1.5.2 : Entrepreneurial Motives And Characteristics

Question 1

What is an enterprise ?

Answer 1

The skills and abilities to take risks and create profits. The creation of a business to meet the needs and wants of customers.

Question 2

What is an entrepreneur ?

Answer 2

Person who organises, operates and assumes the risk of a business venture. A person who takes the risk in starting a new business.

Question 3

What are the financial motives for starting a business ?

Answer 3

Desire to earn substantial rewards, long-term profit maximisation, a sufficient profit to have a comfortable standard of living ,

Question 4

What are the non-financial motives for starting a business ?

Answer 4

More control over working life, need for flexible working, pursue an interest or hobby, want to be the boss

Question 5

What is a social enterprise ?

Answer 5

Trade in goods or services for social purpose : financial , social , environmental

Question 6

What are the downsides of being an entrepreneur ?

Answer 6

Occasional loneliness/isolation , financial pressure, hard work , strain on family + social life , higher stress level