entr test guide

entr test guide - Introduction Entrepreneurship and new...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Introduction Entrepreneurship and new venture creation often: Involve a great deal of risk and personal sacrifice Must constantly reinventing itself, developing new markets, and implementing more efficient internal processes. The majority of business start-ups fail within their first five years. Entrepreneurs and small business owners must rely on their own resolve and resiliency to try and try again until they achieve success. Introduction (cont.) A manager working within an organization will also need entrepreneurial skills to help his or her division and company succeed. Entrepreneurial skills involve the ability to: Seize opportunities Deal with uncertainty Gather necessary resources Organize business processes to pursue specific goals The Entrepreneurial Personality What characteristics and/or personality traits do you believe are essential to becoming an entrepreneur? The Individual Entrepreneur The commonplace definition for the entrepreneur is a person who starts his or her own new and small business Entrepreneurs serve customers in new ways, enter underserved markets, and exploit opportunities that others have missed. The Individual Entrepreneur (cont.) Contingency theories of management assert that: Different behaviors, cognitions and attitudes are effective in different contexts. There is no single personality type that is defined as an entrepreneurial type. Some ways of behaving and thinking are more effective than others for success in entrepreneurial careers. Entrepreneurial Behaviors David McClelland determined that founders of high-growth companies appear to share personal characteristics : High need for achievement Low need to conform Persistence High energy level Risk taking tendencies Ability to work with others to achieve goals He also identified four fundamental behaviors : Belief Commitment Focus Drive The Entrepreneurs Social Network Social network: The social environment in which entrepreneurs build their ventures by gaining support, knowledge, and access to distribution channels. The entrepreneurs social network varies from time to time depending on the different phases of the ventures life. The Entrepreneurs Social Network (cont.) Phases of venture development from this perspective: Phase 1: The motivation phase Phase 2: The planning phase Phase 3: The establishment phase Entrepreneurs need capital, skills, knowledge, and labor to start new ventures. Social capital: The networks of contacts that help bring about success are the entrepreneurs social capital....
View Full Document

Page1 / 21

entr test guide - Introduction Entrepreneurship and new...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online