Business Management - The concept of entrepreneurship and the characteristics of successful business managers and business entrepreneurs

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6 Terms

1
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Entrepreneurship

Is the process of designing, launching, and running a new business. It is the willingness to develop and manage a business along with any of its risks to make a profit.

2
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What makes a successful business entrepreneur

  • change in demographic profile - balwyn is a high class suburb, so you would want to start a business there so ‘rich’ people shop there

  • changes in societal attitudes, including lifestyle changes

3
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Skills of a successful entrepreneurs

Skills are the ability to do something well, gained through training and experience

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Skills

  • communication - sell the product , take authority

  • leadership - delegating tasks

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Qualities of successful entrepreneurs

Qualities are personal characteristics of an individual that makes up their personality and determine how they act in a situation

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Qualities

  • prepared to take risks

  • hard working