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PowerPoint Presentation by Charlie Cook The University of West Alabama Part I The Entrepreneurial Mindset in the 21st Century C H A P T E R 2 © 2009 South-Western, a part of Cengage Learning. All rights reserved. © 2009 South-Western, a part of Cengage Learning. All rights reserved. The Entrepreneurial Mind-Set in Individuals
© 2009 South-Western, a part of Cengage Learning. All rights reserved.2–2 Chapter Objectives 1.To describe the entrepreneurial mind-set. 2.To present the major sources of information useful in profiling the entrepreneurial mind-set 3.To identify and discuss the most commonly cited characteristics found in successful entrepreneurs 4.To discuss the “dark side” of entrepreneurship 5.To identify and describe the different types of risk entrepreneurs face as well as the major causes of stress for these individuals and the ways they can handle stress 6.To examine entrepreneurial motivation
© 2009 South-Western, a part of Cengage Learning. All rights reserved.2–3 The Entrepreneurial Mindset Entrepreneurial Mindset Entrepreneurial Mindset Describes the most common characteristics associated with successful entrepreneurs as well as the elements associated with the “dark side” of entrepreneurship. Who Are Entrepreneurs? Who Are Entrepreneurs? Independent individuals, intensely committed and determined to persevere, who work very hard. They are confident optimists who strive for integrity. They burn with the competitive desire to excel and use failure as a learning tool.
© 2009 South-Western, a part of Cengage Learning. All rights reserved.2–4 Sources of Research on Entrepreneurs The Entrepreneurial Mindset Speeches, Seminars and Presentations Direct Observation Research and Popular Publications
© 2009 South-Western, a part of Cengage Learning. All rights reserved.2–5 Sources of Research on Entrepreneurs (cont’d) Publications Publications Technical and professional journals Textbooks on entrepreneurship Books about entrepreneurship Biographies or autobiographies of entrepreneurs Compendiums about entrepreneurs News periodicals Venture periodicals Newsletters Proceedings of conferences The Internet Direct Observation of Practicing Entrepreneurs Direct Observation of Practicing Entrepreneurs Interviews Surveys Case studies Speeches, Seminars, and Presentations by Practicing Entrepreneurs Speeches, Seminars, and Presentations by Practicing Entrepreneurs
© 2009 South-Western, a part of Cengage Learning. All rights reserved.2–6 Common Characteristics of Entrepreneurs Commitment, determination, and perseverance Commitment, determination, and perseverance Drive to achieve Drive to achieve Opportunity orientation Opportunity orientation Initiative and responsibility Initiative and responsibility Persistent problem solving Persistent problem solving Seeking feedback Seeking feedback Internal locus of control Internal locus of control Tolerance for ambiguity Tolerance for ambiguity Calculated risk taking Calculated risk taking Tolerance for failure Tolerance for failure High energy level High energy level Creativity and Innovativeness Creativity and Innovativeness Vision Vision Self-confidence and optimism Self-confidence and optimism Independence Independence Team building Team building
© 2009 South-Western, a part of Cengage Learning. All rights reserved.2–7 Outline of the Entrepreneurial Organization Imagination Flexibility Acceptance of Risks
© 2009 South-Western, a part of Cengage Learning. All rights reserved.2–8 Table 2.1 Characteristics Often Attributed to Entrepreneurs Source: John A. Hornaday, “Research about Living Entrepreneurs,” in Encyclopedia of Entrepreneurship, ed. Calvin Kent, Donald Sexton, and Karl Vesper, © 1982, 26–27. Adapted by permission of Prentice-Hall, Englewood Cliffs, NJ. 1.Confidence 2.Perseverance, determination 3.Energy, diligence 4.Resourcefulness 5.Ability to take calculated risks 6.Dynamism, leadership 7.Optimism 8.Need to achieve 9.Versatility; knowledge of product, market, machinery, technology 10.Creativity 11.Ability to influence others 12.Ability to get along well with people 13.Initiative 14.Flexibility 29.Pleasant personality 30.Egotism 31.Courage 32.Imagination 33.Perceptiveness 34.Toleration of ambiguity 35.Aggressiveness 36.Capacity for enjoyment 37.Efficacy 38.Commitment 39.Ability to trust workers 40.Sensitivity to others 41.Honesty, integrity 42.Maturity, balance 15.Intelligence 16.Orientation to clear goals 17.Positive response to challenges 18.Independence 19.Responsiveness to suggestions and criticism 20.Time competence, efficiency 21.Ability to make decisions quickly 22.Responsibility 23.Foresight 24.Accuracy, thoroughness 25.Cooperativeness 26.Profit orientation 27.Ability to learn from mistakes 28.Sense of power
© 2009 South-Western, a part of Cengage Learning. All rights reserved.2–9 Entrepreneurship Theory Entrepreneurs cause entrepreneurship. Entrepreneurs cause entrepreneurship. Entrepreneurship is a function of the entrepreneur: Entrepreneurship is the interaction of skills related to inner control, planning and goal setting, risk taking, innovation, reality perception, use of feedback, decision making, human relations, and independence.
