IDENTIFYING AND DEVELOPING THE RIGHT STUFF:

EXPERIENCE , BACKGROUND
CHAPTER 3
Content
• Introduction - Stories from the Entrepreneurs…10
• Learning from experience
• II.1 Work Experience
• II.2 Industrial & Technical Experience
• II.3 Managerial Experience,
• II.3 DICE (Duration, Integrity, Commitment and
Effort )
• II.4 Entrepreneurial Experience
• II.4 Final Considerations about Experience
• III. Previous Job Satisfaction and Mobility;
• III.1 Job Satisfaction and Turnover;
Entrepreneurial Intentions;
• III.2 Impact of education on entrepreneurs
• III.3 In Developed World
• IV Individual and personal characteristics
• IV.1 Age
• IV.2 Gender
• IV.3 Race and Ethnic Groups
• V. What Is Personality?
• V.1 The Big Five Model of Personality Dimensions
• V.2.1 Other Personality Issues - ‘Dark Triad’,
• V.4 Carl Jung Personality Type Theory
• V.3 Type A and Type B Personality
• V.4 Carl Jung Personality Types
• V.5. MBTI & MBTI Personality Types
• References
 INTRODUCTION
This chapter and the next address those here-and-now qualities of the individual -
used to assess the likelihood of someone becoming an entrepreneur and succeeding.
P=AxM
PERFORMANCE = Ability + Motivation ( We may add “Luck + Circumstances)

Abilities and motivations are assessed through measures of personality (Chapter 4)

and through review of prior experiences and background.
Introduction …Stories from the Entrepreneurs…10 Amazing Lessons by Larry Kim
(CEO of MobileMonkey. Founder of WordStream)

• 1. A Call to Action “a-ha!” moment — when an idea crystallizes and everything makes sense. I had
such a moment after I developed software to solve a problem…
• My consulting tasks were way more time-consuming and repetitive than necessary… there were
no helpful keyword management software solutions on the market…so I created one.

• 2. Facing Fear of Failure - 80-percent of businesses fail, so the odds are pretty stacked against
you. Some people actually are hoping to see you fail — including some of your peers. Lesson: Stay
positive, ignore the naysayers, and learn from your mistakes so that things work out better the
next time
• 3. Seek Advisors to Help Guide Your Growth - If you get the chance, definitely try to get into a
mentorship or incubator program. (Business angels, Mentors, Example of Trivia games”

• 4. Invest Profits Back Into Your Business - lower salary and invested profits back into the
business.
• 5. Creating Teams - As your business grows, you’ll inevitably find yourself doing less and less of whatever it was
you started out doing. You’ll find yourself focusing more on trying to find people smarter than you are to do a better
job than you could have done. Your job as a company founder is less about doing stuff you love to do and more
about building a team.
• 6. It’s Not All About the Money - You hope it will happen eventually, but make sure you’re in it for the long haul.
• Building a business created value that wasn’t monetary. One of the most valuable aspects of starting a business is
the social capital and learning experiences you pick up along the journey. The opportunities I’ve had to meet other
people
• 7. A Disturbing Lack of Faith - . In almost all cases, it’s critical that you keep doubts to yourself.
• 8. Chase Your Unicorns or Pareto Principle
• Don’t mistake activity for progress —The unicorn principle follows a power law, that the one-percent is better than
all the 99-percent combined, and the top one-percent of the one-percent makes the unicorns look like failures.
• 9. You’re (Sort of) the Boss! New bosses are: VC, Customers, and Stakeholders: However, the feeling is immense
• 10. Achieving Success “I used to dream about my big idea becoming a reality. However, I greatly underestimated
just how awesome it really is to show up at work and watch your dream become a reality as your company grows
over time.”
II. Learning from experience
“Learning can be defined as a relatively permanent change in
behavior that occurs as a result of experience.”
In general, learning from one's experience requires an ability on the part of
each learner to:
(1) recognize an important learning experience-"failures" and "successes,"
• (2) reflect on that experience to see through his or her ego, emotions, and
assumptions to what was really going on,
• (3) abstract from that experience and relate it to other experiences and
his or her theory or picture of what is going on, and
• (4) based on these, to try something new next time (Kolb, 1984).
II. Learning from experience…Cont’d
Entrepreneurs in general learn from their experience as well as anyone else.
There is some suggestion, however, that entrepreneurs tend to be biased
toward action (experiments) and away from reflection. Very few of the
entrepreneurs spend much time reflecting on their previous experiences.
II. EXPERIENCE can come through:
• Experiences that contribute to the entrepreneurial "right stuff" can
come through
• 1) work experience,
• 2) education,
• 3) maturation, and
• 4) social-biological "givens" such as race and gender. Each of these
is discussed below.
II.1 Work experience can refer to:

• (1) industrial (technical or market) expertise;

• (2) management expertise; and
• (3) entrepreneurial experience.

