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Entrepreneurial motives and characteristics (1.5.2)

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A level Business, Unit 1 Mind Map on Entrepreneurial motives and characteristics (1.5.2), created by Rhian Morgan on 10/07/2018.
Rhian Morgan
Mind Map by Rhian Morgan, updated more than 1 year ago
Rhian Morgan
Created by Rhian Morgan over 6 years ago
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Entrepreneurial motives and characteristics (1.5.2)
  1. Characteristics of entrepreneurs
    1. Self-confidence
      1. Self-determination
        1. Being a self starter
          1. Judgement
            1. Commitment
              1. Perseverance
                1. Initiative
                2. Skills required by entrepreneurs
                  1. Organising
                    1. Financial management
                      1. Communication
                        1. Managing people
                          1. Decision making
                            1. Negotiating
                              1. IT skills
                              2. Reasons why people set up their own business
                                1. Financial
                                  1. Profit maximisation
                                    1. Profit satisficing
                                      1. Fiancial
                                      2. Non-financial
                                        1. Ethical stance
                                          1. Social enterprise
                                            1. Independence
                                              1. Home working
                                            2. DEFINITIONS
                                              1. Profit maximisation= An attempt to make as much profit as possible in a given time period
                                                1. Profit satisfaction= Making enough profit to satisfy the needs of the business owner(s)
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