Business Unit 1

As Business studies revision for exdexcel

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  • Created by: Shanice
  • Created on: 30-12-11 22:27

characteristics of successful entrepreneurs

An Entrepreneur is anyone who starts a business.

6 Characteristics a succeful entrepreneir have:

  • Hard Working
  • Resilient
  • Creative
  • Self-confident
  • Take Calculated risks
  • Initiative


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Non-profit motives

  • Desire to be your own boss
  • Prove yourself
  • Employment
  • Love of the business world
  • Independence
  • Lifestyle choice
  • Ethical Stance

Profit motives

  • Satificers - making enough money for a good qualify of life
  • Profit maximisers - to get as much profit as possible 
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Some Keywords

Start-up costs - monney you have to spend to set up the business

Running costs -  the day-to-day costs

Sales revenue - selling price X number of units sold

Fixed costs -  the costs that don't change when output does

Variable costs - costs that changes when output does

Total variable costs - number of units X variable cost per unit

Total costs - fixed costs + total variable costs

Gross profit - sales revenue - total variable costs

Net / Operating Profit - gross profit - fixed costs = sales revenue - total costs

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Leadership Styles

Leadership - the process of influencing others to work towards an organisation's goal.

The main ones are:

Autocratic - makes all decisions, often ruthless, one-way communication, feared.

Pro - Fast decisions.

Con - Subordinates (employees) don't get heard

Laissez-faire - leave decision-taking to employees, allowing them to be creative

Pro - empowers employees and encourages them to think for themselves

Con - not suited to all industry types

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Democratic - consult widely and encourage employees to take part in decision-making process.                                                                                                     

There are 2 main types of democratic leaders:

Paternalistic - someone that takes a general interest in staffs and their needs

Consultative - someone who asks staff their opinions and makes decisions based on then

Pro - gets alot of new ideas from employees, and may be encouraged to work harder

Cons - decision-making process is lengthened

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Leadership qualities

Good leaders tend to have the following:

  • Competence
  • Analysis and synthesis skills
  • Social skills
  • Commmuncation skills/charisma
  • Self-belief
  • Energy and drive
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this is a shoddy excuse for revision

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