Business Chapter 1.3

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.