Entrepreneurship

1
Entrepreneurship

• Chapter Two
• Entrepreneurial Characteristics

2
Characteristics of Successful Entrepreneurs

• Desire
• Initiative/aggressiveness
• Energy
• Low support needs
• Thriving on ambiguity
• Perseverance
• Responsibility

• Problem solving
• Persuasiveness
• Self-discipline
• Belief in value of money
• Self-confidence
• Ego development
• Market awareness

3
Other Traits

• Locus of control
• Propensity for taking risk
• Experience
• Knowledge
• Reputation
• Role models/mentors
• Networks

4
Undesirable Traits

• Greed
• Dishonesty
• Paranoia
• Poor people judgment
• Impatience
• Lack of business knowledge
• Disdain for controls

5
Sam Waltons Ten Rules

• Commit to your business and believe in it
• Share your profits with our partners (employees)
• Motivate your partners, challenge them, and keep
  score
• Communicate everything
• Appreciate your associates with well-chosen words
• Celebrate your successes
• Listen to everyone and get them talking
• Exceed your customers expectations
• Control your expenses
• BREAK ALL THE RULES. Swim upstream. Go the other
  way.
• (Fortune, March 23, 1992 and June 29, 1992)

6
Question

• Are personality traits sufficient for
  evaluating/predicting success as an entrepreneur?

7
Exercise

• What uses are there for a bottle?