ENTREPRENEURSHIP

Detailed explanation-1: -A personal characteristic needed to be a successful entrepreneur is inflexibility. Entrepreneurs do not need “people skills” to be successful. One of the ways to increase your entrepreneurial potential is to find a mentor. In the United States, fewer than half of the entrepreneurs have some college education.

Detailed explanation-2: -While there is no magic formula for beings a successful entrepreneur, those who do succeed tend to have mastered the following set of skills: good and effective communication; being able to sell both themselves and their idea or product; strong focus; eagerness to learn and be flexible; and a solid business plan.

Detailed explanation-3: -Even with the right idea, money, and time, not all businesses turn out to be successful. Only a fraction of all entrepreneurs become successful.

Detailed explanation-4: -Answer and Explanation: The correct answer is False. An entrepreneur creates a business concept, gathers the required physical and human resources to launch a new enterprise, operationalizes it, and is ultimately accountable for the progress.

Detailed explanation-5: -In conclusion, success in any field of life is not due to inborn traits. Rather it is achieved through experiences, knowledge and passion. The same goes for business. Entrepreneurs are not marked from birth; they are people who made a series of good decisions in their businesses and lives.