Self Assessment

1
Self Assessment

• B 1600

2
Self-assessment

• Virtually all major product advances are created
  by innovators/inventors
• Entrepreneurs bridge the gap between innovation
  and end users of products

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Myths of Entrepreneurship

• Entrepreneurs are born, not made
• Anyone can start a business, its all luck or
  guts
• Entrepreneurs are gamblers
• Entrepreneurs are rugged individualists
• You need lots of money to be an entrepreneur

4
Entrepreneurial Environment

• Society that encourages personal freedom
• Respect for business and business people
• Resource availability
• Appropriate business organizations

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Entrepreneurial Characteristics

• Internal locus of control
• High commitment level
• Risk acceptance
• Need for achievement
• Ability to work in teams

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Cognitive characteristics

• How we see the world, learn, store and retrieve
  information.
• Entrepreneurial cognitive views
• Highly confident
• Dont see risk
• Cognitive dissonance
• Motivated reasoning
• Planning fallacy
• Affect infusion

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Knowledge and Experience

• Knowledge of business
• Knowledge of industry
• Personal contacts
• Financial resources

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Entrepreneurship

• Identify opportunities
• Select potential winners
• Match opportunities to personal/group profile
• Assemble resources
• Grow the business to stability
• Create wealth

9
Personal characteristics
New venture
Entrepreneurial environment
Organization of business
Entry barriers
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Personality

• Your personality is important in helping
  determine the right venture opportunity.

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Social butterfly

• Not happy in an office
• Happiest among clients and colleagues
• Not happy working solo from home

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So..what type of business??

• Real estate sales
• Catering
• Management or executive recruiting
• PR or marketing
• Mobile DJ

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Loner

• Loves privacy and working alone
• Need to be a good decision maker
• Need to be self sufficient
• Able to play multiple roles

14
So..what type of business?

• E-business
• Lifestyle website
• House and plant sitting
• Web site design

15
Nurturer

• Feels best when helping people
• Sometimes allow themselves to be taken advantage
  of
• Need to balance toughness authority

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So..what type of business?

• Massage therapist
• Senior care
• Restaurant selling comfort foods

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Early riser

• Loves getting up early
• Consider produces to help people who get up late

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So..what type of business?

• Morning transportation services
• Early pick up and courier service
• Wake up call service
• Food cart offering eye-opening drinks and entrees

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Night owl

• Do well in home based businesses
• Most productive on the wee hours

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So..what type of business??

• Customer service center
• Security service
• After hours video store

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Worrier

• Unpredictable income and uncertainty about the
  future are stressful
• Need to focus on low risk ventures

22
So..what type of business??

• Yoga school
• Marketer of stress free products (aromatherapy,
  worry beads, relaxation tapes etc.

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Hyper-energetic

• Best suited for fast paced, challenging and
  constantly changing activities.
• Businesses that require physical exertion and
  travel re a good match

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Sowhat type of business?

• Adventure travel co-coordinator
• Personal trainer
• Telemarketer
• Training services