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1.5.2 Entrepreneur motives and characteristics - Coggle Diagram
1.5.2 Entrepreneur motives and characteristics
Characteristics
Initiative
Hard worker
Creative
Self-confident
Risk taker
Resilient
Skills
Communication
Team working
Problem solving
Numeracy
Organisation
Technological
Financial motives
For many the motive is to make enough money to support themselves, and knowing then can and do earn more then they could in employment.
Profit maximisation - minimising costs and maximising sales. Done to pay the entrepreneur the highest salary possible or to pay dividends to shareholders.
Profit satisficing - making enough enough profit but not pushing it to maximising it. The entrepreneur may be happy with making enough profit to have an enjoyable lifestyle. Only enough to keep the shareholders satisfied no more.
Non-financial motives
Independence from being there own boss.
Flexibility and choosing their own hours to achieve the work life balance that they want.
Working from home and not having to commute.
Enjoy the challenge of setting up a business, which they may find mentally rewarding if they succeed.
Make a difference to a social problem - social enterprise.
By ethical issues such as environmental.