Entrepreneurial Personality

ENTREPRENEURIAL PERSONALITY The Environment as factor What is personality Characteristics of Entrepreneurs What motivates people to become entrepreneurs Complementary Factors that Determine Success and Failure in an Entrepreneurship 1. Environment – physic...

ENTREPRENEURIAL PERSONALITY The Environment as factor What is personality Characteristics of Entrepreneurs What motivates people to become entrepreneurs Complementary Factors that Determine Success and Failure in an Entrepreneurship 1. Environment – physical environment and economic environment 2. Personality – the pattern of characteristics that distinguishes one person from another Personality according to Holland 1. Realistic – prefers activities involving aggressive behavior, and physical exertion 2. Investigative-prefers to be analytical, curious, methodical and precise 3. Artistic- expressive, nonconforming, original and introspective 4. Social – enjoys working with others and in to purposely avoids systematic activities 5. Enterprising – enjoys verbal activities to influence others and attain power and status 6. Conventional- enjoys systematic manipulation of data, filing of records, or producing materials Characteristics of Entrepreneurs 1. Drive 6. Reasonable risk taker 2. Thinking ability 7. Self-confident 3. Human relations ability 8. Goal setter 4. Ability to communicate 9. Accountable 5. Technical knowledge 10. Innovative  Drive – pursues his chosen course without relenting even in the face of adversity; attempts until he succeeds  Thinking ability – solving problems and making decisions; can see through maze of information or disinformation  Human Relations Ability – relationships with customer, employee and third party with interest in the firm  Ability to communicate – ability to understand and be understood  Technical Knowledge – performance of major and minor tasks  Reasonable Risk taker – not conservative but also not gamblers  Self-Confident-person’s belief in his ability  Goal Setter – goals direct one person to specific target, encourages one to exert higher efforts, encourages persistence, and fosters creation of strategies and action plan  Accountable-takes responsibility of what happens in the firm  Innovative – allows the business enterprise to flourish Motivations to Become Entrepreneurs  Desire to be one’s own boss  Desire for financial rewards  Desire to create one’s own job security  Desire to improve one’s quality of life Entrepreneur vs Manager  A major distinction is about orientation.  Entrepreneur – alternatively called promoter feels confident of his ability to seize a business opportunity  Manager – alternatively called trustee emphasizes utilization of resources