24 Questions
What is a key characteristic of Original Thinkers?
They are quick to start and slow to finish
What differentiates First Movers from Improvers in terms of failure rate?
First Movers have a higher failure rate than Improvers
What role do emotions play in understanding an entrepreneur's motivations and decision-making process?
Emotions play a significant role in understanding an entrepreneur's motivations and decisions
What competency was ranked the highest among entrepreneurs according to self-assessment data?
Trustworthiness
Which of the following is NOT one of the 6 characteristics of the entrepreneurial mindset mentioned in the text?
Being late to the party
What defines Emotional Intelligence, as mentioned in the text?
The ability to understand your own emotions and those of others
What are the three main factors used to categorize a small business?
Less than 100 employees, independently owned/operated, typically less than 10 million in revenue
Which term best describes an entrepreneur based on the provided text?
One who creates a new business in the face of risk and uncertainty for profit and growth
What is a common personality characteristic of entrepreneurs according to the text?
Internal locus of control
Which type of Entrepreneurship focuses on creating new businesses for profit?
Intrapreneurship
Which of the following is NOT considered a part of the essential entrepreneurial skill set?
Financial Management
What is a common challenge faced by entrepreneurs as highlighted in the text?
'Leaving problems at work' mentality
What distinguishes an entrepreneur from others based on the text?
Their need for achievement and risk-taking propensity
Which term best describes entrepreneurs in terms of their approach to business?
Risk-takers who identify significant opportunities
What is a key challenge faced by entrepreneurs in terms of their work-life balance?
Struggling to integrate work and personal life
Which characteristic is common among entrepreneurs according to the provided text?
Internal locus of control and risk-taking propensity
What is a significant aspect of an entrepreneur's skill set as outlined in the text?
Stress Management and Authenticity
How do entrepreneurs differentiate from others in terms of their lifestyle challenges?
Working longer hours and struggling with work-life integration
What is a distinguishing characteristic of Original Thinkers, according to the text?
They are quick to start but slow to finish
Which of the following competencies did entrepreneurs demonstrate higher levels of, based on self-assessment data?
Empathy
What is a key aspect of Emotional Intelligence, as highlighted in the text?
Understanding your own emotions and those of other people
How do Originals differ from Improvers in terms of failure rate, based on the text?
Originals have a higher failure rate because they try more ideas
What role do emotions play in an entrepreneur's decision-making process, according to the text?
Emotions are crucial for understanding an entrepreneur's motivations
What is a common trait of entrepreneurs, based on the provided text?
Absorbing themselves entirely in their business
Study Notes
Defining Small Business
- Small business is categorized as having less than 100 employees.
- Small business is independently owned and operated.
- Small business typically has less than 10 million revenue.
Describing an Entrepreneur
- An entrepreneur creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth.
- An entrepreneur identifies significant opportunities and assembles the necessary resources to capitalize on them.
- An entrepreneur organizes, manages, and assumes the risk of a business or enterprise.
Types of Entrepreneurship
- New Business (for profit)
- Intrapreneurship
- Social Entrepreneurship
- Indigenous Entrepreneurship
- Community Based Enterprises (CBEs)
- Family Business
Characteristics of Entrepreneurs
- Three common personality characteristics:
- Need for achievement
- Internal locus of control: believing they are in control of their own destiny
- Risk-taking propensity
- 14 Characteristics of Entrepreneurs:
- Persistent
- Thrives in the face of challenges
- Strong leadership skills
- Courage
- Vision
- Strong communication skills
- Can accept rejection and prevail
- Constantly learning
- Absorbs themselves in their business
Entrepreneurial Lifestyle Challenges
- Tend to work longer hours
- Might take fewer vacations
- Cannot leave problems “at work”
- Work/life balance can be challenging
- Work life integration is common
- Can feel consumed by work
- Create an identity around the business
- Don’t always have colleagues to rely on when sick, stressed, etc.
Entrepreneurial Skill Set
- Essential 10 skills:
- Communication
- Empathy
- Relationship Building
- Authenticity
- Personal Branding
- Persuasive Writing
- Stress Management
- Failure Management
- Sharing and Collaboration
- Sales
Habits of Original Thinkers
- Originals are late to the party
- Originals feel doubt and fear
- Originals have lots of bad ideas
- Originals are quick to start, slow to finish
- First Movers have a higher failure rate (47%) than Improvers (8%)
- To be original, you don’t have to be first, you just have to be different and better
Emotional Intelligence
- Emotional Intelligence is the ability to understand your own emotions and the emotions of other people
- Entrepreneurship is highly emotional, often described as an “emotional rollercoaster”
- Emotions play a big role in understanding an entrepreneur’s motivation, decision making, and more
- Self-assessment data reported entrepreneurs demonstrated higher levels of:
- Self confidence
- Trustworthiness
- Achievement Orientation
- Service Orientation
- Empathy
- Change Catalyst
- Teamwork/Collaboration
- Self-assessment data reported entrepreneurs demonstrated lower levels of:
- Emotional self-control
- Adaptability
- Conflict Management
Entrepreneurial Mindset
- 6 characteristics of the entrepreneurial mindset:
- Seeing and creating opportunities
- Turning ideas into action
- Leading the way
- Using resources smartly
- Managing risk
- Collaborating to create shared value
Explore the characteristics of small businesses and the definition of an entrepreneur according to Zimmerer & Scarborough. Learn about factors like number of employees, revenue, and independence that categorize a small business. Understand how an entrepreneur identifies opportunities and assembles resources for profit and growth.
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