Module 3 - Module 3 Reading Chapter 6 Entrepreneur A person...

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Module 3 Reading: Chapter 6 Entrepreneur: A person who seeks a profitable opportunity and takes the necessary risks to set up and operate a business. 4 Types of Entrepreneurs: classic entrepreneurs, serial entrepreneurs, intrapreneurs, and change agents Classic Entrepreneurs: Identify business opportunities and allocate available resources to tap those markets. Serial Entrepreneurs: Person who starts one business, runs it, and then starts and runs additional businesses in succession. Intrapreneurs: Entrepreneurially oriented person who develops innovations within the context of a large organization. Change Agent: Manager who revitalizes and established firm to keep it competitive. Also called turnaround entrepreneurs, are managers who revitalize established firms to keep them competitive in today’s marketplace. Lifestyle Entrepreneur: A person who starts a business to reduce work hours and create a more relaxed lifestyle. Expanded Opportunities for Entrepreneurs: Globalization, Education, Demographic and Economic Trends, Information Technology Why people become Entrepreneurs: Desire to be one’s own boss, desire to succeed financially, desire for job security, desire for an improved quality of life Characteristics of Entrepreneurs: vision, High energy level, need to achieve, self-confidence and optimism, tolerance for failure, creativity, tolerance for ambiguity, internal locus of control Vision: An overall idea for how to make their business idea a success, and then they passionately pursue it. High Energy Level: Entrepreneurs willingly work hard to realize their visions. Starting and building a company require an enormous amount of hard work and long hours. Need to Achieve: entrepreneurs work hard because they want to excel. Their strong competitive drive helps them enjoy the challenge of reaching difficult goals and promotes dedication to personal success. Self-Confidence and Optimism: Entrepreneurs believe int heir ability to succeed, and they instill their optimism in others. Often their optimism resembles fearlessness in the face of difficult odds. Tolerance for Failure: Entrepreneurs often succeed by shear will and the ability to try and try again when others would give up. They also view setbacks and failures as learning experiences and are not easily discouraged or disappointed when things don’t go as planned. Creativity: Entrepreneurs typically conceive new ideas for goods and services, and they devise innovative ways to overcome difficult problems and situations.
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Tolerance for Ambiguity: Entrepreneurs take in stride the uncertainties associated with launching a venture. Dealing with unexpected events is the norm for most entrepreneurs. Internal Locus of Control: Entrepreneurs believe that they control their own fates, which means they have an internal locus of control. You won’t find entrepreneurs gazing into a crystal ball, calling psychic help lines, or looking for a four-leaf clover; they take personal responsibility for the success of failure of their actions rather than believing in luck or fate.
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