Characteristics of successful entrepreneurs

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What is an entrepreneur?
Someone who organises a business venture and is responsible for the risks involved. They decide what is produced and how, they will get finance and decided on prices.
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What are entrepreneurs responsible for?
Putting business ideas into practice, must plan the venture, organise resources eeded and oversee production?
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Which characteristics will an entrepreneur need to be successful?
Hard work, motivation, risk taking, initiative, creativity, resilience, perseverence/commitment, understanding the market.
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What motivates an entrepreneur?
Profit, self actualisation, creativty, satisfaction, independence, ethical and green considerations.
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How would profit motivate an entrepreneur?
To improve their lifestyle and secure a good standard of living. It will reward their hard work.
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How would self actualisation motivate an entrepreneur?
Being able to achieve a dream or ambition is the reward.
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How would independence motivate an entrepreneur?
Being your own boss, and making your own decisions.
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What is a social entrepreneur?
Someone who uses their entrepreneurial skill to benefit society. For exaple one water donate profits to projects in Africa.
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What is an autocratic manager?
Make all the decisions, they don't consult anyone else, it can be described as dictatorial.
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What is a democratic manager?
Listen to other peoples ideas and opinions before reaching a decision.
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What is a paternalistic manager?
They think they know best and use some consultation. They make the ultimate decision.
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What are the characteristics if a autocratic manager?
No consultion, no emplyees involved in decisions, no delegation, no employee responsibility, top down one way communication.
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What are the characteristics of an paternalistic manager?
Some consultaion, some employee involved decisions, some delegation, some employee responsibility, mostly top down some two way communication.
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What are the characteristics of a democratic manager
Consultation, employees involved in decision making, delegation, employee responsibility, two way communication.
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What are the advantages of autocratic leadership?
Can guide new employees, swift decision making is crucial in a crisis.
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What are the advantages of paternalistic leadership?
Some consultation, needs to staff looked after better leading to better decisions.
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What are the advantages of demcratic leadership?
Consultation increases motivation, all ideas are considered.
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What are the disadvantages of autocratic leadership?
Useful suggestions not heard, staff may resent and become de-motivated.
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What are the disadvantages of paternalistic leadership?
Still mostly autocratic, some staff will not like it.
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What are the disadvantages of democratic leadership?
Lengthy decision making, final decision may be a compromise and not the best one.
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What is the 'Japanese way' style of leadership?
Shows how teamwork can be highly compatible with achievement of high standards of quality and reliability.
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What is a Theory X manager?
Think that the workforce dislikes work and needs direction and control and without the treat of punishment they will avoid work.
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What is a Theory Y manager?
Think the workforce is capable of enjoying work and can be trusted to get on with things without close supervision.
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What does a theory X manager assume?
People dislike work, will avoid work unless directly supervised, must be controlled and directed, threat of punishment must exist, people would rather follow than lead, people are unambitious and just want security not responsibility.
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What does a Theory Y manager assume?
People can enjoy work, can be self motivated and work without supervision, don't need to be controlled, respnd well to praise and enjoy responsibility, happy to lead, people are ambitious and seek responsibility.
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Card 2

Front

What are entrepreneurs responsible for?

Back

Putting business ideas into practice, must plan the venture, organise resources eeded and oversee production?

Card 3

Front

Which characteristics will an entrepreneur need to be successful?

Back

Preview of the front of card 3

Card 4

Front

What motivates an entrepreneur?

Back

Preview of the front of card 4

Card 5

Front

How would profit motivate an entrepreneur?

Back

Preview of the front of card 5
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