Topic 20 Flashcards
1
Q
Characteristics and skills of entrepreneurs -> 7
A
- Self-confidence
- Self-determination
- Being a self-starter
- Judgement
- Commitment
- Perseverance
- Initiative
2
Q
Essential entrepreneurial skills -> 6
A
- Financial management
- Communication
- Negotiation
- Decision-making
- Organising and planning
- IT skills
3
Q
Reasons for setting up business - > financial motives > profit maximisation
A
Aim: make as much profit as possible
Advantages:
-> rewards effort and risk-taking
-> encourages efficiency
Disadvantages:
-> may lead to ethical concerns such as offering low wages or cutting costs
4
Q
Reasons for setting up business - > financial motives > profit satisfying
A
Aim: make enough profit to sustain a comfortable lifestyle
5
Q
Reasons for setting up business -> Non financial motives -> 4
A
- Ethical stance -> running business tu support moral or ethical stance
- Social enterprise -> aiming to benefit community
- Independence -> be one’s own boss
- Home working -> operating from home for flexibility and convenience