© 2009 South-Western, a part of Cengage Learning. All rights reserved.2–10 The Entrepreneurial Journey Entrepreneurs Entrepreneurs Create ventures much as an artist creates a painting. Are formed by the lived experience of venture creation. Experiential Nature of Creating a Sustainable Enterprise Experiential Nature of Creating a Sustainable Enterprise Emergence of the opportunity Emergence of the venture End emergence of the entrepreneur
© 2009 South-Western, a part of Cengage Learning. All rights reserved.2–11 The Dark Side of Entrepreneurship The Entrepreneur’s Confrontation with Risk The Entrepreneur’s Confrontation with Risk Financial risk versus profit (return) motive varies in entrepreneurs’ desire for wealth. Career risk—loss of employment security Family and social risk—competing commitments of work and family Psychic risk—psychological impact of failure on the well-being of entrepreneurs
© 2009 South-Western, a part of Cengage Learning. All rights reserved.2–12 Figure 2.1 Typology of Entrepreneurial Styles Source: Thomas Monroy and Robert Folger, “A Typology of Entrepreneurial Styles: Beyond Economic Rationality,” Journal of Private Enterprise IX(2) (1993): 71.
© 2009 South-Western, a part of Cengage Learning. All rights reserved.2–13 Stress and the Entrepreneur Entrepreneurial Stress Entrepreneurial Stress The extent to which entrepreneurs’ work demands and expectations exceed their abilities to perform as venture initiators, they are likely to experience stress. Causes of Entrepreneurial Stress Causes of Entrepreneurial Stress Loneliness Immersion in business People problems Need to achieve
© 2009 South-Western, a part of Cengage Learning. All rights reserved.2–14 Entrepreneurs: Type A Personalities Entrepreneurs: Type A Personalities Chronic and severe sense of time urgency. Chronic and severe sense of time urgency. Constant involvement in multiple projects subject to deadlines. Constant involvement in multiple projects subject to deadlines. Neglect of all aspects of life except work. Neglect of all aspects of life except work. A tendency to take on excessive responsibility, combined with the feeling that “Only I am capable of taking care of this matter.” A tendency to take on excessive responsibility, combined with the feeling that “Only I am capable of taking care of this matter.” Explosiveness of speech and a tendency to speak faster than most people. Explosiveness of speech and a tendency to speak faster than most people.
© 2009 South-Western, a part of Cengage Learning. All rights reserved.2–15 Dealing with Stress Networking Networking Getting away from it all Getting away from it all Communicating with employees Communicating with employees Finding satisfaction outside the company Finding satisfaction outside the company Delegating Delegating Exercising Rigorously Exercising Rigorously
© 2009 South-Western, a part of Cengage Learning. All rights reserved.2–16 The Entrepreneurial Ego Self-Destructive Characteristics Self-Destructive Characteristics Overbearing need for control Sense of distrust Overriding desire for success Unrealistic optimism Entrepreneurial Motivation Entrepreneurial Motivation The quest for new-venture creation as well as the willingness to sustain that venture. Personal characteristics, personal environment, business environment, personal goal set (expectations), and the existence of a viable business idea.Personal characteristics, personal environment, business environment, personal goal set (expectations), and the existence of a viable business idea.
© 2009 South-Western, a part of Cengage Learning. All rights reserved.2–17 Figure 2.2 A Model of Entrepreneurial Motivation Source: Douglas W. Naffziger, Jeffrey S. Hornsby, and Donald F. Kuratko, “A Proposed Research Model of Entrepreneurial Motivation,” Entrepreneurship Theory and Practice (spring 1994): 33.
© 2009 South-Western, a part of Cengage Learning. All rights reserved.2–18 Key Terms and Concepts calculated risk taking calculated risk taking career risk career risk dark side of entrepreneurship dark side of entrepreneurship delegating delegating drive to achieve drive to achieve entrepreneurial behavior entrepreneurial behavior entrepreneurial mind-set entrepreneurial mind-set entrepreneurial motivation entrepreneurial motivation external optimism external optimism family and social risk family and social risk financial risk financial risk immersion in business immersion in business loneliness loneliness need for control need for control networking networking opportunity orientation opportunity orientation psychic risk psychic risk risk risk stress stress tolerance for ambiguity tolerance for ambiguity tolerance for failure tolerance for failure vision vision
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