Entrepreneurial Qualities and Business Success Factors

A set of vocabulary flashcards covering the qualities of an entrepreneur, key success factors, and strategies for business improvement based on the lecture notes.

Entrepreneur

Someone who converts a business idea into a business venture, creates their own income, and is often an expert in their field.

Profitability

Producing a benefit or monetary gain.

Confidence

A quality where entrepreneurs believe in themselves and believe that they can achieve their goals.

Passion

Strongly believing in something and showing enthusiasm to achieve the best outcome.

Opportunity

Gaps in the market where an entrepreneur can make money.

Creativity

Coming up with something new or doing things in a new way.

Customer focus

Developing products and services with the consumer in mind.

Perseverance

When an entrepreneur does not give up despite challenges and problems.

Embrace

To accept a belief, theory, or change willingly and enthusiastically.

Risks

Unforeseen events that can impact negatively on a decision.

Calculated risks

A well thought off risk where the entrepreneur weighs up what they might lose before deciding.

Management skills

Skills such as planning, motivating, and controlling within a business context.

Leadership skills

The capability of inspiring others to believe in a vision and prompting them to do their best.

Clear vision

Having a specific view of where the business is heading and the ability to achieve long-term goals.

Flexibility

The ability to adapt to different circumstances and change with the times regarding technology or market trends.

Willpower

The inner strength to overcome obstacles and not give up easily when encountering challenges.

Organisational skills

Skills including time management, planning, and leadership used to manage a business.

High degree of commitment

A dedication to seeing something through despite difficulties and the willingness to make sacrifices.

Strategic focus

An element of business success that includes leadership, management, and planning.

Sustainability

The ability of a business to continue operating without doing damage to the environment and the community.

Triple bottom line

A management and reporting approach that focuses on profits, people, and planet.

Market knowledge

Knowing about the various aspects that could possibly impact on the business, including a detailed study of activities to deliver value.

Business ethics

The application of moral norms to business.

Stable workforce

A productive group of employees who are experts in their fields, motivated, happy, and well-trained.

Unique product or service

Goods or services that have something special or different about them to ensure they are noticed by customers.

Word-of-mouth marketing

Regarded in the text as the most effective form of marketing, driven by customer discussion.

Sound financial management

The use of good accounting practices to ensure a business remains profitable.

Customer retention

An important part of business used to ensure profitability and sustainability by building solid customer relationships.