THE IMPORTANT QUALITIES OF AN ENTERPRENEUR

Innovation: An enterpreneur needs to be innovative, which is to be able to think of better, more creative, effective and outstanding ideas that stand out from the old and classics. They need to be able to introduce their new ideas to the market in order to attract the interest of their customers and investor. Innovative personel should be able to come up with ideas and present their products in such way that it shows originality instead of looking similar to other products in the same market. Innovation is one of the most needed skills of being an enterpreneur, for being different from others and able to do things differently can surely attract a large amount of customers interest in their product. Many target audiences search for new and creative products, therefore innovative enterprenuers have more chances at gaining attention to themselves and their products than others who follow trends or classic methods. Passion: A person who decides to open their own bussiness should have passion for what they are doing. For starting at bussiness venture is hard work, and therefore is not something for people who are not ready to committ themselves 100% into their work. Being passionate is to have enthusiasm and keep positive throughout the whole process. Passion is needed in order to hold on to an enterprise and keep it coming. Ability to manage finances: A good enterpreneur should be able to manage his finances and inventory, thus keeping track of his bussiness so that he can handle an unexpected problem without much difficulty due to the records he keeps track of. The ability to keep track of the money involve records of all types of payment, incomes, profits, tax, cash management, sale planning, costs of inputs and sales,generally pretty much anything that relates to cash in the bussiness. Commitment: To start an enterprise requires much effort from the enterpreneur. He must be prepared to work long hour, single-minded commitment and determination. Commitment also included a keen ambition to success, bountiful amount of focus and energy, all focus to the tasks of opening up their own bussiness. People who lack commitment to their bussiness often lose their will and motivation to continue after inevitable failures, which means commitment is a trait common to successful bussiness man. Judgement/ Decision making: Good enterpreneur should be able to make their decision without hesitation or having to rely on others to help them make the right judgement.

People who are good at making judgement or decision are confident in themselves and their decision, also following their own principle and not others. These people are firm in their choices and they rely on their own skills and knowledge to create those choices. An enterpreneur should be able to make their own decision so that they are not being manipulated by others such as their bussiness partners or their sponsors. Self - Confidence: To be able to succeed in this kind of bussiness required people who would not get discourage from the inevitable failures at the beginning, and have strong confidence in their skills and their bussiness idea to be able to bounce back from these failures, learn from these mistakes to create their own experience to use in the future. Self confidence is something that enterpreneurs need to have so that they wont quit their bussiness on the first few days due to some minor set backs. Courage: Couragous people are willing to do something new and creative (risk-taking) in order to attract the attention of customers and target audiences in order to establish a customer base for their bussiness. It takes a lot of courage for people to try out new methods and go for new ideas that have a 50% or less chance at succeeding, but they are willing to risk it to get a better result for their bussiness. Brave enterpreneurs are known for their bold ideas and methods, therefore gain more customer than timid and meek people who only go for old ideas and methods for they guarantee some degree of success, but not much interest from the customers. Intelligence: A smart enterpreneur knows when to act and how to do things using which methods. They can guess what most of their customers would want, and try to manipulate their bussiness in such directions that can please as much customers as possible. Intelligent people make use of the time and resources, in order to gain the largest amount of profit. Intelligence is extremely important in enterprising, for it help the enterpreneur tremendously on how to run a successful bussiness. Intelligent enterpreneurs are also aware of their market environment and will be able to adapt to any type of changes surrounding them. Multiskilled: Knowing as many skills as possible can help an enterpreneur in his work, for bussiness contain many different tasks that required different skills altogether: accounting, marketing, sales/ profit records. By knowing different skills, an enterpreneur can easily work anywhere, in any department, and can easily keep track on all the works that are goind on around him, instead of appoint another worker on those particulare jobs. Multiskilled can also help with bringing up new ideas and working method for enterpreneurs, therefore they struggle less with their bussiness, due to already able to understand the working process himself.

