Entrepreneurial Motives and Characteristics Flashcards
Define characteristics
Personality traits that an entrepreneur will have in order to start and run a business.
Examples of skills
organizing
financial management
communication
managing people
decision making
negotiating
IT skills …
Examples of characteristics
risk taker
self- determination
perseverance
resilient
judgement
passion
commitment
confident
What are entrepreneurial motives
Factors that drive a person to start a business
Financial motives for setting up a business
Financial gain
profit maximizing
profit satisficing
Non financial motives for setting up a business
Personal success
Ethical stance
Social entreprise
Independence
Hardworking
What is a social entreprise
A business that has a clear mission to improve social and environmental well being alongside their profit making activities
What is profit maximizing?
An attempt to make as much profit in a given time period
What is profit satisficing?
making enough profits to satisfy the needs of the business owners
Ethical stance
A minority of people set up a business in support of a moral belief they posses
Independence
Want to be your own boss and being driven by freedom to make one owns decision
