1. Are entrepreneurs born or made?

3. Traits/Characteristics GAME On a sheet of paper write your name, date, and all the characteristics from the game Put a star beside ones you possess and an up arrow beside the ones you want to develop

4. What attributes are desirable and acquirable? Study of 21 inductees into the Babson University Academy of Distinguished Entrepreneurs – only three attributes and behaviours were mentions by all 21 for principal reasons for their success. 1. Responding positively to all challenges and learning from mistakes 2. Taking personal initiative 3. Having great perseverance

5. Other important ones that can be learned or developed: Self-reliance, Seeking and using feedback Reality orientation Response to failure Team builder Low need for status and power Integrity and reliability Values Other attributes: determined to finish a project, do not accept the status quo, be objective when examining themselves and ideas, do not blame others or make excuses for their own errors or failures, raising level of aspirations and expectations, good grasp of general economic concepts, interact with a variety of people, ability to make the very best of the resources at hand. DEVELOP, LEARN NEW THINGS, EXPERIENCES, GOALS - MOTIVATION

6. Not-So-Learned Characteristics Innate (always had)– born, not made – however, there have been many successful business pioneers who lacked some of these characteristics or only possessed them to a small degree 1. High energy, good health, emotional stability 2. Creativity and an innovative nature 3. High intelligences and conceptual ability 4. The ability to see a better future and a capacity to inspire others to see it

7. Negative Entrepreneurial Characteristics Try to eliminate or at least control these characteristics Examples: – Invulnerability opinion that the entrepreneur cannot fail no matter what, hasty decisions – Machoism/feminism Trying to prove they are better than everyone, unfair treatment and demeaning attitudes – Impulsiveness Do not review alternatives before acting – Perfectionism Everything must be perfect before it can be implemented – can be a killer, run the risk of being constantly unhappy with work, employees and results – do not confuse with having high standards – Being Anti-Authoritarian Resent their actions being controlled by outside authorities – not good when teamwork and feedback are necessary – Know-it-alls Know very few answers and fail to recognize that they do not know the answers

8. Other factors Background – Families in which their parents or grandparents were self-employed more likely – How were they influenced? Environment Experiences

9. Entrepreneurial Skills In addition to entrepreneurial characteristics, entrepreneurs require certain skills to ensure that success of their ventures. These skills can be learned! What are they? – Brainstorm

10. Skills Communicate Generate ideas Identify opportunities Plan Organize Make decisions Solve problems Negotiate Network Market their ideas Keep records Lead others You can develop these skills, but what else can you do?

11. Entrepreneurs may take on many roles: Inventor – develop new ideas for products, processes or services Innovator – improve existing products, processes or services Manager – set goals and develop plan Administrator – implement plan/goals Leader – vision/communicate

12. What makes entrepreneurs tick? Agents of Change Brainstorm Terry Fox Assignment – put in portfolio

13. Other Enterprising employees (trade offs/what are they looking for) What motivates you to excel? – Internal motivator vs external motivator What is a key factor for motivating enterprising employees? – hint: R______tion How do you support enterprising employees?

14. Assessing Entrepreneurial Potential - Young Entrepreneurs First Steps – page 45 figure 3.1 Challenges? Experience Goals – why set them? Flexibility is needed. Know yourself – Edison (logical/incremental problem solving) or Einstein (out of the box thinking) – Skills/Characteristics/Personality

15. Self Assessment Assignment Characteristics Skills