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Entrepreneurial motives and characteristics (1.5.2)

Description

A level Business, Unit 1 Mind Map on Entrepreneurial motives and characteristics (1.5.2), created by Rhian Morgan on 10/07/2018.

Mind Map by Rhian Morgan, updated more than 1 year ago

	Created by Rhian Morgan almost 6 years ago

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Resource summary

Entrepreneurial motives and characteristics (1.5.2)

Characteristics of entrepreneurs
1. Self-confidence
2. Self-determination
3. Being a self starter
4. Judgement
5. Commitment
6. Perseverance
7. Initiative
Skills required by entrepreneurs
1. Organising
2. Financial management
3. Communication
4. Managing people
5. Decision making
6. Negotiating
7. IT skills
Reasons why people set up their own business
1. Financial
  1. Profit maximisation
  2. Profit satisficing
  3. Fiancial
2. Non-financial
  1. Ethical stance
  2. Social enterprise
  3. Independence
  4. Home working
DEFINITIONS
1. Profit maximisation= An attempt to make as much profit as possible in a given time period
2. Profit satisfaction= Making enough profit to satisfy the needs of the business owner(s)

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