Topic Area 1

• What are characteristics in Enterprise?

  The qualities/features that determine somebody's personality- successful entrepreneurs possess a similar set of characteristics that help them to achieve amazing things
• What are the 7 characteristics needed for Entrepreneurs to be successful?

  -Creativity- creating something original

  -Innovation- Finding new ways of doing things

  -Risk-taking- Taking a chance when the outcome isn't guaranteed

  -Communication- exchanging information with others

  -Negotiation- working with others to come to an agreement

  -Confidence- having belief in yourself/others

  -Determination- Continuing to do something despite setbacks
• How does creativity benefit entrepreneurs?

  Creativity can help entrepreneurs to get ahead of the competition with new products or services
• How does innovation benefit entrepreneurs?

  Innovative ideas and processes can help an entrepreneur to save a lot of time or money
• How does communication benefit entrepreneurs?

  Good communication can make entrepreneurs seem professional and trustworthy
• How does confidence benefit entrepreneurs?

  Confidence will convince people that a business or an idea will be a success
• How does negotiation benefit entrepreneurs?

  Negotiation is needed to agree business deals or bank loans. A good negotiator can get what the business needs.
• How does risk-taking benefit entrepreneurs?

  Risk-taking needs to be carefully thought through. A calculated risk can lead to long-term rewards.
• How does determination benefit entrepreneurs?

  Determination helps entrepreneurs to overcome challenges to their business, therefore helping them to succeed and learn from their mistakes
• What are the financial rewards of risk-taking?

  Entrepreneurs will aim to make sure all costs incurred by the business are paid- this is called breaking-even. They will then aim to make a profit. This can be used to reinvest in the business to develop it further or for the entrepreneur to live off of.
• What are the independence rewards of risk-taking?

  By taking the risk of starting a business, an entrepreneur can decide their own work schedule and make their own decisions
• What are the self-satisfaction rewards of risk-taking?

  Seeing their first sales or making a profit can lead to a sense of pride and self-satisfaction
• What are the making a change/difference rewards of risk-taking?

  By identifying a gap in the market, they could improve something that has impacted other people or they could improve someone's life
• What financial risks are involved in risk-taking?

  Not all businesses are financially viable- they might run out of money/not make a profit, leaving their business to fail. An entrepreneur may lose the money they used to set up the business and/or find themselves in debt
• What health/well-being risks are involved in risk-taking?

  The long hours and hard work may cause stress. If they work alone then they will have to work when they are unwell.
• What are the work-life balance risks involved in risk-taking?

  -An entrepreneur may work long hours, leaving little time for relaxation

  -They may have a poor work-life balance, with work taking up all of their time
• What personal relationship risks are involved in risk-taking?

  An entrepreneur may have little time to spend with their family and friends, who may become resentful and eventually lose touch