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Unformatted text preview: Chapter 03 - Small Business Entrepreneurs: Characteristics and Competencies CHAPTER 3: SMALL BUSINESS ENTREPRENEURS: CHARACTERISTICS AND COMPETENCIES Chapter Summary This chapter explores entrepreneurial personalities and the career paths entrepreneurs may take. The competencies need to succeed are discussed along with the different levels of professionalism small businesses may chose. Focus is given to three types of entrepreneurs that face special challenges: the family business, women- and minority- owned businesses and late or second career entrepreneurs. Learning Objectives After studying this chapter, the student should be able to: 1. Learn about the types of entrepreneurial personality. 2. Know the competencies of the successful entrepreneur. 3. Discover the types of career paths entrepreneurs pursue. 4. Understand the challenges of family business owners. 5. Recognize the special nature of entrepreneurial teams 6. Gain insight into the challenge women and minority business owners face. 7. Understand the situation of people who become business owners later in life. Focus on Small Business: Internet Entrepreneur, Laura Tidwell A divorced, single mother at 18, Laura Tidwell knew she needed a business that would allow her to stay at home, earn a decent living and raise her daughter. Self-taught in the area of Internet advertising, she acquired big name clients such as Encyclopedia Britannica and Thomas Register by offering to do their online advertising buying for free for a period of time. If they were satisfied – and they were – they would become her clients. Discussion Questions 1. Why did Laura Tidwell decide to become an entrepreneur? Using the rewards mentioned in Chapter 1, Laura was interested in flexibility and income rewards. The flexibility could be seen in her desire to work but also have time to raise her daughter. The idea of earning a “decent living” reflects the income sort of reward. Students might also see growth rewards in Laura’s wanting to grow into an expert in advertising. 3-1 Chapter 03 - Small Business Entrepreneurs: Characteristics and Competencies 2. What skills did she develop to become a successful entrepreneur? Laura developed technical skills in web design. She also developed people or networking skills through her building contacts through trade shows and industry associations. This also gave her knowledge about the industry (or market) into which she was entering. Given she was able to convince Encyclopedia Britannica and Thomas Register to give her a trial, she must also have developed some very good selling skills along the way. 3. What opportunities did Laura find and pursue? Laura found opportunities everywhere, from the dance partner who introduced her to the idea of the Internet, to developing contacts (and eventually business opportunities) through her involvement in trade shows and industry associations. She also used her initial knowledge to get a job in an Internet start-up to gain direct experience in an industry and a view of what an...
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This note was uploaded on 11/21/2009 for the course MNGT 422X taught by Professor Godsey during the Spring '09 term at UNL.
- Spring '09