PRINCIPLES OF BUSINESS

ONLINE NOTES
By AGS Student Made ASC.

Business Planning - Characteristics of an

entrepreneur
Characteristics of an entrepreneur - 9/24/2021

Creative - Creative entrepreneurship is the practice of setting up a business – or setting

yourself up as self-employed - in one of the creative industries. Essentially, creative

entrepreneurs are investors in talent – their own or other people's.

Innovative 
Flexible
 Goal oriented
Persistent - Entrepreneurial persistence is demonstrated by an entrepreneur's continued positive
maintenance of entrepreneurial motivation and constantly renewed active engagement in a new
business venture despite counterforces or enticing alternatives.
Persevering
Risk taker - A risk taker is someone who risks loss or injury in the hope of gain or excitement or
accepts greater potential for loss in decisions and tolerates uncertainty. Risk takers and those
employees who are risk averse can excel in business. Their views on risk can hamper their success if
they do not adopt a moderate stance. Goal Oriented: Entrepreneurs are very goal-oriented and know
exactly what they want. They set their goals and everything they do is aimed at achieving those
goals. Having a strong Vision helps propel you toward accomplishment.

Leadership qualities of entrepreneurs

Communication skills
Vision
Supportive
Self - belief
Share success
Involved
Atmosphere
Honest
Perseverance
Learning new techniques
Understanding

Vision: an entrepreneur must have an outline or some sort of knowledge on how they want

their business to be. Whether it’s standing out from other businesses or

A certain goal they plan to achieve.

Atmosphere - A business owner or business owners must know their atmosphere. This can cover all

aspects of the following: weather, customer and crime rate in the area. This will help the business to

have a complete idea of their surroundings. It can help the business to know

What customers their looking at

Ways to become more secure in the area if the crime rate is high

And when to open if the weather is bad in the area.

Business plan - Reasons for Establishing a business

1. Financial independence
2. Self fulfillment and self - actualization
3. Increased income
4. Increase control of working life

Six elements of a business plan

Executive summary - this is an outline or overview of the business.

Description and bios of your leadership/executive team
Description of your product(s) or service(s)
Market/competitive analysis
Financials (how much cash you need and when you’ll pay it back)
Marketing plan