1.5.2 Entrepreneurial Motives and Characteristics

• Characteristics of an Entrepreneur

  -Resilience

  -Creativity

  -Hard working

  -Initiative

  -Self-confidence

  -Risk taker
• Skills of an Entrepreneur

  -Communication

  -Teamwork

  -Problem solving

  -Organisation

  -Numeracy

  -IT
• Importance of Communication

  -Persuade investors of the firm's merit

  -Persuade people to join the firm as a start-up

  -Persuade customers of the value of their product/ service
• Financial Reasons for Starting a Business

  -Profit maximisation

  -Profit satisficing
• Profit Maximisation


  Creating a firm that generates substantial revenue and profit eg. Zara's founder Amancio Ortega
• Profit Satisficing


  Achieving a satisfactory level of profit instead of solely focusing on maximising profit eg. Yvon Chouinard made Patagonia to finance climbing expeditions
• Non-Financial Reasons for Starting a Business

  -Ethical stance

  -Social entrepreneurship

  -Independence

  -Home working
• Ethical Stance


  Entrepreneurs with a particular ethical stance may want to promote it via their business eg. sustainability, social justice
• Social Entrepreneurship


  Entrepreneurs who create firms to address social or environmental problems eg. VisionSpring
• Independence


  Entrepreneurs may be dissatisfied with traditional employment structures or want more flexibility
• Home Working


  Working from home offers more flexibility and a better work-life balance