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ENTREPRENEURIAL%20FEELINGS

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ENTREPRENEURIAL FEELINGS ... Entrepreneur Background ... advice & information A look at the non entrepreneurial mind Personality types that have a difficult ... – PowerPoint PPT presentation

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Title: ENTREPRENEURIAL%20FEELINGS


1
ENTREPRENEURIAL FEELINGS
  • CHAPTER 3

2
ENTREPRENEURIAL FEELINGS
  • Entrepreneurs come from a variety of back
    grounds, family situations work experiences

3
LOCUS OF CONTROL
  • an attribute indicating the sense of control
    that a person has over life
  • Internal locus of control
  • These people believe that they can control their
    own destiny make decisions at their own.
  • External locus of control
  • These people believe that their lives are
    controlled by outside forces external forces
    influence their decisions.

4
Checklist for Feelings About Control
  1. Do you often feel thats just the way things are
    and theres nothing I can do about it?
  2. When things go right and are terrific for you, do
    u think, its mostly luck?
  3. Do you think you should go into e-business
    because everything you read these days is urging
    you in that direction?
  4. Do you know that if you decide to do something,
    youll do it and nothing can stop you?

5
Checklist for Feelings About Control
  • 5. Even though its scary risky to try
    something new, are you the kind who tries it?
  • 6. Do you think its important for everyone to
    like you?
  • 7. If u wants something, do you ask for it rather
    than wait for someone to notice you and just
    give it to you?
  • 8. Even though people tell you it cant be
    done, do you have to find out for yourself?

6
Checklist for Feelings About Control
  • Answering yes to Qs 4,5,7,8 indicates that you
    possess the internal control aspect of being an
    entrepreneur.
  • Answering yes to Qs 1,2,3,6 indicates that you
    are more geared towards external controls which
    may hinder your entrepreneurial tendencies.

7
Feelings About Independence and Need for
Achievement
  • Need for independence
  • Being ones own boss one of the strongest
    needs of an entrepreneur.
  • Need for achievement
  • An individuals need to be recognized.

8
Check list about Feelings About Independence
  • 1. I hate to go shopping for clothes alone
  • 2. If my friends wont go to a movie I want to
    see, Ill go by myself
  • 3. I want to be financially independent.
  • 4. I often need to ask other peoples opinions
    before I decide on important things
  • 5. When I know Im in charge, I dont apologize
    I just do what has to be done

9
Check list about Feelings About Independence
  • 6. Ill speak up for an unpopular cause if I
    believe in it
  • 7. Im afraid to be different
  • 8. I want the approval of others

10
Check list about Feelings About Independence
  • Answering yes to Qs 1,4,7,8 indicate that you do
    not have a strong need for independence.

11
Risk Taking
  • Risk takingwhether financial, social, or
    psychologicalis a part of the entrepreneurial
    process.
  • Successful entrepreneurs are not gamblers
  • They manage risks by transferring it to others
    (share financial business risks)

12
  • Partners
  • Venture capitalists
  • professional investors Investing in business
  • Angel investors
  • Wealthy private investors who invest in regional
    or local companies within their industry or area
    of professional expertise
  • www.ventureworthy.com
  • http//tremu.gov.pk/forum/display_forum_topics.asp
    ?ForumID16
  • www.tplinc.com
  • www.angel-investor-news.com
  • www.atrc.net.pk

13
Check list about Willingness to take Risk
  1. If you are frightened of something, will you try
    to conquer the fear?
  2. Do you hesitate trying new foods, new places, and
    totally new experiences?
  3. Can u walk up a total stranger strike up a
    conversation?
  4. Have you ever intentionally traveled an
    unfamiliar route?
  5. Do you need to know that its been done already
    before youre willing to try it?

14
Check list about Willingness to take Risk
  • Answering yes to Qs 2,5 indicates that u need to
    develop a greater willingness to take risk.

15
Entrepreneur Background and Characteristics
  • The background areas explored include
  • Child hood family environment
  • Education
  • Age
  • Work History
  • Feed back

16
Childhood Family Environment
  • Family environment of an entrepreneur includes
  • Birth order
  • Parents Occupation
  • Social Status
  • Relationship with parents

17
Education
  • Education is important in the upbringing of the
    entrepreneur.
  • The ability to deal with people and communicate
    clearly in the written and spoken word is also
    important in any entrepreneurial activity.
  • Colonel Sanders
  • Henry Ford

18
Age
  • entrepreneurial age (the age of the entrepreneur
    reflected in the experience)
  • In terms of chronological age, most entrepreneurs
    initiate their entrepreneurial careers between
    the ages of 22 and 45.
  • Colonel Sanders
  • Doris Drucker

19
Work History
  • The past work experience of an individual
  • Learn by doing

20
Feed Back
  • Actively use seek feed back
  • Learning from mistakes setbacks
  • Excellent listeners quick learners
  • Not afraid of failing

21
Sources of Motivation
22
Role Models
  • Individuals influencing an entrepreneurs career
    choice and style

23
Moral-Support Network
  • Individual who give psychological support to an
    entrepreneur

24
  • friends provide honest advice
  • Relatives (spouse,children, parents,
    grandparents, aunts, and uncles) can also be
    strong sources of moral support, particularly if
    they are also entrepreneurs.

25
ProfessionalSupport Network
  • A mentor
  • Business associates
  • Trade associations
  • Personal affiliations

26
A mentor
  • A coach, an advocate, who provides guidance -
    someone with whom the entrepreneur can share both
    problems successes
  • Mentor finding process
  • Make a list of experts in various fields
  • Identify the individual who can provide the most
    assistance
  • Contact the individual

27
Business associates
  • Self employed individuals who have experience
    starting a business
  • Clients or buyers of venture product/service
  • Lawyers

28
Trade associates
  • Trade associations keep up with new developments
  • Provide over all industry data

29
Personal affiliations
  • Affiliations developed through
  • Shared hobbies
  • Participation In sporting events
  • Clubs
  • School alumni groups
  • Online community
  • Are excellent potential sources of referrals,
    advice information

30
A look at the non entrepreneurial mind
  • Personality types that have a difficult time in
    successfully creating managing a new venture
  • Invulnerability
  • Machismo
  • Anti-authoritarian
  • Impulsivity
  • Outer control
  • Perfectionist
  • Know it all
  • Counter dependency

31
Invulnerability
  • Nothing disastrous could happen to them
  • Likely to take unnecessary chances unwise risks

32
Machismo
  • People who try to prove that they are better than
    others and can beat them
  • Exposing themselves to danger, taking large risks
  • Foolish head-to-head competition irrational
    takeover battles

33
Anti-authoritarian
  • Dislike control of their actions by any outside
    authority
  • Do not tell me what to do!!,,no one can tell me
    what to do!!
  • No feed back

34
Impulsivity
  • Taking decisions quickly
  • Fail to explore the implication of their actions
  • Do not review alternatives before acting

35
Outer control
  • Outer locus of control
  • They feel that they can do little
  • If things go well, they attribute it to good luck

36
Perfectionist
  • Being a perfectionist having high standards are
    not the same
  • The time cost implications of attaining
    perfection invariably result in the opportunity
    window being slammed shut by a more decisive
    nimble competitor

37
Know it all
  • Entrepreneurs who think they have all the answers
    usually have very few
  • Fail to recognize, what they do not know

38
Counter dependency
  • Severe case for independence
  • Determined to accomplish things by themselves,
    without help from anyone
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