ENTREPRENEURIAL FEELINGS

1. ENTREPRENEURIAL FEELINGS CHAPTER 3

2. ENTREPRENEURIAL FEELINGS • Entrepreneurs come from a variety of back grounds, family situations & work experiences

3. LOCUS OF CONTROL • “an attribute indicating the sense of control that a person has over life” • Internal locus of control • These people believe that they can control their own destiny & make decisions at their own. • External locus of control • These people believe that their lives are controlled by outside forces & external forces influence their decisions.

4. Checklist for Feelings About Control • Do you often feel “that’s just the way things are and there’s nothing I can do about it”? • When things go right and are terrific for you, do u think, “its mostly luck”? • Do you think you should go into e-business because everything you read these days is urging you in that direction? • Do you know that if you decide to do something, you’ll do it and nothing can stop you?

5. Checklist for Feelings About Control 5. Even though it’s scary & risky to try something new, are you the kind who tries it? 6. Do you think it’s important for everyone to like you? 7. If u wants something, do you ask for it rather than wait for someone to notice you and “ just give it to you”? 8. Even though people tell you “it can’t be done,” do you have to find out for yourself?

6. Checklist for Feelings About Control • Answering yes to Q’s 4,5,7,8 indicates that you possess the internal control aspect of being an entrepreneur. • Answering yes to Q’s 1,2,3,6 indicates that you are more geared towards external controls which may hinder your entrepreneurial tendencies.

7. Feelings About Independence and Need for Achievement • Need for independence • “Being one’s own boss” – one of the strongest needs of an entrepreneur. • Need for achievement • “An individual’s need to be recognized”.

8. Check list about Feelings About Independence 1. I hate to go shopping for clothes alone 2.If my friends won’t go to a movie I want to see, I’ll go by myself 3.I want to be financially independent. 4.I often need to ask other people’s opinions before I decide on important things 5.When I know I’m in charge, I don’t apologize; I just do what has to be done

9. Check list about Feelings About Independence 6.I’ll speak up for an unpopular cause if I believe in it 7.I’m afraid to be different 8.I want the approval of others

10. Check list about Feelings About Independence • Answering yes to Q’s 1,4,7,8 indicate that you do not have a strong need for independence.

11. Risk Taking • Risk taking—whether financial, social, or psychological—is a part of the entrepreneurial process. • Successful entrepreneurs are not gamblers • They manage risks by transferring it to others (share financial & business risks)

12. Partners • Venture capitalists • professional investors Investing in business • Angel investors • Wealthy private investors who invest in regional or local companies within their industry or area of professional expertise • www.ventureworthy.com • http://tremu.gov.pk/forum/display_forum_topics.asp?ForumID=16 • www.tplinc.com • www.angel-investor-news.com • www.atrc.net.pk

13. Check list about Willingness to take Risk • If you are frightened of something, will you try to conquer the fear? • Do you hesitate trying new foods, new places, and totally new experiences? • Can u walk up a total stranger & strike up a conversation? • Have you ever intentionally traveled an unfamiliar route? • Do you need to know that it’s been done already before you’re willing to try it?

14. Check list about Willingness to take Risk • Answering yes to Q’s 2,5 indicates that u need to develop a greater willingness to take risk.

15. Entrepreneur Background and Characteristics • The background areas explored include: • Child hood family environment • Education • Age • Work History • Feed back

16. Childhood Family Environment • Family environment of an entrepreneur includes • Birth order • Parents Occupation • Social Status • Relationship with parents

17. Education • Education is important in the upbringing of the entrepreneur. • The ability to deal with people and communicate clearly in the written and spoken word is also important in any entrepreneurial activity. • Colonel Sanders • Henry Ford

18. Age • entrepreneurial age (the age of the entrepreneur reflected in the experience) • In terms of chronological age, most entrepreneurs initiate their entrepreneurial careers between the ages of 22 and 45. • Colonel Sanders • Doris Drucker

19. Work History • The past work experience of an individual • Learn by doing

20. Feed Back • Actively use & seek feed back • Learning from mistakes & setbacks • Excellent listeners & quick learners • Not afraid of failing

21. Sources of Motivation

22. RoleModels • Individuals influencing an entrepreneur’s career choice and style

23. Moral-Support Network • Individual who give psychological support to an entrepreneur

24. friends provide honest advice • Relatives (spouse,children, parents, grandparents, aunts, and uncles) can also be strong sources of moral support, particularly if they are also entrepreneurs.

25. Professional–Support Network • A mentor • Business associates • Trade associations • Personal affiliations

26. A mentor • A coach, an advocate, who provides guidance - someone with whom the entrepreneur can share both problems & successes • Mentor finding process • Make a list of experts in various fields • Identify the individual who can provide the most assistance • Contact the individual

27. Business associates • Self employed individuals who have experience starting a business • Clients or buyers of venture product/service • Lawyers

28. Trade associates • Trade associations keep up with new developments • Provide over all industry data

29. Personal affiliations • Affiliations developed through • Shared hobbies • Participation In sporting events • Clubs • School alumni groups • Online community Are excellent potential sources of referrals, advice & information

30. A look at the non entrepreneurial mind • Personality types that have a difficult time in successfully creating & managing a new venture • Invulnerability • Machismo • Anti-authoritarian • Impulsivity • Outer control • Perfectionist • Know it all • Counter dependency

31. Invulnerability • Nothing disastrous could happen to them • Likely to take unnecessary chances & unwise risks

32. Machismo • People who try to prove that they are better than others and can beat them • Exposing themselves to danger, taking large risks • Foolish head-to-head competition & irrational takeover battles

33. Anti-authoritarian • Dislike control of their actions by any outside authority • Do not tell me what to do!!,,no one can tell me what to do!! • No feed back

34. Impulsivity • Taking decisions quickly • Fail to explore the implication of their actions • Do not review alternatives before acting

35. Outer control • Outer locus of control • They feel that they can do little • If things go well, they attribute it to good luck

36. Perfectionist • Being a perfectionist & having high standards are not the same • The time & cost implications of attaining perfection invariably result in the opportunity window being slammed shut by a more decisive & nimble competitor

37. Know it all • Entrepreneurs who think they have all the answers usually have very few • Fail to recognize, what they do not know

38. Counter dependency • Severe case for independence • Determined to accomplish things by themselves, without help from anyone