THEME 1.5.2

Question 1

what are the characteristics of an entrepreneur?

Answer 1

Characteristics of entrepreneur include:
Opportunity spotter
Creative
Show initiative
Risk taker
Positive thinker
Hard working
Self motivated
Decision maker
Visionary
Enthusiastic
Determined and persistent

Question 2

What are the skills of an entrepreneur?

Answer 2

Skills required to be an entrepreneur include:

• Communication
• Literacy
• Numeracy
• Information technology
• Organisation
• Problem solving
• Team working

Question 3

Why do people set up a business?

Answer 3

to make money, fulfil their dreams, be their own boss, to provide a service,

Question 4

financial motives for setting up a business

Answer 4

Profit maximisation
To make as much profit as possible
Profit = sales revenue – total costs

Profit satisficing
To make enough profit to be satisfied but not be purely motivated by profit
May profit satisfy to maintain a work life balance