Entrepreneurial Motives & Characteristics (Edexcel A Level Business)
Revision Note
Characteristics & Skills Required by Entrepreneurs
Entrepreneurs require a unique set of characteristics and skills
The skills and characteristics required by entrepreneurs
The characteristics have been explained through the different sections in 1.5.1
Perhaps one of the most valuable skills of an entrepreneur is the ability to communicate persuasively
Persuade potential financial backers of the merits of their idea
Persuade people to join them in creating the product/service
Persuade customers of the value of their product/service
All of the skills work together to create and drive an innovative idea towards success
Reasons Why People Set up Businesses
People set up businesses for a variety of financial and non-financial reasons
Financial & Non-financial reasons for Setting up a Business
Financial Reasons | Explanation | Example |
Profit maximisation |
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Profit satisficing |
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Non-financial Reasons | Explanation | Example |
Ethical stance |
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Social entrepreneurship |
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Independence |
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Home working |
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