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Entrepreneurial Skills for Success

An entrepreneur is distinguished from a business-minded individual in several key ways: - Entrepreneurs come up with unorthodox ideas and create new markets, while business-minded individuals rely on analysis and trends to enter existing markets. - Entrepreneurs enjoy experimenting and taking risks, while business-minded individuals prefer stability and predictability. - Failure is an opportunity for entrepreneurs to think outside the box, whereas business-minded individuals value probabilities over possibilities. The author then discusses their own potential to become an entrepreneur by possessing basic financial knowledge, strong time management skills, resilience in the face of failure, and a creative mindset - all traits that would help them identify opportunities, manage risks,

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mikee
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109 views2 pages

Entrepreneurial Skills for Success

An entrepreneur is distinguished from a business-minded individual in several key ways: - Entrepreneurs come up with unorthodox ideas and create new markets, while business-minded individuals rely on analysis and trends to enter existing markets. - Entrepreneurs enjoy experimenting and taking risks, while business-minded individuals prefer stability and predictability. - Failure is an opportunity for entrepreneurs to think outside the box, whereas business-minded individuals value probabilities over possibilities. The author then discusses their own potential to become an entrepreneur by possessing basic financial knowledge, strong time management skills, resilience in the face of failure, and a creative mindset - all traits that would help them identify opportunities, manage risks,

Uploaded by

mikee
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd

1. Discuss the difference between Entrepreneurial and Business Minded.

(Not less than 200


words)
A business minded individual relies on analysis to penetrate a market, studies market
trends and follows a straightforward path on doing business for the sole purpose of producing
profit and achieving financial goals. An entrepreneur on the other hand, goes beyond statistical
and market trends, they come up with unorthodox ideas, and spend their time and effort on
producing unique outputs. While an ordinary businessman strives to enter an existing market, an
entrepreneur creates his own market. That is, these individuals tend to integrate their passion for
success and their ability to identify prevailing needs in the market in materializing their
unordinary ideas thus, allowing them to open exceptional windows of opportunities. Business
minded individuals tend to look for a stable venture, while an entrepreneur enjoys experimenting
and taking risks – they have an unending curiosity to try out different courses of action. As a
result, entrepreneurs constantly face failure. However, this circumstance is simply a way for
them to extend their ability to think outside the box. Businessmen look for probabilities,
entrepreneurs look for possibilities. While the outlook of a business minded individual lands
them to the most possible solution, the outlook of an entrepreneur lands them to a wide array of
solutions. Ultimately, what distinguishes the two is that entrepreneurs are not afraid to encounter
uncertainty while business minded individuals tend to value predictability.
2. Enumerate your potentials of becoming an entrepreneur and discuss each. (Not less than 200
words)
An entrepreneur is someone who sees an opportunity on the prevailing needs in the
market and takes on financial risk in his endeavor. Here are few potentials I possess that qualifies
me of becoming an entrepreneur:
a.) Basic financial knowledge – Financial literacy is an important aspect to becoming an
entrepreneur; it allows one to gauge and understand the level of riskiness of an undertaking.
Having been enrolled in the Accountancy program, I believe the knowledge and skills I have
acquired gives me the advantage of being able to carefully assess investments and use resources
to their utmost potential.
b.) Time management – Careful planning allows one to identify the direction of the
undertaking as such, time allocation is essential to achieve a steady sailing journey. The ability to
determine priorities, set milestones, and effectively allocate time in accordance to their
complexity is one skill I am proud to possess that sets me closer to becoming an entrepreneur.
c.) Resilient – Taking up accountancy was never easy, I have encountered failures, stress,
and rejections, but my determination and eagerness to survive allowed me to continue pursuing
the challenge. Entrepreneurs always encounter failure, and I think my ability to remain resilient
in the face of failure gives me the potential to becoming one.
d.) Creative – Entrepreneurs are creative they tend to see things at different perspectives
which leads them to ground-breaking discoveries. My inclination to art as a child gave me the
aptitude to look at things in different aspects which coincidentally fits the long list of what it
takes to be an entrepreneur.

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