Entrepreneurial qualities and Success Factors.pptx

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1. Entrepreneurial qualities and Success Factors. Qualities of an entrepreneur

2. Learning objectives At the end of this topic, learners should be able to: ❖ outline/explain the qualities of an entrepreneur ❖ identify the qualities of an entrepreneur from given scenarios/ case studies/statements, and so on, and assess a business against these qualities ❖ identify/state/name key success factors, such as sustainability/ pro tability/customer base, and so on ❖ recommend/suggest areas for improvement from given scenarios/ case studies/statements ❖ suggest strategies that businesses can use to ensure that they remain pro table and sustainable, for example, thorough plan- ning, sound nancial management, effective management of scarce resources and employees, maintaining a solid customer base, behaving ethically, and being socially responsible.

3. Qualities of an entrepreneur An entrepreneur is someone who converts a business idea into a business venture. Entrepreneurs are self-employed and create their own income. An entrepreneur is also passionate about their business and an expert in the field. Desire for responsibility Entrepreneurs like to prove themselves as being innovative, hardworking, and responsible for creating their own income.

4. cont... Taking calculated risks An entrepreneur is willing to take a well thought off risk because risks involve a degree of uncertainty. Good management and leadership skills An entrepreneur has good management skills such as planning, motivating, and controlling. Dreams with a clear vision An entrepreneur has a vision of where they are heading and what they want to achieve in future.

5. Assessment of a business against the qualities of an entrepreneur Areas for improvement Businesses may lack some of the key success factors to ensure that businesses run efficiently. These are the areas that businesses need to improve based on their assessment. • Regularly evaluate the price of every product. • Operate from a plan based on its vision to avoid deviation . • Make sure the money comes in quickly. • Keep business expenses to a minimum.

6. Strategies businesses can use to ensure that they remain profitable and sustainable Below are a few strategies businesses can use to improve problem areas, which they have identified. Thorough planning • Planning is important when it comes to being efficient. Time is money and it is best to plan for effective resource management. Sound financial management • Sound financial management and good accounting practices are the best ways in which a business can remain profitable. Effective management of scarce resources and employees • Many projects fail because a business invests in too many or too few resources. Maintaining a solid customer base • Customer retention is an important part of a business, as this can ensure that they remain profitable and sustainable. A business needs to offer a great customer experience and build solid customer relationships.

7. Activity 1.1 Select a successful business that you know, or have read about or can find information on the internet. 1.2 Write a paragraph about the history of the business and how it was started and has grown. 1.3 List and explain all the factors that make this business successful. 1.4 Suggest a few ways that you think the business could improve. Give reasons for your suggestions. 1.5 Report your findings to your class.