true success measure achieves in light of creating wealth and value. These factors are vital in the lifetime of success as they present an intangible worth and measurable profit. This essay discusses the way a person can become successful as a businessman.
Analyze the strategies utilized by the entrepreneur in securing the success of his / her business venture