Description
This is a presentation explains about the characteristics of successful entrepreneurs.
Successful Entrepreneur Characteristics ________________________________________
Distinguishing Characteristics of Effective Leaders
1. Global perspective • Appreciate differences across cultures, learn from them, and find common ground 2. Entrepreneurial Spirit • Can not be afraid to do new things and put new combinations of things together to make things happen. 3. Enterprise-design capability • You’ve got to be able to put deals together, structure contracts and relationships, and build new kinds of organizations. 4. Leader as teacher • People in an organization need to learn new things by top management (leaders) teaching them. 5. Fundamental values • Integrity • Honesty • Respect for the dignity of other people • Personal responsibility
Am I an Entrepreneur? (Rate yourself on the following qualities)
• • • • • • • • • Drive and energy level: The ability to work long hours for sustained periods with less than the normal amount of sleep. Self-confidence: A belief in yourself and your ability to achieve your goals. Setting challenging but realistic goals: The ability to set clear goals and objectives that are challenging, yet realistic and feasible. Long-term involvement: A commitment to projects that will reach completion in five to seven years and to work toward distant goals. Using money as a performance measure: Money, in the form of salary, profits, or capital gains, should be viewed more as a measure of how the company is doing rather than as an end in itself. Persistent problem solving: Must have an intense and determined desire to solve problems toward the completion of tasks. Taking moderate risks: Success is generally the result of calculated risk-taking that provides a reasonable and challenging chance of success. Learning from failure: Understanding your role in a failure can be helpful in avoiding similar problems in the future. Using criticism: You need to be able to seek and use criticism of the style and substance of your performance.
• • •
Taking initiative and seeking personal responsibility: Put yourself in situations where you are personally responsible for success or failure. You should be able to take the initiative to solve problems or fill leadership vacuums. Making good use of resources: Let experts and assistants help you. Competing against self-imposed standards: Do you tend to set your own standard of performance, which is high yet realistic, and then compete with yourself?
What it takes
• • • • • You must fall in love with your idea Maximum enthusiasm and commitment Must feel the consequences of failure are insignificant compared to your great idea that will change the entire industry and maybe the world. Can’t be scared of risks and failure
Motivational aspects of the entrepreneurial process
Entrepreneurs enjoy the opportunity to seek financial and personal rewards o Personal rewards: independence and freedom (being one’s own boss, controlling the future, and satisfying the need for achievement), excitement, challenge, recognition, growth, accomplishment, and job security o Financial rewards: acquiring personal wealth, increasing personal income, and building equity in the firm Entrepreneur’s vision plays a significant guiding force in the development of a new venture Common characteristics important for motivation: commitment, perseverance, achievement, drive, and opportunity orientation
• •
Goal-directed Behavior
• • The entrepreneurial path is one that is primarily goal-oriented They tend to be opportunistic about how they direct their efforts to reach specific goals
Sustained Entrepreneurship
• • • • When outcomes meet or exceed expectations Entrepreneurial behavior is positively reinforced The individual is motivated to continue to behave entrepreneurial (either within the current venture or through the initiation of additional ventures) When outcomes fail to meet expectations, the motivation of the entrepreneur will be lower and will have a corresponding impact on the decision to continue to act entrepreneurial
Other questions to ask yourself when starting out:
• • Does my team have the necessary complementary skills? o Include people who are strong where you are weak Do I have a promising idea? o Evaluate potential for success and failure
Dingee, Alexander, Brian Haslett and Leonard Smollen. “Characteristics of a Successful Entrepreneurial Management Team.” Article 11: 71-75 McClenahen, John. “The Effective Executive.” Article 10: 68-70 Hornsby, Jeffery, Donald Kuratko and Douglas Naffziger. “An Examination of Owner’s Goals in Sustaining Entrepreneurship.” Article 5: 29-35 O’Reilly, Brian. “What it Takes to Start a Startup.” Article 4: 26-28
doc_216920134.pdf
This is a presentation explains about the characteristics of successful entrepreneurs.
