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1.5.2 Entrepreneurial motives and characteristics - Coggle Diagram
1.5.2 Entrepreneurial motives and characteristics
Use CHRIST to remember
Creative
having original ideas, creating a competitive advantage
Hardworking
willing to work long hours or do different tasks to make your idea happen
Resilient
ability to withstand or recover from different situations
Initiative
not waiting to be told what to do or for someone to start the action for you
Self confident
believing in your own ideas
Taking calculate risks
risky actions for which you have considered the probability of success or failure
financial motives for setting up a business
Profit maximisation
aiming to make as much profit as possibly, pursuing this objective regardless of other considerations
Profit satisficing
having other objectives which influence decision making, accepting less than maximum profits in order to combine 'enough' income with other priorities
Non-financial motives for setting up a business
control over working hours and location
continuing a family business
self fulfilment
control over your work
creativity
making money from a hobby
ethical issues
social entrepreneur
is someone who uses their business to achieve benefits for society