Entrepreneurs: Traits That Drive Business Success

Year 9 Commerce NSW Curriculum The characteristics of entrepreneurship and how they influence business success

Hook Activity: The $100 Challenge

You have $100 to solve ONE problem at school: • Long canteen queues • Expensive bubble tea addiction • Need for study support before exams What business idea would YOU create?

WALT: We Are Learning To...

• Define entrepreneurship and identify key characteristics • Explain how entrepreneurial traits influence business success • Analyse real-world examples of successful entrepreneurs • Apply entrepreneurial thinking to solve problems

Success Criteria - You will be successful when you can:

• Identify at least 5 entrepreneurial characteristics • Explain the difference between risk and calculated risk • Connect entrepreneurial traits to business outcomes • Create your own business idea using entrepreneurial thinking

What is Entrepreneurship?

Entrepreneurship is: • Identifying an opportunity • Taking action to solve problems • Creating value for customers • Building something new or better

Review Question 2 - Suggested Answers

Entrepreneur = Someone who sees a problem or opportunity and creates a business solution Entrepreneurship is NOT only about getting rich It's about making a positive difference Examples: Creating apps, starting cafes, inventing products

10 Key Entrepreneurial Characteristics

Review: Understanding the Characteristics

Creativity = New ideas and solutions Resilience = Bouncing back from failure Financial Literacy = Understanding money and profit Customer Focus = Putting customer needs first Initiative = Taking action without being told

Risk vs Calculated Risk

{"left":"Random Risk: Guessing without evidence, No research or planning, Like gambling, Often leads to failure","right":"Calculated Risk: Using research and data, Careful planning and testing, Evidence-based decisions, Higher chance of success"}

Review Question 4 - Risk Examples

Random Risk Examples: • Buying stock without any research • Starting a business without market testing Calculated Risk Examples: • Testing a new drink recipe with friends first • Researching competitors before opening a cafe

How Entrepreneurial Traits Influence Success

Creativity → Unique ideas → Customer interest → Sales Resilience → Handles failure → Keeps improving → Long-term success Financial Literacy → Better pricing → Stronger profits → Business growth Customer Focus → Happy customers → Repeat business → Recommendations

Quick Check: Match the Situation

Match each situation to the entrepreneurial characteristic: A. Sarah notices students need healthier lunch options B. Tom continues his app development after 3 failed attempts C. Maya creates a unique design for school merchandise D. Alex researches prices before setting his tutoring rates