Determination


 Determination in business is the
ability to remain committed
during difficult times. Problems
may arise, requiring you to work
longer hours, or make less profit
than desired, but it is important to
remain focused on what you wish
to achieve in the end.

 An example of an entrepreneur who had to be determined was Deborah

Meaden. She moved to Italy to begin her ceramics business, but when similar
products were seen in stores, her business failed. This could have been an excuse
for her to give up, but Deborah continued to work hard and after setting up
several other businesses, she succeeded in building up her parents caravan sales.
She now has a wealth of £40m.
 Initiative

 Initiative means making the first
move.
 Entrepreneurs should always
be pro-active and look out for
new business opportunities.
 They should be able to take
advantage of constructive
situations and use them for their
own benefit.
 They have to think outside the
box and, at times, become
independent.
An example of an
entrepreneur who showed
initiative was Mark
Zuckerberg, the creator of
Facebook. He wanted to find a
way for people to share media
and stay connected. It began
as a site that only he and
other people on his university
campus used. Now, however,
it is global.
 Taking Risks

 Every entrepreneur should
be prepared to take risks.
There is a chance of damage
occurring but there is also a
possibility of success.
 If an entrepreneur takes a
calculated risk and it pays off,
it could see them achieve
incredible feats, and make
significant profits.
 An example of an
entrepreneur who took risks
was Richard Branson. Not
only has he pulled some
shocking stunts, but he has
made many losses in order
to achieve what he currently
has.
 Making Decisions

 Entrepreneurs and business owners must be
good at making decisions. Before deciding
upon anything, however, they need to judge if
it will be beneficial for their business. The most
experienced entrepreneurs can do this well
and do the best for their business.

 An example of an entrepreneur who made a good decision was

Peter Jones, who went from starting up a tennis academy, to
telecommunications which has saw him generate a revenue of
£14 million during it’s first year. Had he not made the decision to
start up the business, it cannot be ascertained whether he
would have been successful in the tennis academy industry.
 Planning

 Every business must be well planned out. Entrepreneurs,
especially those of small businesses, must ensure that
they have excellent business plans drawn together. They
must know what their aims are, and think of creative ways
that these aims will be achieved. Planning is an essential
skill needed everyday to guarantee organisation and
success.

 Many successful entrepreneurs have taken time to write

business plans, in order to ensure accomplishment in
their career.
 Persuasion

 Entrepreneurs will often encounter  Saira Khan is an
customers and suppliers. They need example of an
to have the ability to persuade entrepreneur who
people to buy their business’
product and suppliers to produce had to rely on
their goods for a low cost. persuasion skills to
 Persuasion is not simply an survive on ‘The
entrepreneurial skill, but one Apprentice’. She
needed to create respect between now has multiple
people of all backgrounds. It is key careers, including a
to the success of entrepreneurs and baby product
a good skill to have in general. business.
 Showing Leadership

Entrepreneurs need to have
the self-confidence to take
control of their businesses.
They must believe they
have the ability to achieve
great things. This positive
attitude will allow them to
lead their business to
success.
 Luck

 Sometimes, even if a business plans and prepares,
everything may come down to luck. Will customers
actually like the product? Will the desired profit be
made? Will the product become available in stores?
Entrepreneurs require luck, but even when things go
wrong they must persevere.

 Alan Sugar struggled to find decent material to create

personal computers, and this saw his business falter in
the 1990’s. However, he kept on and now has a net
worth of $1.2 billion.
 Work Ethic

 Entrepreneurs need to have good work ethic and be
wholly committed to what they do and what they wish to
achieve. They should have the mind set of being an over
achiever, and ensuring that they give everything one
hundred and ten per cent.

 An entrepreneur with good work ethic is Oprah Winfrey

who states ‘Don’t put a ceiling on yourself.’
 Creativity

 Entrepreneurs may need to come
up with unique solutions to
problems in order to make
themselves known.
 The Dragon’s Den tests many
entrepreneurs on a number of
qualities, their creativity included.
 An example of an entrepreneur who
was successful on the Dragon’s Den
was Levi Roots who came up with
the innovative ‘Reggae Reggae
Sauce’. Had he not been charismatic
and insightful, he may have never
succeeded.