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