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CHAPTER TWO

CHAPTER TWO. Identifying Entrepreneurial Characteristics. Chapter outline. Characteristics of Successful Entrepreneurs Entrepreneur Self Assessment The differences between Businessmen, Managers and Entrepreneurs. Villa College. Characteristics of an Entrepreneur a view point ……….

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CHAPTER TWO

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  1. CHAPTER TWO Identifying Entrepreneurial Characteristics

  2. Chapter outline • Characteristics of Successful Entrepreneurs • Entrepreneur Self Assessment • The differences between Businessmen, Managers and Entrepreneurs Villa College

  3. Characteristics of an Entrepreneur a view point ……….. • Ability to deal with a series of tough issues • Ability to create solutions and work to perfect them • Can handle many tasks simultaneously • Resiliency in the face of set-backs • Willingness to work hard and not expect easy solutions • Possess well-developed problem solving skills • Ability to learn and acquire the necessary skills for the tasks at hand Villa College

  4. Characteristics …………. • 42 often attributed characteristics in the Encyclopedia of Entrepreneurs!!!!!!!!!!!!!!!! Villa College

  5. Characteristics of an Entrepreneur… .. Source: Philip A. Wickham, Strategic Entrepreneurship-3rd Ed. Prentice Hall, 2007 Villa College

  6. Common characteristics associated with entrepreneurs by John Kao Villa College

  7. According to Kuratko & Hodgetts ……… Source: Kuratko & Hodgetts (2001) Villa College

  8. 21st Century characteristics of entrepreneurs Source: SooJi Min, ‘Made not born’, ENTREPRENEUR OF THE YEAR magazine, (Fall 1999) Villa College

  9. A different classification Desirable attributes The non-entrepreneurial attributes Perfectionist Core attributes • Commitment & determination • Leadership • Opportunity obsession • Tolerance of risk • Ambiguity & uncertainty • Creativity, self-reliance • Adaptability, motivation to • excel Being ‘macho’ Capacity to inspire Intelligence Values Counter / dependence Energy, health & emotional stability Knows it all Creativity & innovation Villa College

  10. A Psychological approach • Various branches of psychology have attempted to find traits associated with successful entrepreneurs such as; • Psychodynamic approaches – Freud • Biological approaches (Nature) • Evolutionary approaches • Behavioral approaches • Social cognitive approaches • HOWEVER, no straight relationship has been found in relations to entrepreneurial traits Villa College

  11. A final set of Entrepreneurial Characteristics ???? • Page # 12 Villa College

  12. Entrepreneurial Skills • What is a ‘skill’ ??????? - Knowledge which is demonstrated by action. - It is an ability to perform in a certain way Villa College

  13. Entrepreneurial Skills • Some General management Skills • Strategy Skills • Planning Skills • Marketing Skills • Financial Skills • Project Management Skills • Time Management Skills Villa College

  14. Entrepreneurial Skills • Some Human Relationship Skills • Leadership Skills • Motivation Skills • Delegation Skills • Communication Skills • Negotiation Skills Villa College

  15. Entrepreneurial Skills General Management skills Individual Knowledge Personal Motivation Entrepreneurial Performances Human Relationship skills Villa College

  16. Entrepreneurs, Businessman & Managers • Are these words synonyms??? • Are they same or different in their traits????? • Are they doing the same thing????? • If not what are the differences????? Villa College

  17. Types of Businesses • Owner Manager • Entrepreneur • Manager Villa College

  18. Entrepreneurs Vs. Small Businessman Villa College

  19. Entrepreneurs Vs. Managers Differences in character traits…………. Villa College

  20. Entrepreneurial focus Vs. Administrative focus Source: Howard J. Stevenson & David E. Gumpert, 1995 Villa College

  21. Entrepreneurial focus Vs. Administrative focus Source: Howard J. Stevenson & David E. Gumpert, 1995 Villa College

  22. Entrepreneurs Vs. Conventional Managers Source: Zimmer & Scarborough, Essentials of Entrepreneurship & small business management Villa College

  23. Characteristic differences between Entrepreneur & Manager Villa College

  24. Types of Businesses • Owner Manager • Entrepreneur • Manager Often trade or craft based. May not grow to any larger size Pursuit of growth & personal wealth through value addition Manages a business belongs to someone else. Will build an organization putting in appropriate controls Villa College

  25. Life Cycle of Organizations Hi-growth Decline Starting Survival Entrepreneurial Managerial Villa College

  26. Entrepreneur Self-assessment • Key self-assessment instruments proposed by Robinson, Stimpson, Huefner and Hunt (1991) • Key idea is to check how much Entrepreneurial spirit is available inside individuals……. Villa College

  27. Entrepreneur Self-assessment • Let’s take a self-assesment test!!!!!!!!!!! Villa College

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