Edexcel GCSE Business

Overall, at this stage, given the evidence in the four sources I have analysed, there is evidence to suggest creativity is the most important skill for an entrepreneur. This is because creativity has proven vital for all the businesses/entrepreneurs which I have investigated, and the study also explains why creativity, and innovating new ideas is so important. Creating new ideas is a means of advancing, of creating a competitive advantage over rivals, which means that more customers will buy the product or use the service.

A ‘me too’ approach is less likely to succeed, because there will be many competitors doing the same thing who are already established. In Ms Jin’s business, many of her important concepts which made her business successful were derived from lateral thinking and creativity. Tom Pellereau relies heavily on creativity and innovation in his entrepreneurial career, creating new products. The study clearly shows that creativity and innovation are very important skills for enterprise. Finally, Apple’s continued creativity and innovation of existing products/industries make it one of the most successful businesses in the world.

The other skill that the evidence seems to highlight as the second most important quality is drive/determination. This is a common quality of Ms Jin and Tom Pellereau, who have both shown passion for their work. Ms Jin is very passionate about her work and makes sure all her employees are too. She has the drive to push things through and support the business throughout its lifetime. Tom has suffered many setbacks, but is still motivated and determined to succeed, which he has duly done after winning ‘The Apprentice’.

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However, it could be argued that initiative is more important than determination. Ms Jin would not have created the business, let alone be successful, if she had not had the initiative to actually go ahead with her idea. While initiative is an important skill, there is more evidence to suggest drive/determination is more important, as both Ms Jin and Tom Pellereau needed it, and motivation and passion in the business is essential if a small business is to succeed. In addition, motivation and drive is very important to having the confidence to start up a business, and is very much linked with initiative.

Another skill which some may consider to be more important is planning. Planning is a crucial factor in starting up a business and helps increase the chance of the business succeeding. Ms Jin’s initial start-up was well researched and thought out, and this planning may have been a contributing factor to her success. However, this skill still depends on initiative and drive. If someone is not driven and motivated to start up a business, then no matter however detailed their plan is, they will not be able to push it through, especially when meeting difficulties.

To conclude, the evidence and research overall shows that creativity and drive/determination are the most important skills/qualities that and entrepreneur needs to possess.

References

[1, 2]: Edexcel GCSE Business: Introduction to Small Business Student Book

[3]: BBC Apprentice website

[4]: ‘Entrepreneurial Creativity and Innovation study’: http://www.strategicfutures.eu/__data/assets/pdf_file/0011/87599/leonie_baldacchino_paper_entrepreneurial_creativity_innovation.pdf

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