1.5.2 Entrepreneurial motives and characteristics

Question 1

Financial Motives

Answer 1

• Profit maximisation

- Profit satisfying - making enough profit for a standard of living, fewer risks, lifestyle business

Question 2

Non-financial Motives

Answer 2

ethical stance - care about people and environment
social entrepreneurship - e.g. charities
home working / flexible working - work life balance
self actualisation - achieving an ambition
independence - being own boss

Question 3

Characteristics

Answer 3

Self confidence
Determination
Judgement
Vision and innovation
Commitment 
Resilience
Initiative 
Understanding the market

Question 4

Skills

Answer 4

Decision making
Communication
Team-working 
IT skills 
Management