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Hisrich Peters Shepherd Chapter 2 Entrepreneurial Intentions and Corporate Entrepreneurship Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin
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2-2 “Never assume that anybody cares as much about your business as you do.” - Jordan Entrepreneur’s Adage #6
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2-3 The Intention to Act Entrepreneurially Entrepreneurial Motivations - factors that influence individuals to pursue entrepreneurial outcomes. Intention is stronger when an action is perceived to be feasible and desirable. Entrepreneurial self-efficacy - Conviction that one can successfully execute the entrepreneurial process. Perceived desirability - The degree to which an individual has a favorable or unfavorable evaluation of the potential process and outcomes.
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2-4 Entrepreneur Background and Characteristics Education Provides a background about starting a business. Helps in the development of communication skills and problem-solving skills. Provides individuals with a larger opportunity set. Does not determine whether an entrepreneur will create a new business to exploit the discovered opportunity.
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2-5 Entrepreneur Background and Characteristics (cont.) Age Most entrepreneurs initiate their entrepreneurial careers between the ages of 22 and 45. Individuals are more inclined to start an entrepreneurial career at milestone ages every five years (25, 30, 35, 40, and 45). Male entrepreneurs tend to start their ventures in their early 30s, while women entrepreneurs do so in their middle 30s.
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2-6 Work History The decision to launch a new venture can be influenced by: Dissatisfaction with one’s job. Previous technical and industry experience. Managerial skills are more important once the venture starts growing. Previous start-up experience is a relatively good predictor of starting subsequent businesses. DOES CORPORATE EXPERIENCE HELP OR HURT BEING ENTREPRENEURIAL? Entrepreneur Background and Characteristics (cont.)
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2-7 Role Models and Support Systems Role models/Mentors - Individuals influencing an entrepreneur’s career choice and style Can be parents, family members, friends or other entrepreneurs. Successful entrepreneurs are viewed as catalysts by potential entrepreneurs. Mentors/Role models can be supportive by providing connections, information, advice, guidance and moral support. Entrepreneurs must establish networks in the venture formation process.
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2-8 “It’s important for you to set boundaries about what you will and won’t do in your business and to then determine whether that’s a feasible mode of operation.” - Jordan Entrepreneur’s Adage #7
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2-9 Minority Entrepreneurs There has been significant growth in: Female self-employment, with women starting new ventures at a higher rate than men. The number of Asian, African American, Hispanic, and Native American majority owned firms. This growth is likely to be spurred by: Encouragement of entrepreneurship among minority groups. Increase in the number of role models.
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2-10 Corporate Entrepreneurship Increasing interest in “doing your own thing” and doing it on one’s terms. New search for meaning and impatience has caused more discontent in structured organizations. Retention Tool. Organizations are encouraging corporate entrepreneurship i.e. stimulating, and capitalizing on, employees who think that something can be done differently and better. The Crowdsourcing phenomenon (P&G).
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2-11 Characteristics of an Entrepreneurial Environment
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2-12 Problems and Successful Efforts A study found that new ventures started within a corporation performed worse than those started independently by entrepreneurs. Reasons cited: Corporation’s difficulty in maintaining a long-term commitment. A lack of freedom to make autonomous decisions. A constrained environment. On average, independent start-ups become: Profitable twice as fast. End up twice as profitable. Corporate Entrepreneurship
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2-13 Companies that have been successful with corporate entrepreneurship: Minnesota Mining and Manufacturing (3M). Hewlett-Packard (HP). IBM Procter & Gamble Google Facebook Establishing Corporate Entrepreneurship in the Organization (cont.)
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2-14 “Being an Entrepreneur is a tough thing to be… not only because it involves a lot of hard work with uncertain outcomes, but also because you often have to be the one who initially champions then later kills your own idea.” - Jordan Entrepreneur’s Adage #8
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