• The role of each of these, and the impact of previous work

satisfaction, are discussed below.
II.1 Experience, Work experience, Industrial & Technical
Experience, Managerial experiences, Entrepreneurial
experience:
• Vesper (1980) tells of a young man who, after his father's death,
entered the fish brokerage business, having very little industry
experience. He ended up with net losses and fewer gross sales than in
previous years in part because he paid more for poorer quality fish
than his competition.

• Lack of experience relates to a shorter career as an entrepreneur

(Ronstadt, 1984a). The explanation for this seems to involve the lack
of synergy between past experience and new endeavors, whereas
successful start up entrepreneurs seem to be able to capitalize on
their own experience as well as other resources.
II.2 Experience, Work experience, Industrial & Technical
Experience, Managerial experiences, Entrepreneurial
experience
• The importance of technical skills has ben confirmed in many recent
studies (Murdock, A, 2017)
• The Example of Ljube Raevski
• The Example of Ljuben MZT Pumpi
• Especially, this is the case in the high tech industry (Overgaard,2015)
However, many entrepreneurs do succeed in unfamiliar territory. They can
do this through:
• acquisition of a going concern (including knowledgeable managers and
workers)
• or through the immense talent –
Industrial & Technical Experience…Continued
Model of work experience based on an early study of low technology
manufacturing entrepreneurs in Michigan called "The school for entrepreneurs"

• 1. There is a period of drifting in which the future entrepreneur is driven by a

diffuse restlessness and in which he picks up critical technical know-how from
different jobs.

• 2. Basic dealing or deal making is learned. The basic problem is "bringing a

variety of resources together into a combination that makes possible
establishing an on going enterprise"

• 3. Protegeship involves finding a sponsor and working for and with that
sponsor. The experience is either one of emotional highs and lows with
generally positive learning or one of fear, distrust, and aggression on the part
of the entrepreneur.
Industrial & Technical Experience…Continued
• Implications • Successful entrepreneurs make sense of
• Experience with an their prior experiences with an industry.
industry provides the • Those lacking industrial experience may
entrepreneur with compensate for the unproven and
certain key possibly un developed skills with
competencies and inside technical training and extraordinary zeal
information needed to and energy
recognize opportunities • TODOROVIK http://tinex.com.mk/
and evaluate and
manage risk.
Mende……………………………………..Gacov
II.3 Experience, Work experience, Managerial
Experience, Entrepreneurial Experience
• Other studies show that entrepreneurs with managerial experience, an effective entrepreneur in the family,
unique knowledge, and whose employees have unique knowledge obtain higher mean scores in the general
indicator of entrepreneurial success. (Staniewski, Marcin W, 2016)

