Mechanization - larger firms Personality Traits of...

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Mechanization of the entire workflow and nonstop production, such as in chemical plants or petroleum refineries. 5 Types of Small Business Owners Idealists : Rewarded by chance to work on something new and creative Optimizers : Get personal satisfaction from being business owners Hard workers : Thrive on challenge of building a larger, more profitable business Jugglers : high-energy and enjoy handling every detail of their own business Sustainers : Enjoy chance to balance work and personal life; don’t want the business to grow too large Entrepreneurial companies Age rather than size determines number of jobs a company creates Small businesses create 64%+ of America’s new jobs New and smaller firms responsible for 55% of innovations and 13x more patents than
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Unformatted text preview: larger firms Personality Traits of Entrepreneurs Internal locus of control : Belief that your future is in your control; external forces have little influence High energy level : high levels of passion Need to Achieve : motivated to excel and pick situations in which success is likely; sets own goals, goals are difficult Self-Confidence : confident about ability to master business tasks Awareness of passing time : feels a sense of urgency; wants things moving immediately; seize the moment Tolerance for ambiguity : untroubled by disorder and uncertainty Launching an entrepreneurial start-up Start with an idea 41%joined family business 36% wanted to control their own futures 27% wanted to be their own bosses...
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