1.5.2. Entrepreneurial Motives And Characteristics

Question 1

Characteristics and skills required

Answer 1

Successful qualities of entrepreneur:
-Understand market
-Determination
-Passion
-Resilience
-Ability to cope with risk
-Persuasive abilities+Problem solving skills

Question 2

Reasons to set up a business

Answer 2

Financial motives:
Reasons to set up business
1.Profit maximising- To continually seek to get most profit from every business transaction. May lead to consumers feeling exploited. Earning most profit possible in given time period.
2. Profit satisficing- accept lower profits for short term to build brand reputation.

Non financial motives:
3. Independence-Being their own leader
4.Home working
5.Ethical stance- Unwilling to compromise their beliefs
6. Social entrepreneurship- Want to create a positive contribution to community.