1.5.6 - Moving from Entrepreneur to Leader Flashcards
1
Q
Profit Maximisation
A
- To make as much profit as possible
* Profit = sales revenue – total costs
2
Q
Profit Satisficing
A
- To make enough profit to be satisfied but not be purely motivated by profit
- May profit satisfy to maintain a work life balance
3
Q
Ethical Stance
A
- To behave in a manner deemed to be morally correct
- Provide a good or service that meets ethical beliefs e.g. cosmetics not tested on animals or clothes made from fair trade cotton
4
Q
Social Entrepreneurship
A
- Motivated by supporting a cause rather than making a profit
- Any surplus revenue earned is used to further support the cause e.g. support the community or fund research
5
Q
Independence
A
Be own boss and make own decisions
6
Q
Homeworking
A
- Match family commitments to work commitments
* Work life balance
7
Q
Leadership
A
A relationship through which one person influences the behaviour or actions of other people
