Entrepreneurial Skills – GCSE Business Studies Revision

What’s Enterprise?

  • Being ready to take risks and showing initiative to create new businesses or innovate existing ones
  • Enterprise is being entrepreneurial, an entrepreneur is someone who is enterprising, enterprising requires enterprise – they all come from the same word!
  • Entrepreneurs are people who show certain qualities
  • They need these qualities in order to start a business or improve their business
  • Here are the skills/qualities:
  • Chances are you’ll just have to pick them from a list, but there are some bullet points in case you have to define or go into detail…

Taking Calculated Risks

  • Entrepreneurs see risks as opportunities, even though others may see them as dangers
  • Taking a calculated risk involves making sure you have as much control over the outcome as you can
  • Entrepreneurs take calculated risks without the fear of failure but they never risk everything!

Thinking Ahead

  • Being able to know what people will want in the future
  • Being able to anticipate opportunities and risks

Making Connections

  • Being able to see how elements of the business link together
  • I think I’m supposed to say how wonderful mind maps are now, but, the thing is, I HATE THEM!
  • Mind Maps are supposed to be good because they encourage you to see how things are linked together
  • They work in the same way as your brain (yeah, right…) and use words, images, colour, spatial awareness and logic. (Although logic leads me to discourage you from using them)
  • They are not designed to be neat and should be unique to each person (I like mine on fire)

Showing Initiative

  • Basically, being decisive
  • Not waiting for orders – instead figuring out for yourself what to do!

Making Decisions

  • This is a crucial skill and is very important when you’re faced with difficulties
  • You need to find out a lot of information so you can make the best decisions

Showing Leadership

  • Requires a lot of the stuff I’ve already mentioned
  • Need to be able to make people believe in you, and want to follow your path
  • Not all leaders are extremely confident (apparently Richard Branson isn’t)
  • Leaders don’t have to be confident; entrepreneurs have to be leaders; entrepreneurs have to be confident – doesn’t make much sense to me…
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About Matt

I like writing, filmmaking, programming and gaming, and prefer creating media to consuming it. On the topic of consumption, I'm also a big fan of eating.
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