1.1.3 Entrepreneurial Skills and Attributes

Revision Time: 3 minutes

Having certain skills or attributes increases an Entrepreneur’s chances of making their business successful.

Attribute – Attributes are something that you naturally have

Skill – Skills are things that you can learn

Entrepreneurs will typically have the following attributes or skills:

Attributes (feature or quality belonging to someone)
– independence
– confidence
– self-starting
– self-reflective
– determination
– decision-making
– risk-taking
Skills (you can practice these over time)
– financial
– communication
– management
– sales
– IT
– timekeeping

Entrepreneurs may be inventive or innovative.

Invention – the creation of new ideas.

Innovation – the application of new inventions into marketable products or services.

Invention means creating new products or designs that people want to purchase. Innovation means introducing them to a marketplace.

Example: Apple innovates each year with a new iPhone, whereas Thomas Edison invented the light bulb!



Research – carry out some research into an entrepreneur of your choice.

Create a presentation which covers the following points:

  • What was their motivation?
  • What skills and attributes do they possess that have helped them to succeed as an entrepreneur?
  • What challenges did they face?

1.1.2 Entrepreneurial Motivators

1.2.1 Reasons for Aims and Objectives