Entrepreneurial Motives And Charctersitics

Question 1

What is an entrepreneurial motive?

Answer 1

An entrepreneurial motive is the factor that drives a person to start a business e.g to be their own boss.

Question 2

Financial motives

Answer 2

Profit maximising
Profit satisficing

Question 3

Non-financial motives

Answer 3

Self actualisation
Customer satisfaction
Creativity
Independence
Satisfaction - making a in on your own, making a difference

Question 4

What is profit satisificing?

Answer 4

Making a satisfactory level of profit just enough to cover your profit

Question 5

What is profit maximisation?

Answer 5

Profits are maximised at an output when marginal revenue = marginal cost, this is also where marginal profit is 0.

Question 6

What is an ethical stance?

Answer 6

Business ethics is Implementing appropriate business policies and practices with regard to arguably controversial subjects.

Question 7

What is social entrepreneurship?

Answer 7

Social entrepreneurship is a new innovative business venture that influences change.

Question 8

Define independence

Answer 8

For an entrepreneur, independence means being in charge of their own business and making decisions without the input or approval of others.

Question 9

Entrepreneurial characteristics

Answer 9

An entrepreneurial characteristic is a skill, quality or trait of the person starting the business and what makes them so successful.