Entrepreneurial Skills

"Working hard and working smart, sometimes can be two different things."

(Byron Dorgan)




An entrepreneur can be defined “a person who sets up a business or businesses, taking on financial risks in the hope of profit (Oxford Dictionary N.D.).
Some of the skills that are required by an entrepreneur include:
·         Plan everything
·         Manage Money wisely
·         Self Promotion
·         Create a competitive advantage
·         Master the art of negotiating 

Successful Entrepreneurs                                               
Alan sugar and Duncan are considered two of the UK’s most successful entrepreneurs. Their skills and attributes include:

Profile: Alan sugar




“Having left school in Hackney aged 16, Alan Sugar started selling electric goods out of a van he bought for £50. In 1968, he founded Amstrad and now, over 45 years later, he has an estimated worth of £900 million and was ranked 110th in the 2014 Sunday Times Rich List” (BBC N.D.)
5 key skills which Lord Sugar identified as helping him succeed include:
·         Calculated risk taking
·         Self discipline
·         Clear business plan
·         Negotiation
·         Differentiate yourself from competition 




Profile: Duncan Bannatyne




“Duncan began his entrepreneurial life by trading in cars, but it was with an ice cream van purchased for £450 that he changed the course of his life.
With 'Duncan's Super Ices', he set out to become the king of the 99 and eventually sold the business for £28,000, founding a nursing home business instead.
He sold his nursing home business for £46 million in 1996. Duncan quickly diversified into the fitness market and, just over a decade later, now operates Bannatyne’s Health Clubs, the largest independent chain in the UK. His Bannatyne Group also has interests in hotels, bars and a chain of luxury” (BBC N.D.)
3 key skills which Duncan Bannatyne identified as helping him succeed include:
·         Research and knowledge
·         Time management
·         Determination and resilience