Entrepreneurship Final Exam

Entrepreneur- Final Exam

Entrepreneurship
1/23/12
Chapter 1
1.-These are just seven of the most important characteristics of an entrepreneur. Of course, the characteristics every entrepreneur must have are not limited to the ones mentioned. Having these characteristics is not a guarantee that you will be a successful entrepreneur. But with these characteristics, you have just the rightingredients for success.
1.- Successful Entrepreneurs are independent.- They want to make their own decisions and do something they enjoy. What you get out of your business in the form of personal satisfaction, financial gain, stability and enjoyment will be the sum of what you put into your business. So if you don't enjoy what you're doing, in all likelihood it's safe to assume that will bereflected in the success of your business--or subsequent lack of success. In fact, if you don't enjoy what you're doing, chances are you won't succeed.
2.-Successful Entrepreneurs are Self-Confident – to succeed in the highly competitive business world, confidence and trust in oneself is an indispensable trait. Self-confidence means trusting your own powers and capabilities. The world of entrepreneurshipis not alien to failure and disappointments. To survive in such a cutthroat world, an entrepreneur must have the ability to look within himself and find the drive and persistence to pursue his enterprise. An entrepreneur must have the gumption to face any adversity and tackle any problems that may be met in the world of business.
3.- Successful Entrepreneurs have determination and perseverance.-Entrepreneurs persist through hard times until goals are met. Successful entrepreneurs have a healthy opinion of themselves and often have a strong and assertive personality. They are focused and determined to achieve their goals and believe completely in their ability to achieve them. Their self-optimism can often been seen by others as flamboyance or arrogance but entrepreneurs are just toofocused to spend too much time thinking about un-constructive criticism.
4.- Successful Entrepreneurs are goal oriented.- Setting goals, achieving goals knowing what you want and where you want to get as an entrepreneur contributes to success. They know what they want, and they are able to focus on achieving it.
5.- Successful Entrepreneurs have a need to achieve and to set high standards forthemselves.- They are in constantly setting challenging new goals. Openness to Change if something is not working for them they simply change. Entrepreneurs know the importance of keeping on top of their industry and the only way to being number one is to evolve and change with the times. They're up to date with the latest technology or service techniques and are always ready to change if they see anew opportunity arise.
6.-Successful entrepreneurs are creative.-Successful entrepreneurs are not afraid of thinking creatively. Whether a business idea has already been tried makes no difference to the exceptional entrepreneur. He or she sees better ways of doing things and knows that every idea can be made better. The successful entrepreneur is willing to think outside or the box, which meansusing imagination, trying new things and expanding on a vision. The savvy entrepreneur pays careful attention as to whether a particular strategy is working. If after giving it his or her best shot the entrepreneur realizes the particular strategy isn’t working, they know there’s no point in continuing to invest energy, time and effort in the strategy. They move on to another approach and idea.7.-Successful Entrepreneurs are able to act quickly – hard work and determination are very important values every entrepreneur must have. However, a good entrepreneur knows when it’s time to take a step back from all the rigors of business and enjoy some downtime with their family. Besides, we all do need a little relaxation to refresh the body and mind before plunging back into the challenging...