1.5.1 And 1.5.2 Role Of An Entrepreneur And Charcateristics Flashcards
What is an entrepreneur
An individual that takes risk to hopefully gain reward (usually financial)
What are some barriers to entrepreneurs
- lack of finance
- lack of ideas
- fear of failure
- unsupported environment
How can risk be reduced
- thorough market research
- spreading risk across different markets
How to manage uncertainty
- making contingency plans
- spreading risk
What is an intrapreneur
An individual who behaves like and entrepreneur to benefit the business but without risking their own finances
What are the characteristics of an entrepreneur
- confident
-determined - committed
- innovative
Skills of an entrepreneur
- organising
- decision making
- communication
- managing people
- financial management
What are the financial motives for an entrepreneur
- profit maximisation
- profit satisficing
What is profit maximisation
Motivated by money, making the maximum amount of profit possible
What is profit satisficing
Making enough profit to live off and maintain a nice lifestyle
What are non-financial motives of setting up a business
Ethical stance
Social enterprise, helping the community
Independence, not having a boss
Home working, flexibility around working
