Characteristics of Successful Entrepreneurs (CIE IGCSE Business)

• An entrepreneur must be able to gather and coordinate the resources necessary to start and operate a business
• E.g. When Michael Dell started his computer company from his garage, he had to organise resources such as space, computers, software tools, and employees, and manage the finances

• Entrepreneurs must be able to make decisions that will determine the success or failure of their business
• E.g. A restaurant owner may need to decide what type of food to serve, where to locate the restaurant, and what prices to charge. These decisions require a combination of market research, creativity, and business skill
• Making the wrong decisions can lead to wasted resources, lost opportunities, and ultimately business failure

• Entrepreneurship involves taking risks - financial, personal, or professional
• E.g. An entrepreneur may invest their life savings into a new venture or quit a secure job to start their own business
  • They may also take risks by introducing new products or entering new markets
• These risks can pay off with great rewards, but they can also lead to failure and financial loss

Risk taker

• Entrepreneurs take risks - financial, personal, or professional
• An entrepreneur may invest their life savings into a new venture or quit a secure job to start their own business
  • They may also take risks by introducing new products or entering new markets
  • These risks can payoff with great rewards, but they can also lead to failure and financial loss

Decision maker

• Entrepreneurs must be able to make decisions that will determine the success or failure of their business
  • E.g. A restaurant owner may need to decide what type of food to serve, where to locate the restaurant, and what prices to charge
  • These decisions require a combination of market research, creativity, and business skills
  • Making the wrong decisions can lead to wasted resources, lost opportunities, and ultimately business failure

Organised

• An entrepreneur must be able to gather and coordinate the resources necessary to start and operate a business
  • E.g. When Michael Dell started his computer company from his garage, he had to organise resources such as space, computers, software tools, employees, and finances

Creative

• Developing new solutions to solve existing or emerging problems is a key entrepreneurial role that helps a business stand out from rivals and achieve success
  • During the 2020 COVID-19 pandemic, many businesses used their creativity to switch production techniques to cater for what the market wanted
  • E.g Harrogate Gin switched from producing gin to hand sanitiser

Great communicator

• Entrepreneurs need to be persuasive communicators
• Persuading lenders, investors and customers to support their business is central to achieving financial success

Independent

• Starting a business is often the sole responsibility of a single entrepreneur, who will need to be able to solve problems with limited support
  • E.g. The owner of Gymshark, Ben Francis, started off the company by buying a sewing machine and making gym clothes in his parents garage with a few school friends
    • This led to the growth of a multi million pound company employing hundreds of people