1.5.2 Entrepreneurial motives

• Entrepreneurial characteristics & motives

  
• Profit maximisation

  • Max Profit = generates substantial revenue and profit for themselves and their shareholders
• Profit Satisficing

  • Occurs when entrepreneur isn't solely focused on maximising profits but achieving a satisfactory level of profit.
  • common among small businesses, where the owner may prioritise their work-life balance.
• Ethical Stance

  • A particular ethical stance (e.g. environmental sustainability or social justice) that they want to build their business around
• Social entrepreneurship

  • aim to create a business that seeks to address a social or environmental problem while also earning a living.
• Independence

  • want to be their boss and have control over their work.
  • They may be dissatisfied with traditional employment structures or desire the freedom and flexibility that comes with running their own business.
• Home working

  •  This offers them more flexibility and a better work-life balance