Intro to Business Chapter 6 Characteristics of Entrepreneurs So far we could say that entrepreneurs are a different breed. More like to have had parents that are entrepreneurs Possess unique personality traits More likely to be Inquisitive, Passionate, Self-Motivated, Honest, Courageous, Flexible, Intelligent and Reliable.

Intro to Business Chapter 6 Characteristics of Entrepreneurs Eight Traits that are important for Entrepreneurs to have: 1.Vision 2.High Energy Level 3.Need to Achieve 4.Self-Confidence and Optimism 5.Tolerance for Failure 6.Creativity 7.Tolerance for Ambiguity 8.Internal Locus of Control

Intro to Business Chapter 6 Characteristics of Entrepreneurs Vision This is where it all begins, an overall idea of how to make business a success. Bill Gates and Paul Allen – Microsoft Dean Kamen – SegWay People who think outside of the box.

Intro to Business Chapter 6 Characteristics of Entrepreneurs High Energy Level This is a willingness to work hard to realize your vision Starting and building a company takes an enormous amount of hard work and time Some entrepreneurs work full time regular jobs while trying to start up Some work 14 hour days, seven days a week. Researchers found that successful Entrepreneurs worked harder and hustled customers.

Intro to Business Chapter 6 Characteristics of Entrepreneurs High Energy Level Entrepreneurs must work harder: start up companies have small staffs and lack capital. Average Entrepreneur works hours a week 1/5 of all Entrepreneurs work 7 days a week. Huge Challenge to balance Work with Life!!!!! How do they overcome this?

Intro to Business Chapter 6 Characteristics of Entrepreneurs Need to Achieve Entrepreneurs work hard to excel Very strong competitive drive Enjoy challenges of trying to reach difficult goals Very dedicated to personal success Ambition to change the world not just make a comfortable living LuLu’s Dessert Factory – Gelatin Cups. Maria Sobrino

Intro to Business Chapter 6 Characteristics of Entrepreneurs Self Confidence and Optimism Entrepreneurs believe in their own ability to succeed Instill their optimism into others Optimism resembles fearlessness 180s LLC – Investment Bankers who left jobs to reinvent the earmuff. Can this be a negative trait?

Intro to Business Chapter 6 Characteristics of Entrepreneurs Tolerance Failure Entrepreneurs often succeed from sheer will! Try and try again until they get it right, when many would quit. Setbacks are learning experiences and they aren’t discouraged or disappointed Howard Schultz – Joe Magazine

Intro to Business Chapter 6 Characteristics of Entrepreneurs Creativity Entrepreneurs typically conceive new ideas for goods and services Devise new ways to overcome difficult problems and situations Kenny Kramm – FLAVORx Entrepreneurs often achieve success by their creative improvements, not totally revolutionizing an industry.

Intro to Business Chapter 6 Characteristics of Entrepreneurs Tolerance for Ambiguity Entrepreneurs have to be able to deal with Uncertainties Have to deal with unexpected events Entrepreneurs do take risks, but they use strategies that they think will be successful, and when the strategy is not working they quickly make adjustments Staying close to customers is a great way to manage this ambiguity

Intro to Business Chapter 6 Characteristics of Entrepreneurs Internal Locus of Control Entrepreneurs believe they control their own fate Take personal responsibility for the success or failure of their actions Can not be excuse makers or blamers

Intro to Business Chapter 6 Characteristics of Entrepreneurs Entrepreneur Potential Assessment Questions 1.Are you a first-generation American? 2.Are you an honor student? 3.Do you enjoy group functions in school-clubs, sports, etc… 4.As a youngster did you prefer to spend time alone? 5.Have you had a paper route, lemonade stand or other small enterprise? 6.Are you stubborn Child? 7.Were you a cautious youngster, the last to dive off the high dive in the neighborhood? 8.Do you worry about what others think of you? 9.Are you in a rut, tired of the same old routine every day? 10.Would you be willing to invest your savings-and risk losing all you invested- to go alone? 11.If your new business were to fail would you get to work immediately on another? 12.Are you an optimist?