Some examples from this set of practice questions
1.
characteristics of an entrepreneur (7)
Answer: ✔✔self-confident, perserverance, self-starter, commitment, initiative, self-determined, good judgement
2.
motivators for becoming an entrepreneur (non-financial) (6)
Answer: ✔✔job satisfaction, successfully creating a business, home working, love the product/service being sold, independence
3.
motivators for becoming an entrepreneur (financial)
Answer: ✔✔oppertunity to earn more than in a normal job, 2 possible approaches are used: profit maximisation and profit satisficing
4.
Define profit maximisation
Answer: ✔✔achieved through hard work and taking big risks Define profit satisficing - ✔✔making enough profit to satisfy the needs of the owner of the business
5.
entrepreneurial skills (8)
Answer: ✔✔IT skills, good decision making, managing people, professional skills, organisation and forward planning, financial managment, communication, negotiating
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