1. What are the traits of a successful entrepreneur?
  • Self-directed - Discipline and comfortable being the own boss as success or failure of the business is our own responsibility.
  • Self-nurturing - Always believe in our own ideas no matter what other thinks about it.
  • Action-oriented - Being able to turn the business ideas and dreams into a reality.
  • Highly energetic - Must be able to keep working at all costs in order to keep the business surviving.
  • Tolerant of uncertainty - Although risks can be calculated, but some cannot. A successful must be able to take these risks.

2. What are the difference between an Entrepreneurial Team and a Micropreneur?

Entrepreneurial team is a group of experienced people from different areas of business who join to form a managerial team with the skills to develop, make and market a new product. An example of an entrepreneurial team is Steve Jobs, Steve Wozniak and Ronald Wayne which made Apple successful. On the other hand, micropreneur is entrepreneurs willing to accept the risk of starting and managing a business that remains small, lets them do the work they want to do, and offers a balanced lifestyle. Many micropreneurs are home-based business owners such as tutors and photographers.

3. What are intrapreneur and what is the difference between entrepreneur & intrapreneur?

Intrapreneur is a creative person who works as an entrepreneur within a corporation. They use a company’s existing resources to launch new products for the company. An example of an intrapreneur is Ken Kutaragi who made the gaming console called Playstation. The difference between entrepreneur and intrapreneur is that an entrepreneur is someone who designs and launches a new business, which means that they will take on all of the rewards and risks that come with running a business. On the other hand, an intrapreneur is an individual who uses their entrepreneurial skills to create and develop a new project in the company that they already work at, which eliminates many of the risks that come with running a business as an entrepreneur.

4. What is a business plan? What a business plan consists of?

Business plan is a detailed written statement that describes the nature of the business, the target market, the advantages the business will have in relation to competition, and the resources and qualifications of the owner/owners. A business plan forces potential owners to be specific about what they will offer. Moreover, a business plan is mandatory for talking with bankers or investors in order to raise extra finance/capital for the business. It consists of the business’ summary to catch investor’s interest.

5. Where can we get our first capital as we just starting up?

As a future entrepreneur/business owner, it is important to have sufficient amount of money for the operation and start-up cost. Moreover, the amount of money required is a lot. If there is insufficient amount of money, the business may shut down. In order to raise these amount of money, there are several options as listed below:

  • Personal savings
  • Relatives
  • Former employers
  • Banks & finance companies
  • Government agencies
  • Angel investors
  • Venture capitalists

6. Why is it important to know our customers first before we develop a new business?

Because customers have both the resources and willingness to buy a product/service, thus fulfilling their needs and wants will make the business successful. Consumers will buy the business’ product/services if it meets their demands. If the product/service developed by the business doesn’t meet their demand, it will cause the business a huge loss and may force closure at worst case.

Reference:

Nickels, W.G., McHugh, J.M., & McHugh, S.M. (2018). Understanding Business (12th ed.). New York, United States of America: McGraw-Hill Education