IGCSE, A Level Business Student Forum

Q5 Analyse how an entrepreneur can be successful by being risk-taker & a good communicator. [6]

Possible Structure:
[KN]
[AN]
[AN+]

[KN]
[AN]
[AN+]

[KN] Innovation.
[AN] Taking risks can lead to innovation and the development of unique products or services, setting the entrepreneur apart from competitors.
[AN+] Thus innovation will take him ahead of the competitors and will allow him to grab more customers and market share.

[KN] Pitching Ideas
[AN] Entrepreneurs need to convey their business ideas to potential investors, partners, and customers convincingly.
[AN+] Good communication skills are crucial in securing funding and building business relationships.

[KN] Innovation and growth of entrepreneur
[AN] Entrepreneurs who are willing to take calculated risks are more likely to innovate and drive business growth. They are not afraid to explore new markets and products.
[AN+] which can lead to competitive advantages.

[KN] Customer engagement
[AN] Effective communication with customers can lead to better relationships and customer loyalty. Entrepreneurs who listen to their customers' needs and provide clear, responsive communication can build strong customer relations.
[AN+] Thus building strong relations with the customers thus improving the brand loyalty

[KN] Risk taker
[AN] potential growth for the business . when the entrepreneur is taking risk for his business it will open ideas for them
[AN+] this would lead to higher chances of successful business

[KN] good communicator
[AN] this would help them get investors to invest in their business as they would be about to convay message and idea effectivity
[AN+] this would lead to higher chances of an successful business

KN: Innovation and Growth
AN: Risk-takers are more likely to explore innovative ideas and unconventional strategies
AN+: This can lead to the development of new products or services, which can drive business growth.
KN: Negotiation Skills
AN: Entrepreneurs frequently need to negotiate with partners, suppliers, and investors. Good communication skills help in securing better deals and partnerships
AN+: this can help to cut down prices

[KN] a good communicator would listen to others opinions which leads to better ideas
[AN] these ideas could help prosper the business
[AN+] which ultimately leads in more sales and revenue

[KN]a good risk taker is will be able to invest more confidently
[AN] this would help the business capture opportunities they wouldve instead missed if the entrepreneur was not a risk taker
[AN+] this would help the business grow and expand as it would invest further with more amounts

[KN] Risk taker
[AN] The ideas from the entrepreneur will be unique and profitable
[AN+] thus this will help the business grow and expand.

[KN] good communicator
[AN] this would help them get investors to invest in their business
[AN+] Thus the increase investments would lead to a successful business

[KN] Confidence
[AN] When entrepreneurs are willing to take calculated risks, it often reflects a belief in their business ideas and strategies. This self-assuredness can inspire trust in potential investors, customers, and partners.
[AN+] People are more likely to support or collaborate with entrepreneurs who appear confident in their vision.
[KN] Innovation
[AN] Innovation is closely tied to problem-solving. It aims to identify and address challenges or inefficiencies in new and better ways.
[AN+] Innovation implies change and the willingness to depart from established norms. It can involve modifying existing practices or introducing entirely new concepts.

[KN]Innovation
[AN] Risk-takers are more likely to identify innovative opportunities and act upon them.This can lead to groundbreaking innovations that give the entrepreneur a competitive edge.
[AN+]Thus it may also increase sales because of the USP of the product

[KN]Relationship Building
[AN]Effective communication is the foundation of building relationships with customers, partners, employees, and investors.
[AN+]Thus these relationships may lead to customer loyalty

[KN] a good communicator would listen to others opinions which leads to better ideas
[AN] these ideas could help prosper the business
[AN+] which ultimately leads in more sales and revenue

[KN]a good risk taker is will be able to invest more confidently
[AN] this would help the business capture opportunities they would've instead missed if the entrepreneur was not a risk taker
[AN+] this would help the business grow and expand as it would invest further with more amounts

[KN] good communication leading to better trust among peers [AN] these ideas could help prosper the business as they can ask for suggestions and such[AN+] which ultimately leads in more sales and revenue as the best way is used

[KN]confidence in own actions [AN] this would help the business capture opportunities they would've instead missed if the entrepreneur was not a risk taker[AN+] resulting in the business expanding successfully and even achieving economies of scale

(Kn) Communication leads to customer loyalty (an) When a entrepreneur communicates with its customers giving them understanding of its business it increases customer engagement in the business (an+) Therefore, customer loyalty increases also increases sales and leads to a good brand image.

(Kn) Risk can often generate large profits (an) By taking risk the like new products or investments etc the business can often come across great outcomes (an+) this will increase profits and market share.

[kn] should be able to take advantage of feedback as a tool in order to benefit the company
[an] instead of taking critisism in a negative manner, an entrpreneur should be able to come up with ideas for the betterment of his business
[an+] The business's weakness will be addressed and improved resulting in customer satisfaction

[kn] taking risks opens up new opportunities
[an]  making risky decisions may include some uncertainty, but these choices may result in unexpected progress
[an+] possibly a whole new route for the business including innovative products, expansion into niche markets etc

[KN]Risk taking ability can help to become innovative
[an] A risk taking entrepreneur is likely to try new products and may produce goods and services that people might buy
[an] hence this can help to attract potential customers leading to increased sales


[kn]Effective communication of entrepreneur can help to improve reputation of a business
[an] talking clearly to customers and answering their questions properly can help to satisfy and retain customers
[an] leading to customer loyalty

[KN] Risk-taking enables and encourages innovation.
[AN] Innovative products and services differentiate them from competitors.
[AN+] Thus, this will help attract a large customer base with increased sales.

[KN] Being a good communicator will help access to new ideas and opinions.
[AN] This will lead to business growth in a profitable manner
[AN+] Thus this will increase brand image and customer loyalty.