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Personal Qualities (Qualifications (For some types of SMEs, few or no…
Personal Qualities
Qualifications
For some types of SMEs, few or no formal academic requirements are needed to commence operating
The Business Studies course is of enormous value should you decide to become a SME owner. Such courses give you knowledge and understanding of what is required to successfully own and operate a SME
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It is extremely difficult to categorise them or the qualifications they possess that make their business a success/
However, two factors that are often mentioned are motivation and entrepreneurial spirit
Motivation
Motivation refers to your personal drive, determination, and desire to achieve a goal or objective
Many people start their own business because they believe they can do better for themselves than if they remain with their present employer
Most business owners are motivated by the rewards they believe can be gained from establishing a business, including both monetary and non-monetary benefits
Entrepreneurship
The entrepreneur must have a range of personal characteristics that enable them to take advantage of, and be successful with these opportunities
Entrepreneurs must be prepared to take risk and incur the results of the risk - they must be confident in decision making and willing to accept responsibility for their decisions
They must also have flair and creativity and the ability to set goals and have a vision for the business's future
Gender
Policies are being created specifically to assist small businesses in contributing to the national economy. in response to these policies, many women are setting up their own businesses.
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Skills
Experience
Develop new skills as a result of training or exposure to various aspects of the business's operation
Apart from well-developed management skills, a person with hands on experience will have a greater chance of achieving business success
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Cultural Background
A person's cultural background can influence their reasons for establishing a business. Cultural influence can arise from a community's traditions and beliefs such as the 'work ethic'
Cultural influence can also arise from centuries of experience in certain trades or services, enabling a person to use this knowledge to achieve business success