What are the qualities of an entrepreneur?
Successful entrepreneurs possess distinct qualities that help them launch and sustain ventures. Firstly, they take Initiative by acting as innovators and launching ventures at the right time while enduring initial struggles. They also possess Knowledge and skill, having relevant information about the industry, economy, and technology. Furthermore, they are Risk takers, ready to accept uncertainties and withstand short-term risks for long-term success.
Additionally, entrepreneurs exhibit Self-confidence in their decisions, which acts as a catalyst for taking risks. Finally, they are Wealth creators who translate great ideas into commercial success. By doing so, they create wealth for themselves and the nation while providing valuable employment opportunities.
Explanation
The answer is derived from Section 13.1.2 'Qualities of a successful entrepreneur'. It covers the five main qualities explicitly defined in the text: Initiative, Knowledge and skill, Risk taker, Self-confidence, and Wealth creators. The explanation adheres to the 3-mark requirement by grouping related concepts and using bold keywords for readability.
Solution Steps
Step 1: Identify the key qualities listed in the text (Initiative, Knowledge and skill, Risk taker, Self-confidence, Wealth creators).
Step 2: Draft a description for each quality using only the provided context.
Step 3: Organize the points into two paragraphs to meet the word limit and formatting rules.