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1.3.1 Characteristics of Successful Entrepreneurs


A Level Business Studies (Developing Business Ideas) Flashcards on 1.3.1 Characteristics of Successful Entrepreneurs, created by Molly Hills on 11/13/2014.
Molly Hills
Flashcards by Molly Hills, updated more than 1 year ago
Molly Hills
Created by Molly Hills over 7 years ago

Resource summary

Question Answer
Six Characteristics of Entrepreneurs Initiative, Hard- Working, Resilient, Creative, Self Confident and Taking calculated risks
Three examples of a Profit Motives Earning a larger income Provide for Family Sale & Profit maximisation
Three examples of non-profit motives Being your own Boss Ethical/Help others Continuing a Family Business
Definition of a Entrepreneur Someone who has a flair for business ideas and has the confidence to take the risks involved in setting up a business
Name the three Leadership Styles Autocratic Paternalistic Democratic
Which leadership style is effective when: Quick decisions are needed? Autocratic
Which leadership style is effective when: Creativity is needed? Democratic
What is a problem with a Paternalistic leadership style? Experienced staff may feel patronized or under valued
What is a problem with a Democratic leadership style? When decisions need to be made quickly
Three factors which effect leadership styles The Workers The Task The leaders personality
Name the two types of Extreme managers Theory X Theory Y
Theory X believe workers are... Lazy Respond to Threats Avoid Responsibility
Theory Y believe workers are... Keen Will work well on their own Respond to Rewards
What does a 'Laissez-Faire' Leadership Style mean? It means workers are left to their own devices
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