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of Mechanization the entire workflow and nonstop production, such as in chemical plants or petroleum refineries. 5 Types of Small Business Owners Idealists: Rewarded by chance to work on something new and creative Optimizers: Get personal satisfaction from being business owners Hard workers: Thrive on challenge of building a larger, more profitable business Jugglers: high-energy and enjoy handling every detail of their own business Sustainers: Enjoy chance to balance work and personal life; dont want the business to grow too large Entrepreneurial companies Age rather than size determines number of jobs a company creates Small businesses create 64%+ of Americas new jobs New and smaller firms responsible for 55% of innovations and more 13x patents than larger firms Personality Traits of Entrepreneurs Internal locus of control: Belief that your future is in your control; external forces have little influence High energy level: high levels of passion Need to Achieve: motivated to excel and pick situations in which success is likely; sets own goals, goals are difficult Self-Confidence: confident about ability to master business tasks Awareness of passing time: feels a sense of urgency; wants things moving immediately; seize the moment Tolerance for ambiguity: untroubled by disorder and uncertainty Launching an entrepreneurial start-up Start with an idea 41%joined family business 36% wanted to control their own futures 27% wanted to be their own bosses ... View Full Document

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