Entrepreneur roles & motives
- Created by: Izzie
- Created on: 13-03-18 17:30
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- Entrepreneur Roles & Motives
- An entrepreneur organises a business venture & product, whilst being responsible for the risks
- Resources/ factors of production= land, labour, capital
- Entrepreneur has to know how to raise enough finance to cover start up
- Intrapreneur- work inside the business, take risks to solve issues
- Employees in a business with many attributes of an entrepreneur, but take fewer risks
- Tackle difficult issues & look to improve overall productivity through process innovation, increasing capacity of business
- Anticipating risk
- Successful businesses manage it well
- Risks are predictable, businesses can plan round it
- Financial control & planning are important
- Watch for change in sales, costs & profit
- Successful business are usually able to rapidly adapt to changes
- Non-financial motives for setting up a business
- Ethics
- Self-actualisation
- Creativity
- Independence
- Home working
- Characteristic required for an entrepreneur
- Hard work
- Motivation
- Risk taking
- Initiative
- Creativity
- Resilience
- Perseverance
- Market understanding
- Profit maximisation- entrepreneurs aim to make as much profit as possible
- Profit satisficing- entrepreneurs may not be interested in taking on risk to maximise profit
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