Characteristics Entrepreneurs Flashcards
1
Q
Profit maximisation
A
- To warm substantial reward
- Profit= Revenues- Cost
- Higher profit: higher wages for owner, higher dividend and share price for shareholders
2
Q
Profit satisficing
A
- To earn a profit sufficient to enable a satisfactory standard of living
3
Q
Why being an entrepreneur is very demanding?
A
- Occasional loneliness and isolation
- Can’t blame others when things go wrong
- Financial pressure
- Hard work
- Strain on family and social life
- Higher stress levels
- Multi- tasking
4
Q
1) Spot the business opportunities- qualities
A
Passion
Vision
Flair
Innovative
5
Q
2) Take risks quality
A
Problem solving
6
Q
3) Act as catalyst for creation and growth of business- qualities
A
Energy and resilience (committed, able to bounce back and learn from mistakes) Focus and decisiveness Results- oriented Persuasiveness Networking
