1.

Discuss attributes, qualities, and characteristics of an entrepreneur successful entrepreneurs have certain
characteristics than having other occupations.

➢ They’re Innovative
If you want to be a successful entrepreneur, you must be able to set yourself apart from the
competition in some way. This can be accomplished in a variety of ways. You can either introduce
a new product or a new variation on an existing one. You can create an iconic brand or provide a
one-of-a-kind customer service experience. Whatever you choose to do, if you want to be
successful, you must find a way to differentiate yourself and attract clients to your firm.

➢ They Aren’t Afraid to Take a Chance

Setting up a business is a scary thing since there is always the possibility that it will fail.
Not only that, but growing your business, expanding into new areas, investing funds, and adding
new staff may require you to take numerous risks. You will never be able to expand your business
or make it successful if you hesitate or are hesitant to go in with both feet.

➢ They’re Willing to Work Hard

When you own your own company, you are solely responsible for its success or failure. To
get your company off the ground, you'll need to put in a lot of effort, especially in the beginning.
You can't let yourselves fall behind or stop giving your all into your business after it's launched.
This implies you should expect to work as least as effectively as you seem to if you were an
employee for an existing company, if not more.

➢ They Know How to Manage Money and People

An entrepreneur could have the best concept in the world, but he will fail in business until
he understands how to turn that idea into profit and how to run a company. This means that
understanding the mechanics of running a business is critical. If you really want your business to
succeed, you'll need to set finances, create a business strategy, attract people, and persuade them
to work for you.
➢ They Are Passionate About What they Do
Because establishing a business involves a lot of hard work, you must be extremely
enthusiastic about it. Your enthusiasm will be the engine that propels your company forward,
ability to connect with clients and make a difference. You will not be a successful entrepreneur if
you are not enthusiastic about your ideas and about making your business a success.

2. Discuss the following traits considered in a successful career in entrepreneurship.

These are the following traits that we considered:
➢ Leadership
 The capacity to lead is one of the most significant attributes of an entrepreneur. As your launch
date approaches, you'll need to be the CEO of your firm, the manager of your staff, and the leader who
keeps everyone going forward. When it comes to addressing investors or speaking with the press, you'll
need to be the boss. Prepare to forge new pathways and assemble a loyal following as the head of your
company.

➢ Positivity
The finest businesses understand how to tread the narrow line between being happy and remaining
positive. In the startup industry, positivity entails looking for lessons in unsuccessful projects, asking
questions rather than assigning blame, and remaining confident even when things are difficult.

➢ Risk – inclined
Even the most productive business may encounter a few stumbling blocks on its way to success.
You must be willing to accept those chances as an entrepreneur. Do your homework and rely on your team
of specialists to guide you through the most difficult aspects of starting a business.

➢ Motivation
The most effective entrepreneurs are relentless in their pursuit of success. They have an uncanny
ability to motivate themselves to work more and get better results. Staying motivated necessitates a steady
supply of energy and the promise of significant benefits, which exceptional entrepreneurs understand will
be well worth the effort. It pays to encourage others to achieve lofty objectives and explore new
possibilities.

➢ Vision
Entrepreneurs who are actually breaking new ground have a vision in mind at all times. How will
your business influence how customers conduct business or make their own choices? Most investors are
looking for significant levels of innovation, whether it's improving on existing items or creating something
entirely new.

➢ Tenacity
Creating a company needs far more than simply concentration and determination. You must be
tenacious as an entrepreneur, continuously reframing your goals and remaining on track to meet your
objectives. As a business owner, you must also know what you want to accomplish and have the
determination to do it.

➢ Adaptability
Innovation and adaptability go hand - in - hand for entrepreneurs. Although your idea might not
always connect to every member of your target market, being adaptable may allow you to make important
product changes that help your launch succeed. You'll stay on top of crucial developments in the market or
new client needs in the future if you embrace your adaptability, which can lead to sustained success.

➢ Creativity
As they have the ability to see better methods of the production process, doing business, and living
life, entrepreneurs rarely follow the rules. As a simple owner, you must be continuously inventive and
continually seek to explore a new strategy or find a unique solution to a typical problem.
3. Differentiate entrepreneur and entrepreneurship.
 An entrepreneur is a person who takes on risks by investing in order to create and promote a product
or service. Entrepreneurs might be one-person businesses, business partners, or a group of shareholders.
They have a keen sense of commercial prospects and seize them when they present themselves while
entrepreneurship has been defined as the 'capacity and willingness to develop, organize, and manage a
business venture along with any of its risks in order to make a profit. It typically begins as a start-up
company, offering a product, process, or service for sale or hire.

4. Enumerate the broad impact of Entrepreneurship upon the economy.

➢ Entrepreneurial activities can have a positive impact on a country's economic success by introducing new
products, technologies, and manufacturing processes to the market.
➢ They may also help their respective industry’s productivity and competition.
➢ Boost the creation of new jobs, resulting in a faster rate of economic growth.

References:
https://smallbusinessbc.ca/article/5-key-attributes-successful-entrepreneurs-possess/
https://www.wework.com/ideas/professional-development/creativity-culture/8-traits-of-an-
entrepreneur