Enterprising skills and qualities that help business development
A young entrepreneur explains how he set up and grew his own jam-making business.
An entrepreneur is the person who brings together the factors of production.
Entrepreneurs usually have to display the following skills:
- identifying a gap in the market – being able to spot where their product or services will fit and make a profit
- risk-taking – all business start-ups come with an element of risk. Many people do not wish to take that gamble
- communication – entrepreneurs have to be able to talk and present their ideas to many different stakeholders. These would include employees, banks, investors and customers
- determination – they have to be resilient and willing to keep going in order to turn their idea into a real product
- marketing – entrepreneurs have to be able to identify the right product, the right price, the right place and the right promotions to offer if they are to be successful
- decision-making – they have to be decisive and make many key decisions such as where to locate their business and who to employ
- leadership – entrepreneurs are not followers. They are the innovators who can take an idea and develop it. They also have to inspire other people to work and stay with them
- creativity – being able to generate new or improved ways of meeting customer needs and wants
