Emtrepreneurial Motives And Characteristics

Question 1

Characteristics of entrepreneurs

Answer 1

-Self confidence: believe you’re going to succeed.
-Self determination: think you can control events happening o round them.
-Being a self starter: Work independently and take decisions. Have own ideas.
-Judgement: Gather info and listen to advice. Have vision of how business will go.
-Commitment: Long hours
-Perseverance: Don’t give up if things don’t go as expected.

Question 2

Skills needed by an entrepreneur

Answer 2

-Organizing: organize resources and activities effectively.
-Financial management: to have enough money when needed.
-Communication: Give clear instructions, convince people.
-Managing people: recruit the right people and respect workers.
-Decision making: make the correct important decisions and day to day decisions.
-Negotiating: agreeing in the right prices and conditions.

Question 3

Financial reasons to set up a business

Answer 3

-Profit maximization: try to earn as much money as possible.
-Profit satisficing: make enough profit to mantain their interest in the business.

Question 4

Non financial motives to open a business

Answer 4

-Ethical stance: open a business to to support a moral belief they posses. Ex, Vegetarians
-Social enterprise: aim to improve human well being. Charities.
-Independence: Be their own boss.
-Work from home