LO 1-2 Understand the general scope of small business
LO 1-3 Identify actions key to becoming a small business owner
LO 1-4 Recognise how small businesses are important to our economy and your community
LO 1-5 Recognise the key aspects of the entrepreneurial personality and their operational
co...
displayed by: the ability to stick with th promotion focus
·
looking a business challenges even when ittakes a long time -maximising gains
in a creative way 7 ... bias towards pursuing
·being consistently focused powerful contributor opportunities
on successful entrepreneurs
the business to
entrepreneurial ↳ balance focuses prevention focus
·
being absorbed by the tasks SUCCESS need eg. poor industry: minimising
-
losses
to
& concerns of the business think aboutwhere prevention better
focus: :. bias inaction
&
you wentwrong richer/dynamic enviro: protective action
and promotion focus:better
learned
optimism how to
benefits: improve results n
-
·
I commitment
·inspiring key stakeholders perseverance
M
promotion -
prevention focus
intensive positive feeling passion
the entrepreneur has
The 5PS Of comprehensive planners
towards the business and
Entrepreneurial ·long-term view;long range plans
its ideas for aspects the business
Behaviour
all of
4: actively involved in ·comfortable with planning
Pg 12-14
progression of business
professionalisation
expert business planning style
professionalisation critical pointplanners
aspects
·most of business reactive planners ·plan around the most
meetor exceed industry stds. ·
passive NB aspectof the bus.
S
W
·focus:shortterm act on it, then consider
the extentto which a if additional plans are
minimalised firm meets or exceeds needed
·none of the aspects the std. business practices Habit-based planners W
meet industry stds. for its industry letactions dictate opportunistic planners
W their routines ·
startwith a goal and
specialised standard business practice
W look for opportunities to
aspects
·a business action that
has
·one or two achieve it
been widely adopted within
meetstandards shortterm
·
an industry or occupation
, skills necessary to identify
and exploit elements the
of
business environmentthat activities, knowledge and skills
can lead to a profitable specific to a business in a
business particular industry
and
sustainable -
forms of opportunity industry -
specific
business-related competencies knowledge
expertise key business
-
functions
Entrepreneurial
competencies W
operational competencies Activities common to
PA 15
all businesses such as
sales, operations/production,
determination resource accounting, finances and
competencies competencies Human resources
W The ability or skill of the entrepreneur
skills identified with the to find expendable components necessary
energy and focus needed to the operation of the business.
to bring a business into eg.
time, info, location, financing,
existence raw materials, and expertise
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