entrepreneurial motives an characteristics

Initiative

Able to analyse situations and make decisions without direction from others.

Hard working

Prepared to work all hours including day/nights/weekends and with little support from others.

Creative

Thinking of new ideas and opportunities to take advantage of.

Self confidence

Need to believe in their own abilities, judgement and their overall business idea.

Risk taker

Be willing to try new tings even if no guarantee of a positive outcome.

Resilient

Have the ability to keep going and stay optimistic even if things aren’t going well.

Profit maximisation

‘Making as much profit as possible’.

Achieved by minimising costs and maximising revenues.

The more money a business makes then the more the entrepreneur can take as a salary - or if a limited company then shareholders will get higher annual dividends.

Profit satisficing

‘Making enough profit, but not pushing to maximise it’.

Without shareholder, the entrepreneur may be happy to make enough profits to enjoy their lifestyle and no more.

Known as a ‘lifestyle business’.

If there are shareholders, entrepreneurs may just want to keep them satisfied but no more.