1. CHAPTER TWO Identifying Entrepreneurial Characteristics

2. 2 Chapter outline Characteristics of Successful Entrepreneurs Entrepreneur Self Assessment The differences between Businessmen, Managers and Entrepreneurs Villa College

3. 3 Characteristics of an Entrepreneur a view point ……….. Ability to deal with a series of tough issues Ability to create solutions and work to perfect them Can handle many tasks simultaneously Resiliency in the face of set-backs Willingness to work hard and not expect easy solutions Possess well-developed problem solving skills Ability to learn and acquire the necessary skills for the tasks at hand Villa College

4. 4 Characteristics …………. 42 often attributed characteristics in the Encyclopedia of Entrepreneurs!!!!!!!!!!!!!!!! Villa College

5. 5 Characteristics of an Entrepreneur….. Villa College Source: Philip A. Wickham, Strategic Entrepreneurship-3 rd Ed. Prentice Hall, 2007

6. 6 Common characteristics associated with entrepreneurs by John Kao Villa College

7. 7 According to Kuratko & Hodgetts ……… Villa College Source: Kuratko & Hodgetts (2001)

8. 8 21 st Century characteristics of entrepreneurs Villa College Source: Soo Ji Min, ‘Made not born’, ENTREPRENEUR OF THE YEAR magazine, (Fall 1999)

9. 9 A different classification Villa College Desirable attributes Core attributes Commitment & determination Leadership Opportunity obsession Tolerance of risk Ambiguity & uncertainty Creativity, self-reliance Adaptability, motivation to excel Capacity to inspire Values Energy, health & emotional stability Creativity & innovation Intelligence The non-entrepreneurial attributes Perfectionist Counter / dependence Knows it all Being ‘macho’

10. 10 A Psychological approach Various branches of psychology have attempted to find traits associated with successful entrepreneurs such as; Psychodynamic approaches – Freud Biological approaches (Nature) Evolutionary approaches Behavioral approaches Social cognitive approaches HOWEVER, no straight relationship has been found in relations to entrepreneurial traits Villa College

11. 11 A final set of Entrepreneurial Characteristics ???? Page # 12 Villa College

12. 12 Entrepreneurial Skills What is a ‘skill’ ??????? - Knowledge which is demonstrated by action. - It is an ability to perform in a certain way Villa College

13. 13 Entrepreneurial Skills Some General management Skills  Strategy Skills  Planning Skills  Marketing Skills  Financial Skills  Project Management Skills  Time Management Skills Villa College

14. 14 Entrepreneurial Skills Some Human Relationship Skills  Leadership Skills  Motivation Skills  Delegation Skills  Communication Skills  Negotiation Skills Villa College

15. 15 Entrepreneurial Skills Villa College Entrepreneurial Performances General Management skills Human Relationship skills Individual KnowledgePersonal Motivation

16. 16 Entrepreneurs, Businessman & Managers Are these words synonyms??? Are they same or different in their traits????? Are they doing the same thing????? If not what are the differences????? Villa College

17. 17 Types of Businesses Owner Manager Entrepreneur Manager Villa College

18. 18 Entrepreneurs Vs. Small Businessman Villa College

19. 19 Entrepreneurs Vs. Managers Villa College Differences in character traits………….

20. 20 Entrepreneurial focus Vs. Administrative focus Villa College Source: Howard J. Stevenson & David E. Gumpert, 1995

21. 21 Entrepreneurial focus Vs. Administrative focus Villa College Source: Howard J. Stevenson & David E. Gumpert, 1995

22. 22 Entrepreneurs Vs. Conventional Managers Villa College Source: Zimmer & Scarborough, Essentials of Entrepreneurship & small business management

23. 23 Characteristic differences between Entrepreneur & Manager Villa College CharacteristicEntrepreneurManager Behavior Characterized byDesire for ControlDelegation of Authority Management StyleOne-Man ShowManagement Team Driving ForceCreativity - Innovation Establish and Preserve the Status Quo Organizational GrowthRapid ReactionStrategic Planning Organization StructureInformal, FlexibleOrganized Decision-MakingIntuitive Collect Information and Seek Advice Definition of AimsIn terms of "Vision"In Commercial Terms Attitude to MoneyA By-ProductMeasure of Success Attitude to RiskCalculated RisksAvoidance of Risks Organizational Culture"Entrepreneurial Culture""Management Culture"

24. 24 Types of Businesses Owner Manager Entrepreneur Manager Villa College Often trade or craft based. May not grow to any larger size Pursuit of growth & personal wealth through value addition Manages a business belongs to someone else. Will build an organization putting in appropriate controls

25. 25 Life Cycle of Organizations Villa College Starting Hi-growth Decline Survival Entrepreneurial Managerial

26. 26 Entrepreneur Self-assessment Key self-assessment instruments proposed by Robinson, Stimpson, Huefner and Hunt (1991) Key idea is to check how much Entrepreneurial spirit is available inside individuals……. Villa College

27. 27 Entrepreneur Self-assessment Let’s take a self-assesment test!!!!!!!!!!! Villa College