Business Revision cards (Miss Cope) Topic 1

An Entrepreneur Is

• Anyone who organises and runs a business
• Someone who has a flair for business ideas and has the confidence to be able to take risks involved in setting up a business

Key Characteristics:

• Risk taking
• Time and energy
• Creative skills
• Initiative
• Interpersonal and communication skills

One in ten people are currently running their own business (10%) and a further 17% aspire to set up some time in the future

Motivation

• Willigness of action

Reasons for motivation:

• Independance
• Responsibility of having control
• Making their own decisions
• Enjoy seeing the finished product
• Other responsibilities (child care)
• Profit
• Ethics (knowing between right and wrong)
• Personal objectives (flexible hours, comfort)

Profit Motives:

• To survive
• Profit maximisation
• Sales maximisation

Non-profit Motives:

• Being your own boss
• Working from home
• To help others

Advantages of being Ethical:

• Good Publicity
• Additional sales
• It helps others!