SAS 2 - Knowing the Qualities of an Entrepreneur

2.1 Characteristics of an Entrepreneur

Characteristics Definitions

You need to be able to push yourself. You aren’t answerable to anyone else as an entrepreneur, and that sometimes
Self-motivation
means that it’s hard to get moving without anyone to make you.

Understanding calculated risks that are more likely to pay off is an important part of being an entrepreneur. You’ll
Risk Tolerance
need to be willing to take a few risks to succeed.

Be willing to change as needed. Stay on top of your industry and be ready to adopt change in processes and product
Flexibility
as they are needed.

Passion is what will help you find motivation when you are discouraged, and it will drive you forward. Passion is
Passion
fuel for successful entrepreneurship.

Management Skills and Understand how money works so that you know where you stand, and so that you run your business on sound
Knowledge principles/

The best entrepreneurs have a vision as to what they want to achieve, how they can accomplish their objectives, and
Vision
whom they need on their side to reach their goals.

They have to be confident both in themselves and in the products or services they sell. If they believe in themselves,
Confidence
they will have the ability to stay the course regardless of the difficulties and discouragement.

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 2.2 The Most Important Skills Entrepreneurs Need

Time Management

Strategic Thinking

Efficiency

Communication

Curiosity

Finance

Network

Branding

Sales

2.3 FAQs

1. What percentage of entrepreneurs are successful?

→ When it comes to running a business, about 80% make it through their first year. This percentage tends to gradually reduce
as the years go by. Only 70% survive their second year, and by the tenth year, only about 30% remain in business.

2. What is the main reason of business failures?

→ 82% of business failures are due to poor cash management. Business failures have become rampant in the world. This is
usually due to the poor management of finance. According to popular entrepreneur statistics, about 82% of business failures
are due to poor cash management.

3. 72% of small business owners say that they don’t check their mobile devices while eating with others.

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 → As an entrepreneur, dealing with distraction from work can be a bit difficult. A research project reported that 72% of small
business owners don’t check their mobile devices while eating with others. This approach helps them maintain a healthy
work-life balance.

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