Enterprise and Entrepreneurs Mindmap

The Characteristics and Motives of an Entrepreneur

Government Support for an Entreprise

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  • Created by: abiseddon
  • Created on: 03-02-16 12:04
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  • Entrepreneur
    • Courage and Initiative
    • Understanding of the market
    • Determination
    • Passion
    • Persuasive abilities
    • Ability to cope with risk
      • 1. Considers what they think will happen and what will happen different
      • 2. Foresee other possibilities so that plans can be made
      • 3. Compares all the risks with the possible rewards and makes a considered decision
  • People who aren't entrepreneurs
    • Are very cautious-never want to take risks
    • Assume that things are the way they have to be
    • Like to be sure of their pay cheque
  • Good Entrepreneurs
    • Take calculated risks, weighing up potential risks and rewards
    • Launch new ideas in response to changing consumer tastes of attitudes
    • Accept that the early days of a new business may be tough, so try to minimise spending
  • Bad Entrepreneurs
    • Ignore risks-assume that own charisma/skill will guarantee success
    • Rush to bring in something new or make huge changes
    • Trust that things will go as planned, second freely at the start as they are sure that money will start flowing in tomorrow
  • Motives for becoming an entrepreneur
    • Looking for a challenge
    • To prove oneself
    • To gain greater satisfaction
    • To gain control over working life
    • Spotted an opportunity
    • Building on experience as employee
    • Made redundant
    • To make money
    • Couldn't find a job
  • Government support for enterprise
    • Only 2% of businesses get funding through grants given by the government
      • Does the government do enough to help entrepreneurs (funding, regulations etc) - most new entrepreneurs use their own savings and plenty of their own time
    • Business Link Network: offered free advice to those starting up plus a free consultation with an expert nominated by business link
      • Quality of advice is variable
      • 2010 - Business link network replaced by online only advice to cut expenditure
    • Wants to continue the long-standing policy to encourage an "enterprise culture" to create a spirit among young people that "enterprising is cool"
      • More people starting businesses - economy will develop dynamically

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