Hal wants to be a successful entrepreneur．He plans to leave his job to start up a bakery．The bakery will operate in the private sector．The business will have many stakeholder groups．Hal has been told it is important for a new business to select an appropriate source of start－up capital．He also knows new businesses are at a greater risk of failure． Explain two characteristics Hal will need to become a successful entrepreneur. Characteristic 1: Explanation: Characteristic 2: Explanation:

Award 1 mark for identification of each relevant characteristic (max 2).
Award 1 mark for each relevant reference to this business (max 2).
Award 1 mark for each relevant explanation (max 2).
Points might include:
- Risk-taking [k] especially as plans to leave his job [app] because the owner may lose their investment [an]
- Hard-working [k] as must be ready to do everything on own/as may have to work long hours [an] to set up his bakery [app]
- Creative [k] as having (new) ideas can help gain customers [an] for his private sector business [app]
- Effective communicator/persuasive [k] with his stakeholders [app] as may need to convince its banks/suppliers/customers to lend/provide/buy goods [an]
- Perseverance/determination/resilience/self-motivated [k] so needs to be prepared to keep going when faced with problems [an]
- Optimistic [k] so always think they will/can succeed [an]
- (Self-) confident [k] so convince people/banks to invest [an]
- Independent \([\mathrm{k}]\) as be able to work without any help [an]
- Innovative [k]

Other appropriate responses should be credited.