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Entrepreneurship

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Entrepreneurship ­ MGT602
VU
Lesson 8
THE INDIVIDUAL ENTREPRENEUR
LEARNING OBJECTIVES
1.
To identify some key entrepreneurial feelings and motivations.
2.
To identify key elements in an entrepreneur's background.
3.
To discuss the importance of role models and support systems.
4.
To identify the similarities and differences between male and female entrepreneurs.
5.
To explain the differences between inventors and entrepreneurs.
ENTREPRENEURIAL FEELINGS
There is no "true entrepreneurial profile"- entrepreneurs come from many educational backgrounds, family
situations, and work experiences. A potential entrepreneur may presently be a nurse, secretary, assembly
line worker, sales person, mechanic, home maker, manager or engineer. A potential entrepreneur can be
male or female and of any race or nationality.
Locus of Control
One concern people have when forming is whether they will be able to sustain the drive and energy
required to form something new and to manage the new enterprise and make it grow.
While research results are inconsistent, internal control seems to be a characteristic of entrepreneurs.
Internal beliefs appear to differentiate entrepreneurs from the general public, but not from managers.
Managers and entrepreneurs both have an internality tendency.
Feelings about Independence and Need for Achievement.
The entrepreneur also has the need for independence, to do things in his or her own way and time.
Another controversial characteristic is the entrepreneur's need for achievement. McClelland specified
three attributes as characteristics of entrepreneurs:
1. Individual responsibility for solving problems and setting and achieving goals.
2. Moderate risk taking as a function of skill.
3. Knowledge of results of decision/task accomplishment.
McClelland concluded that a high need for achievement leads individuals to engage in entrepreneurial
behavior, although other studies have been inconsistent.
Risk Taking
Risk taking seems a part of the entrepreneurial process. However, it has not yet been empirically established
whether risk-taking is a distinguishing characteristics of entrepreneurs.
ENTREPRENEURIAL BACKGROUND AND CHARACTERISTICS
Only a few background characteristics have differentiated the entrepreneur from the general populace or
managers.
Childhood Family Environment
The impact of birth order and social status has had conflicting research results. There is strong evidence
that entrepreneurs, both male and female, tend to have self-employed or entrepreneurial fathers.
Having a father who is self-employed provides a strong inspiration in the example of independence and
flexibility of self-employment. This feeling of independence is often further enforced by an entrepreneurial
mother. The overall parental relationship may be the most important aspect of the childhood environment
in establishing the desirability of entrepreneurial activity. Parents of entrepreneurs need to be supportive
and encourage independence, achievement, and responsibility. This supportive relationship appears to be
most important for females. Female entrepreneurs tend to grow up in middle- to upper-class environments,
where families are child-centered, and are similar to their fathers in personality.
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Entrepreneurship ­ MGT602
VU
KEY TERMS
Departure points
The activities occurring when the venture is started
Inventor
An individual who creates something new
Locus of control
An attribute indicating the sense of control that a person has over life
Moral-support network
