Starting a business- enterprise

Characteristics of a successful entrepreneur

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Enterprise

Characteristics of a successful entrepreneur

  • Willingness to take risks
  • Ability to spot opportunities
  • Determination and persistence
  • Passion
  • Relevant skill/ expertise
  • Vision/creativity
  • Motivation to succeed

OPPORTUNITY COST

Is the real cost of taking a particular action or the next best alternative forgone.

MOTIVES FOR BECOMING AN ENTREPRENEUR

reasons include

  • government encouragement ( enterprise education in school)
  • increasing wealth, gives more business opportunities
  • the pace of change, which is constantly creating new opportunities
  • the desire for more independence at work
  • a wish to make money
  • a desire to use a talent or skill in a useful and profitable way
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Enterprise

government support for enterprise and entrepreneurs

Governments support enterprise for several reasons;

  • to provide more products and services for communities
  • to reduce unemployment by allowing more firms to become established
  • to fill a niche market and to satisfy certain tastes
  • to help productivity to improve by increasing competitive pressures in markets
  • to encourage more flexible businesses that support the introduction of new ideas and technologies and more effective work practises
  • reducing barriers to raising finance for small businesses
  • improving the support for small and new businesses.
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Sources of business ideas

  • Spotting trends and anticipating their impact on people's lives (e.g. Mobile communication technology)
  • noticing something that is missing from the market or that can be improved on (e.g. Online holiday bookings)
  • copying ideas from other countries (e.g. Car valeting)
  • taking a scientific approach
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