What are the personal qualities and skills of an entrepreneur called?
Entrepreneurial characteristics
These characteristics define how an entrepreneur approaches business and challenges.
Name a key characteristic of entrepreneurs that involves believing in oneself.
Self-confidence
This quality is crucial as starting a business involves inherent risks.
What does self-determination allow entrepreneurs to do?
Take control of events around them
This quality helps entrepreneurs navigate challenges effectively.
Being a self-starter means an entrepreneur can __________.
Work independently and make decisions
This quality is essential for initiating and managing business activities.
What is the role of judgment in entrepreneurship?
Gathering information and listening to advice
Good judgment helps in making informed business decisions.
What does commitment entail for a successful entrepreneur?
Willingness to work hard, ambition, energy, and focus
Commitment is essential as entrepreneurship often requires long hours.
Define perseverance in the context of entrepreneurship.
Ability to get through bad times and setbacks
Perseverance is crucial for overcoming challenges in business.
What does initiative describe in an entrepreneur?
Taking action without needing direction from others
Initiative is important for proactive problem-solving.
List the skills required by entrepreneurs.
- Organising
- Financial management
- Communication
- Managing people
- Decision making
- Negotiating
- IT skills
These skills are essential for effectively running a business.
What is a primary financial motive for setting up a business?
Profit
Profit maximisation and profit satisfying are key financial goals.
What does profit maximisation aim to achieve?
Make as much profit as possible in a given time period
This is a common financial motive among entrepreneurs.
What is meant by profit satisfying?
Aiming to make just enough profit to maintain interest in the business
This motive reflects a more moderate approach to profit.
Name a non-financial motive for setting up a business.
- Ethical stance
- Social enterprise
- Independence
- Home working
These motives reflect personal beliefs and lifestyle choices.
What does an ethical stance in business mean?
Setting up a business in support of a moral belief
This reflects the entrepreneur’s values and principles.
What is the goal of a social enterprise?
Trade with the aim of improving human and environmental wellbeing
Social enterprises focus on social impact rather than just profit.
Why might someone desire independence in entrepreneurship?
To be ‘their own boss’
Independence is a strong motivator for many entrepreneurs.
What does home working refer to in the context of entrepreneurship?
Setting up a business from home
This approach can offer flexibility and lower overhead costs.
