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ENTREPRENEURSHIP

ENTREPRENEURSHIP. DR ABDAH MD AKIM. Entrepreneur background and characteristics. Education Personal values Age. Education. Education level of entrepreneurs is being researched Education is important in the upbringing of the entrepreneur

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ENTREPRENEURSHIP

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  1. ENTREPRENEURSHIP DR ABDAH MD AKIM

  2. Entrepreneur background and characteristics Education Personal values Age

  3. Education • Education level of entrepreneurs is being researched • Education is important in the upbringing of the entrepreneur • Play a major role in helping entrepreneurs to cope with problems • Formal education is not necessary • Eg Henry Ford- high school dropout

  4. 70% of all women entrepreneurs have a college degree with many having graduate degrees • More popular college majors are english, psychology, education and sociology with fewer having degrees in engineering, science or math

  5. Personal values • Important • Effective leaders • Planning • Rationality • Predictability • Quality service to customers • Flexibility • Ability to adapt to changes in the marketplace

  6. Age • Most entrepreneurs initiate their careers between 22 and 45 • There are milestone ages every five yrs- 25, 30, 35, 40 and 45- when an individual is more inclined to start an entrepreneurial career • As one said “I felt it was now or never in terms of starting a new venture when I approached 30”

  7. Male entrepreneurs tend to start their first significant venture in their early 30s while women entrepreneurs tend to do so in their middle 30s

  8. Comparison of male and female entrepreneurs

  9. Entrepreneurs have many of the same character traits as leaders, similar to the early great man theories of leadership

  10. characteristics The entrepreneur has an enthusiastic vision, the driving force of an enterprise. The entrepreneur's vision is usually supported by an interlocked collection of specific ideas not available to the marketplace. The overall blueprint to realize the vision is clear, however details may be incomplete, flexible, and evolving.

  11. The entrepreneur promotes the vision with enthusiastic passion. With persistence and determination, the entrepreneur develops strategies to change the vision into reality. The entrepreneur takes the initial responsibility to cause a vision to become a success.

  12. Entrepreneurs take prudent risks. They assess costs, market/customer needs and persuade others to join and help. An entrepreneur is usually a positive thinker and a decision maker.

  13. Zhao & Seibert • - meta-analysis (a statistical synthesis of previous research) showed that compared to managers, entrepreneurs score higher on Conscientiousness and Openness to Experience and lower on Neuroticism and Agreeableness. No difference was found for Extraversion

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