1. Define an entrepreneur.
2. Define entrepreneurship.
3. Explain entrepreneurial characteristics
1. An entrepreneur is an individual who starts and operates a business, taking on financial risks in the hopes of making a profit.
2. Entrepreneurship refers to the process of starting and running a business or venture, taking on financial risks in order to achieve success.
3. Some of the key characteristics of successful entrepreneurs include:
- Passion: Entrepreneurs are often driven by a strong passion for their business idea and are willing to put in the time and effort required to make it succeed.
- Risk-taking: Entrepreneurs are willing to take on financial risks in order to pursue their business goals and are able to make decisions under uncertainty.
- Resilience: Entrepreneurship involves dealing with setbacks and failures, and successful entrepreneurs are able to bounce back from challenges and keep moving forward.
- Creativity: Entrepreneurs often need to think outside the box and come up with innovative solutions to problems, as well as find new opportunities in the market.
- Adaptability: The business environment is constantly changing, and entrepreneurs need to be able to adapt to new circumstances and pivot their business strategies when necessary.
- Strong work ethic: Running a business requires a lot of hard work and dedication, and successful entrepreneurs are willing to put in the effort needed to achieve their goals.