• For most entrepreneurs, "managerial know-how may be the least important form of experience" (p. 105). He
reasons that most new ventures stay small and require more self-management than organizational management.
• …. However, it may be that organizations stay small because they lack appropriate management systems
• …Certainly, to the faster-growing firms, managerial experience is more important to success. On most lists of
"causes of business failure," lack of management is near the top.
II.3 Adora – Helmet is my crown
• MP
• University professor
• Manager of Buchim Gold Mine
• Founder and manager of “Adora
Engineering”
Adora – Helmet is my crown
• Quick Facts
• Born – 1950 – Blackheath London
• At 10 years old - invested £5 in Christmas tree seeds but, they were eaten by rabbits
before he could sell them as trees
• At 16 Branson’s headmaster told him “I predict you will either go to prison or become a
millionaire”
• 1966 - Launched The Student Magazine from a friend’s basement – interviewing stars such
as Mick Jagger
• 1970 – Uses The Student as platform to sell music records by mail order which allowed
him to provide considerably lower prices than high street stores
• 1971 – Opened his first record store on Oxford Street, London
• 1972 – Launched Virgin Records and brought a country estate in Oxford which he turned
into recording studio for fledgling artists
• 1979 – Purchased Necker Island (British Virgin Islands) for $180,000 where he now resides
• 1984 – Launched Virgin Airways
• 1992 – Sold Virgin Records to EMI for £500 million
• 1993 – Launched Virgin Trains
• 1999 – Launched Virgin Mobile
• 2004 – Launched Virgin Galactic to bring commercial space travel to paying customers
• 2004 – Broke the world record for the fastest crossing of the English Channel in an
amphibious vehicle in 1hr and 40 mins
• 2006 – Landed a cameo role in James Bond Casino Royale where he can be seen passing
through customs in Miami Airport
• 2006 – Reported as ninth Richest person in UK in Sunday Times rich list with an estimated
fortune of £3 billion
DICE –Important VC Measurement Tool
Duration, Integrity, Commitment and Effort
• Another important factor in the relative worth of managerial
experience depends on who is evaluating the situation. Venture
capitalists frequently value the ability to assemble, motivate, and
manage entrepreneurial team!
• Some authors (Sirkin et l, 2005) are considering the Duration,
Integrity, Commitment and Effort or DICE whereas the learning
process is very important and it should be considered via “learning
milestone”
• “Review of such a milestone—what we refer to as a “learning
milestone”—isn’t an impromptu assessment of the Monday-morning
kind.
II.4 FINAL CONSIDERATIONS ABOUT
EXPERIENCE
• Thus there are two groups of entrepreneurs-
1. those with considerable decision-making experience and
2. those with little experience in the industry.

• In an empirical study of success and failure in small manufacturing ventures, Hoad and
Rosko (1964) found that
• 32 percent of the successes and
• 24 percent of the failures had ten or more years of experience as an owner or manager
in a similar business;
• 35 percent of the successes and 51percent of the failures had no such previous
experience.
• Thus previous industrial experience seems to be important but is not the only
contributor to success.
II.4 FINAL CONSIDERATIONS ABOUT
EXPERIENCE….
• Some other studies ( Filion, 1998) suggest that there are 2 types of
entrepreneurs:
• Operator, and
• Visionary
• For areas where scientific processes form the core technology
(biochemistry, genetic engineering), previous education may be more
important than work experience in running a laboratory and designing
production (Vesper, 1980).
• In contrast, work experience may be more important in businesses that
rely on industrial inside information (e.g., tool-and-die shops, Vesper,
1980), management expertise (financial services), and those with
considerable competition (restaurants and fast foods).
III. Previous Job Satisfaction and
Mobility;
III. Introduction

Eisenhauer (1995) explicitly included the expected utility that is derived from the working conditions of the
current job and from the desire to act entrepreneurially (Lee et al., 2011).

Employees who are satisfied with their current job are less likely to consider entrepreneurship as an alternative.

Extended experience in wage work or in a particular job may also indicate an individual’s innate preference for
continued organizational employment, as opposed to self-employment or to founding or joining a new venture.

Please, read the story on the following link:

https://www.theguardian.com/careers/nick-holzherr-entrepreneurs-work-experience
III.1
Job Satisfaction and Turnover;
Entrepreneurial Intentions;

• “Job satisfaction had a negative effect on entrepreneurial intention.

• In addition, self-efficacy and outcome expectations mediated between job satisfaction
and entrepreneurial intention. (Jaeyeob Jeong , 2017)
• Perceived self-efficacy is defined as people's beliefs about their capabilities to produce
designated levels of performance that exercise influence over events that affect their
lives.
• Self-efficacy beliefs determine how people feel, think, motivate themselves and
behave. Such beliefs produce these diverse effects through four major processes. They
include 1) cognitive, 2) motivational, 3) affective and 4) selection processes.
III.1 Negative Job Satisfaction has created
entrepreneurs
http://www.financethink.mk/abous-
us/economic-team/ http://tinex.com.mk/
 III.2 IMPACT OF EDUCATION ON
ENTREPRENEURS…CONT’D
• Ronstadt (1984a) and others argue that formal education can as
frequently operate as an impediment to entrepreneurship as an
asset in the entrepreneurial process.
• Rather than develop creative free thinkers (who would be prone
toward innovation and entrepreneurship), the traditional liberal
arts education fosters conformity and low tolerance for ambiguity.
• Discuss “Dead Poets Society”
III.2 IMPACT OF EDUCATION ON ENTREPRENEURS

• Education may affect economic growth through entrepreneurship.

