1.5.2 Entrepreneurial Motives and characteristics

What are entrepreneurial characteristics?

Qualities or traits shown by someone starting and running a business.

Name 5 key entrepreneurial traits with brief descriptions.

• Risk taker: willing to take calculated risks

• Innovative/creative: develops new ideas or processes

• Resilient: doesn’t give up despite setbacks

• Self-confident: belief in own ability to succeed

• Decision maker: makes effective decisions under uncertainty

Name 3 more entrepreneurial traits with brief descriptions.

• Networking skills: build relationships with stakeholders

• Committed/determined: high motivation and persistence

• Leadership skills: organised and able to inspire others

What are entrepreneurial motives?

Factors that drive a person to start a business, including financial and non-financial motives.

Give examples of financial motives for entrepreneurs.

• Profit maximisation: achieve highest possible return

• Profit satisficing: earn enough for a comfortable lifestyle

• Financial security & stability: independence

• Wealth creation: build assets or investments

Give examples of non-financial motives for entrepreneurs.

• Ethical stances: act according to moral values

• Social entrepreneurship: create positive social impact

• Independence: be your own boss

• Work/life balance

• Personal satisfaction