1.5.2

Question 1

Characteristics of an entrepreneur

Answer 1

1) confidence
2) determination
3) self motivation
4) resilience
5) initiative

Question 2

Skills of an entrepreneur

Answer 2

1) Organisation
2) financial management
3) communication
4) decision making
5) IT skills

Question 3

Financial motives of setting up a business

Answer 3

1) Profit maximisation - making as much profit as possible

2) profit satisficing - seeking to attain a satisfactory level of profit that meets personal goals without necessarily maximising returns

Question 4

Non financial reasons for setting up a business

Answer 4

1) independence and becoming your own boss

2) being able to work from home

Question 5

Financial aims

Answer 5

Financial aims in a business relate to the goals and objectives related to money and financial performance. Such as e.g profit maximisation and profit satisficing.