• Why?
• More educated markets have more educated entrepreneurs: Musk, Zuckeberg,
• The level of education of entrepreneurs is strongly related to positive business
outcomes, especially for college graduates compared to those with less than a
four-year degree.
• Entrepreneurship may also benefit from a more educated local population.
Educated workers appear to have better access to information and are better at
implementing new ideas. Indeed, supplies of educated workers are associated
with faster adoption of new technologies and production techniques
III.2 IMPACT OF EDUCATION ON ENTREPRENEURS
ALTERNATIVE CLASSROOM

• There is an expectation among those who hope to foster new venture

proposals and to assist others in finding ways to be successful that
some information and training are important.

• LIFE LONG LEARNING – “… managers attended more seminars (topics were not
specified in the report) than entrepreneurs. Kent et al. (1982)”
• More experienced people taking courses:
Thus:
• E Learning; Webinars, MOOC, MOODLE,
• Consider EXEC ED Programs at HBS, MIT, Wharton
III.2 IMPACT OF EDUCATION ON ENTREPRENEURS

• Do more educated people make better entrepreneurs? And if so, by how much does an added
year of education increase the profits of an average entrepreneur? (Ivar Kolstad and Arne Wiig
2011);
• In Developing Countries “estimate of entrepreneurial returns to education suggests that it is
sizeable at least for some entrepreneurs. The final part of this statement should be stressed for
policy purposes; if there is heterogeneity in returns to education, our results do not necessarily
reflect an average effect of education on profits across all entrepreneurs…”;( Kolstad, 2011)
• In Developed countris, scholars have come to simmilar results. One research in Greece
emphasized the role found that emphasis should be placed on the
• 1) networking with the business world,
• 2) the laboratory assistance,
• 3) the mentoring process, the
• 4) participants' scientific background) (Petridou E, Sarri K, 2011)
III.3 In Developed World
• 1) networking with the business world,
• 2) the laboratory assistance,
• 3) the mentoring process, the
• 4) participants' scientific background)
III.1 Networking ( Luthans)
• 1. Traditional management— This activity consists of planning, decision making, and controlling. The
average manager spent 32 percent of his or her time performing this activity, whereas successful managers
spend 13% and effective managers spend 13% of their time in this activity.

2. Communication—This activity consists of exchanging routine information and processing paperwork. The
average manager spent 29 percent of his or her time performing this activity while successful manager
spends 28% and effective managers spend 44% of their time in this activity.

3. Human resource management—This activity consists of motivating, disciplining, managing conflict,

staffing, and training. The average manager spent 20 percent of his or her time performing this activity,
while successful manager spends 11% and effective managers spend 26% of their time in this activity.

4. Networking—This activity involves socializing, politicking, and interacting with outsiders. The average
manager spent 19 percent of his or her time performing this activity, while successful manager spends 48%
and successful manages spend 11% of their time in this activity.

