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MGT 4550 - Family Business Management Chapter 2 The Founder - The Entrepreneur Family Business Management, Concepts and Practice by A. Bakr Ibrahim & Willard.

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Presentation on theme: "MGT 4550 - Family Business Management Chapter 2 The Founder - The Entrepreneur Family Business Management, Concepts and Practice by A. Bakr Ibrahim & Willard."— Presentation transcript:

1 MGT Family Business Management Chapter 2 The Founder - The Entrepreneur Family Business Management, Concepts and Practice by A. Bakr Ibrahim & Willard H. Ellis Instructor: Dr. Irene Duhaime

2 Mgt Family Business Dr. Irene Duhaime Page2 Class Schedule - Week 2 4 THE FOUNDER-ENTREPRENEUR l Reading: Chapter 2 l Case: The Steinberg Family, p.57 l Project Teams Assigned

3 Mgt Family Business Dr. Irene Duhaime Page3 Content 4 Defining the Entrepreneur 4 Roles of the Entrepreneur 4 The Entrepreneurial Process - The Making of an Entrepreneur 4 The Successful Entrepreneur 4 Management Skills and Competence 4 Prediction and Development

4 Mgt Family Business Dr. Irene Duhaime Page4 Defining the Entrepreneur 4 Definition l Individual who sees an opportunity that others do not, and marshals the resources to exploit it l Characteristics B Creative, innovative B high need for achievement & autonomy B higher than average anxiety B developed aesthetic sense B lower than average interpersonal skills B risk-takin K. De Vries

5 Mgt Family Business Dr. Irene Duhaime Page5 Roles of the Entrepreneur 4 Innovator / Risk-taker l Creativity l Purpose driven l Use of untried and unconventional methods 4 Manager / Coordinator l Marshall & control resources l Formulate organizational strategy l Select management structure l Select management processes

6 Mgt Family Business Dr. Irene Duhaime Page6 The Successful Entrepreneur The Entrepreneurial Factor 4 Proactive Traits l address problems before they occur and take action. 4 Achievement orientation l work is of highest quality l use of feedback for quality improvements l seize opportunity when & where found. 4 Commitment to others l concerned about customer needs and wants

7 Mgt Family Business Dr. Irene Duhaime Page7 Management Skills and Competence

8 Mgt Family Business Dr. Irene Duhaime Page8 entrepreneurs 4 part adventurer part misfit 4 part benefactor part exploiter 4 part genius part fool (Gersick)

9 Mgt Family Business Dr. Irene Duhaime Page9 founders 4 lasting influence on firm’s 4.values 4.ethical standards 4.decision rules of thumb 4.business choices (what in and not in) 4.Culture (Gersick)

10 Mgt Family Business Dr. Irene Duhaime Page10 “Myths” about founders 4.stories about how business started 4.overcame obstacles 4.survived despite the odds (Gersick)

11 Mgt Family Business Dr. Irene Duhaime Page11 Founder as entrepreneur 4.risk taker 4.creative idea 4.lone ranger 4.escape other firm, reporting to others (Gersick)

12 Mgt Family Business Dr. Irene Duhaime Page12 Founders’ motivations 4 negative 4 4.leave other jobs 4.frustration with bosses 4.lack of career progress (Gersick)

13 Mgt Family Business Dr. Irene Duhaime Page13 Negative motivations 4 impact on companies they found? 4.culture tolerant of individualists 4.resist authority hierarchies 4.informal org’l structures, don’t want to formalize 4.few/no formal job descriptions (Gersick)

14 Mgt Family Business Dr. Irene Duhaime Page14 Founders’ motivations 4 positive 4 4.exploit opportunity 4.seek challenge, excitement 4.imitate other inspiring founders (Gersick)

15 Mgt Family Business Dr. Irene Duhaime Page15 Positive motivations 4 impact on companies they found? 4.tendency to opportunism 4.choices explained as taking advantage of good deals (Gersick)

16 Mgt Family Business Dr. Irene Duhaime Page16 Traits of entrepreneurs 4 high need for achievement 4 risk taking propensity 4 tolerance for ambiguity 4 creativity 4 intuition 4 flexibility 4 self-confidence (Gersick)

17 Mgt Family Business Dr. Irene Duhaime Page17 Traits - continued 4 High need for independence & autonomy 4 internal locus of control 4 adapt readily to change 4 dominance 4 low need for conformity (Gersick)

18 Mgt Family Business Dr. Irene Duhaime Page18 2 Ownership Business 1 Family Family Business System Figure (Gersick) Family Members Employees Shareholders


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