Chapter 20: Entrepreneurial Motives and Characteristics

Question 1

What does it mean to be a self starter?

Answer 1

Being able to do work independantly and take their own decisons.

Question 2

What does it mena be have good judgement?

Answer 2

To take info and listen to advice but be able to see where the business may go in the future and act accordingly.

Question 3

What does it mean to be commited?

Answer 3

To be completly willing to work on the buisness, and put effort into running it to the best of its ability

Question 4

What doe sit mean to perservere?

Answer 4

Be able to get through bad times and the set backs in the business.

Question 5

What are some skills required to be an entreprenuer?

Answer 5

Good organisational skills

Financial Management

Communication skills

Be able to manage people

Make good decisions

Negotiating

IT skills

Question 6

Reasons why someone may set up a business (finacial and non- financial)

Answer 6

~Finacial Motives~

Profit maximisation: making as much profit as tey can in a certain amount of time

Profit satisficing: aim to make enough profit to maintain their interst in the business

~Non Financial~

Ethical stance: they may possess a moral belief, (e.g halal meat supplier)

Social enterprise: organisations that trade with the ai of improving human and environmental well- being.

Independance: Some people want ‘to be their own boss’, some are driven by the desire to be independant