BUSINESS STUDIES 101: Blog!

1.7 CHARACTERISTICS OF AN ENTREPRENEUR

26/8/2019

So, you want to start a business, but you don't know if you can, or are able to. Well, let's check these boxes below and see if you're it:

Are you an innovative person? Do you have an idea that is outside of the box? Are you able to solve a problem with the creation of your product/service?

Do you usually follow through with a new plan or idea? To ensure that you almost always finish what you start? Do you follow through?

Are you able to push yourself back up after every failure? Are you confident to take on new challenges?

Do you like learning new things? Are you able to pick up a new skill by spending time to learn it so that you could master it?

Are you willing to use your own savings to start something that could potentially fail?

Have you led a team before? Guide them to get something done? Gain their trust to do what you needed them to do?

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1.6 ROLE OF AN ENTREPRENEUR

24/8/2019

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Who is an Entrepreneur?

An entrepreneur is someone who is innovative - possess the ability to think outside the box to create something new in the business world

An entrepreneur is someone who is willing to use their own money/ savings or take a bank loan in order to start a business - not knowing whether or not the business would bear fruits.

An entrepreneur is someone who is willing to be responsible to manage the business from scratch, spending many hours in a day to ensure that success comes.

An entrepreneur is someone who is willing to undertake the risk of failure - not knowing the future yet putting in all they have - time, money & commitment to undertake this venture.

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1.5 ECONOMIC PROBLEM & THE OPPORTUNITY COST

1/8/2019

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What is an 'economic problem'?

Problems that arise due to:

scarcity in natural resources - basically the diminishing of clean waters, healthier lands, clean air , the chopping down of trees without taking into account of re-planting them to maintain nature's balance.
scarcity in skills/human resources - the lack of skill or expertise knowledge that prevents people from creating new, innovative products

These scarcity in resources causes wants and needs not to be met - hence businesses only produce what they can with the resources they have.

This means they would have to choose what they can produce, letting go of the idea of not producing something else that could also be very important to be produced = this is called Opportunity Cost.

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1.7 CHARACTERISTICS OF AN ENTREPRENEUR

1.6 ROLE OF AN ENTREPRENEUR

Who is an Entrepreneur?

1.5 ECONOMIC PROBLEM & THE OPPORTUNITY COST

What is an 'economic problem'?

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