1.5.1 And 1.5.2 Role Of An Entrepreneur And Charcateristics Flashcards
(11 cards)
What is an entrepreneur
An individual that takes risk to hopefully gain reward (usually financial)
What are some barriers to entrepreneurs
- lack of finance
- lack of ideas
- fear of failure
- unsupported environment
How can risk be reduced
- thorough market research
- spreading risk across different markets
How to manage uncertainty
- making contingency plans
- spreading risk
What is an intrapreneur
An individual who behaves like and entrepreneur to benefit the business but without risking their own finances
What are the characteristics of an entrepreneur
- confident
-determined - committed
- innovative
Skills of an entrepreneur
- organising
- decision making
- communication
- managing people
- financial management
What are the financial motives for an entrepreneur
- profit maximisation
- profit satisficing
What is profit maximisation
Motivated by money, making the maximum amount of profit possible
What is profit satisficing
Making enough profit to live off and maintain a nice lifestyle
What are non-financial motives of setting up a business
Ethical stance
Social enterprise, helping the community
Independence, not having a boss
Home working, flexibility around working
