1.5.2 Entrepreneurial Motives & Characteristics

🔑 Characteristics Of Successful Entrepreneurs

• Self-confidence 🔗 Belief that they are going to succeed

• Self-determination 🔗 Controlling events going on around them

• Being a self-starter 🔗 Being able to work independently, develop their own ideas and make decisions themselves

• Judgement 🔗 Able to take in information and listen to advice to then make informed judgements and decisions

• Commitment 🔗 Willing to work longer hours than a normal job and potentially become more stressed

• Perseverance 🔗 Able to get through bad times and setbacks

• Initiative 🔗 Able to change and be proactive

📌 Skills Entrepreneurs Need

• Organising 🔗 Able to plan, schedule, giving instructions, prioritising, monitoring, time managing and meeting deadlines

• Financial management 🔗 Ensuring the business has enough working capital to pay off short-term debts

• Communication 🔗 Being able to interact with a wide range of stakeholders appropriately (E.G Charm, courtesy, assertiveness and professionalism)

• Managing people 🔗 Recruiting the people and then meeting their needs

• Decision making 🔗 Small level day-to-day decisions and solving problems

• Negotiating 🔗 Agreeing contract terms, agreeing a price with suppliers and customers

• IT skills 📝 E.G Communicating with stakeholders via email, using spreadsheets, using social media, using a website