4-2 Traits and Skills of an Entrepreneur

Categorize the appropriate trait and skill into its appropriate category.

Groups:

(a) TRAIT

,

(b) SKILL

• Financial

• Life-Long Learner

• Marketing

• Confidence

• Operational

• Focus

• Multi-Tasker

• Leadership

• Innovation

• Bootstrapping

• Communication

Categorize the appropriate trait and skill into its appropriate category.

Groups:

(a) TRAIT

,

(b) SKILL

• Technical

• Persuasiveness

• Passion

• People

• Work-Ethic

• Persistence

• Sales

• Problem-Solving

• Risk Management

• Vision

• Risk-Taker

Match the following scenarios with their appropriate trait.

• Confidence

• A startup founder develops a new app that simplifies grocery shopping by creating a personalized list based on a user's diet and past purchases. This shows their ability to think creatively and introduce new ideas.

• Vision

• An entrepreneur spends their nights and weekends working on their project because they genuinely love what they do and believe in its potential, even before it starts generating a profit. This intense enthusiasm is what fuels them through challenges.

• Passion

• A new business owner resolutely pitches their idea to investors, even when faced with tough questions and skepticism. They believe in their product and their ability to succeed, which in turn inspires others to believe in them too.

• Innovation

• A tech CEO, years before the technology is widely adopted, sees a future where self-driving cars are the norm and begins investing heavily in research and development to make it a reality. This is their ability to see the bigger picture and future potential.

Match the following scenarios with their appropriate trait.

• Persuasiveness

• An entrepreneur convinces a key employee from a larger company to join their small startup, highlighting the potential for growth and impact. This ability to influence and win people over is crucial for building a team and securing deals.

• Persistence

• After receiving multiple rejections from publishers, an author continues to revise their manuscript and send it out until it is finally accepted. This refusal to give up, even in the face of setbacks, is a key trait.

• Focus

• A founder of a small business ignores distractions and external pressures to concentrate on a single, critical goal: launching their product on time. They are able to avoid getting sidetracked by less important tasks.

• Risk-Taking

• An entrepreneur leaves a stable, high-paying job to start their own company, knowing there is no guarantee of success. They are willing to accept the possibility of failure for a chance at a greater reward.

Match the following scenarios with their appropriate trait.

• Life-Long Learner

• A small business owner handles everything from customer service and marketing to accounting and product development, often juggling multiple responsibilities at the same time. This adaptability is vital in the early stages of a company.

• Multi-Tasker

• The founder of a new company uses their personal savings and revenue from early sales to fund the business instead of seeking outside investors. This shows their ability to grow a business with minimal financial resources.

• Work-Ethic

• An entrepreneur is the first one in the office and the last one to leave, consistently putting in long hours and effort to ensure the business succeeds. They are committed to getting the job done, no matter what it takes.

• Bootstrapping

• A successful business owner regularly attends workshops, reads industry books, and takes online courses to stay current with new technologies and market trends. They are committed to continuously improving their knowledge and skills.

Match the following scenarios with their appropriate skill.

• People Skills

• An entrepreneur gives a compelling presentation to a group of potential investors, clearly explaining their business model, market opportunity, and financial projections. Their ability to articulate their ideas effectively is a learned skill.

• Leadership Skills

• The CEO of a company inspires their team to work toward a shared goal, delegates tasks effectively, and provides support and guidance when needed. They are able to motivate and guide others.

• Communication Skills

• A manager successfully resolves a conflict between two team members by listening to both sides, mediating the discussion, and finding a solution that everyone can agree on. This demonstrates their ability to work well with others and manage relationships.

Match the following scenarios with their appropriate skill.

• Financial Skills

• A restaurant owner optimizes their kitchen workflow to reduce wait times and improve efficiency, ensuring the business runs smoothly on a day-to-day basis. This is their ability to manage and improve business processes.

• Operational Skills

• An online retailer uses social media advertising and email campaigns to attract new customers and grow their sales. They know how to promote their products and convince people to buy them.

• Sales and Marketing Skills

• A small business owner creates a detailed budget, tracks their expenses, and analyzes their profit and loss statements to make informed decisions about their business's monetary health. They can manage and interpret monetary data.

Match the following scenarios with their appropriate skill.

• Problem-Solving Skills

• A software developer starts their own company to sell a program they coded themselves. Their knowledge of programming languages and software development is a specific, learned skill.

• Technical Skills

• A startup encounters a major technical glitch with their product, and the founder works with their team to debug the issue, identify the root cause, and implement a fix quickly to minimize customer impact. They can identify and resolve complex issues.

• Risk-Management Skills

• A company develops a contingency plan for a potential supply chain disruption by identifying alternative suppliers in different regions. They are able to anticipate and prepare for potential problems.