ENTREPRENEURIAL%20FEELINGS

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ENTREPRENEURIAL FEELINGS

• CHAPTER 3

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ENTREPRENEURIAL FEELINGS

• Entrepreneurs come from a variety of back
  grounds, family situations work experiences

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LOCUS OF CONTROL

• an attribute indicating the sense of control
  that a person has over life
• Internal locus of control
• These people believe that they can control their
  own destiny make decisions at their own.
• External locus of control
• These people believe that their lives are
  controlled by outside forces external forces
  influence their decisions.

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Checklist for Feelings About Control

1. Do you often feel thats just the way things are
   and theres nothing I can do about it?
2. When things go right and are terrific for you, do
   u think, its mostly luck?
3. Do you think you should go into e-business
   because everything you read these days is urging
   you in that direction?
4. Do you know that if you decide to do something,
   youll do it and nothing can stop you?

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Checklist for Feelings About Control

• 5. Even though its scary risky to try
  something new, are you the kind who tries it?
• 6. Do you think its important for everyone to
  like you?
• 7. If u wants something, do you ask for it rather
  than wait for someone to notice you and just
  give it to you?
• 8. Even though people tell you it cant be
  done, do you have to find out for yourself?

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Checklist for Feelings About Control

• Answering yes to Qs 4,5,7,8 indicates that you
  possess the internal control aspect of being an
  entrepreneur.
• Answering yes to Qs 1,2,3,6 indicates that you
  are more geared towards external controls which
  may hinder your entrepreneurial tendencies.

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Feelings About Independence and Need for
Achievement

• Need for independence
• Being ones own boss one of the strongest
  needs of an entrepreneur.
• Need for achievement
• An individuals need to be recognized.

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Check list about Feelings About Independence

• 1. I hate to go shopping for clothes alone
• 2. If my friends wont go to a movie I want to
  see, Ill go by myself
• 3. I want to be financially independent.
• 4. I often need to ask other peoples opinions
  before I decide on important things
• 5. When I know Im in charge, I dont apologize
  I just do what has to be done

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Check list about Feelings About Independence

• 6. Ill speak up for an unpopular cause if I
  believe in it
• 7. Im afraid to be different
• 8. I want the approval of others

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Check list about Feelings About Independence

• Answering yes to Qs 1,4,7,8 indicate that you do
  not have a strong need for independence.

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Risk Taking

• Risk takingwhether financial, social, or
  psychologicalis a part of the entrepreneurial
  process.
• Successful entrepreneurs are not gamblers
• They manage risks by transferring it to others
  (share financial business risks)

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• Partners
• Venture capitalists
• professional investors Investing in business
• Angel investors
• Wealthy private investors who invest in regional
  or local companies within their industry or area
  of professional expertise
• www.ventureworthy.com
• http//tremu.gov.pk/forum/display_forum_topics.asp
  ?ForumID16
• www.tplinc.com
• www.angel-investor-news.com
• www.atrc.net.pk

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Check list about Willingness to take Risk

1. If you are frightened of something, will you try
   to conquer the fear?
2. Do you hesitate trying new foods, new places, and
   totally new experiences?
3. Can u walk up a total stranger strike up a
   conversation?
4. Have you ever intentionally traveled an
   unfamiliar route?
5. Do you need to know that its been done already
   before youre willing to try it?

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Check list about Willingness to take Risk

• Answering yes to Qs 2,5 indicates that u need to
  develop a greater willingness to take risk.

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Entrepreneur Background and Characteristics

• The background areas explored include
• Child hood family environment
• Education
• Age
• Work History
• Feed back

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Childhood Family Environment

• Family environment of an entrepreneur includes
• Birth order
• Parents Occupation
• Social Status
• Relationship with parents

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Education

• Education is important in the upbringing of the
  entrepreneur.
• The ability to deal with people and communicate
  clearly in the written and spoken word is also
  important in any entrepreneurial activity.
• Colonel Sanders
• Henry Ford

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Age

• entrepreneurial age (the age of the entrepreneur
  reflected in the experience)
• In terms of chronological age, most entrepreneurs
  initiate their entrepreneurial careers between
  the ages of 22 and 45.
• Colonel Sanders
• Doris Drucker

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Work History

• The past work experience of an individual
• Learn by doing

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Feed Back

• Actively use seek feed back
• Learning from mistakes setbacks
• Excellent listeners quick learners
• Not afraid of failing

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Sources of Motivation
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Role Models

• Individuals influencing an entrepreneurs career
  choice and style

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Moral-Support Network

• Individual who give psychological support to an
  entrepreneur

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• friends provide honest advice
• Relatives (spouse,children, parents,
  grandparents, aunts, and uncles) can also be
  strong sources of moral support, particularly if
  they are also entrepreneurs.

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ProfessionalSupport Network

• A mentor
• Business associates
• Trade associations
• Personal affiliations

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A mentor

• A coach, an advocate, who provides guidance -
  someone with whom the entrepreneur can share both
  problems successes
• Mentor finding process
• Make a list of experts in various fields
• Identify the individual who can provide the most
  assistance
• Contact the individual

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Business associates

• Self employed individuals who have experience
  starting a business
• Clients or buyers of venture product/service
• Lawyers

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Trade associates

• Trade associations keep up with new developments
• Provide over all industry data

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Personal affiliations

• Affiliations developed through
• Shared hobbies
• Participation In sporting events
• Clubs
• School alumni groups
• Online community
• Are excellent potential sources of referrals,
  advice information

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A look at the non entrepreneurial mind

• Personality types that have a difficult time in
  successfully creating managing a new venture
• Invulnerability
• Machismo
• Anti-authoritarian
• Impulsivity
• Outer control
• Perfectionist
• Know it all
• Counter dependency

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Invulnerability

• Nothing disastrous could happen to them
• Likely to take unnecessary chances unwise risks

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Machismo

• People who try to prove that they are better than
  others and can beat them
• Exposing themselves to danger, taking large risks
• Foolish head-to-head competition irrational
  takeover battles

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Anti-authoritarian

• Dislike control of their actions by any outside
  authority
• Do not tell me what to do!!,,no one can tell me
  what to do!!
• No feed back

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Impulsivity

• Taking decisions quickly
• Fail to explore the implication of their actions
• Do not review alternatives before acting

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Outer control

• Outer locus of control
• They feel that they can do little
• If things go well, they attribute it to good luck

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Perfectionist

• Being a perfectionist having high standards are
  not the same
• The time cost implications of attaining
  perfection invariably result in the opportunity
  window being slammed shut by a more decisive
  nimble competitor

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Know it all

• Entrepreneurs who think they have all the answers
  usually have very few
• Fail to recognize, what they do not know

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Counter dependency

• Severe case for independence
• Determined to accomplish things by themselves,
  without help from anyone