CHARAC OF ENTRE 1. KEY PERSONAL ATTRIBUTES

Created by

Lorenz David

Cards (9)

ENTREPRENEURIAL CAREERS
The idea that entrepreneurial success leads to more entrepreneurial activity may explain why many entrepreneurs start multiple companies over the course of their career.
a.) Corridor Principle - Using one business to start or acquire others
and then repeating the process
b.) Serial Entrepreneurs - A person who founds and operates multiple companies during one career
ENTREPRENEURS ARE MADE, NOT
BORN!
Many of these key attributes are developed early in life, with the family environment playing an important role
Entrepreneurs tend to have had self-employed parents who tend to support and encourage independence, achievement, and responsibility
Firstborns tend to have more entrepreneurial attributes because they receive more attention, have to forge their own way, thus creating higher selfconfidence
NEED FOR ACHIEVEMENT
A person’s desire either for excellence or to succeed in competitive situations
High achievers take responsibility for attaining their goals, set moderately difficult goals, and want immediate feedback on their performance
Success is measured in terms of what those efforts have accomplished
DESIRE FOR INDEPENDENCE
Entrepreneurs often seek independence from others
As a result, they generally aren’t motivated to perform well in large, bureaucratic organizations
Entrepreneurs have internal drive, are confident in their own abilities, and possess a great deal of self-respect
SELF-CONFIDENCE
Because of the high risks involved in running an entrepreneurial organization, having an “upbeat” and self-confident attitude is essential
A successful track record leads to improved self-confidence and self-esteem
Self-confidence enables that person to be optimistic in representing the firm to employees and customers alike
SELF-SACRIFICE
Essential
Nothing worth having is free
Success has a high price, and entrepreneurs have to be willing to sacrifice certain things
KEY PERSONAL ATTRIBUTES