1.5.2 Entrepreneurial Motives and Characteristics

• Entrepreneurship is the process of starting, managing, and growing a business venture, typically involving taking risks
• Entrepreneurs are driven by the same motives and possess identical characteristics.

  False
• Match the entrepreneurial characteristic with its description:

  Risk-Taking ↔️ Willingness to invest despite losses

  Innovation ↔️ Creating new products or processes

  Leadership ↔️ Guiding a team towards goals

  Perseverance ↔️ Persistence in the face of setbacks
• Entrepreneurs may be driven by both intrinsic and extrinsic motivations
• Intrinsic motivations include financial gain and recognition.

  False
• What are examples of extrinsic motivations for entrepreneurs?

  Financial gain, career advancement
• The entrepreneurial spirit fuels innovation and drives economic growth
• What are the two broad categories of entrepreneurial motives?

  Intrinsic and extrinsic
• Intrinsic motivations include personal fulfillment and passion for the business.
• Financial gain is an example of an extrinsic
• Match the motivation type with its description and key motives:

  Intrinsic ↔️ Personal satisfaction; passion, independence

  Extrinsic ↔️ External rewards; financial gain, recognition
• What are examples of key entrepreneurial characteristics?

  Risk-taking, innovation, leadership
• Entrepreneurs may be driven by intrinsic factors such as personal satisfaction
• Extrinsic motives for entrepreneurs include financial gain and social recognition.
• Why is understanding entrepreneurial motivations important?

  Aligns business strategies
• What are the two broad categories of entrepreneurial motivations?

  Intrinsic and extrinsic
• Intrinsic motivations are driven by personal satisfactions such as personal fulfillment, passion, and independence
• Financial gain is a key motive for extrinsic motivation.
• What is the process of starting, managing, and growing a business called?

  Entrepreneurship
• Entrepreneurs are motivated by both intrinsic and extrinsic
• Entrepreneurial motives can be broadly categorized into intrinsic and extrinsic motivators.
• Match the motivation type with its key motives:

  Intrinsic ↔️ Personal fulfillment

  Extrinsic ↔️ Financial gain
• Entrepreneurial motives are drivers that propel individuals to start and manage their own businesses
• Personal fulfillment is an example of an intrinsic motive.
• What is a common extrinsic motive for entrepreneurs?

  Financial gain
• Entrepreneurial characteristics are traits and skills that enable individuals to start, manage, and grow a successful business
• Perseverance is essential for maintaining progress through difficult times.
• What is the formula for profit in business terms?

  $\pi =$$TR - TC$
• Independence and autonomy are key motives for intrinsic
• Social recognition is a motive for extrinsic motivation.
• Match the motivation type with an example:

  Intrinsic ↔️ Creating a mobile app out of love for coding

  Extrinsic ↔️ Starting a restaurant for high income
• Entrepreneurial characteristics are traits and skills that enable individuals to start, manage, and grow a successful business
• Which entrepreneurial characteristic aligns with the motivation to pursue a passion for creating something new?

  Innovation
• Perseverance is an intrinsic characteristic that aligns with achieving long-term goals.