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CHAPTER 2
The Entrepreneurial
Mind-Set in
Individuals
© PowerPoint
PowerPoint Presentation
Presentation by
by Charlie
Charlie Cook
Cook
© 2009
2009 South-Western,
South-Western, aa part
part of
of Cengage
Cengage Learning.
Learning.
All The
The University
University of
of West
West Alabama
Alabama
All rights
rights reserved.
reserved.
Chapter Objectives
1. To describe the entrepreneurial mind-set.
2. To present the major sources of information useful
in profiling the entrepreneurial mind-set
3. To identify and discuss the most commonly cited
characteristics found in successful entrepreneurs
4. To discuss the “dark side” of entrepreneurship
5. To identify and describe the different types of risk
entrepreneurs face as well as the major causes of
stress for these individuals and the ways they can
handle stress
6. To examine entrepreneurial motivation
Research
Researchandand Speeches,
Speeches,
Direct
Direct
Popular
Popular Seminars
Seminarsand
and
Observation
Observation
Publications
Publications Presentations
Presentations
The
The
Entrepreneurial
Entrepreneurial
Mindset
Mindset
Imagination
Imagination
Acceptance
Acceptance
Flexibility
Flexibility of
of Risks
Risks
Source: John A. Hornaday, “Research about Living Entrepreneurs,” in Encyclopedia of Entrepreneurship, ed. Calvin
Kent, Donald Sexton, and Karl Vesper, © 1982, 26–27. Adapted by permission of Prentice-Hall, Englewood Cliffs, NJ.
© 2009 South-Western, a part of Cengage Learning. All rights reserved. 2–8
Entrepreneurship Theory
• Entrepreneurs cause entrepreneurship.
Entrepreneurship is a function of the entrepreneur:
Entrepreneurship is the interaction of skills related to inner control, planning and goal setting, risk taking, innovation, reality perception, use of feedback, decision making, human relations, and independence.
E + f (e )
• Delegating
• Exercising Rigorously
Source: Douglas W. Naffziger, Jeffrey S. Hornsby, and Donald F. Kuratko, “A Proposed Research
Model of Entrepreneurial Motivation,” Entrepreneurship Theory and Practice (spring 1994): 33.
© 2009 South-Western, a part of Cengage Learning. All rights reserved. 2–17
Key Terms and Concepts
• calculated risk taking • financial risk
• career risk • immersion in business
• dark side of • loneliness
entrepreneurship • need for control
• delegating • networking
• drive to achieve • opportunity orientation
• entrepreneurial behavior • psychic risk
• entrepreneurial mind-set • risk
• entrepreneurial • stress
motivation • tolerance for ambiguity
• external optimism • tolerance for failure
• family and social risk • vision