Entrepreneurs

bennevin26
Mind Map by bennevin26, updated more than 1 year ago
bennevin26
Created by bennevin26 almost 7 years ago
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Business & Economics Unit1 Mind Map on Entrepreneurs, created by bennevin26 on 05/06/2013.
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Entrepreneurs
1 Characteristics
1.1 Calculated risk-takers- Prepared to take a risk in order to maximise rewards
1.2 Resilient and determined - Able to handle problems and overcome hurdles. Setting up a business is difficult and time consuming
1.3 Multi-tasker - Able to take on more than one task at a time e.g. product development, recruitment, sales etc
1.4 Decisive - They don't wait for others to make decisions
1.5 Passionate and visionary about their product - Having faith in what they're trying to do
2 Motivations
2.1 Profit
2.2 Ethical reasons
3 Leadership Styles
3.1 Autocratic - Individual taking control of all decisions with little input from others.
3.2 Democratic - Members take a more participative role in decision making process. Leads to high productivity and increased group morale.
3.3 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.
3.4 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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