Unit 1 Entrepreneurship · Free revision notes
1.1.3 Entrepreneurial Skills and Attributes
Last updated 29 November 2023 · ~1 min read
Having certain skills or attributes increases an entrepreneur's chances of making their business successful.
Attribute - Attributes are something that you naturally have
Skill - Skills are things that you can learn
Entrepreneurs will typically have the following attributes or skills:
| Attributes (feature or quality belonging to someone) - independence - confidence - self-starting - self-reflective - determination - decision-making - risk-taking | Skills (you can practice these over time) - financial - communication - management - sales - IT - timekeeping |
Entrepreneurs may be inventive or innovative.
Invention – the creation of new ideas.
Innovation – the application of new inventions into marketable products or services.
Invention means creating new products or designs that people want to purchase. Innovation means introducing them to a marketplace.
Example: Apple innovates each year with a new iPhone, whereas Thomas Edison invented the light bulb!
Task
Research – Carry out some research into an entrepreneur of your choice.
Create a presentation which covers the following points:
- What was their motivation?
- What skills and attributes do they possess that have helped them to succeed as an entrepreneur?
- What challenges did they face?
Test yourself
There is a quiz for this spec point in the Revision Ninja course, with instant feedback and an explanation on every question. You need an account to open it.
More in Unit 1 Entrepreneurship
- 1.1.1 Being an Entrepreneur
- 1.1.2 Entrepreneurial Motivators
- 1.1.3 Entrepreneurial Skills and Attributes
- 1.2.1 Reasons for Aims and Objectives
- 1.2.2 Financial Aims and Objectives
- 1.2.3 Non-Financial Aims and Objectives
- 1.3.1 Legal Structures
- 1.3.2 Structural Characteristics
- 1.3.3 Restructuring
- 1.4 Stakeholder Engagement