It was found that successful managers spent more time and effort in socializing, interacting
and networking. They did not spend much time to the traditional management activities or to the
III.3.1 Networking and Consulting - Luthans
III.2 Laboratory Assistance
• Entrepreneurs Greg Scantlen, • Investment in labs in Republic of
Paul Saxe and Chuck Bulow Macedonia…
depend on high-speed,
sophisticated computers to run
their individual businesses. A • They are available to all
interested entrepreneurs and
• The trio decided to apply corporations;
collectively for free technical
assistance from scientists at Los
Alamos and Sandia national
laboratories through the New
Mexico Small Business
Assistance (NMSBA) program.
III.3 The mentoring process
• 1. Networking events
• 2. Entrepreneur 'hot spots'
• If you live in a city with a thriving startup scene, there are
probably several entrepreneurial “hot spots” in the area -- I
use that ambiguous term because they vary so wildly. For
example, there might be a startup incubator with an open
workspace where you can get some work done and still meet
some new people in the industry?
• 3. LinkedIn and Twitter
• Twitter and LinkedIn are the big players for connecting with
professionals.
• 4. Small Business Development Centers (SBDCs)
are independent organizations, CEED or thus like
• 5. SCORE is an organization dedicated to helping individuals
start, run and grow their own businesses. There are currently
more than 11,000 volunteers in the program,
• 6. Industry centers Conferences or speaking events regarding
your industry? ( MICROSOFT VISION) for instance
• 7. Indirect competitors
• 8. Volunteering
• . You’ll meet all kinds of people, from college students to
retirees, all of whom will be able to teach you something
new. Plus, you’ll be giving back to the community in the
meantime and possibly improving the reputation of your
business in the process.
• 9. Friends and family - Someone in your contacts list might
know a cousin or former roommate who went on to become
a successful entrepreneur. These types of connections are
usually the easiest to build once discovered.
• 10. Anywhere else
• The truth is, if you’re open to new experiences and new
contacts, you could potentially meet a mentor anywhere
Useful Networking Addresses
• http://www.eban.org/
• https://evpa.eu.com/
• http://ceed-macedonia.org/ceed-hub-skopje/
IV. Individual and Personal
characteristics
Biographical Characteristics
Biographical Characteristics
Personal characteristics—such as age, gender, race and
tenure—that are objective and easily obtained from
personnel records

© 2017 Prentice Hall Inc.

IV.1 Age
Although older people are more capable of exhibiting behaviors that deviate from the customary way of doing business
as they have greater means and opportunity for doing so ,they are much less likely as younger people to take steps
toward acting entrepreneurially or to actually establish a company.

Lévesque and Minniti (2006) explain the age-related effect on entrepreneurial intention as a result of the opportunity
costs of time; older people are less willing to invest time in activities that have a long and uncertain payback period
(Fung et al., 2001), such as starting a venture or developing new business activities for their employer.

Older employees are not only less likely to pursue new opportunities (Hart et al., 2004), but also more likely to exhibit
more favorable attitudes toward their jobs (Hochwarter et al., 2001; Krumm et al., 2013; Ng and Feldman, 2010a),
which may result in even lower entrepreneurial intentions.

Younger individuals prioritize knowledge-acquisition goals, whereas older individuals emphasize emotion-regulation
goals (Carstensen, 1992)
IV.2 Gender

Studies do find gender gaps in the performance of entrepreneurs, both in Organization for European
Economic Co-operation (OECD) and developing countries. (Loscocco and Robinson 1991; Devine 1994;
McPherson 1996; Mead and Liedholm 1998; Robb 2002; Bosma et al. 2004; de Mel et al. 2009; Farlie 2009).

VS.

