Entrepreneurs

Description

Business & Economics Unit1 Mind Map on Entrepreneurs, created by bennevin26 on 06/05/2013.
bennevin26
Mind Map by bennevin26, updated more than 1 year ago
bennevin26
Created by bennevin26 almost 11 years ago
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Resource summary

Entrepreneurs
  1. Characteristics
    1. Calculated risk-takers- Prepared to take a risk in order to maximise rewards
      1. Resilient and determined - Able to handle problems and overcome hurdles. Setting up a business is difficult and time consuming
        1. Multi-tasker - Able to take on more than one task at a time e.g. product development, recruitment, sales etc
          1. Decisive - They don't wait for others to make decisions
            1. Passionate and visionary about their product - Having faith in what they're trying to do
            2. Motivations
              1. Profit
                1. Ethical reasons
                2. Leadership Styles
                  1. Autocratic - Individual taking control of all decisions with little input from others.
                    1. Democratic - Members take a more participative role in decision making process. Leads to high productivity and increased group morale.
                      1. 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.
                        1. Laissez-faire - Leaders have more of a relaxed laid back approach and allow staff to make decisions. Leads to low productivity.
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