Entrepreneur Background and Characteristics

INDIVIDUAL ENTERPRENEURS

Entrepreneurial Feelings

LOCUS OF CONTROLAbility to sustain the drive and energy required not only to overcome the inertia in forming something new but also to manage the new enterprise.

FEELING ABOUT INDEPENDENCE AND NEED FOR ACHIEVEMENTEntrepreneurs generally do things in his or her own way and has a difficult time in working for someone else.Wanting to achieve more.

RISK TAKINGPart of entrepreneurial process financial, social or psychological.

MOTIVATION

Desire to be ones own Boss

Money

Job satisfaction

Achievements

Opportunity

Entrepreneur Background and Characteristics

Childhood Family EnvironmentSocial status : Individual viewed by societyParents occupationThe independent nature and flexibility of self-employment is ingrained at an ancient phaseRelationship with parentsSupportive relationship of parents is essential for female entrepreneurs

EducationIt helps to solve the problems that entrepreneurs confront.Formal education is not essential70% of the women entrepreneurs have a college degree.Entrepreneurs have cited an educational need in the areas of finance, strategic planning, marketing.Communication skill is also essential for entrepreneurs.

Personal ValuesEntrepreneur has a different set of attitudes about the nature of the management process, business, rationality etc.All these features helps to develop the new venture.Few characteristics found across consumer and leadership groups are :Product quality and serviceFlexibilityManagement , honesty and ethics in business practices.

Age and Work History Differentiate between entrepreneurial age and chronological ageExperience is one of the best predictors of success.Entrepreneurial careers between the ages of 22 and 45.Work history represents the past work experience of an individualDissatisfaction from the job drive the launching of new venture.Previous technical and industry experience is vital.

Importance of role models and support systemsAlthough there is no formal structure of a support network, an informal network for moral and professional support still benefits an entrepreneur significantly

Moral supportIndividuals who provide psychological support

Generally consists of family and friends

According to a report, most entrepreneurs give credit to their spouse indicating that they are the main source of support

Although friends are considered when an honest opinion is required to motivate you

Chris GardnerAt one point, he was homeless

Worked as a stockbroker

Motivated by his son

Determined to open his own stockbrokerage firm and succeeded.

Individuals who help in professional activities

Entrepreneurs although are considered to be lone wolfs, they do need advices; particularly from a mentor, trade associations or business associates

Mentors: Entrepreneurs can easily share their success and problems with these supporters since they are experts in the same domain.

Business associates: these are self-employed individuals who have experienced starting a business. They can provide a good source of advice about managing business.

Trade associations: helps the venture to be competitive. Provides crucial insights about the industry and competitors.

Mark ZuckerbergFounder of Facebook

He said, A small amount of time invested on your part to share your expertise can open up a new world for someone else.

Mentored by none other than Founder of Apple Inc. Steve Jobs

Jobs gave him advice about how he could build a team that was focused on building high quality and good things.

Inventors VS EntrepreneursDifference between - the often confused about inventors and entrepreneurs

InventorsCreates something for the first timeHighly motivated by his own work and ideasReluctant to modify its invention in order to make it commercially feasibleContributes to creativity and problem solvingDoesnt see monetary benefitsConcerned more about the number of inventions and patents

EntrepreneursCreates a new organizationHighly motivated by the idea of having a new ventureWill ensure its ventures survival and growthAre experts in implementing inventionsGenerally focus on monetary benefits

THANK YOUDhyani Desai111

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