Which term describes the ability to come up with original ideas for products, branding and marketing?
Creativity
What is meant by 'innovation'?
Finding new ways of doing things and putting new ideas into practice
Which characteristic is shown by an entrepreneur who accepts that some decisions will not succeed?
Risk-taking
What is meant by 'communication'?
Sharing information clearly with colleagues and customers
What is the name for discussing different ideas with suppliers, customers or banks in order to reach an agreement?
Negotiation
What is meant by 'determination'?
Continuing with a business idea despite problems and rejections
What is meant by 'confidence'?
Believing in what you do and being open to changing your mind
An entrepreneur discusses prices and delivery dates with a supplier until they agree a deal. Which characteristic is she using?
Negotiation
Why is creativity useful to a sole trader who runs every part of her business?
It helps her to create new ideas for products and branding
A shop owner finds a completely new way to take customer orders that is faster than any rival shop. Which characteristic does this show?
Innovation
Why does an entrepreneur need good communication skills?
So that customers understand what the business is offering
An entrepreneur changes her mind about a product when her staff suggest a better idea. Which characteristic does this show?
Confidence
Sam's new market stall makes a loss for the first three months, but he refuses to give up and keeps trading. Which characteristic does he show?
Determination
Why do entrepreneurs need confidence?
They need to be willing to do things differently
Why can taking a calculated risk help an entrepreneur to succeed?
Doing things differently can help the business stand out from rivals
Which of these is an example of an entrepreneur taking a risk?
Spending her savings on a new product that may not sell
Why can being a good negotiator help an entrepreneur to be successful?
She can agree better prices and terms with suppliers
Why can being innovative help an entrepreneur to succeed?
It can give the business new products and a new USP
Why does determination help an entrepreneur to be successful?
It helps them to keep solving the problems the business faces
A manager's instructions to her staff are unclear, so the staff make mistakes that cost the business money. Which characteristic does she need to improve?
Communication
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