Entrepreneurial motives & characteristics

• What are the characteristics of a successful entrepreneur?

  • Someone with initiative
  • Hard-working
  • Creative
  • Self-confident
  • Risk-taker
  • Resilient
• What are the skills of a successful entrepreneur?

  • Communication
  • Team-working
  • Problem-solving
  • Numeracy skills
  • Organised
  • IT skills
• What are the financial motives that influence an entrepreneur to start a business?

  • Profit maximisation—> making as much as possible (can be achieved by reducing costs + increasing sales revenue)
  • Profit satisficing —> making enough profit but not pushing to maximise it (can have an enjoyable lifestyle and no more)
• What are the non-financial motives that influence an entrepreneur to start a business?

  • Ethical stance —> motivated due to ethical issues
  • Social entrepreneurship —> improve QOL
  • Independence —> freedom to pursue own ideas + have good work-life balance
  • Home working —> having to commute to work