The Entrepreneurship Process

The Nature of Entrepreneurs Entrepreneurial Characteristics: Risk-taking Need for achievement A sense of independence Internal locus of control Tolerance for ambiguity

Six Themes of Desirable and Acquirable Attitudes and Behaviors: COMMITMENT AND DETERMINATION: LEADERSHIP: OPPORTUNITY OBSESSION TOLERANCE OF RISK, AMBIGUITY, AND UNCERTAINTY CREATIVITY, SELF-RELIANCE, AND ADAPTABILITY MOTIVATION TO EXCEL

Six Themes of Desirable and Acquirable Attitudes and Behaviors: COMMITMENT AND DETERMINATION: Tenacious and decisive, able to recommit/commit quickly Intensely competitive in achieving goals Persistent in solving problems, disciplined Willing to undertake personal sacrifice Immersed LEADERSHIP: Self-starter; high standards but not perfectionist Team builder and hero maker; inspires others Treats others as you want to be treated Shares the wealth and all the people who helped create it Honest and reliable; builds trust; practices fairness Not a lone wolf Superior learner and teacher Patient and urgent

Six Themes of Desirable and Acquirable Attitudes and Behaviors: OPPORTUNITY OBSESSION Market driven Has intimate knowledge of customers’ needs and wants Obsessed with value creation and enhancement TOLERANCE OF RISK, AMBIGUITY, AND UNCERTAINTY Calculated risk taker Risk sharer Manages paradoxes and contradictions Tolerates uncertainty and lack of structure Tolerates stress and conflict

Six Themes of Desirable and Acquirable Attitudes and Behaviors: CREATIVITY, SELF-RELIANCE, AND ADAPTABILITY Nonconventional, open-minded, lateral thinker Restless with status quo Able to adapt and change; creative problem solver Quick learner No fear of failure Able to conceptualize and “sweat details” MOTIVATION TO EXCEL Goal-and-results oriented; high but realistic goals Drive to achieve and grow Low need for status and power Interpersonally supporting (versus competitive) Aware of weaknesses and strengths Has perspective and sense of humor

Non-entrepreneurial Mindsets that Can Cause Failure Some thought patterns can be hazardous to new venture entrepreneurs: Invulnerability Machismo Anti-authoritarian Impulsivity Outer control Perfectionist Know it all Counterdependency

Core and Desirable Entrepreneurial Attributes

Skills and Abilities Not Measured by Tests There are many skills and abilities that are NOT measured by SATs, IQ tests, GMATs, and others: Interpersonal skills Self-discipline Creativity Motivation Learning skills (versus knowledge) Persistence and determination Values, ethics, honesty, and integrity Goal-setting orientation Leadership skill Frugality Resourcefulness Resiliency and capacity to handle adversity Ability to seek, listen, and use feedback Reliability Dependability Sense of humor