Entrepreneurial Motives & Characteristics

• skills of an entrepreneur

  • communication
  • team work
  • problem solving
  • organisation
  • numeracy
  • information technology
• characteristics of an entrepreneur

  • creativity
  • hard working
  • resilience
  • initiative
  • self confidence
  • risk taker
• financial reasons why people want to start a business:

  • profit maximisation
  • profit satisficing
• non financial reasons why people want to start a business:

  • ethical stance
  • social entrepreneurship
  • independence
  • home working
• profit maximisation: people want to create a profitable business that generates substantial revenue and profit for themselves and their shareholders
• profit satisficing: not solely focused on maximising profits but rather achieving a satisfactory level of profit - common for small businesses where the owner may prioritise their work-life balance
• ethical stance: environmental sustainability / social justice - build business around this stance
• social entrepreneurship: aim to create a business that seeks to address a social or environmental problem while also earning a living
• independence: be their own boss, have control over their work - may be dissatisfied with traditional employment structures
• home working: more flexibility and a better work-life balance