Charateristics of an Entrepreneur

The Mindset of Entrepreneurship and New Product Development

Characteristics of Entrepreneurship and 7 stages of NPD

WEEK 6

What are the characteristics of an entrepreneur? Entrepreneurs need to possess or be able to develop entrepreneurial characteristics as part of their ability to succeed in business. Some people have a natural sense of what it takes to be an entrepreneur.Still, anyone can be an entrepreneur through leadership development education and it is one way that we can understand entrepreneurship and develop the entrepreneurial mindset.

Entrepreneurs are by nature motivated. After all, they put in long hours to get their ventures off of the ground and invest large sums — sometimes everything they have — to pursue their dreams.

MOTIVATION Knowing that it could take months or even years for them to possibly reap the fruit of their labour. And despite their hard work, they know that there is a chance that their entrepreneurial spirits and efforts won’t be rewarded with material success. Yet they refuse to give in to a fear of failure. So strong motivation, not to mention a steely focus, is needed to stick with ventures over the long haul.

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MOTIVATION

By Steve Jobs

Passion is another characteristic of entrepreneurs. While a good payday at the end of the tunnel is good for motivation, successful entrepreneurs tend to be more driven by a passion for their offering as well as by a desire to make a difference. This passion or drive also helps to sustain entrepreneurs during periods where discouragement might otherwise manifest itself.

The best entrepreneurs have a vision as to what they want to achieve, how they can accomplish their objectives, and whom they need on their side to reach their goals. Their goal-oriented vision acts like a compass that points them in the direction of opportunities that perhaps no one else has found. They also can translate their vision in a way that staff and investors can understand. Through networking opportunities, entrepreneurs can find people they want to align with.

Without confidence or self-belief, entrepreneurs cannot possibly succeed. They have to be confident both in themselves and in the products or services they sell. If they believe in themselves, they will have the ability to stay the course regardless of difficulties or discouragement. They also have the stomach to take risks — after all, they believe that they will succeed.

Being able to make decisions quickly is an important characteristic for entrepreneurs because it can be the difference between success and failure. Successful entrepreneurs not only need to have good decision-making skills but also must have the capacity to make those decisions quickly to avoid missing opportunities. This necessitates quickly considering the facts and then deciding.

Innovation is key to keeping a company moving forward and keeping its line of products and services fresh. You need to be able to identify new goods and services to sell, but you also need to be able to look at your existing offerings and find ways to improve them, use them for the basis of a spin-off, or find more efficient ways to produce and deliver.

6. Innovation - Renovating ideas, being creative and offering solutions or solving problems (Different to Invention)

7. Risk-Taking Risk is a major aspect of running a business, but it can also be very rewarding. Being a risk-taker is one of the qualities of an entrepreneur that helps them find success, but also helps them weather and overcome their failures. An entrepreneur needs to have the strength and clarity of mind to recognize that the odds of failure during their first business venture are high, but also recognize that failures can be overcome. Another aspect of risk is the fact that unforeseen circumstances are always a possibility. The COVID-19 pandemic and subsequent supply chain disruptions showed that businesses need to create and maintain backup plans to minimize the loss of income from insufficient materials and products to satisfy demand. Essentially, an entrepreneur needs to be simultaneously a risk-taker and a risk-avoider and know how and when to engage in the characteristics.

8. Curiosity Curiosity is one of those entrepreneur characteristics that drives them to figure out the whys, whats, and hows of running a successful business. They understand the basic framework of building a business and the need to operate within the parameters of that framework, but they also look for ways to set their business apart from the rest. That requires an ability to step back and look at the bigger picture of running a business to find new opportunities, expand existing processes, and explore different markets. An entrepreneur is often restless in their need to be disrupters of the status quo. They spend most of their lives learning new things, building on their foundation of business knowledge, and looking for new ways to address customer pain points. In summary, they’re always looking for an opportunity to innovate and find new revenue streams.

9. Persistence It’s not uncommon for an entrepreneur to go through multiple attempts at running their own business before they find success. Persistence is one of the defining characteristics of entrepreneurship because there’s always a sense in the back of the mind that failure doesn’t mean giving up. Instead, it’s viewed as an opportunity to figure out what went wrong and how to avoid those mistakes in the next attempt. 38% of entrepreneurs cite self-discipline playing a key role in their success.

Some people become known as serial entrepreneurs because they start business after business in a quest to find one or two that become successful. On the surface, this seems like a lot of wasted time and effort, but the entrepreneur sees it differently. Instead, they embrace the challenge of overcoming their mistakes and the excitement of a fresh start.

Session 2 - Week 6

Session 2 - Week 6

Click on the image below to access your Elevator Pitch Templates for Investment Opportunities; Networking Opportunities; And Sales Opportunities.Use the examples for the Pitch Templates provided to create your elevator pitch for your chosen business topic and product.

What is an Elevator Business Pitch?

Discuss: Why do New Product Launches Fail?

35 minutes: In groups, click on the article in the image above and discuss. In groups, give 3 reasons as to why new product launches often fail. Use your devices, do your research related to the product failures within this article.Afterwards, click the blue button

How to Prevent new Product Launch Failure and How can New Product Launch be successful? 35 minutes: Select and discuss one of these papers below and raise 5 factors that prevent failure or support success:

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What is the SEVEN STAGES of New Product Development?

Session 3 - Week 6

Complete the SEVEN-STAGE Product Development Guide against your chosen idea. Each Student MUST PARTICipate in class using their chosen IDEA ON the concept boards and then complete the board alone and individually, SAVE A COPY ONLINE AND SHARE THE LINk.

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Complete the quizes

portfolio assignment and presentation work: CREATE And complete your own 7 stage NPD presentation

section

text/image

testimonials

map

list

video

data

process

quote

numbers

gallery

team

Index

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state-of-the-art technology

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Text/image II

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Testimonials

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4/5

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RATING

List

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73%

Map

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Video

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Data Table

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Charts

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Icono 1

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Process

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+170

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Info

Info

+12K

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Key Numbers

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+1.2M

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+25k

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Numbers

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Team

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Team II

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thank you!

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Got an idea?

Here you can include a relevant fact to highlight

• Generate experiences with your content.
• It’s got the Wow effect. Very Wow.
• Make sure your audience remembers the message.

With Genially templates, you can include visual resources to wow your audience. You can also highlight a particular sentence or piece of information so that it sticks in your audience’s minds, or even embed external content to surprise them: Whatever you like!Do you need more reasons to create dynamic content? No problem! 90% of the information we assimilate is received through sight and, what’s more, we retain 42% more information when the content moves.

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Successful entrepreneurs are driven by much more than financial gains. The top reasons someone decides to become an entrepreneur are because they want to share their knowledge as a subject matter expert, be recognized as a leader in their field, experience personal growth and improve the world.