1.5.2 Entrepreneurial motives and characteristics Flashcards
1
Q
What are the main characteristics required to becoming an entrepreneur?
5
A
- Understanding market
- Determination
- Passion
- Resilience
- Ability to cope w risk
2
Q
What are the main skills required to become an entrepreneur?
4
A
- Financial skills
- Persuasive abilities
- Problem-solving skills
- Networking skills
3
Q
Who can persuasive skills be used against
3
A
- Suppliers
- Staff
- Customers
4
Q
What are the main motives behind starting up a business?
6
A
- Profit maximising
- Profit satisficing
- Independence
- Home working
- Ethical stance
- Social entrepreneurship
5
Q
What is profit satisficing?
1
A
- Blending desire for profit with other factors e.g. build good rep
6
Q
What is a drawback of profit maximisation?
1
A
- Consumers feel exploited with substandard G/S
7
Q
What is the main aim of social entrepreneurship?
1
A
- Make +contribution to their community
