1. The Entrepreneurial Mindset
Entrepreneurship

2. Managerial Vs Entrepreneurial Decision Making
Dimensions of change
Strategic Orientation
Commitment of resources
Control of resources
Management Structure
Reward Philosophy
Growth Orientation
Entrepreneurial Culture

3. Distinguishing Traditionally from Entrepreneurially Managed Firms
Entrepreneurial Focus
Conceptual Dimension
Administrative Focus
Driven by perception of opportunity
Strategic Orientation
Driven by controlled resources
Many stages with minimal exposure
Commitment of resources
A single stage with complete commitment out of decision
Episodic use or rent of required resources
Control of Resources
Ownership or employment of required resources
Flat with multiple informal networks
Management structure
Hierarchy
Based on value creation
Reward philosophy
Based on responsibility and seniority
Rapid growth is top priority; risk accepted to achieve growth
Growth orientation
Safe, slow and steady
Promoting broad search for opportunities
Entrepreneurial Culture
Opportunity search restricted by controlled resources, failure punished.

4. Entrepreneurial Intentions
“ The motivational factors that influence individuals to pursue entrepreneurial outcomes.”
Individuals have stronger intentions to act when taking action is perceived to be feasible. Entrepreneurs self efficacy, defined as, the conviction that one can successfully execute the entrepreneurial process, determines this perception of feasibility.
Perceived desirability, defined as, the degree to which an individual has a favorable or unfavorable evaluation of the potential entrepreneurial outcome, is another factor that determines entrepreneurship spirit.

5. Entrepreneur Background & Characteristics
Education
- Formal education is not necessary for starting a new business.
- Research shows education provides a good background, although majority of successful venture owners like Henry Ford, Bill Gates were college dropouts.
- Only a few have relevant degrees in engineering, science or math.
2. Personal Values
- Research shows that entrepreneurs have different set of attitudes in the field of management process.
- Five core characteristics are superior product quality, quality service to customers, flexibility & ability to adapt to changes in the market, high caliber management, honest & ethics in business.

6. Entrepreneur Background & Characteristics
3. Age
- Most entrepreneurs initiate their entrepreneurial careers between the chronological ages of 22 and 45.
- Generally, Male entrepreneurs start their first venture in their early 30’s whereas women do so in their middle 30’s.
4. Work History
- Dissatisfaction with various aspects of one’s job such as lack of challenge, or promotional opportunities, frustration, boredom etc motivates the launching of new venture.

7. Role Models & Support Systems
Moral Support Network: Individuals who give psychological support, advice to the entrepreneur like friends, relatives etc.
Professional Support Network: includes mentor, business associates, suppliers, trade associations, or personal affiliations who give advice and counseling to the entrepreneur.

8. Comparison of Male & Female Entrepreneurs
Characteristic
Male Entrepreneurs
Female Entrepreneurs
Motivation
Achievement-strive to make things happen, Personal independence, Job satisfaction arises from the desire to be in control
Achievement- Accomplishment of a goal, independence-to do it alone
Departure point
Dissatisfaction with present job, sideline in college, present job, or outgrowth of present job, discharge or layoff, opportunity for acquisition
Job frustration, interest in and recognition of opportunity in the area, change in personal circumstances, personal assets & savings, personal loans
Sources of funds
Personal assets & savings, bank financing, investors, loans from friends and family
Personal assets & savings, personal loans
Occupational background
Experience in line of work, Recognized specialist or achiever, competent in variety of business functions
Experience in area of business, Middle management or administrative level experience in the field, service related occupational background.

9. Comparison of Male & Female Entrepreneurs
Characteristic
Male Entrepreneurs
Female Entrepreneurs
Personality characteristics
Opinionated & persuasive, Goal oriented, innovative & idealistic, High level of self confidence, Enthusiastic & energetic, Must be own boss
Flexible & tolerant, goal oriented, Creative & realistic, medium level of self confidence, enthusiastic & energetic, ability to deal with the social & economic environment.
Background
Age= 25-35, father was self-employed, college educated (degree in business or technical area), first born child
Age= 35-45, father was self employed, college educated (degree in liberal arts), firstborn child
Support groups
Friends, professional acquaintances(lawyers, accountants), business associates, spouse
Close friends, spouse, family, women’s professional groups, trade associations
Type of business started
Manufacturing or construction
Service related- educational services, consulting or public relations

10. Characteristics of an Entrepreneurial Environment
Organization operates on frontiers of technology
New ideas encouraged
Trial & error encouraged
Failures allowed
No opportunity parameters
Resources available & accessible
Multidiscipline teamwork approach
Long time horizon
Volunteer program
Appropriate reward system
Sponsors & champions available
Support of top management

11. Presentation Tomorrow !!
Presentations on famous entrepreneurs and successful businesses
Group Strength: 4 students
Time: 5 mins per group
Dress Code: Formal
Marks: 2.5 absolute