Entrepreneurial motives and characteristics

Question 1

What are the characteristics of an entrepreneur?

Answer 1

• Self-confidence.
• Self- determination.
• Being a self starter.
• Judgement.
• Commitment.
• Perseverance.
• Initiative.

Question 2

What are the financial motives for starting a business?

Answer 2

• Profit maximisation.
• Profit satisficing: when a business makes just enough profit to satisfy its shareholders.

Question 3

What are the non financial motives for starting a business?

Answer 3

• People can work for themselves and don’t have to answer to anyone.
• Want flexibility.
• Want to be independent.
• Allows them to be creative.

Question 4

What’s a social enterprise?

Answer 4

Businesses trading for social and environmental purposes.
- Profits are reinvested into business.