Successful Entrepreneur Characteristics ________________________________________
Distinguishing Characteristics of Effective Leaders
1. Global perspective • Appreciate differences across cultures, learn from them, and find common ground 2. Entrepreneurial Spirit • Can not be afraid to do new things and put new combinations of things together to make things happen. 3. Enterprise-design capability • You’ve got to be able to put deals together, structure contracts and relationships, and build new kinds of organizations. 4. Leader as teacher • People in an organization need to learn new things by top management (leaders) teaching them. 5. Fundamental values • Integrity • Honesty • Respect for the dignity of other people • Personal responsibility
Am I an Entrepreneur? (Rate yourself on the following qualities)
• • • • • • • • • Drive and energy level: The ability to work long hours for sustained periods with less than the normal amount of sleep. Self-confidence: A belief in yourself and your ability to achieve your goals. Setting challenging but realistic goals: The ability to set clear goals and objectives that are challenging, yet realistic and feasible. Long-term involvement: A commitment to projects that will reach completion in five to seven years and to work toward distant goals. Using money as a performance measure: Money, in the form of salary, profits, or capital gains, should be viewed more as a measure of how the company is doing rather than as an end in itself. Persistent problem solving: Must have an intense and determined desire to solve problems toward the completion of tasks. Taking moderate risks: Success is generally the result of calculated risk-taking that provides a reasonable and challenging chance of success. Learning from failure: Understanding your role in a failure can be helpful in avoiding similar problems in the future. Using criticism: You need to be able to seek and use criticism of the style and substance of your performance.
• • •
Taking initiative and seeking personal responsibility: Put yourself in situations where you are personally responsible for success or failure. You should be able to take the initiative to solve problems or fill leadership vacuums. Making good use of resources: Let experts and assistants help you. Competing against self-imposed standards: Do you tend to set your own standard of performance, which is high yet realistic, and then compete with yourself?
What it takes
• • • • • You must fall in love with your idea Maximum enthusiasm and commitment Must feel the consequences of failure are insignificant compared to your great idea that will change the entire industry and maybe the world. Can’t be scared of risks and failure
Motivational aspects of the entrepreneurial process
Entrepreneurs enjoy the opportunity to seek financial and personal rewards o Personal rewards: independence and freedom (being one’s own boss, controlling the future, and satisfying the need for achievement), excitement, challenge, recognition, growth, accomplishment, and job security o Financial rewards: acquiring personal wealth, increasing personal income, and building equity in the firm Entrepreneur’s vision plays a significant guiding force in the development of a new venture Common characteristics important for motivation: commitment, perseverance, achievement, drive, and opportunity orientation
• •
Goal-directed Behavior
• • The entrepreneurial path is one that is primarily goal-oriented They tend to be opportunistic about how they direct their efforts to reach specific goals
Sustained Entrepreneurship
• • • • When outcomes meet or exceed expectations Entrepreneurial behavior is positively reinforced The individual is motivated to continue to behave entrepreneurial (either within the current venture or through the initiation of additional ventures) When outcomes fail to meet expectations, the motivation of the entrepreneur will be lower and will have a corresponding impact on the decision to continue to act entrepreneurial
Other questions to ask yourself when starting out:
• • Does my team have the necessary complementary skills? o Include people who are strong where you are weak Do I have a promising idea? o Evaluate potential for success and failure
Dingee, Alexander, Brian Haslett and Leonard Smollen. “Characteristics of a Successful Entrepreneurial Management Team.” Article 11: 71-75 McClenahen, John. “The Effective Executive.” Article 10: 68-70 Hornsby, Jeffery, Donald Kuratko and Douglas Naffziger. “An Examination of Owner’s Goals in Sustaining Entrepreneurship.” Article 5: 29-35 O’Reilly, Brian. “What it Takes to Start a Startup.” Article 4: 26-28
doc_216920134.pdf