Lucy is the founder of Guinea Pig Love, a very successful global brand. She has won many awards including Staffordshire Young Entrepreneur of the Year in 2021.
Which one of the following is least likely to be a characteristic of a successful entrepreneur?
Select ONE answer:
- Self-confident
- Risk-taker
- Resilient
- Indecisive
Show your workings to arrive at your answer, and explain and justify your reasons:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
This multiple-choice question is suitable for Accounting KS5 classes.
The answer is 4
- Not correct – because an entrepreneur has to be self-confident and believe in their ideas and decision making, particularly when faced with difficult choices/decisions.
- Not correct – because entrepreneurs do take risks which are balanced against rewards.
- Not correct – because resilience means not giving up, which is crucial for a successful entrepreneur as businesses often struggle/fail, especially in the first year.
- Correct – what is an entrepreneur e.g. someone who combines the factors of production in order to create a business/willingness to take risks involved in running a business. Many successful entrepreneurs have to be able to make many quick decisions for the survival of their business. If decisions are not made quickly vital opportunities would be lost thereby risking the success of the business.
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