EMBE 3.01 Successful Entrepreneur Notes An entrepreneur is an individual who undertakes the risk associated with creating, organizing, and owning a business. I. II. Personal Characteristics of Successful Entrepreneurs A. 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. B. Creative. Entrepreneurs are constantly looking for new ways to solve problems. C. Responsible. An entrepreneur is accountable for his/her actions and does what is required. D. 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. E. Goal-oriented. Entrepreneurs develop a plan of action and must make decisions to help achieve that plan. F. Independent. Entrepreneurs want to make their own decisions. They set their own schedules and are able to work without supervision. G. Self-confident. Entrepreneurs believe in themselves. H. Risk-takers. Entrepreneurs look for challenging opportunities. They are not afraid to take risks. Skills Needed by Successful Entrepreneurs A. Communication skills. Entrepreneurs need effective communication skills in order to gather the information necessary to organize and run their business. Entrepreneurs must develop writing, speaking, and listening skills. B. Human relations skills. It is essential that entrepreneurs be able to get along with others and enjoy meeting and talking to people. C. 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. D. Problem-solving and decision-making skills. Entrepreneurs must make decisions and solve problems every day. E. Technical skills. Computer skills are essential in almost every business. F. 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. 3.01 Characteristics of Successful Entrepreneurs PowerPoint Notes What is an entrepreneur? Personal characteristics of successful entrepreneurs Skills needed by successful entrepreneurs 6208 – Exploring Business, Marketing and Entrepreneurship Page 131 2008 3.01 Personal Characteristics and Skills Identify each personal characteristic of a successful entrepreneur in the column on the right. Personal Characteristics of Successful Entrepreneurs Personal Characteristic Description 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. Entrepreneurs are constantly looking for new ways to solve problems. An entrepreneur is accountable for his/her actions and does what is required. 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. Entrepreneurs develop a plan of action and must make decisions to help achieve that plan. Entrepreneurs want to make their own decisions. They set their own schedules and are able to work without supervision. Entrepreneurs believe in themselves. Entrepreneurs look for challenging opportunities. They are not afraid to take risks. Skills Needed by Successful Entrepreneurs Skill Description Entrepreneurs need to gather information necessary to organize and run their business. Entrepreneurs must develop writing, speaking and listening skills. Entrepreneurs must get along with others and enjoy meeting and talking to people. Basic arithmetic and knowledge of basic record keeping are needed for the entrepreneur to make purchase decisions, calculate profit and complete financial statements. Entrepreneurs must make decisions and solve problems every day. Computer skills are essential in almost every business. 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.