Entrepreneurship: Characteristics of an Entrepreneur

Personality Traits:

- which of MY TRAITS AND ATTITUDES would be helpful for entrepreneurship career and which could cause some problems?

What are the main personality characteristics connected to entrepreneurial success?

-High in openess, emotional stability and lower in agreeableness -take calculated risks, possible curvilinear relationship (successful) - entrepreneurs are more innovative, higher personal initiative, - have higher need for achievement, - positive relation between internal locus of control and (successful) entrepreneurship, - higher self-efficacy (best confirmed).

Personal strengths and weaknesses related to entrepreneurship (3):

1. Abilities and skills 2. Personality Traits 3. My knowledge and experience

Entrepreneurial function typology (3):

1. Entrepreneur (the visionary) 2. Manager (the enabler) 3. Technician (the producer)

Typology of entrepreneurs (4):

1. Personal achievers 2. Real managers 3. expert ideas generator 4. Empathetic super salesperson

Entrepreneurial motivation (2)

1. Push vs. pull motives 2. Necessity based vs. opportunity entrepreneurship

Nurture and development of entrepreneurial personality:

1. basic trust vs. basic mistrust (year 1) - hope/faith 2. autonomy vs. shame/doubt (year 2) - will/determination 3. Initiative vs. guilt (3-6 years) - purpose/courage 4. industry vs. inferiority (7-12 years) - competence

What motivates you to be an entrepreneur? (4)

1. independence, autonomy, freedom 2. profit and financial income 3. self-realization and hobby 4. to achieve something, success

Factors influencing early-stage entrepreneurial activity (8)

1. role models 2. pervious experience 3. education 4. culture/sub culture 5. age 6. ethnic minority/race 7. life changes 8. gender

Necessity based vs. opportunity entrepreneurship:

Do I venture a business because I have to or because I perceive opportunity?

Factors influencing early-stage entrepreneurial activity: education

Entrepreneurs starting their business have higher education than normal population

Pull motives:

I want to run a business, because I am internally motivated, it pulls me there

Factors influencing early-stage entrepreneurial activity: role models

Parents run their own business, there is a friendly relationship, are perceived as successful, Friends as successful entrepreneurs

Factors influencing early-stage entrepreneurial activity: previous experiences

Start-up experience, Industry experience, Partially management experience

Entrepreneurs are not ______, but ______

born;made

Factors influencing early-stage entrepreneurial activity: life changes

frequent triggers of entrepreneurship (no job after change of location, divorce, children leaving home, etc.)

Factors influencing early-stage entrepreneurial activity: culture/sub culture

if our culture evaluates entrepreneurship positively (UK, Finnland) or negatively (envy, exploiters). subcultures (Silicon Valley, Šútovo)

Entrepreneurial self-efficacy:

measures a person's belief in his/her own abilities to perform on the various skill requirements necessary to pursue a new venture opportunity

Factors influencing early-stage entrepreneurial activity: ethnic minority/race

members of ethnic communities are heavily involved in entrepreneurship if there is a community support in the host country. EX: Vietnamese in CZ, Turks in Germany, Chinese in the U.S., Asian businesses in the U.K.

High need for achievement:

moderately difficult tasks that are challenging, but within reach. People are characterised by a tendency to seek challenges and a high degree of independence. Many entrepreneurs may fall in this group.

Push motives:

negative external powers that influence my motivation and push me into entrepreneurship

Internal locus of control:

people believe that they control they're own destiny - They also believe that their own experiences are controlled by their own skill or efforts.

Need for achievement:

refers to an individual's desire for significant accomplishment, mastering of skills, control, or high standards (high and low)

Locus of control:

refers to an individual's generalized expectations concerning who or what is responsible for what happens. (internal and external)

External locus of control:

tend to attribute their experiences to fate, chance, luck or other powerful people.

Factors influencing early-stage entrepreneurial activity: age

the founders are most frequently 25 - 34 years - the second most frequent are people 35 - 44 years

Factors influencing early-stage entrepreneurial activity: gender

there are more men entrepreneurs than women entrepreneurs, women have more barriers around the world, there is twice so much men involved in business (the same in CR), influence of country social norms

Low need for achievement:

very easy tasks in order to minimise risk of failure, or highly difficult tasks, such that a failure would not be embarrassing

Knowledge and experience:

what I KNOW better than the others? What key knowledge and experience I miss?

Abilities and skills:

what can I DO WELL (managerial skills, communication skills, acquiring resources, sales, etc.) and what NOT SO WELL with regard to entrepreneurship