1.3.1 Characteristics of Successful Entrepreneurs

Question	Answer
Six Characteristics of Entrepreneurs	Initiative, Hard- Working, Resilient, Creative, Self Confident and Taking calculated risks
Three examples of a Profit Motives	Earning a larger income Provide for Family Sale & Profit maximisation
Three examples of non-profit motives	Being your own Boss Ethical/Help others Continuing a Family Business
Definition of a Entrepreneur	Someone who has a flair for business ideas and has the confidence to take the risks involved in setting up a business
Name the three Leadership Styles	Autocratic Paternalistic Democratic
Which leadership style is effective when: Quick decisions are needed?	Autocratic
Which leadership style is effective when: Creativity is needed?	Democratic
What is a problem with a Paternalistic leadership style?	Experienced staff may feel patronized or under valued
What is a problem with a Democratic leadership style?	When decisions need to be made quickly
Three factors which effect leadership styles	The Workers The Task The leaders personality
Name the two types of Extreme managers	Theory X Theory Y
Theory X believe workers are...	Lazy Respond to Threats Avoid Responsibility
Theory Y believe workers are...	Keen Will work well on their own Respond to Rewards
What does a 'Laissez-Faire' Leadership Style mean?	It means workers are left to their own devices

Resource summary

	Created by Molly Hills almost 10 years ago