1.5.6 Entrepreneurs and leaders

Question 1

motives of an entrepreneur

Answer 1

1. make money/profit
2. social responsibility - supporting community
3. pursue an ambition (innovation)
4. be own boss
5. good quality of life (work life balance)

Question 2

types of motives (entrepreneurial)

Answer 2

1. Financial

2. Non financial

Question 3

financial motives

Answer 3

1. Profit maximisation (much profit as possible)
2. Profit satisificing (enough profit to be satisfied but not purely motivated by profit) - may do it to maintain work life balance

Question 4

non financial motives

Answer 4

1. Ethical stance (manner deemed morally correct)
2. Social entrepreneurship (motivated by supporting a cause rather than profit) any surplus revenue further supports
3. Independence (be own boss & make decision)
4. Homeworking (family commitment & work life balance)

Question 5

Leadership

Answer 5

relationship through which one person influences the behaviour and actions of the other person

Question 6

Why is leadership increasingly important in business:

Answer 6

1. organisational structure (flatter=more delegation)
2. teamwork (quality assurance)
3. coaching/empower
4. dynamic env (rapid & constant change)
5. soft skills better working environment)
6. culture (aims/obj = productivity)

Question 7

5 difficulties an entrepreneur may face when becoming a leader of a larger organisation

Answer 7

1. delegate
2. trusting/listen
3. open minded
4. proactive
5. emotional intelligence