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Entrepreneurs Like Zeroing in On A Target

Entrepreneurs have certain characteristics that contribute to their success, including being intensely committed, determined, optimistic, and competitive. They are focused on identifying others' needs and building products to meet those needs. Entrepreneurs think differently than others by simplifying information and connecting previously unconnected ideas to identify opportunities. While entrepreneurship can be rewarding, it also carries risks and stresses that can negatively impact an entrepreneur's mental health and relationships if not managed properly.

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RaghuPatil
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43 views25 pages

Entrepreneurs Like Zeroing in On A Target

Entrepreneurs have certain characteristics that contribute to their success, including being intensely committed, determined, optimistic, and competitive. They are focused on identifying others' needs and building products to meet those needs. Entrepreneurs think differently than others by simplifying information and connecting previously unconnected ideas to identify opportunities. While entrepreneurship can be rewarding, it also carries risks and stresses that can negatively impact an entrepreneur's mental health and relationships if not managed properly.

Uploaded by

RaghuPatil
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Entrepreneurs like zeroing

in on a target
• You identify other people’s needs
• Build a product that meets those needs
• Repeat until you get it right.
• You are intensely committed
• Determined perseverance
• Optimistic
• Burning with competitive desire
Chapter 2

The entrepreneurial mind-set:


Cognition and career
Objectives
1. To profile demographic features of entrepreneurs from around the globe
2. To identify and discuss the most commonly cited characteristics found in
successful entrepreneurs
3. To examine entrepreneurial psychology
4. To discuss the ‘dark side’ of entrepreneurship
5. To identify and describe the different types of risk entrepreneurs face
6. To identify the major causes of stress for these individuals and the ways
they can handle stress
7. To discuss important aspects with respect to an entrepreneurial career
But first
What kind of person in their right mind

? would possibly take on the stress and


effort of starting a new business, not
being certain of its success, risking their
own money, threatening their sanity, and
even endangering their marriage or
family life!!!?
The entrepreneurial mind,
behaviour and career
• What ae the most common
characteristics associated with successful entrepreneurs?
• What is the ‘dark side’ of entrepreneurship?
• What are the capabilities that shape the entrepreneur’s career?
• Examining the entrepreneurial mind provides an interesting look
at the entrepreneurial potential within every individual.
• We believe that every person can become the sole proprietor of
their own destiny at some point in their lives and carve out a
career in entrepreneurship.
Top two reasons
for becoming an entrepreneur
• Opportunity-driven entrepreneurs
– Achievement, opportunity and money
– Strong desire to be independent
– bored with the same work every day
– Want to be their own bosses
• Necessity-driven entrepreneurs
– Coming out of some kind of adversity
– Made redundant
– Lost pension in GFC
– No better choice than to become an entrepreneur
Men and women involved
in early stage ventures

?
• Which regions have the largest
disproportional representation
between men and women
entrepreneurs?
• Does that surprise you?
• In our region, best performer is
Indonesia with 26 percent and 25
percent for men and women
respectively
• Worst performer is Japan with 5
percent and 3 percent for men and
women respectively.
Ages of
entrepreneurship
• Which has the
highest youth
rate?
• Highest rate of
seniorpreneurshi
p?

?
• Greatest drop-off
rate?
• Which age
group has
highest
proportion?
Entrepreneurs like zeroing
in on a target
• You identify other people’s needs
• Build a product that meets those needs
• Repeat until you get it right.
• You are intensely committed
• Determined perseverance
• Optimistic
• Burning with competitive desire
Who are entrepreneurs?
‘A person who habitually
creates and innovates to
build something of
recognised value around
perceived opportunities.’

Bolton & Thompson


Entrepreneurs actually think differently.

• How do entrepreneurs really perceive,


recognise, conceive, judge, sense,
reason, remember and imagine?
• Entrepreneurs use simplifying mental
models to piece together previously
unconnected information that helps them
to identify and invent new products or
services, and to assemble the necessary
resources to start and grow businesses.
Rowing to your private island
• Entrepreneur is a real individual with passions,
experiences and knowledge living in a particular
culture and time period.
• ‘Entrepreneurs live in a sea of dreams. Their
destinations are private islands – places to
build, create and transform their particular
dreams into reality. Being an entrepreneur entails
envisioning your island and even more
important, it means getting in the boat and
rowing to your island’.
– Shefsky, L. E. (1994). Entrepreneurs are made not
born. New York: McGraw-Hill
Characteristics attributed  Determination, perseverance
to entrepreneurs  Drive to achieve
 Opportunity orientation
• Psychologists  Persistent problem solving
have put  Seeking feedback
 Internal locus of control
together a set
 Tolerance for ambiguity
of profile  Calculated risk taking
dimensions that  Tolerance for failure
characterise  High energy level
 Creativity and innovativeness
entrepreneurs.  Vision
 Passion
 Team-building
The dark side of entrepreneurship

?
• Do entrepreneurs suffer more from
mental disorders?
• Does it take a little bit of madness to
start a business?
• Can a business can drive one a little
bit mad?
The dark side of entrepreneurship
• Criminal entrepreneurs
– Dishonest entrepreneurs.
– Opportunists who either adopt a flawed
strategy or fail to deliver
– Empire-builders who grow too quickly and
lose control
– Entrepreneurs who make mistakes, or whose
business fails, but who determinedly make a
comeback
– Entrepreneurs who attract controversy Marlon Brando
in the Godfather
Entrepreneurial risks
Financial risk – exposure to bankruptcy

Career risk – Can’t go back to old job

Family and social risk – missing out

Psychic risk – psychological impact of failure


What were your best failures
• Can you tell us one failure that you
learned from?
• Accept your failures and do not be
?
devastated by them.
• VCs in Silicon Valley ask “Have you
failed yet?”
• (You have to answer yes to get funding.)
• What did you learn from them?
Entrepreneurs and stress
• ‘Type A’ behaviour
– Impatient, demanding and overstrung
– Chronic and severe sense of time
urgency
– Constant deadlines in multiple projects
– Neglect other aspects of life
– Take on excessive responsibility
• Linked to coronary heart disease
The social entrepreneur

?
How would the mind-set of the social
entrepreneur differ from a business
entrepreneur?
• Overbearing need for control
– Entrepreneurs are driven by a strong need to Entrepreneurial ego
control both their venture and their destiny.
Preoccupation with controlling everything.
• Sense of distrust
– To remain alert to competition, entrepreneurs
are continually distrustfully scanning the
environment.
• Overriding desire for success
– Entrepreneurs believe they are living on the
edge of existence, strong desire to succeed
in spite of the odds.
• Unrealistic optimism
– The ceaseless optimism that emanates from
entrepreneurs (even through the bleak times)
Your entrepreneurial career
• Involves creating ventures
• You don’t just produce a venture;
it comes out of you with pain and
excitement
• You don’t somehow pre-exist as
an entrepreneur; you emerge . . .
• Venture creation is a lived
experience that, as it unfolds,
forms you
• You heaps of need self-efficacy.
Entrepreneurial capabilities vary across the
different stages of entrepreneurial activity
Key concepts

?
1. How would you describe the mind-
set of the entrepreneur?

2. What aspects of an entrepreneur’s


mind-set might affect their
relationships with other people?
Takes this self-assessment

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