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what are the characteristics of a successful entrepreneur ?
-Innovative: they are good at thinking up new ideas for goods and services or at presenting existing ones
-Self-confident: they are confident in their own abilities and ideas
-Risk-takers: they are prepared to take risks knowing failure is a possibility, they see failure as a positive experience to be learnt from.
-Strong Leadership Qualities
What are the contents of a business plan?
-Business Details: This contains information about the entrepreneur, team of workers and the business idea
-The Business Opportunity: This contains product details and market research.
-The Market: the current size, the potential for growth and the products main competitors
-Business objectives: this contains the business objectives they aim to achieve
-Financial Forecast: Projected sales, revenue profit in the first year.
How do Business plans assist entrepreneurs?
-The information contained within the business plan is used to persuade lenders such as banks and investors to provide finance to the business.
-it also gives the business a sense of direction and purpose.
why do governments support business startups?
-They create job opportunities
-Increases the variety of products available.
-Smaller Businesses often provide goods and services needed by larger firms
-lower prices for consumers as often small businesses have lower costs than larger ones.
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