Why People Set Up Businesses (Edexcel A-Level Business): Flashcards
📚Flashcards
Practise the cards
10 cards from this deck
ShowHide
Practise the cards
10 cards from this deck
Two main categories of business start-up motives
Two main categories of business start-up motives
Financial and non-financial
Profit maximisation definition
Profit maximisation definition
Making as much profit as possible in a given time period
Profit satisficing definition
Profit satisficing definition
Making enough profit to maintain interest in the business
Lifestyle business definition
Lifestyle business definition
Business generating profit for flexibility to sustain a way of life
Social enterprise definition
Social enterprise definition
Organisation trading to improve human & environmental wellbeing
Ethical stance motive meaning
Ethical stance motive meaning
Starting business to support moral beliefs or ethical principles
Independence as business motive
Independence as business motive
Desire to be your own boss and make own decisions
% rating independence as very important to entrepreneurs
% rating independence as very important to entrepreneurs
Nearly 90 per cent
Two main benefits of home working for entrepreneurs
Two main benefits of home working for entrepreneurs
Time & cost savings from no commute, and flexibility in schedule
Typical motive pattern for entrepreneurs
Typical motive pattern for entrepreneurs
Most have a mixture of financial & non-financial motives