The characteristics of an entrepreneur
- Hard working: a new business has no other staff to fall back on, so the owner does the buying, the selling and the accounts.
- Early mornings and weekend work are normal, because the business earns nothing while the owner is not working.
- Innovative: they find a new product, or a better way of delivering an existing one, so customers have a reason to switch.
- Innovation does not have to mean inventing something, because opening on Sundays when every rival is shut is innovation too.
- Organised: they keep track of stock, staff rotas, supplier payments and cash at the same time.
- A business that runs out of stock or forgets a tax bill loses customers or money it did not need to lose.
- Willing to take a risk: they accept that their own savings, and often the salary from a previous job, could be lost.
- The risk is usually calculated rather than reckless, so a sensible owner researches demand and tests on a small scale first.
- Determined: setbacks are normal, so they keep going after a supplier lets them down or a bank refuses a loan.
- Confident: they convince customers to try an unknown business, suppliers to give them trade credit, and lenders to back them.

- A characteristic is what the entrepreneur is like, not what they want out of running the business.
- Being hard working is a characteristic, whereas wanting flexible working hours is an objective, and the two are asked about separately.
Reach first for AQA's own four words: hard working, innovative, organised, willing to take a risk, and keep determined and confident as spares.
- Name four characteristics of an entrepreneur.
- Why does a new business owner need to be organised?
- Give one example of innovation that does not involve inventing a new product.
- What is the difference between a characteristic and an objective?
- What is the difference between a calculated risk and a reckless one?