Individuals who give psychological support to an entrepreneur
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Table of Contents:
  1. THE NATURE AND IMPORTANCE OF ENTREPRENEURSHIP:DEFINITION OF ENTREPRENEUR
  2. THE NATURE AND IMPORTANCE OF ENTREPRENEURSHIP:Possibility of New Venture Formation
  3. ENTREPRENEURIAL PROCESS/START UPS:GOVERNMENT AS AN INNOVATOR
  4. THE ENTREPRENEURIAL AND ENTREPRENEURIAL MIND:ENTREPRENEURIAL PROCESS
  5. THE ENTREPRENEURIAL AND ENTREPRENEURIAL MIND (continued…)
  6. THE ENTREPRENEURIAL AND ENTREPRENEURIAL MIND (continued…):CLIMATE FOR ENTREPRENEURSHIP
  7. THE ENTREPRENEURIAL AND ENTREPRENEURIAL MIND (continued…):PROBLEMS AND SUCCESSFUL EFFORTS
  8. THE INDIVIDUAL ENTREPRENEUR:ENTREPRENEURIAL BACKGROUND AND CHARACTERISTICS
  9. THE INDIVIDUAL ENTREPRENEUR (continued…):Personal Values, Work History, MOTIVATION
  10. THE INDIVIDUAL ENTREPRENEUR (continued…):ROLE MODELS AND SUPPORT SYSTEMS
  11. INTERNATIONAL ENTREPRENEURIAL OPPORTUNITIES:INTERNATIONAL ENTREPRENEURIAL OPPORTUNITIES, Minority interests
  12. INTERNATIONAL ENTREPRENEURIAL OPPORTUNITIES (continued…):DIRECT FOREIGN INVESTMENT
  13. INTERNATIONAL ENTREPRENEURIAL OPPORTUNITIES (continued…):BARRIERS TO INTERNATIONAL TRADE
  14. INTERNATIONAL ENTREPRENEURIAL OPPORTUNITIES (continued…):ENTREPRENEURIAL PARTNERING
  15. INTERNATIONAL ENTREPRENEURIAL OPPORTUNITIES (continued…):SOURCES OF NEW IDEAS
  16. CREATIVITY AND THE BUSINESS IDEA:METHODS OF GENERATING NEW IDEAS, CREATIVE PROBLEM SOLVING
  17. CREATIVITY AND THE BUSINESS IDEA:PRODUCT PLANNING AND DEVELOPMENT PROCESS
  18. LEGAL ISSUES FOR THE ENTREPRENEUR:NEED FOR A LAWYER, PATENTS
  19. LEGAL ISSUES FOR THE ENTREPRENEUR:TRADEMARKS, LICENSING
  20. LEGAL ISSUES FOR THE ENTREPRENEURS:PRODUCT SAFETY AND LIABILITY, INSURANCE
  21. CREATING AND STARTING THE VENTURE:WHAT IS THE BUSINESS PLAN, PRESENTING THE PLAN
  22. CREATING AND STARTING THE VENTURE (Continued….):WRITING THE BUSINESS PLAN
  23. CREATING AND STARTING THE VENTURE (Continued….):
  24. CREATING AND STARTING THE VENTURE (Continued….):WHY SOME BUSINESS PLANS FAIL, MARKETING PLAN
  25. THE MARKETING PLAN:MARKET RESEARCH FOR THE NEW VENTURE
  26. THE MARKETING MIX:STEPS IN PREPARING THE MARKETING PLAN
  27. THE ORGANIZATIONAL PLAN:DEVELOPING THE MANAGEMENT TEAM, LEGAL FORMS OF BUSINESS
  28. THE ORGANIZATIONAL PLAN (Continued….)
  29. THE ORGANIZATIONAL PLAN (Continued….):THE LIMITED LIABILITY COMPANY
  30. THE FINANCIAL PLAN:OPERATING AND CAPITAL BUDGETS
  31. THE FINANCIAL PLAN (Continued….):PRO FORMA INCOME STATEMENTS, PRO FORMA CASH FLOW
  32. PRO FORMA SOURCES AND USES OF FUNDS:PERSONAL FUNDS, FAMILY AND FRIENDS
  33. PRO FORMA SOURCES AND USES OF FUNDS:COMMERCIAL BANKS
  34. BANK LENDING DECISIONS:SMALL BUSINESS ADMINISTRATION LOANS
  35. SOURCES OF CAPITAL:GOVERNMENT GRANTS
  36. SOURCES OF CAPITAL:PRIVATE PLACEMENT, BOOTSTRAP FINANCING
  37. CAPITAL SOURCES IN PAKISTAN:PROVINCIAL LEVEL INSTITUTIONS, FINANCIAL INSTITUTIONS
  38. PREPARING FOR THE NEW VENTURE LAUNCH: EARLY MANAGEMENT DECISIONS (Continued….)
  39. PREPARING FOR THE NEW VENTURE LAUNCH: EARLY MANAGEMENT DECISIONS (Continued….)
  40. PREPARING FOR THE NEW VENTURE LAUNCH: EARLY MANAGEMENT DECISIONS (Continued….)
  41. PREPARING FOR THE NEW VENTURE LAUNCH: EARLY MANAGEMENT DECISIONS (Continued….)
  42. PREPARING FOR THE NEW VENTURE LAUNCH: EARLY MANAGEMENT DECISIONS (Continued….)
  43. NEW VENTURE EXPANSION STRATEGIES AND ISSUES:JOINT VENTURES, ACQUISITIONS
  44. NEW VENTURE EXPANSION STRATEGIES AND ISSUES (Continued….):DETERMINING THE PRICE FOR AN ACQUISITION
  45. ENTREPRENEURSHIP & PAKISTAN:GENDER DEVELOPMENT STATUS WOMAN AS AN ENTREPRENEUR IN PAKISTAN