1.5.2 Entrepreneurial Motives and Characteristics

Question 1

Name three characteristics an entrepreneur will need

Answer 1

Any three from:
- self confidence
- self determination
- self starter
- initiative
- commitment
- creative
- resilient
- risk taker
- hard working
- visionary
- passionate

Question 2

Name three skills an entrepreneur will need

Answer 2

Any three from:
- organisation
- communication
- financial management
- negotiating
- solving problems
- quick on their feet
- good at IT
- numeracy
- team working

Question 3

What are the two financial motives for setting up a business

Answer 3

1. profit maximisation
2. profit satisficing

Question 4

What is profit maximisation

Answer 4

Generating as much wealth as possible

Question 5

what is profit satisficing

Answer 5

where a business focuses on making enough profit so that the owner has a desirable quality of life