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3-2

ChapterChapter33

The Individual The Individual EntrepreneurEntrepreneur

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Entrepreneurial FeelingsEntrepreneurial FeelingsLocus Of ControlLocus Of Control

NeedsNeeds IndependenceIndependenceAchievementAchievement

Risk TakingRisk Taking

McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.

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Background/CharacteristicsBackground/Characteristics

Childhood/FamilyChildhood/Family

EducationEducation

Personal ValuesPersonal Values

AgeAge

Work HistoryWork History

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Motivation/Support SystemsMotivation/Support Systems

MotivationMotivationRole ModelsRole ModelsSupport NetworksSupport Networks

MoralMoralProfessionalProfessional

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Entrepreneur & DiversityEntrepreneur & Diversity

Male vs. Female Male vs. Female Characteristics ComparisonCharacteristics Comparison

MinorityMinorityLow Participation- African Low Participation- African AmericanAmerican

High Participation- AsiansHigh Participation- AsiansGrowing Participation- HispanicsGrowing Participation- Hispanics

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MaleMale Entrepreneur CharacteristicsEntrepreneur Characteristics

MotivationMotivation Make Things Happen, Role In Corp. Not Make Things Happen, Role In Corp. Not Important, Desire To Be In ControlImportant, Desire To Be In Control

Departure PointDeparture Point Dissatisfied With Present Job, Sidelines, Dissatisfied With Present Job, Sidelines, Discharged/Laid-Off, Acquisition OpportunityDischarged/Laid-Off, Acquisition Opportunity

Fund SourcesFund Sources Personal Assets/Savings, Bank, Investors, Personal Assets/Savings, Bank, Investors, Family/Friends LoansFamily/Friends Loans

Occupational Occupational BackgroundBackground

Experience, Recognized Specialist, Experience, Recognized Specialist,

Competent In Business FunctionsCompetent In Business Functions

PersonalityPersonality Opinionated/Persuasive, Goal-Oriented, Opinionated/Persuasive, Goal-Oriented, Innovative/Idealistic, Self-Confident, EnergeticInnovative/Idealistic, Self-Confident, Energetic

BackgroundBackground Age = 25-35, Father Self-Employed, College-Age = 25-35, Father Self-Employed, College-Educated, Firstborn ChildEducated, Firstborn Child

Support GroupsSupport Groups Friends, Professional Acquaintances Friends, Professional Acquaintances (Lawyers, Accountants), Associates, Spouse(Lawyers, Accountants), Associates, Spouse

Business StartedBusiness Started Manufacturing/ConstructionManufacturing/Construction

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FemaleFemale Entrepreneur CharacteristicsEntrepreneur Characteristics

MotivationMotivation Accomplishment Of Goal, Do It AloneAccomplishment Of Goal, Do It Alone

Departure PointDeparture Point Job Frustration, Recognition Of Opportunity, Job Frustration, Recognition Of Opportunity, Change In Personal CircumstanceChange In Personal Circumstance

Fund SourcesFund Sources Personal Assets/Savings, Personal LoansPersonal Assets/Savings, Personal Loans

Occupational Occupational BackgroundBackground

Experience, Mid-Management/Administrative Experience, Mid-Management/Administrative

Experience, Service OccupationExperience, Service Occupation

PersonalityPersonality Flexible/Tolerant, Goal-Oriented, Creative & Flexible/Tolerant, Goal-Oriented, Creative & Realistic, Self-Confident, Energetic, SocialRealistic, Self-Confident, Energetic, Social

BackgroundBackground Age = 35-45, Father Self-Employed, College Age = 35-45, Father Self-Employed, College Educated (Liberal Arts), Firstborn ChildEducated (Liberal Arts), Firstborn Child

Support GroupsSupport Groups Friends, Spouse, Family, Women’s Prof. Friends, Spouse, Family, Women’s Prof. Groups, Trade AssociationsGroups, Trade Associations

Business StartedBusiness Started Service-RelatedService-Related

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U.S. MinorityU.S. Minority Business OwnershipBusiness Ownership

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

HispanicAmerican

AsianAmerican

AfricanAmerican

AmericanIndian

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Growth ofGrowth of Minority OwnershipMinority Ownership

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

1982 1987 1992 1997 2002

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Entrepreneur Vs. InventorEntrepreneur Vs. Inventor

Inventor Creates Something Inventor Creates Something For The First Time.For The First Time.

Entrepreneur Falls In Love Entrepreneur Falls In Love With With NewNew Venture. Venture.

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Difficult Personality TypesDifficult Personality Types

Shotgun SamShotgun SamQuickly Identifies New/Promising Opps. But Quickly Identifies New/Promising Opps. But Rarely Follows ThroughRarely Follows Through

Simplicity SueSimplicity SueThinks Everything Is A Lot Simpler Than Is, Thinks Everything Is A Lot Simpler Than Is, Feels Can Create Business EasilyFeels Can Create Business Easily

Prima Donna PaulPrima Donna PaulSo In Love With Own Idea Feels Everyone Out to So In Love With Own Idea Feels Everyone Out to Steal It And Take Advantage Of HimSteal It And Take Advantage Of Him

Ralph The RookieRalph The RookieWell-Grounded In Theory But Lack Real-World Well-Grounded In Theory But Lack Real-World Business ExperienceBusiness Experience

Meticulous MaryMeticulous MaryUsed To Having Things Under Control, Can’t Used To Having Things Under Control, Can’t Handle Catastrophe, AmbiguityHandle Catastrophe, Ambiguity

Underdog EdUnderdog EdNot Comfortable Actually Transforming Invention Not Comfortable Actually Transforming Invention Into Tangible Business SuccessInto Tangible Business Success

Hidden Agenda Hidden Agenda HarryHarry

Does Not Have Right Motives/Objectives For Does Not Have Right Motives/Objectives For Developing Expediting New EnterpriseDeveloping Expediting New Enterprise

Inventor IrvingInventor IrvingMore Inventor Than Entrepreneur. More More Inventor Than Entrepreneur. More Concerned With Invention Itself.Concerned With Invention Itself.