1.5.2. Entrepreneurial Motives and Characteristics

Question 1

What characteristics do entrepreneurs require?

Answer 1

C-reative
H-ardworking
R-esilient
I-nitiative
S-elf confident
T-aking risks

Question 2

What skills do entrepreneurs require?

Answer 2

P-roblem solving
O-rganisation
N-umeracy
T-eamwork
I-nformation technology
C-ommunication

Question 3

For what reasons do people set up businesses?

Answer 3

E-thical/moral reasons
D-o things differently from everyone else

P-rofit
I-nspired by the success or image of someone else 
C-hallenge (enjoy a...)
C-reative by nature
O-wn boss

Question 4

What are the financial and non-financial reasons to start a business?

Answer 4

• profit maximisation, profit satisficing (financial), and the flexibility of the work life balance (non-financial)

Question 5

Why do some focus on profit maximisation?

Answer 5

They can invest in the growth of businesses and expand to as many potential customers as possible.

Question 6

What does profit satisficing involve?

Answer 6

Generating enough profit to fulfil a business’s requirements.