Slides in this set
· Initiative Taking action without needing somebody to tell you or start you off. An entrepreneur wont
just sit and think about their idea, they will start to plan and apply the idea to make progress.
· Hard-Working Entrepreneurs often have to work hard in order for the business idea to launch. They
will have to work long hours researching and developing ideas without receiving any income.
· Resilience Being able to withstand and recover through difficult situations (For example Low
demand, high workload, complaints, competition etc). Entrepreneurs cannot give up, as much as 1 in 5
new business ideas aren't successful at all.
· Creativity Designing a product or service that will catch onto the market and compete with others;
the ability to launch and expand a brand name and seek further ways to reach potential customers
such as on blogs, websites, social networks and advertising.
· Self-Confidence Believing in yourself, and your ability. A good entrepreneur stays committed and
faithful to their business idea in order to reach potential investors.
· Calculated Risks The ability to use self-confidence to put money into your business idea. An
entrepreneur should reduce risks by creating a business plan and researching, however there will
always be risks.…read more
· Autocratic Take decisions without consulting their employees. They are socially
distant from their employees and their primary concern is profit.
· Democratic Encourage and guide groups to participate in the discussion to get
their opinions across however make the final decision.
· Paternalistic Behave like a parent, consulting widely and justifying all decisions.
· Laissez Faire "Hands off approach" letting the employees make all the decision.
May give the employees objectives but not influence major aspects.…read more
· The supply curve has a positive correlation.
· Businesses want to supply their products at
the highest possible price to gain maximum
· If the selling price is low, the business will
· If the selling price is high, the business will
· The demand curve had a negative
· There will be more demand for products
that are cheap because customers want to
pay less money
· If the selling price is high, demand will
· If the selling price is low, demand will
Quantity increase…read more
Market Research and Risks
Market Research can reduce risks by:
· Quantify Potential Demand Entrepreneurs can forecast future sales which will
help them to decide whether they will need to change anything in order to
continue making a profit
· Customers willing to pay An entrepreneur can assess whether the price that
people want to pay will be sufficient to cover costs of production
· Customer Behaviour Entrepreneurs can work out how best to interact with
the consumer and find out exactly how they can advertise and market their
· Identifying USP's Entrepreneurs can use research to identify potential unique
selling points and perhaps a gap in the market…read more