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