LEARNING OUTCOME (01) – CHARACTERISTICS OF THE ENTREPRENEUREntry 1Entrepreneurship is a process carried out by individuals by identifying opportunities and converting them into products or services marketable. The entrepreneur makes an investment, creates an organization, markets the product/service and profits from it. In my opinion, to be a successful entrepreneur one must be confident, be able to take calculated risks, be flexible and creative. He must be able to lead his organization to achieve its goal through ethical means (Schaper, Volery, Weber & Lewis, 2011). I understood that to be successful, an entrepreneur must be literate, have good interpersonal communication skills and leadership. qualities (Birt & Sleeman, 1999). Entrepreneurs are more likely to succeed when markets are out of balance and customer needs are not being met. The entrepreneur has autonomy and can follow his own lifestyle and I would like to have that freedom. I would prefer to have the freedom of creativity and innovation to build and grow my business. Entrepreneurs may or may not have a business plan. Some entrepreneurs start a business with a budget planned to achieve goals. These goals are measurable, achievable and achievable. I believe that an entrepreneur must have a proper business plan to be able to attract investors (Chaston, 2009). I would prefer to have a business plan and revenue model for opening a business because it is important for the current and future market. The business plan and revenue model are used as justification for taking a loan from the bank to start the business. Entry 2Opportunity is a situation in which a new product, service or process can be introduced and sold at a higher price. of paper ......s within an organization. Most innovative business ideas come from analyzing multiple areas of opportunity, some of which lie within particular companies or industries, and others of which are part of broader social or demographic trends. Innovation can also concern different elements, such as a product, a service, a process or a combination of these. Entrepreneurs think and create different and unique things that give them a niche position in the competitive market (Schaper, Volery, Weber, & Lewis, 2011). REFERENCES Birt, I. and Sleeman, R. (1999). Making Small Business Work for You (2nd ed.). Sydney, Australia: Prentice HallChaston, I., (2009). Entrepreneurial management in small businesses. London, England: SAGE Publications. Schaper, M., Volery, T., Weber, P., and Lewis, K. (2011). Entrepreneurship and Small Business (3rd ed.). Australia: John Wiley & Sons Australia, Ltd.