Lesson 2 - Entrepreneurial Mindset

WHO ARE ENTREPRENEURS?
Monday, December 2, 13
risk takers who are optimistic, harddriving, committed individuals who derive satisfaction from being independent
risk takers who are optimistic, harddriving, committed individuals who derive satisfaction from being independent
starting a venture requires more than an
idea - special person - combines sound judgement and planning with risk taking to ensure success
CHARACTERISTICS OF ENTREPRENEURS
Source: John A. Hornaday, Research about Living Entrepreneurs, in Encyclopedia of Entrepreneurship
ENTREPRENEUR CHARACTERIST
COMMITMENT, DETERMINATION & PERSEVERANCE
more than any other factor this can overcome obstacles and setbacks. compensate for personal shortcomings
DRIVE TO ACHIEVE
DRIVE TO ACHIEVE
internally driven by a strong desire to compete, to excel against self-imposed standards, and to pursue and attain challenging goals.
OPPORTUNITY RECOGNITION
growth-minded strategy. Their goal orientation helps them with measures of how well they are performing.
INITIATIVE AND RESPONSIBLITY
INITIATIVE AND RESPONSIBLITY
willing to put themselves in situations where they are personally responsible for the success or failure of the operations.
PERSISTENT PROBLEM SOLVING

not intimidated by dicult situations. Simple problems bore them, unsolvable ones do not warrant their time

SEEKING FEEDBACK

SEEKING FEEDBACK
Eective entrepreneurs are often described as quick learners.
INTERNAL LOCUS OF CONTROL
belief in themselves. accomplishments and setbacks are within their own control and inuence and that they can aect the outcome of their actions.
TOLERANCE FOR AMBIGUITY
TOLERANCE FOR AMBIGUITY
thrive on the uidity and excitement of such an ambiguous existence.
CALCULATED RISK TAKING
Not gamblers
Not gamblers
INTEGRITY AND RELIABILITY
Not gamblers
INTEGRITY AND RELIABILITY

help build and sustain trust and condence. word of mouth - must be respected in the community.
TOLERANCE FOR FAILURE
use failure as a learning experience. The most eective entrepreneurs are realistic enough to expect such diculties.
HIGH ENERGY LEVEL
HIGH ENERGY LEVEL
ne tune their energy levels by carefully monitoring what they eat and drink, establishing exercise routines, and knowing when to get away for relaxation.
CREATIVITY AND INNOVATIVENESS
creativity can be learned
VISION
VISION
vision develops over time as the individual begins to realize what the rm is and what it can become.
SELF CONFIDENCE AND OPTIMISM
belief in their ability
TEAM BUILDING
TEAM BUILDING

The desire for independence and autonomy does not preclude the entrepreneurs desire to build a strong entrepreneurial team. Most successful entrepreneurs have highly qualied, well-motivated teams that help handle the growth and development of the venture.
INDEPENDENCE
INDEPENDENCE
driving force behind entrepreneurs
THE DARK SIDE OF ENTREPRENEURSHIP
CONFRONTATION OF RISK FINANCIAL RISK signicant portion of his savings or

other resources at stake.
CAREER RISK They will be able to nd a job or go

back to their old jobs if their venture should fail.
CONFRONTATION OF RISK
CONFRONTATION OF RISK FAMILY AND SOCIAL RISK risk of an incomplete family

experience and the possibility of permanent emotional scars.
PSYCHIC RISK well-being of 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.
SOURCES OF STRESS
SOURCES OF STRESS
Loneliness isolated from persons in whom they can conde. not to participate in social activities unless there is some business benet. Immersion in the business married to their business. They work long hours
SOURCES OF STRESS
SOURCES OF STRESS
People problems frustration, disappointment, and aggravation in their experience with people. Need to achieve Achievement brings satisfaction. However, many entrepreneurs are never satised with their work no matter how well it was done.
DEALING W/ STRESS
Networking to share experiences with other business owners. Getting away from it all Communicating with subordinates can readily assess the concerns of their sta. Finding satisfaction outside get away from the business occasionally and become more passionate about life itself; they need to gain some new perspectives. Delegating Rigorous exercise
DEALING W/ STRESS
ENTREPRENEURIAL EGO
ENTREPRENEURIAL EGO
Success can cause extreme ego Destructive implications The need for control control both their venture and their destiny. Sense of distrust Scanning can make lose sight of reality, distort reasoning and logic, and take destructive action. Overriding desire for success individual will become more important than the venture itself. Unrealistic optimism lead to a fantasy approach to the business.

Lesson 2 - Entrepreneurial Mindset

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Lesson 2 - Entrepreneurial Mindset

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WHO ARE ENTREPRENEURS?

starting a venture requires more than an

Source: John A. Hornaday, Research about Living Entrepreneurs, in Encyclopedia of Entrepreneurship

COMMITMENT, DETERMINATION & PERSEVERANCE

COMMITMENT, DETERMINATION & PERSEVERANCE

COMMITMENT, DETERMINATION & PERSEVERANCE

COMMITMENT, DETERMINATION & PERSEVERANCE

INITIATIVE AND RESPONSIBLITY

INITIATIVE AND RESPONSIBLITY

PERSISTENT PROBLEM SOLVING

PERSISTENT PROBLEM SOLVING

PERSISTENT PROBLEM SOLVING

PERSISTENT PROBLEM SOLVING

Eective entrepreneurs are often described as quick learners.

INTERNAL LOCUS OF CONTROL

INTERNAL LOCUS OF CONTROL

INTERNAL LOCUS OF CONTROL

TOLERANCE FOR AMBIGUITY

INTERNAL LOCUS OF CONTROL

TOLERANCE FOR AMBIGUITY

thrive on the uidity and excitement of such an ambiguous existence.

CALCULATED RISK TAKING

CALCULATED RISK TAKING

CALCULATED RISK TAKING

INTEGRITY AND RELIABILITY

CALCULATED RISK TAKING

INTEGRITY AND RELIABILITY

TOLERANCE FOR FAILURE

TOLERANCE FOR FAILURE

TOLERANCE FOR FAILURE

HIGH ENERGY LEVEL

TOLERANCE FOR FAILURE

HIGH ENERGY LEVEL

CREATIVITY AND INNOVATIVENESS

CREATIVITY AND INNOVATIVENESS

creativity can be learned

CREATIVITY AND INNOVATIVENESS

creativity can be learned

CREATIVITY AND INNOVATIVENESS

creativity can be learned

SELF CONFIDENCE AND OPTIMISM

SELF CONFIDENCE AND OPTIMISM

belief in their ability

SELF CONFIDENCE AND OPTIMISM

belief in their ability

SELF CONFIDENCE AND OPTIMISM

belief in their ability

driving force behind entrepreneurs

THE DARK SIDE OF ENTREPRENEURSHIP

CONFRONTATION OF RISK FINANCIAL RISK signicant portion of his savings or

CAREER RISK They will be able to nd a job or go

back to their old jobs if their venture should fail.

CONFRONTATION OF RISK FAMILY AND SOCIAL RISK risk of an incomplete family

PSYCHIC RISK well-being of the entrepreneur.

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