Characteristics of successful entrepreneurs

Characteristics of successful entrepreneurs

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Characteristics of entrepreneurs

Entrepreneur- Someone who takes responsibility for ogranising business activity and carries out business risk.

  • Initiative
  • hard-working
  • resilient
  • creative
  • self-confident
  • take calculated risks
  • Time and energy
  • Interpersonal and communication skills
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What motivates entrepreneurs?

Other responsibilities- such as a carer commited to looking after children/ an eldery parent set up a business so that they can work from home or an eldrly parent may set up business so that they can work from home or work at convient hours.

Profit- prospect of growing rich from profits has powerful attraction for some. profit maximisation *running a firm to make the most profit as posb. regardless of any other objectives.*

Satisficers- people who target a satisfactory (and perhaps comfortable) performance rather than profit maximisation.

Ethics- feel producing something useful for the community and that they are treating staff, suppliers well. In line with ideas on what in morally correct, sometimes business face a choice between profit maximisation and ethical behaviour.

Personal Objectives- comfort and relaxation, profit, creativity.

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Leadership styles 1.


  • Leader makes decisions without reference to anyone else.
  • High degree of dependency on the leader
  • Can create de-lixiviation and alienation of staff.
  • May be valuable in some types of business where decisions need to be made quickly and decisively or where working with large amount of unskilled workers
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leadership styles 2


  • Encourages decision making from different perspectives.
  • Consultative- process of consultation before decisions are made.
  • Persuasive- leader takes decision and seeks to persuade others that decision correct.
  • Help motivation and involvement of staff
  • Workers feel ownership of the firm and the ideas
  • Improves the sharing of ideas/ experiences within business
  • Delay decision making
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leadership styles 3


  • 'Let it be'  - leadership responsibilities are shared by all
  • Can be very useful in business where creative ideas are needed
  • Can be highly motivational as people have control over their working life
  • Can make co-ordination and decision making time consuming and lacking overall direction
  • Relies on good team work and interpersonal relations
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leadership styles 4


  • Leader acts as 'father figure'
  • support staff
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