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Entrepreneurship
Skills, Traits, Entrepreneurial Process
| Term | Definition |
|---|---|
| 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. |
| creative | Entrepreneurs are constantly looking for new ways to solve problems. |
| responsible | An entrepreneur is accountable for his/her actions and does what is required. |
| 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. |
| goal-oriented | Entrepreneurs develop a plan of action and must make decisions to help achieve that plan. |
| independent | Entrepreneurs want to make their own decisions. They set their own schedules and are able to work without supervision. |
| self-confident | Entrepreneurs believe in themselves. |
| risk-takers | Entrepreneurs look for challenging opportunities. They are not afraid to take risks. |
| communication skills | Entrepreneurs need to gather information necessary to organize and run their business. Entrepreneurs must develop writing, speaking and listening skills. |
| human relations skills | Entrepreneurs must get along with others and enjoy meeting and talking to people. |
| 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. |
| problem-solving and decision-making skills | Entrepreneurs must make decisions and solve problems every day. |
| technical skills | Computer skills are essential in almost every business. |
| 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. |
| Entrepreneur | An individual who undertakes the risk associated with creating, organizing, and owning a business |
| Entrepreneurship | The process of starting and operating one’s own business |
| Business ethics | Applying principles of right and wrong to situations in the workplace |
| Code of ethics | A systematic set of rules and procedures used to guide the behavior of an individual, a business, or a culture |
| Innovation | A new or different product |
| Mission statement | A written description of the purpose of a company and the management’s philosophy. |
| Opportunity | An idea that has commercial value |
| Small business | Sometimes referred to as “mom and pop” businesses. Small businesses are generally started to create jobs for the owners. |
| Discovery | The stage in which the entrepreneur generates ideas, recognizes opportunities, and determines the feasibility of ideas, markets, ventures, etc. |
| Demographics | Data that describes a group of people in terms of their age, marital status, family size, ethnic background, gender, education, and income |
| Concept Development | The stage in the entrepreneurial process in which the entrepreneur plans the venture, identifies needed resources using a business plan, and identifies strategies to protect intellectual property |
| Resourcing | The stage in which the entrepreneur identifies and acquires the financial, human, and capital resources needed for the venture startup, etc. |
| Venture | A business undertaking involving risk |
| Actualization | The stage in which the entrepreneur operates the ventures and utilizes resources to achieve its goals/objectives |
| Harvesting | The stage in which the entrepreneur decides on a venture’s future growth, development, or demise |
Created by:
briantarheel
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