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Chapter 3

The document discusses key characteristics of entrepreneurs. It identifies common feelings entrepreneurs experience like a need for independence, achievement, and control over their lives. Entrepreneurs often come from supportive family environments and have role models who influence them. Both male and female entrepreneurs are motivated by independence, but men tend to be motivated more by money while women prioritize job satisfaction and opportunity. The document also distinguishes between inventors, who focus on creativity, and entrepreneurs, who work to develop businesses from inventions through expertise and teams.

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Shaheer Shabbir
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472 views11 pages

Chapter 3

The document discusses key characteristics of entrepreneurs. It identifies common feelings entrepreneurs experience like a need for independence, achievement, and control over their lives. Entrepreneurs often come from supportive family environments and have role models who influence them. Both male and female entrepreneurs are motivated by independence, but men tend to be motivated more by money while women prioritize job satisfaction and opportunity. The document also distinguishes between inventors, who focus on creativity, and entrepreneurs, who work to develop businesses from inventions through expertise and teams.

Uploaded by

Shaheer Shabbir
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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The Individual

Entrepreneur

Objectives
To identify some key entrepreneurial
feelings and motivations.
To identify key elements in an
entrepreneurs background.
To discuss the importance of role models
and support systems.
To identify the similarities and differences
between male and female entrepreneurs.
To explain the differences between
inventors and entrepreneurs

Entrepreneurial Feelings
An inner need to succeed and win.
Locus of control: An attribute indicating the
sense of control that a person has over life.
Feelings about independence & need for
achievement.
Need for independence: Being ones own boss
one of the strongest needs of an entrepreneur.
Need for Achievement (n Ach): An individuals
need to be recognized. McClellands three
attributes of entrepreneurs are; individual
responsibility for solving problems, setting goals
& reaching these goals through own efforts,
moderate risk taking as a function of skill, not
chance, and knowledge of results of

Entrepreneur Background &


Characteristics
Childhood family environment.
Education.
Personal Values. Five characteristics found
across consumer & leadership groups include:
superior product quality, quality service to
customers, flexibility, high caliber
management, honesty / ethics in business
practices.
Age
Work History
Motivation

Motivation
Major reason cited for taking up
Entrepreneurship is Independence
not wanting to work for anyone
else.
Money second after independence
in case of men.
Job satisfaction, achievement,
opportunity, and money are
considered important reasons by
women.

Role Models & Support


Systems
Role models are individuals influencing an
entrepreneur's career choice and style. (Can be
parents, brothers, sisters or other relatives.)
Role models also serve in a supportive capacity as
mentors.
Moral-support network: Individuals who give
psychological support to an entrepreneur. Support
can play a critical role during difficult times.
Professional-Support Network: Individuals who
help the Entrepreneur in business activities. These
individuals provide advice and counseling. They
can be in the form of a Mentor, business
associates, trade associations, or those having
personal affiliations.

Male versus Female


Entrepreneurs
Characteristics are generally very similar.
Female entrepreneurs differ in terms of
motivation, business skills, and
occupational backgrounds.
Women tend to be more motivated by the
need for achievement arising from job
frustration (not being allowed to perform
& grow in their previous positions.)
Men are often motivated by the drive to
control their own destinies.

Minority Entrepreneurship
Minority business owner, according
to one study, was the eldest child in
a blue collar family, was married, had
children, had a college degree &
related business experience, and was
primarily motivated by achievement,
opportunity and job satisfaction.

Entrepreneurs Versus
Inventors
An inventor is an individual who creates something new,

for the first time, and is highly creative.


Well educated, has family education and occupational
experiences that contribute to creative development and
free thinking.
Problem solver, to reduce complex problems to simple
ones.
Has a very high level of self confidence.
Willing to take risks.
Ability to tolerate venture ambiguity.
Places high premium on being an achiever.
Monetary benefits are not viewed as measure of success.
On the other hand, entrepreneur adores the environment,
and develops new venture with his own expertise and
team approach.

General Non Entrepreneurial Profiles


Shotgun Sam: An entrepreneurial type who quickly
identifies new promising business opportunities but
rarely, if ever, follows through on the opportunity to
create a successful new venture.
Simplicity Sue: One who thinks everything is a lot
simpler & feels one can create a successful business
through one or two easy solutions.
Prima Donna Paul: An entrepreneurial type so in
love with his own idea that he feels everyone is out to
take his idea and take advantage of him. This
situation does not allow trust to be developed or help
given.
Ralph the Rookie: An entrepreneurial type who is
well grounded in theory but lacks real-world business
experience.

General Non Entrepreneurial Profiles


(Contd)

Meticulous Mary: A perfectionist


entrepreneurial type who is so used to having
things under control that she cannot manage
during a catastrophe and cannot handle periods
of ambiguity and chaos.
Underdog Ed: An entrepreneurial type who is
not comfortable with actually transforming the
invention into a tangible business success.
(Likes to attend seminars etc. but does not like
putting things in action).
Hidden Agenda Harry: An entrepreneur who
does not have the right motives and objectives
for developing & expediting a new enterprise.
Inventor Irving: An inventor more than an
entrepreneur, who is more concerned with the

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