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1.5 Entrepreneurs & leaders - Coggle Diagram
1.5 Entrepreneurs & leaders
1.5.1 Role of an entrepreneur
Someone who takes risks & shows initiative to start a business
Roles
Start a business
Innovating within a business
Anticipating risks & uncertainties
1.5.2 Motives & characteristics
Objectives
Financial objectives - Profit maximisation
Profit satisfaction
Non financial - Independence, control, ethics
Characteristics
Creativity
Organisation
Determination/ resilience
Commitment
Risk taking
1.5.3 Business objectives
Aims - objectives - strategies
Profit maximisation, Survival (BE), sales maximisation, customer satisfaction, market share
1.5.4 Forms of business
Limited liability (incorporated)
unlimited liability (unincorporated)
Franchise - where franchisor allows a franchisee to run an outlet of their business
1.5.5 Business choices
Opportunity costs - what is sacrificed when you make a decision
Trade off - The more of one thing you have is the less of another
e.g. focusing more on quality = - productivity
1.5.6 Entrepreneur to leader
Happens due to scale & growth