1. Chapter :03 The Individual Entrepreneur

2. ENTREPRENEURIAL FEELINGS
There is no "true entrepreneurial profile"- entrepreneurs come from many educational backgrounds, family situations, and work experiences.
A potential entrepreneur may presently be a nurse, secretary, assembly line worker, sales person, mechanic, home maker, manager or engineer.
A potential entrepreneur can be male or female and of any race or nationality.

3. Some key Entrepreneurial Feelings 1. Locus of Control
Locus of Control: An attribute indicating the sense of control that a person has over life.
Whether individual will be able to sustain the drive and energy required to form something new and to manage the new enterprise and make it grow?
Locus of control refers to the internal-external control dimension of an individual.
Managers and entrepreneurs both have more of an internality tendency than the general public.

4. 2. Feelings about Independence and Need for Achievement
Need for Independence: “Being one’s own boss”…..(most strongest needs).
Need for Achievement: An individual’s need to be recognized.
Entrepreneurs also seem to have a high need for independence and may have a high need for achievement----McClelland 1961

5. Feelings about Independence and Need for Achievement
McClelland specified three attributes as characteristics of entrepreneurs:
Individual responsibility for solving problems and setting and achieving goals.
2. Moderate risk taking as a function of skill.
3. Knowledge of results of decision/task accomplishment.

6. ENTREPRENEURIAL FEELINGS...cont’d
3. Risk Taking
- Empirical observation have not found whether risk taking is a distinguishing characteristics of entrepreneurs.
4. ENTREPRENEUR Background and Characteristics
Childhood family environment.
Education
Personal values
Age
Work history

7. ENTREPRENEURIAL FEELINGS...cont’d
Education
Formal education is not necessary for starting a new business.
level of education plays a major role to solve creative problems.
Personal Values
- A successful entrepreneur is frequently characterized as a winner.
- Leadership, support, aggression, benevolence, conformity, creativity, veracity, and resource seeking may also be important.

8. ENTREPRENEURIAL FEELINGS...cont’d
Work History
Dissatisfaction with one’s job often motivates the launching of a new venture.
Entrepreneurial experience becomes increasingly important as the complexity of the venture increases.
MOTIVATION
“Independence”----not wants to work for anyone else.
Money is the second reason for starting a venture.

9. INFLUENCING ENTREPRENEUR Importance of Role Models and Support systems

10. 1. Role Models 2. Moral-Support Network
Influencing entrepreneurs in their career choice is role models.
Role models can be parents, relatives, or successful entrepreneurs in the community.
invaluable source of counsel and advice.
2. Moral-Support Network
Most entrepreneurs indicate that their spouses are their biggest supporters.
3. Professional-Support Network
Entrepreneur needs advice and counsel
Network of business associates.
Clients and buyers, Suppliers, Trade associations. 4

11. INTERNATIONAL ENTREPRENEURIAL OPPORTUNITIES
An entrepreneur executes his or her business in more than one country, international entrepreneurship occurs.
For effective planning, reporting, and control, the entrepreneur should consider:
Environmental analysis
Strategic planning
Structure
Controlling the marketing program
operational Planning 4

12. ENTREPRENEURIAL ENTR Y INTO INTERNATIONAL B USINESS
Exporting
Indirect exporting
Direct exporting
Non equity arrangements
Licensing
Turn-key projects
Management contracts
Direct Foreign Investment
Minority interests
Joint ventures
Majority interest 4