1.5.2 Entrepreneurial Motives and Characteristics

    Cards (34)

    • 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?
      π=\pi =TRTC 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.