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BSM1501 Oct Nov 2017 Exam Questions and Answers
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- University Of South Africa (Unisa)
BSM1501 Oct Nov 2017 Exam Questions and Answers
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Business Management 1ABSM1501
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Characteristics that are important to ensure the success of an entrepreneur
• Perseverance – entrepreneur must have confidence in themselves and their
business and carry on inspite of setbacks, difficult situations and problems
• Commitment to the business – entrepreneur dedicate their skills, expertise and
resources to establishing and building the business. They prove commitment by:
• Using their own money to establish the business
• Taking a mortgage on a house
• Working long hours
• Accepting a lower standard of living and possibly earning little or no income from the
business until it is successful
• Involvement in the business- they are involved in the business and are aware of
everything that is happening on all levels and in all sections of the business.
• Willingness to take risks – entrepreneurs takes calculated risks. Thos means that the
risk related to a business opportunity must not be too great, for then the chance of
success is not in the hands of the entrepreneurs. They are not gamblers. The level of
risk must not be too low. Entrepreneurs usually try to reduce the risk by finding
investors to provide finance ,making arrangements with suppliers ton provide goods
on consignment or persuading suppliers to accept special terms ,and so forth.
• Sound human relations – entrepreneurs work closely with other people: they realize
they cannot be successful in isolation and therefore motivate their employees. They
not know only how to build contacts and long term relationships.
• Creativity and innovation –
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