1.3.2 Q UALITIES SHOWN BY ENTREPRENEURS T HE QUALITIES SHOWN BY ENTREPRENEURS Entrepreneurs have an eye for detail. They can look at a situation and remember the important points. You have two minutes to look at this image. Remember as many names as you can and then write them down.

E NTERPRISE AND E NTREPRENEURS  Enterprise  The formation of a new business or development of a new product or service to be introduced to the market  Entrepreneurs  A person who having generated a new business idea develops it by setting up a business  Often viewed as someone who is willing to take risk in setting up a new business Q UALITIES SHOWN BY ENTREPRENEURS

E NTREPRENEUR  What does an entrepreneur look like?  What are the characteristics of an entrepreneur?  What skills does an entrepreneur need? Q UALITIES SHOWN BY ENTREPRENEURS Entrepreneurs are often thought to be creative – are you? Draw an entrepreneur Add labels to your entrepreneur to answer the questions posed above

E NTREPRENEUR Match each word from the first column with a word from the second column to give the characteristics of an entrepreneur opportunitytaker riskmotivator decisionspotter creativecommunicator selfthinker strongmaker Explain what is meant by each characteristic and why it is important to an entrepreneur Q UALITIES SHOWN BY ENTREPRENEURS

Q UALITIES SHOWN BY ENTREPRENEURS Q UALITIES SHOWN BY ENTREPRENEURS Determination and initiative ‘Never give in, never, never, never’ Winston Churchill Watch this video clip of James Dyson. Do you think he has shown determination and initiative? I've missed more than 9000 shots in my career. I've lost almost 300 games. 26 times, I've been trusted to take the game winning shot and missed. I've failed over and over and over again in my life. And that is why I succeed. Michael Jordan, Basketball player

Q UALITIES SHOWN BY ENTREPRENEURS Q UALITIES SHOWN BY ENTREPRENEURS Willingness to take risks and make decisions Are you prepared to give it a go? Entrepreneurs are seen as risk takers. They are prepared to sacrifice time and money in order to receive the rewards that go with being successful. When did you last take a risk and show decisiveness. Did you get what you wanted or has failure put you off?

Q UALITIES SHOWN BY ENTREPRENEURS Q UALITIES SHOWN BY ENTREPRENEURS Ability to plan and persuade Preparation is vital when undertaking business activity and in life. Being able to persuade people is a key quality of an entrepreneur. When did you last do a presentation? Was it at school/college? How much preparation went into it? Was it successful? Make a list of the last five times that you persuaded someone to do something? How did you manage it?

Q UALITIES SHOWN BY ENTREPRENEURS Q UALITIES SHOWN BY ENTREPRENEURS Showing leadership Leadership is the ability to influence and direct people in order to meet the goals of a group. Leaders are those people that can inspire and motivate people to meet objectives A leader is able to influence people by using some of the following qualities:  IntegrityAssertiveness  MagnanimousHumility  VisionAccessibility  ConfidenceA sense of humour Does Henry V have the qualities to lead his men? Do you have what it takes to be a leader?

Q UALITIES SHOWN BY ENTREPRENEURS Q UALITIES SHOWN BY ENTREPRENEURS The role of luck in business success/failure Sometimes being a success or failure in business comes down to luck. Are you in the right place, at the right time with the right product? However, some believe that you can create your own luck! Perhaps, hard work and good planning have something to do with it. The luckiest people in the world?

MULTIPLE CHOICE Q UALITIES SHOWN BY ENTREPRENEURS 1. Which one of the following would not be a quality of an entrepreneur □ A Risk avoider □ B Creative thinker □ C Opportunity spotter □ D Decision maker 2. Which one of the following is not an attribute of a leader: □ A Confidence □ B Servility □ C Assertiveness □ D Vision