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What are the most important qualities that an entrepreneur needs to possess, in order to start up and run a business successfully?

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Introduction

´╗┐What are the most important qualities that an entrepreneur needs to possess, in order to start up and run a business successfully? An entrepreneur is someone who owns and runs their own business. Enterprise can have two different definitions: 1) Enterprise is another name for a business. 2) Enterprise is also a skill which entrepreneurs should possess that involves many different skills and qualities, including showing initiative (being able to and actively bringing a good or service to the market), having a willingness to take risks and being imaginative. Of course, enterprise (skill) cannot be defined representatively as simply a skill that an entrepreneur has, or as a certain skill or quality. Instead, it is an amalgamation of different skills and qualities which can be beneficial for entrepreneurs running a business, as they are desirable qualities which can help entrepreneurs start and run a business smoothly, deal with any problems that arise, and increase the chance of success. There are many businesses across the world, but only a few businesses and their trademarks are recognized worldwide- the biggest companies, like Wal-Mart and McDonalds. However, there are millions of businesses in the world, and with them millions of entrepreneurs. Every year, 200,000 new businesses are created in the UK.[1] Many of these fail within a few years of starting up. In fact, one in ten businesses close in their first year, one in three close down within 3 years, and more than half of businesses close down after 5 years.[2] Even those which still run may not be as successful as they could be. The entrepreneur running the business will need to possess enterprise skills and qualities, but also be able to apply them to business situations. This will give the greatest chance of success. An entrepreneur should possess the skill of enterprise, and this incorporates many different, important skills, some of which are very important. ...read more.

Middle

Ms Jin may not have succeeded in the way that she did if it were not for her creativity (in creating schemes which would give her a competitive advantage over her rivals). There were other established rivals in the area who were competing for the same market segment, but these creative schemes helped her attract customers to buy from her business rather than from competitors. For example, her innovative ‘card’ system rewarded customer loyalty and this helped her business establish itself in the market. Loyal customers might even recommend the business to other potential customers. Her other idea of creating a relaxed and pleasant atmosphere and friendly customer service would again be very good for maintaining customer loyalty, as a good experience of service is almost as important as the quality of the goods themselves. Another demonstration of this creative capability is the advertising system, where Ms Jin used lateral thinking to formulate a solution to the problem (too much stock). This managed to get rid of some of their stock for the purpose of advertising, which in turn attracted more customers to buy their products. As can be seen by its various applications, creativity is a vital skill for all entrepreneurs. My second source will be an investigation into the entrepreneur Thomas Pellereau, the recent winner of the reality TV show ‘The Apprentice’. As the winner, he was offered a 50:50 partnership deal to go into business with Lord Sugar, who would provide an initial investment of £250,000. But before setting up this business with Lord Sugar, he has been through an arduous process to prove his entrepreneurial capability. So what entrepreneurial skills has Tom demonstrated? Tom Pellereau is an innovator (not an inventor). The difference between innovation and invention is slight but significant. Invention is the discovery of a completely new idea (for example, designing the first TV would be an invention) ...read more.

Conclusion

The study clearly shows that creativity and innovation are very important skills for enterprise. Finally, Apple?s continued creativity and innovation of existing products/industries make it one of the most successful businesses in the world. The other skill that the evidence seems to highlight as the second most important quality is drive/determination. This is a common quality of Ms Jin and Tom Pellereau, who have both shown passion for their work. Ms Jin is very passionate about her work and makes sure all her employees are too. She has the drive to push things through and support the business throughout its lifetime. Tom has suffered many setbacks, but is still motivated and determined to succeed, which he has duly done after winning ?The Apprentice?. However, it could be argued that initiative is more important than determination. Ms Jin would not have created the business, let alone be successful, if she had not had the initiative to actually go ahead with her idea. While initiative is an important skill, there is more evidence to suggest drive/determination is more important, as both Ms Jin and Tom Pellereau needed it, and motivation and passion in the business is essential if a small business is to succeed. In addition, motivation and drive is very important to having the confidence to start up a business, and is very much linked with initiative. Another skill which some may consider to be more important is planning. Planning is a crucial factor in starting up a business and helps increase the chance of the business succeeding. Ms Jin?s initial start-up was well researched and thought out, and this planning may have been a contributing factor to her success. However, this skill still depends on initiative and drive. If someone is not driven and motivated to start up a business, then no matter however detailed their plan is, they will not be able to push it through, especially when meeting difficulties. To conclude, the evidence and research overall shows that creativity and drive/determination are the most important skills/qualities that and entrepreneur needs to possess. ...read more.

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