Topic 1 - Characteristics of successful entrepreneurs

Business studies unit 1

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Enterprise and Entrepreneurs

  • People who start businesses are called Entrepreneurs
  • Entrepreneurs are:
    • Innovative
    • Risk-takers
    • Planners 
    • Organisers 
  • The Govenment encourages Enterprise as it benifits things like: 
    • The economy 
    • Creates jobs
  • The Government has set up organisations (e.g. Business Link) to provide:
    •  advice 
    • support
  • The Govenment provides grants and incentives for  Entrepreneurs to encourage them to set up businesses
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Leadership

  • Leaders: 
    • Influence employees
    • Control employees
    • Motivate employees
  • Manages are not always good leaders 
  • There 4 leadership styles: 
    • Authoritarian (or autocratic) 
      • Leader makes decisions on there own
    • Paternalistic 
      • Fatherly style - a softer  autocratic system
    • Democratic
      • Leader encourages the work force to particiapate in decisions 
    • Laissez-faire 
      • managers rarely interfere with the running of the business
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