Session 30 - Entrepreneurial motives and characteristics

Question 1

What is an Entrepreneur?

Answer 1

Someone who starts and runs a business and has responsibility for the risks involved.

Question 2

Why are Entrepreneurs important for the UK ?

Answer 2

Creates employment, Innovation helps compete with Europe and worldwide, Increase competitiveness, Small businesses are the future large businesses, Strengthens UK economy

Question 3

List Entrepreneur Characteristics

Answer 3

Self-confidence, Determination, Passion, Resilience, Risk taker, Hardworking, Uses Initiative

Question 4

List Entrepreneurs Skills

Answer 4

Communication, Team working, Problem solving, Organisation, Numeracy, Information technology

Question 5

List the financial products of risks

Answer 5

Money Invested, Salary foregone

Question 6

List the esteem products of risks

Answer 6

Fear of failure, Proving self

Question 7

List the commitment products of risks

Answer 7

Time and effort, Loss of personal/social time

Question 8

List profit motives of rewards

Answer 8

Return on Investment, Future security

Question 9

List rewards of being your own boss

Answer 9

Taking decisions, Not taking orders!

Question 10

List self actualization factors of rewards

Answer 10

Self satisfaction, Achievement

Question 11

What is profit maximisation

Answer 11

An entrepreneur may aim to make the highest amount of profit possible. This is the difference between revenue and costs, so they will seek to minimise costs and maximise revenue

Question 12

What is an entrepeneurs independence

Answer 12

Wanting to be their own boss

Question 13

List advantages of entrepeneurs independence

Answer 13

Can work on own – no one to answer to, Can have own idea and run with it – do not have to follow an old idea, Autonomy, Being the boss, sense of pride and
achievement

Question 14

What is an entrepeneurs social enterprise

Answer 14

businesses trading for social and environmental purposes. Profit is important BUT equally, so are the people they help (profit Satisficing)

Question 15

List advantages of entrepeneurs social enterprise

Answer 15

Entrepreneurs can earn a living doing something valuable which can be motivating, The more successful the social enterprise the more society benefits as opposed to the business, Customers may be more willing to buy from a social enterprise