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Roxanne Quimby 1. Who can be an entrepreneur? Anyone can become an entrepreneur. Studies have shown that an entrepreneur does not need specific inherent traits, but rather a set of various skills that are acquired. Entrepreneurs are driven by opportunity and must therefore be able to recognize where it exists and execute in certain key ways to take full advantage. They are intensely committed and have a competitive desire to excel and win; they are always on the lookout for ways to improve, use failure as a tool for learning, and seek to be effective rather than perfect. They also believe they can personally make a difference in the outcome of their ventures and lives. The successful entrepreneur possesses creativity and innovation, as well as solid general management skills, business know-how and effective network of contacts. More importantly than direct industry experience, entrepreneurs are able to gather information and act on it, and most study a pattern of apprenticeship where they gain relevant business experience from either parents who are self-employed or through job experiences. 2. What are the risks, rewards and trade-offs of a lifestyle business vs. a high potential business – one that will exceed $5 million in sales and grow substantially? A lifestyle business allows the entrepreneur to maintain access to a preferred way of life, something that appeals to individuals for whom issues of family roots and location take precedence over maximizing returns.
Approximate Word count = 865
Approximate Pages = 3.5
(250 words per page double spaced)
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