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Entrepreneurship

Skills, Traits, Entrepreneurial Process

TermDefinition
persistent Entrepreneurs work until a job is done. They are determined to overcome problems and to pursue their goals in order to make their business successful.
creative Entrepreneurs are constantly looking for new ways to solve problems.
responsible An entrepreneur is accountable for his/her actions and does what is required.
inquisitive Entrepreneurs are curious about things that may affect their business. They are not afraid to ask questions or to conduct research in order to solve problems.
goal-oriented Entrepreneurs develop a plan of action and must make decisions to help achieve that plan.
independent Entrepreneurs want to make their own decisions. They set their own schedules and are able to work without supervision.
self-confident Entrepreneurs believe in themselves.
risk-takers Entrepreneurs look for challenging opportunities. They are not afraid to take risks.
communication skills Entrepreneurs need to gather information necessary to organize and run their business. Entrepreneurs must develop writing, speaking and listening skills.
human relations skills Entrepreneurs must get along with others and enjoy meeting and talking to people.
math skills Basic arithmetic and knowledge of basic record keeping are needed for the entrepreneur to make purchase decisions, calculate profit and complete financial statements.
problem-solving and decision-making skills Entrepreneurs must make decisions and solve problems every day.
technical skills Computer skills are essential in almost every business.
basic business skills Entrepreneurs must have a basic understanding of how the economy works and of the fundamental concepts of finance, marketing, and management in order to help ensure the success of their business.
Entrepreneur An individual who undertakes the risk associated with creating, organizing, and owning a business
Entrepreneurship The process of starting and operating one’s own business
Business ethics Applying principles of right and wrong to situations in the workplace
Code of ethics A systematic set of rules and procedures used to guide the behavior of an individual, a business, or a culture
Innovation A new or different product
Mission statement A written description of the purpose of a company and the management’s philosophy.
Opportunity An idea that has commercial value
Small business Sometimes referred to as “mom and pop” businesses. Small businesses are generally started to create jobs for the owners.
Discovery The stage in which the entrepreneur generates ideas, recognizes opportunities, and determines the feasibility of ideas, markets, ventures, etc.
Demographics Data that describes a group of people in terms of their age, marital status, family size, ethnic background, gender, education, and income
Concept Development The stage in the entrepreneurial process in which the entrepreneur plans the venture, identifies needed resources using a business plan, and identifies strategies to protect intellectual property
Resourcing The stage in which the entrepreneur identifies and acquires the financial, human, and capital resources needed for the venture startup, etc.
Venture A business undertaking involving risk
Actualization The stage in which the entrepreneur operates the ventures and utilizes resources to achieve its goals/objectives
Harvesting The stage in which the entrepreneur decides on a venture’s future growth, development, or demise
Created by: briantarheel