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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