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 Angel investors www.atrc.net.pk
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

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. Role Models
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