1.5.2 Entrepreneurial Motives & Characteristics Flashcards
What are some of the skills required by an entrepreneur?
- Communication
- Teamworking
- Problem solving
- Organisation
- Numeracy
- Information technology
What are the characteristics required by entrepreneurs?
- Creativity
- Hard working
- Resilience
- Initiative
- Self confidence
What are the financial reasons people set up a business?
Profit maximisation- People want to create a profitable business that generates substantial revenue and profit for themselves and their shareholders
Profit satisficing- Occurs when the entrpreneur is not soley focused on maximising profts but rather achieving a satisfactory level of profit
What are some non-finanical reasons people set up businesses?
Ethical stance- Some entrepreneurs may have a particular ethical stance that they want to build their business around
Social entrepreneurship- These entrepreneurs aim to create a business that seeks to address a social or environmental problem while also earning a living
Home working- With the advent of technology, many people have started businesses from their homes and this offers them more flexibility and a better work-life balance
