The Entrepreneur

Definition of Entrepreneur

The entrepreneur, by definition, shifts resources from areas of low productivity and yield to areas of higher productivity and yield. Of course, there is a risk the entrepreneur may not succeed.
(Drucker, 85)

Entrepreneurship Vs Management

Entrepreneurship Creating something new New product, new method of production, new markets, new source of raw material Challenges the norm Management Protects Stewardship of existing resources

Why become an Entrepreneur?

Personal situation Resources Entrepreneurial skills Success stories Desire for independence Opportunity to exploit a gap Frustration

Characteristics of an Entrepreneur

Drive Perseverance Ambition Leader Survivor status Competitive Interpersonal skills Innovative skills Ability to bounce back

Vision Motivation Self-confidence Self Satisfaction Extrovert Results orientated Committed Risk taker Sociable

Psychological Characteristics of Entrepreneurs

Need for achievement Locus of Control Internal External Risk-taking Prosperity Tolerance for ambiguity Type A Behaviour Impatient, time urgency, driving ambition, competitiveness Need for Independence

What is the Role of the Entrepreneur?

Opportunity recognition Market uncertainties Dealing with the future Risk taking Businesses, financial and personal Resource gathering Profits/Reward

Profile of Irish Entrepreneur

Self belief Passion and vision Risk taking Persistence Hard work Commitment to people

Skills & Competencies

(Birdthistle)

I can.Communicate I can.... Present I can. Represent my opinion I can. Co-ordinate tasks I can. Develop alternative plans I can. Hand tasks over to a 3rd party I can. Co-operate with others I can. Negotiate I can . Sell I can. Organise and plan I can. Handle numbers I can. Handle technical devices My literacy is . My interaction with people is .

Motives for Irish Start-ups

(Birdthistle)

Desire for independence Opportunity to exploit a gap in the market Frustration Solution Orientation Money Safety Orientation Change in their life Move, redundant, etc.

Reasons for Entrepreneurial Success

Hard work and long hours Dedication, drive, enthusiasm and belief in the idea Unsatisfied market demand Managerial competence Luck Strong control systems Sufficient capital

Hurdles in starting up a a business

Lack of the right business idea Complicated regulatory efforts Own financial risk Lack of courage Lack of right founding partner Lack of equity Lack of debt capital Know-how-deficit

Hurdles in starting up a a business

Lack of contact clients/customers Economic cycle Business environment Fear of failure Support by family and friends Lack of time Lack of entrepreneurial skills