Characteristics and motives of an Entrepreneur

Characteristics and motives of an Entrepreneur

1. Creative

   • The entrepreneur will have to be creative to come up with business plans and ideas as well as get out of tricky situations

2. Hard-working

   • Entrepreneurs will have to put in time and effort into a business to get the idea of the ground. They will have to work hard to make sure the business doesn't collapse especially in the first few years.
   • Work needs to be put into research for the business

3. Resilient

   • It often takes time for a business to start doing well so the entrepreneur will have to push through the bad times.
   • Entrepreneurs need to be able to stand firm when haggling with others and not back down so they get the best deal

4. Self-confident

   • Confidence is essential when battering with other businesses such as suppliers to get the best deal
   • Entrepreneurs have to trust themselves to make he best decision for them and their business

5. Risk taking

   • Business will have a risk o failing so an entrepreneurs has to evaluate the risk and decide if it is worth taking for business ideas, change in product, how the money is spent etc

6. Initiative

   • Entrepreneurs taking action instead of spending too much time planning

7. Motives

   • Independence
   • Generate more money
     • Needed to make business successful and productive
   • Fill gap in market
   • More flexible work
   • Fame
   • Help community or cause
     • Makes running thebusiness more worthwhile and satisfing

8. Ethical stance

   • The business and its employers need to be ethical
     • Unethical businesses lose costumers
     • Unethical employees lose jobs
   • Unethical Business
     • Animal testing
     • Child labour
     • Zero hour contracts
     • Pollution
     • Bribes/ Greedness
     • Tax avoidance
   • Unethical Employees
     • Damaging good
     • Unhygenic
     • Stealing items
     • Selling company secrets
     • Slacking
     • Bullying
     • Using business resources for personal needs
   • Ethics: Acting in a way that is considered to be right