Business Studies – Enterprise & Entrepreneurship: Business Exam Tips
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Get Unlimited Access to GCSE Tutor Videos & Online Revision Here for £19.99: http://www.revisionapp.co.uk/product/online-gcse-revision. When thinking about enterprise and entrepreneurship the two key words you need to remember are risk and initiative.
In business every transaction carries an element of risk. There is always something that could go wrong. The person who takes the risk is the person who is using their initiative. It takes a certain kind of person to be bold and make the decision to take the risk. These people are the entrepreneurs. So, enterprise is the skill of risk taking, using initiative and undertaking new ventures and entrepreneurs are the people who assume the risk for a business venture and make it happen.The trick here is to take calculated risks, and to ensure that the potential return from taking a risk are enough to make the gamble worthwhile.
When an entrepreneur is considering setting up a business they need to ask themselves some questions. These may be, ” Is my idea realistic? Can I accept the personal challenges and sacrifices that I may have to make? Can I afford to fail?” And one of the most important questions, “Do I have a the right qualities and skills to start a business?”
You shouldn’t attempt to run a business if you don’t posses the important enterprise skills. Skills such as planning, leadership and decision making are key to business success.
Planning is probably the most essential skill here. An entrepreneur needs to be able to put together a realistic and detailed business plan. It is the road map to wherever the business goes. It enables them to have anticipate the future successes and the problems and gives an honest view on the risks the business may face.
Another skill that is essential for any budding entrepreneur to possess is leadership. The world of business is quite often dog eat dog and in order to survive you must be seen to be leading from the front. A good leader will have amazing judgement as well as being persuasive and decisive. They need to be able to convince others, whether thats investors or employees, to have faith in them and their business to deliver.
With all the faith invested in them, this leaves little room for an entrepreneur to be decisive. They will often make decisions based on gut feeling without all of the complete information and many entrepreneurs consider this a gift. However, its really important to be able to recognise when things are going pear shaped and act as quickly as possible. Typically entrepreneurs are working alone. There is no time in the world of an entrepreneur for committee meetings!
They typical personality traits of an entrepreneur may include energy, drive, resilience and most importantly, vision. Entrepreneurs are the big picture thinkers!
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