Entrepreneurs

Entrepreneurs

1. Characteristics

   • Calculated risk-takers- Prepared to take a risk in order to maximise rewards
   • Resilient and determined - Able to handle problems and overcome hurdles. Setting up a business is difficult and time consuming
   • Multi-tasker - Able to take on more than one task at a time e.g. product development, recruitment, sales etc
   • Decisive - They don't wait for others to make decisions
   • Passionate and visionary about their product - Having faith in what they're trying to do

2. Motivations

   • Profit
   • Ethical reasons

3. Leadership Styles

   • Autocratic - Individual taking control of all decisions with little input from others.
   • Democratic - Members take a more participative role in decision making process. Leads to high productivity and increased group morale.
   • Paternalistic - Individual pays more attention to the social needs of workers and act as a father figure towards staff. They consult employees over issues and welcome their feedback/opinions however the manager will make the actual decision with the best interest of the workers.
   • Laissez-faire - Leaders have more of a relaxed laid back approach and allow staff to make decisions. Leads to low productivity.