Risk-taking/ management: Enterpreneurs must be willing to take risks. Without risks, they wont know which actions will lead to which results. If they want to see the result, they must be willing to risk it, such as investing their own money for bussiness. Risks are necessary in bussiness in order to achieve a better result and through plain, normal methods. By taking risks, enterpreneurs venture out to do something that is new to them and with an outcome that they have yet to know. Not just taking a step to an unknown field, a good enterpreneur must also know how to manage their ways to achieve the best result they can have. Patient: Enterpreneurs need to be incredily patient with the process of their bussiness, for success does not come to them after a day or two. Bussiness takes long time to grow, to gain reputation and to bring profits to the enterpreneurs. The enterpreneurs who are impatient can get discourage from the lack of success and might abandon the bussiness. Patience is a must have quality for an enterpreneur. Leadership: The enterpreneur is the one who control the whole process of the bussiness, therefore they need to set examples and able to lead others who work in the same production to follow and motivate his ideas. Without this certain skill, the enterpreneur will not be able to keep their enterprise and bussiness order and running as smoothly as they would like it to be. Creativity: Creativity is always necessary in the thinking process of an enterpreneur in order to come up with something original and different, something that surely will attract the attention and interest of the customers. The more creative the products, the more interest the customers are. As long as it met all the requirements from the customers, an original object would surely attract a large crowd of customer. Independence: A good enterpreneur need to work well alone as well as working in a group. They shouldnt rely so much in their partners or sponsors, so when the time comes, they can handle the situations with ease, or avoid being manipulated by their partners. Also, working solo prod the enterpreneur to think of creative ideas by themselves, and let them use to the solitary working condition. Management: Management is a 100% needed skill for an enterpreneur. Being an enterpreneur means there are many things to mange in the bussiness: the capitals, taxes, incomes and outcomes, problems management for competitions or changing market environment, managing the work force or the production chain, and many many more. Visions: Ideas for the future are not to be taken lightly. A good enterpreneur should be able to brainstorm ideas to use in the close future, by taking account of certains properties of the

present and able to predict the conditions of the future, so that they are ready for what is to come, and have a slight idea of what to expect. This helps lessen the trouble that an enterpreneur might face in their work. Five of these qualities that seemed to be the most important and most enterpreneur should have are: intelligence, innovative, courage, commitment and leadership skill. These five seems to be the most important due to the fact that other qualities seem to depend on these five; some of those qualities are base on these main five. For example, in order for someone to be risk taking, that same person needs to be courageous. Five examples sentence that contain these qualities: Intelligence: An intelligence enterpreneur will record all of the information about his bussiness, especially to manage his finances. Innovative: Innovative people have some brilliant ideas and plans for their future bussiness. Courage: Courageous bussiness men are willing to take some risk in order to achieve better results in their bussiness. Commitment: A good enterpreneur is commited to his work and his bussiness, therefore he will not abandon his works when he experience failure. Leadership skill: Someone with good leadership skill will be able to lead his work force and control his bussiness without any problems.

Exercise 1.5 page 13

1. Four possible benefits to the UK economy from Levis enterprise included employment creation, due to the expansion of Levis bussiness enterprise, there would be more work forces needed at the newly open factory. By hiring more workers, this will help reduce the number of unemployment in the country, and this lead to an increase in social cohension by offering more jobs and career opportunities in the country and set it as an example for others. Social cohension can be achieved through the expanding of Levis small bussiness. Another benefit for the UK economy is exportation, for Levi is planning to export his products to the Carribean, which help UK expand their economic operations to other countries through the export market and raise international competitiveness. Last but not least is economic growth in the UK itself. Due to the increase in output of goods, in this

case, Levis sauce, the GDP (gross domestic product) of UK will rise; increase the living standard of people and tax revenue for the government. 2. The initial success of Levi Roots as an enterpreneur is partly because of his excellent and effective presentation about his enterprise and bussiness on the BBC TV program: Dragons Den. His charisma and self-confidence was able to persuade several banks and bussiness partners to raise his requested start-up capital that he needed. Levi is obviously multiskilled, shown through his intelligent presentation and negociation with his partners, as well as his commitment to his bussiness, refused to give up at first, when the banks turn down his request for finance. These qualities were able to help him shine through in the end and now starting a seemingly successful bussiness.