04a+-+Chapter+3+-+Entrepreneurs

04a+-+Chapter+3+-+Entrepreneurs - MGTA03 Mid Term MGTA03...

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Unformatted text preview: MGTA03 Mid Term MGTA03 Wednesday, October 21st at 5.00 pm. 35 multiple choice quest, = 35 marks 3 short answer questions = 15 marks Coverage: Chapters 1 – 4 Length = 90 minutes MGTA03 Mid-Term Seating MGTA03 Mon (L01) A – Z (all) (all) Gym Gym A–C D–J Tues (L02) K – L Tues M–R S - Wo Wu – Z SW309 SW319 Gym MW170 SW143 SW128 MGTA03 – Intro to Management – Week 4 MGTA03 Please read Chapter 3: Please Entrepreneurship and Small Business and Lecture Outline – Main Points Lecture Entrepreneurs: Psychological Characteristics motivation attitudes beliefs Entrepreneurs: Demographic Characteristics family & ethnic background age education gender Small Business Failure Rates Small It’s easy to start a small business. It’s easy It’s easy for a small business to FAIL. It’s FAIL Year Year 2 5 10 10 % that fail (Canada) (Canada) 39 64 80 % that fail (USA) (USA) 40 60 90 Interesting Fact About Entrepreneurs Interesting Most would-be entrepreneurs think odds of success are: worse! Entrepreneurs: Personality Traits Entrepreneurs: High NAch High “Internal” locus of control Risk tolerance Self Confident Entrepreneurs: Demographic Traits Entrepreneurs: Kids of entrepreneurs Immigrants/kids of immigrants Older than average worker Older Not great students Not Women more successful Entrepreneurs: Need for Achievement Entrepreneurs: David McClelland (1961): 3 motivational needs David Need for power (n-pow) Need These people are 'authority motivated'. They need to be influential, These and to make an impact. Produces a need to lead and for their ideas to prevail. These people need personal status and prestige. to Need for affiliation (n-affil) These people need friendly relationships and are motivated toward These interaction with other people. Produces a need to be liked and held in popular regard. These people are team players. in Need for achievement (n-ach) These people seek achievement, and attainment of realistic but These challenging goals. Produces a strong need for feedback as to achievement and progress, and for a sense of accomplishment. achievement Internal Locus of Control Internal Locus of control: a person's belief about what causes good or bad results in his or her life. Locus of control: the extent to which individuals believe that they can control events that affect them. Internal Locus of Control Internal internal locus: people belief that events result from their own behavior and actions. external locus: people believe that powerful others, fate, or chance determine events. internals more likely to try to influence others; more likely to assume their efforts will succeed Risk Tolerance Risk Definition of Risk: Uncertainty of outcome Definition Risk People see risk: From new situations, People risk: complexity, or the unknown. complexity, Risk Intolerance: New or previously Risk New unknown situations seen as threatening unknown Risk Tolerance: People see new or Risk People previously unknown situations as desirable. previously Entrepreneurs: Demographic Traits Entrepreneurs: Kids of entrepreneurs Immigrants/kids of immigrants Older than average worker: early 40s Not academically inclined Women are more successful Children of Entrepreneurs Children Entrepreneur in family: single most telling Entrepreneur indicator of successful entrepreneurs indicator 80% of entrepreneurs have heritage of 80% family business family Importance of Role Models (“Nurture”) Genetic Predispositions (“Nature”) Immigrant Entrepreneurs Immigrant Immigrants / their children thought to Immigrants make good entrepreneurs. Immigrants to Canada are economic migrants. Packed up lives, belongings, families, to improve economic well-being Immigrants need: confidence, willingness to take reasonable risks, high need to achieve achieve Entrepreneurs Older Than Employees Entrepreneurs Typical Canadian entrepreneur: 42 Typical Canadian employee: 34 Typical Average age of those who start is Average increasing increasing Why: It takes experience, confidence, Why: contacts, and $$$ to start a business. contacts, Entrepreneurs are Average Students Entrepreneurs Entrepreneurs are “doers” not “thinkers” Prefer action to contemplation “A” students more likely to become: academics researchers professionals (doctors, lawyers) Women Are More Successful Women Women start businesses with less money But, women owned businesses: less likely to fail more profitable grow faster take on more employees Why? ...
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