Studies do not find gender-based gaps in performance(Kalleberg and Leicht ,1991), (Westhead et al. 1995),
(Lohmann and Luber,2004), and (Kepler,2007).
IV.2 Gender Cont’d
• Bardasi et al. (2007) show few differences in reported constraints or
indicators of firm performance between women and men—once they
are in business:
Firms partly or fully owned by females are as productive and grow as
quickly as male only owned firms.
Woman appear to be better able to access finance than men, although
this does not have the same positive effect on business performance as it
does for male-owned firms.
IV.2 Gender Cont’d
In about 40% (varying by country) of partnerships with male and female
owners, a women is not involved in the major decisions of the
enterprise. The rate almost doubles for limited partnerships. Among
partnerships, it is the larger and more productive enterprises that are run
by men, making it important to establish whether firms are categorized
by male/ female ownership or decision-making authority.
Differences in the participation rates by gender across sectors, with
women being more likely to be involved in processing garments and
food, while men account for most of the entrepreneurs working in the
production of metal and machinery, wood and furniture, and electronics.
IV.2 Gender Cont’d
• Data:
Designed survey on the background of the
entrepreneur in conjunction with data from the Enterprise Surveys
• Findings:
 Women are more likely to work in smaller and lower value-added sectors.
 Firms with female prime decision-makers, productivity is lower.
 Women’s businesses are more labor-intensive than those of men.
 Women are using somewhat different production technologies in the running of
their businesses.
 There is no gender gap by ownership, but there is a pattern by decision-making
control. Decision-making authority or control indicates a 12% productivity gap,
which is significant. Thus, in looking at issues of women’s empowerment, it is
important to consider issues of decision-making
 Female-run businesses are more likely to
be owned by a single person, and female
entrepreneurs were also often working in
the same line of business prior to
starting their current enterprise. Male-
run firms, however, are more likely to be
part of a single family-owned business.
 Female-run businesses are more
commonly associated with entrepreneurs
who were pursuing a market opportunity,
while male-run businesses are associated
with entrepreneurs seeking more job
flexibility.
The differential impact of certain entrepreneurial characteristics is thus the key to understanding why there is a gender
gap in performance.
Among the findings are a number of specific points of interest:
 More education and management skills contribute to higher labor productivity. Importantly, women and men benefit
equally from these measures of human capital. Increasing women’s levels of education and training in management
skills will thus help raise the productivity of their firms.
 Age, do not matter.
 The entrepreneur’s marital status does matter. In particular, single women appear less able to operate more
productive firms.
 An entrepreneur’s employment background does have some role in explaining the types of enterprises women and
men run.
 Joining a family business is associated with higher productivity at this time—for sons, but not daughters.
 IV.3 Race and Ethnic Groups
 Prior family business ownership is less frequent among Black and Hispanic entrepreneurs than among
Asian and White entrepreneurs.
 Black and Hispanic entrepreneurs also have lower education levels and fewer years of managerial
experience than Asian and White entrepreneurs do. These traits result in lower success at starting new
businesses, greater propensity to enter business lines with low entry barriers (thus higher failure rates), and
lower business survival rates.
 Black and Hispanic potential entrepreneurs have made recent increases in educational attainment and
business experience (in both large and small firms). These factors might reduce the gaps in the performance
of new Black and Hispanic startups.
 Black and Hispanic families have lower wealth levels than White families do, which results in the lower
equity levels of new Black and Hispanic businesses compared to White businesses.
 Black-owned and Hispanic-owned businesses experience less favorable loan application outcomes than do
White-owned and Asian-owned businesses after controlling for firm and owner-specific characteristics.
 Black and Hispanic entrepreneurs enter industries with low capital requirements and high failure, which
weakens their firms’ abilities to buffer losses and financial growth if they survive in early stages.
Elon Musk- An INTJ Entrepreneur. Elon Musk's personality makes him an INTJ (Introversion, Intuition, Thinking, Judgement) type
of entrepreneur as he is an unemotional person and looks beyond what is visible. He happens to find a way to improve his
surroundings. Mar 28, 2017

I can say with a pretty good degree of confidence that Steve Jobs was an ENTJ. He's often typed as an introvert, which I attribute
to the fact that his primary function, extraverted thinking is the least social of the extraverted functions.

Donald Trump ESTP. His jerky, abrupt, and aggressive movements are textbook Extraverted Sensing (Se), and believe it or not,
he's very scripted and pragmatic in his presentation, which is indicative of thinking, which in his case would be introverted
thinking (Ti).
References:

• Aterido, R, & Hallward-Driemeier, M (2011)”'Whose business is it anyway?”, Small Business Economics, 37, 4, pp. 443-464,
Business Source Complete, EBSCOhost
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performance”, Journal Of Urban Economics, 67, 1, pp. 61-77, Business Source Complete, EBSCOhost
• Enrique Fiallo , Published on April 17, 2016 https://www.linkedin.com/pulse/9-leadership-lessons-from-intern-enrique-
fiallo/
Hatak, I, Harms, R, & Fink, M (2015), 'Age, job identification, and entrepreneurial intention', Journal Of Managerial
Psychology, 30, 1, pp. 38-53, Business Source Complete, EBSCOhost,
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being-an-entrepreneur-ef636db72797
• Sirkin Harold “The Hard Side of Change Management” HBR October 2005)
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Research. Nov2016, Vol. 69 Issue 11, p5147-5152. (EBSCO)
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experienced entrepreneurs.” International Journal of Technology Transfer &
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(https://www.samuelthomasdavies.com/the-corridor-principle/ )
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Learning Outcomes – After this chapter you should be
ale to …
• Discuss the process of learning and the specifics of entrepreneurs?
• Experience can come through: work experience, education,
maturation and social biological? Discuss he three pillars upon which
the “work experience” may be based?
• Explain the importance of “DICE” as analytical tool for VC funds?
• Discuss the relationship between job satisfaction and entrepreneurial
intentions?