STAYING ON TRACK:

THE ENTREPRENEUR

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"SOMEONE WHO IS ALWAYS ON THE

LOOKOUT FOR PROBLEMS THAT CAN
TURNED INTO OPPORTUNITIES AND
FIND CREATIVE WAYS TO LEVERAGE
LIMITED RESOURCES TO REACH THEIR
GOALS"
- TINA SEELIG (WHAT I WISH I KNEW
WHEN I WAS 20)

"ALWAYS SEARCHES FOR CHANGE,

RESPONDS TO IT, AND EXPLOITS IT AS
AN OPPORTUNITY"
-PETER DRUCKER
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ENTREPRENEURIAL DECISION PROCESS

- refers to the decision to leave a present career or

lifestyle (to pursue that ‘big idea’) due to:

•Unpleasant work environment

•Disruption
• Completion of educational degree

How will the completion of your educational program

influence your entrepreneurial decision process? Got
any ‘big ideas’?
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NO “TRUE ENTREPRENEURIAL PROFILE.”

▪Locus of control refers to the internal-external control

dimension of an individual. Managers and entrepreneurs
both have more of an internality tendency than the
general public.

▪ Entrepreneurs also seem to have a high need for

independence and may have a high need for
achievement (McClelland 1961).

▪Risk taking seems to be a part of the process.

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DEMOGRAPHIC PROFILE

1. Family birth order and gender

- Tend to be “firstborn” and men more likely to start businesses
than women
2. Work experience
- Prior entrepreneurial experience positively correlated to being
an entrepreneur
3. Education
- Having a high school diploma sharply raises odds of trying to
start a business
4. Entrepreneurial Family
- Tend to have parents who were entrepreneurial
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PERSONALITY CHARACTERISTICS PROFILE

High level of motivation
Abundance of self-confidence
Ability to be involved for the long-term
High energy level
Persitent problem solver
High degree of initiative
Ability to set goals
Moderate risk taker
Passionate
Focused
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PERSONAL TRAITS
(OF A SUCCESSFUL ENTREPRENEUR)

•Hardworking/industrious •Responsible
•Self-confident •Persevering
•Self-disciplined •Sincere
•Achievement-oriented •Seeks concrete feedback
•Prefers moderate risks •Committed
•Innovative •Thrifty
•More concerned with tasks than people
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TECHNICAL SKILLS
(OF A SUCCESSFUL ENTREPRENEUR)
•Organizing
•Technical knowledge of products/services
•Verbal communication
•Ability to implement and follow-up
•Visioning/goal setting
•Coordination
•Networking
•Evaluation
•Opportunity-seeking
•Control and system development
•Written communication
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KEY ELEMENTS IN ENTREPRENEUR'S

BACKGROUND

•Family birth order

•Supportive childhood family environment.
•Having a father who is self-employed helps (entrep. family)
•Education is important.
•Gender - men more likely to start business than women
•Aged 22-45 when starting venture.
•Work history: dissatisfied with company job but has
technical knowledge.
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MEN VS WOMEN
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ROLE MODELS

•parents, relatives, or entrepreneurs in the community.

•may serve as mentors.

•may help establish a moral support network.

•invaluable source of counsel and advice.

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MYTHS ABOUT ENTREPRENEURS

1. Entrepreneurs are DOERS, not THINKERS
2. Entrepreneurs are BORN not MADE
3. Entrepreneurs are ALWAYS INVENTORS
4. Entrepreneurs are ACADEMIC and SOCIAL MISFITS
5. Entrepreneurs MUST FIT the PROFILE
6. ALL you need is MONEY to be an Entrepreneur
7. ALL you need is LUCK
8. Ignorance is BLISS for an Entrepreneur
9. Entrepreneurs SEEK SUCCESS but experience HIGH
FAILURE RATES
10. Entrepreneurs are HIGH RISK TAKERS
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ENTREPRENUERS VS INVENTORS
An inventor creates something for the first time. While the
entrepreneur falls in love with the new venture, the inventor
falls in love with the invention and often requires the
expertise of an entrepreneur to launch a new venture.

Historians classify Albert Einstein as an inventive genius and

Henry Ford as an entrepreneurial genius. Do you agree or
disagree? Why?
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REFERENCES

Adapted from Sir Rey Mones' Presentation Slides