Attributes of Entrepreneurs

Attributes of Entrepreneurs - Attributes of Entrepreneurs...

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Attributes of Entrepreneurs
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Key Attributes of Entrepreneurs The Top Six Commitment and Determination Leadership Opportunity obsession High tolerance of risk, ambiguity and uncertainty Creativity, self-reliance and adaptability Motivation to excel
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Commitment and Determination Most key factor Embodies Tenacity and problem solving persistence Discipline Ability to commit and de-commit rapidly Willingness to undertake personal sacrifice
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Commitment and Determination (2) An example: Fred Smith (Memphis) entered Yale in 1962. A 1965 term paper discussed the need for an efficient service to move high value mail, like medicine and electronics. Existing solution was commercial aircraft; paper made the case for a more dedicated system.
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Commitment and Determination (3) Example cont. After graduation, two years in Viet Nam and further investigation, focused on checks for Federal Reserve. Leveraged $500K of his own money and bought two jets to convince Fed with plan he would buy more with Fed contract. Fed backed out.
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Commitment and Determination (4) Example cont. December 1971 consulting study projected a $1 billion market During next year got regulatory approval, recruited management and pilots and refurbished jets Jets carried six packages on launch night in 1973; decided needed more cities and more marketing
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Commitment and Determination (5) Example cont. Smith indicted in 1975 because forged sister’s name on a loan guarantee to continue some debt and secure some more Board tried to fire Smith; employee loyalty stopped them Achieved profitability in July 1975
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Commitment and Determination (6) Tenacity; persistence; discipline; ability to commit and de-commit quickly; willingness to take on personal sacrifice… See what I mean?
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