Josh, the subject of this investigation is looking to open a Sports shop in our town of Attleborough. Josh would be known as an Entrepreneur due to his idea and will power to take the risk of setting up his own business. Josh's new Sports shop could also be known as a enterprise with it view to provide goods and services to meet the needs and wants at a profit.
Entrepreneurs need certain skills and qualities if they are to become successful in the business world. Those skills include their commitment to their business that can therefore help an entrepreneur like Josh to further their enterprise. Being a risk-taker is important as well as being decisive on decisions for the business because of the different opportunities that could come by and if Josh never went for one incase it back fired on him them he will never get to risk a chance at a greater future for his enterprise. People skills are an important quality for numerous reasons. Reason 1 would be because if your people skills are extremely good it can help persuade a customer or another kind of stakeholder to buy something or negotiate a deal for example; Employees in Josh's Sports Shop may want a pay raise, if Josh has good people skills he could negotiate an agreement between them. Knowledge of the market or product can help entrepreneurs like Josh to develop their shop into a modern place with all the new and fast selling products available to be bought by the consumers. All of these skills are important in setting up and running a business because if you don't have some or a majority of these skills your business could be less successful and at worst fail. I have researched other characteristics that can help a entrepreneur become successful and found The website: www.businesslink.gov.uk that informed me about the other qualities that would be helpful for a successful Business. Responsibility is one of them because it is important to take responsibility of your business and tasks that you may need to complete, Responsibility is also thinking about the best for the business and being accountable for any action you may have took, for example, Josh would have to take responsibility of his sports shop.
From a video on the BBC GCSE Bitesize website a number of famous entrepreneurs comment on some of the most important characteristics in their opinion. Deborah Meaden, a venture capitalist from the show Dragons den says that it's essential to be "confident, competitive and to be able to think clear". Lord Sugar also commented that good qualities needed by an entrepreneur are to "have a vision" as well as "to have a clear direction on where you want to go with your business". Another entrepreneur, Saira Khan says that "self belief" and "addressing your weaknesses" are also classed as qualities that are involved as important characteristics for an entrepreneur.
Entrepreneurs have a significant importance in the world of business as they not only develop ideas but also creates Jobs that not only helps unemployment in the economy but provides consumers with a greater choice in products. Josh's business could help the town of Attleborough with a few job places and can give the people of the town a wider selection as there is only one other Sports shop in Attleborough which is Barnard Sports. The Gym could also be seen as a competitor to Josh's shop but does not sell everything that a sports shop does.
'Risk and Reward' is a concept that is hugely important in this investigation for Josh to weigh up the two that can impact Josh's choice on Setting up his own sport's shop business. 'Finance' can be a reward as well as a risk because even though he could achieve good profits from the business, money could be lost if the business is unsuccessful and then the business could then fall into debt and even go bust. 'Independence' can be a reward as Josh will be his own boss and would no longer need to take orders from his gym employer. The self-satisfaction of…