1. The Entrepreneurship Process

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

3. 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

4. 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

5. 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

6. 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

7. 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

8. Core and Desirable Entrepreneurial Attributes

9. 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