1.1 Characteristics of successful Entrepreneurs

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What is an Entrepreneur?

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People who start and operate a business that satisfies the needs of customers. Entrepreneurs offer goods and services that customers pay for in order to make a profit. They see a gap in the market.

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Characteristics of successful entrepreneurs: Creativity

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Using imagination to invent something new or find solutions to problems. Successful entrepreneurs need to be creative to invent or develop products/services and adapt business ideas.

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Characteristics of successful entrepreneurs: Innovation

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A creative process involving turning a new idea into a product or service. Helps create new business ideas/products, improve existing goods/services, and make business processes more efficient.

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Characteristics of successful entrepreneurs: Risk-taking

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Entrepreneurs need to be willing to take risks when starting a new business. Potential for larger rewards such as wealth and self-satisfaction, but also risks of ill health or stress if unsuccessful.

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Characteristics of successful entrepreneurs: Communication

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Verbal and written communication skills are essential. Helps communicate business ideas clearly to investors, share product ideas, and communicate with lenders, customers, and suppliers.

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Characteristics of successful entrepreneurs: Confidence

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Self-confidence and positivity are essential. Helps take risks, approach others to turn business ideas into reality, and believe in the success of their idea.

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Characteristics of successful entrepreneurs: Determination

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Overcome obstacles and carry on despite setbacks. Helps carry on despite rejections or obstacles, combining hard work with success.