Not just startups Not just for-profit firms

It is a process through which individuals identify

opportunities, allocate resources, and create value.

It is the act of creating a new and innovative enterprise

 Innovative entrepreneur
introduce new goods or new methods of production Imitative entrepreneur

do not innovate, but imitate entrepreneurial style of others

Fabian entrepreneur characterized by great caution and skepticism in

experimenting with any change in their enterprise

Drone entrepreneur Characterized by a die-hard conservatism

Characteristics

Competencies Initiative Concerns for high quality work Commitment to work contract

Need for achievement

Drive

Self confidence and will power

Need for power

Identifying and acting on opportunities

Problem solving

Discipline

Characteristics

Competencies

Leadership

Assertiveness

Social Mobility

Persuasion

Family Background

Use of influencing strategies

Characteristics Self-confidence

Traits Confidence Independence Optimism

Task-oriented

Need for achievement Profit oriented Persistence, perseverance Hard work, drive, energy Initiative

Risk-bearer Leadership

Risk taking ability Likes challenges Leadership behavior Gets along well with others Responsiveness to suggestions, criticisms

Need for Achievement Need for independence Locus of Control Risk-orientation Sense of Efficacy Time Orientation Openness to feedback Learning from experience

Hope of success Flexibility Need to influence others Foresight Versatility Dynamism, Leadership Competition and Collaboration

 Higher Entrepreneurial activity is found in societies where

entrepreneur is considered to have a high social status

The workplace and peers are significant influence Countries having unfriendly environmental and labor laws tend

to discourage entrepreneurship

 In a survey spanning 1800 SME operators around Australia, it

was found that they tended to come from larger families (families with an average of 3.54 children).
business owners tend to be born higher in the birth order of

their families.
Eldest siblings accounted for 41% of owners, with middle siblings

making up 29%, followed by youngest children at 25%. Only 5% of business owners are only-children.
More than 60% were the only siblings in their families with their

own venture.

 Extraversion: entrepreneur need not be an extrovert Agreeableness: cooperative, warm and good natured Conscientiousness: hardworking, organized and structures his

work very well

Emotional Stability: handles pressure situations very well and

is confident
Openness to experience: open to new ideas from his

colleagues as well as employees.

discomfort caused by holding conflicting ideas simultaneously. Reduced by justifying, blaming, and denying.

one desires something, finds it unattainable, and reduces one's dissonance by criticizing it.

Cooper, Woo and Dunkelberg (1988) entrepreneurs show a remarkable degree of optimism, see their own odds of success as extremely high. Study showed that entrepreneurs are unable to assess their own strengths and weaknesses and the early progresses of their own firms, entrepreneurs, whether prepared or not, experience entrepreneurial euphoria in which they feel that success is certain. can be explained by a cognitive dissonance which leads the entrepreneur to exaggerate the attractiveness of an option after it has been chosen

An instrument that measures the entrepreneurial instincts in a person.

Measures the internal and external locus of control of a person.

Entrepreneurs generally score high on the internalities as compared to the externalities.

The EAO Test

 Is entrepreneurship an innate ability or an acquired

skill?
Can entrepreneurial acumen be achieved and

enhanced through education and training, or are certain people born to be entrepreneurs or to act entrepreneurially?

while there are several elements that can be taught to enhance the knowledge and success of entrepreneurs, entrepreneurship is something one can learn only by doing - Richard Goossen CEO of M&A Capital Corp

elements that can be taught 1. general business knowledge 2. general entrepreneurial principles 3. to be alert to opportunities in certain fields in a general sense.
can't be taught - "venture specific opportunity principles. i.e. the ability to understand and see specific niches in a market and recognize whether it will be successful or not.

 Inherent Factors
Judgment
Passion Intuition

Factors that can be developed or practiced

Risk taking appetite Reducing uncertainty avoidance Inculcating ethical behavior Appetite for failure Desire to keep learning Need for achievement

Based on our research during the project we narrowed down on four key drivers of entrepreneurship : 1. 2. 3. 4. Hope Dream Motivation Action-orientation

 "Developing Human Resources", Leonard D. Goodstein

and J. Willaim Pfeiffer Edition Pioneers in Entrepreneurship and Small Business Research - Hans Landstrm Entrepreneur: Evaluation of the Concept and Characteristics - Murthy, Madhu K . September 2002.Sedme http://www.businessweek.com/smallbiz/content/oct2007/ sb20071025_812985.htm http://www.smartcompany.com.au/start-up/do-birthorder-and-family-influence-determineentrepreneurship.html