Do you have a high need for achievement?

Objectives Examine need for achievement in the context of entrepreneurial mindset Explore the impact of need for achievement on success as an entrepreneur Assess your personal need for achievement

Macroeconomic Change Entrepreneurial Motivation Entrepreneurial Behavior Industry Condition Industry Status Opportunity Identification Value Curve Competition The Opportunity Analysis Canvas TM Entrepreneurial Mindset Achievement Individualism Control Focus Optimism

Defining need for achievement “preference for challenge, an acceptance of personal responsibility for outcomes, or a personal drive for accomplishment” Entrepreneurship researchers have examined the influence of need for achievement on entrepreneurial success since the earliest entrepreneurship research studies (McClelland, 1961).

Connection between need for achievement and entrepreneurship? Entrepreneurs typically have higher need for achievement than managers Stewart and Roth (2007) Autonomy and challenging demands of entrepreneurship are conducive to satisfaction of this need for achievement –Individuals with a high need for achievement seek opportunities to be entrepreneurs

High need for achievement makes for better entrepreneurs Those with strong achievement needs demonstrate higher levels of performance and are more goal-oriented. High need for achievement motivates  High job involvement  High organizational commitment Park, Lee, and Kabst (2008)

Understanding your need for achievement via self-leadership Setting personal goals that are specific, challenging, and relevant Mentally rehearsing future events by thinking through the activities required to perform the task, anticipating obstacles, and developing solutions to those obstacles before they occur. Self-monitoring by keeping track of progress towards a goal, to include milestone measuring. Self-reinforcement by rewarding yourself after successfully completing a task Influencing yourself to establish the self-direction and self- motivation needed to perform a task

Summary Need for achievement is a key component of entrepreneurial mindset Need for achievement motivates individuals to pursue new ventures, and contributes to their success once started Analyzing your own need for achievement is valuable to diagnosing and enhancing your levels