Characteristics of Entrepreneurs
Why does an entrepreneur need determination?
Determination motivates entrepreneurs to keep going, even when they counter obstacles in their path. Entrepreneurs are bound to make mistakes, but if you quit you will never learn from those mistakes, thus why determination is important.
What is an entrepreneur?
Someone who organizes/operates a business and takes necessary risks in order to do so
What are some rewards of being an entrepreneur?
- Unexpected or thrilling experiences
- Company control
- Flexible schedule according to your plans
- A business that you enjoy/aligns with your values
- Pride and satisfaction
- Profits
- Capital Growth
What age limit do you have to pass to be an entrepreneur?
There is no age limit, you can start whenever you want to!
Who is the founder of Ford automobiles?
Henry Ford
Why are confidence and passion important characteristics to have as an entrepreneur?
Having confidence and passion allows entrepreneurs to know that they are capable of achieving their goals, while pursuing a business that they enjoy.
What is the difference between the amount earned and the amount spent in buying, operating, or producing something called?
Profit
Wage, hours, business, employees, etc
What characteristics are needed to be an entrepreneur?
Leadership, passion, determination, confidence, risk-taking, money management, etc
Who is the founder of Microsoft?
Bill Gates
Why is understanding failure as an entrepreneur so important?
Most failures are just lessons in disguise. When an idea of yours fails, it should motivate you to think of a better one.
What is a resume AND cover letter?
Resume: A document summary of your skills, academic, and work history
Cover Letter: A document you send with your resume that provides more information about you
What are some risks of being an entrepreneur?
Competition, debts, failing business, lose in investment, etc
What are some important factors in starting a business?
Money, location, employees, etc
Who created Apple?
Steve Jobs
Why is it important for entrepreneurs to take risks?
Risk-taking enables and encourages innovation. Not all risks are considered negative, sometimes they provide valuable lessons that entrepreneurs can learn from. It can help shape business strategies and eventually lead to business growth.
What is a sole proprietorship AND partnership?
Sole Proprietorship: A business owned by one person
Partnership: A business owned by two or more people
Why are risks and rewards important to entrepreneurs?
Risk-taking enables and encourages innovation. By taking risks, entrepreneurs receive positive and negative rewards, which can motivate them to keep going at their business.
What does it take to be an entrepreneur?
Creativity, hard work/willingness, investment, skills/talents, etc
Who founded Amazon?
Jeff Bezos
How can the characteristics and skills of entrepreneurs affect the business environment?
The term for when a person or company is unable to pay debts
Bankruptcy
How do taking risks affect decision making?
By allowing the entrepreneur to consider the outcomes and consequences of a potential risk. It leaves the entrepreneur feeling uncertain, but also boosts critical thinking skills.
What resources are needed to start a business?
Land, labor, capital, etc
Who is the founder of Walmart and Sam's Club?
Sam Walton