Characteristics of Entrepreneur Flashcards
(7 cards)
Who is Entrepreneur?
It is an individual who initiates new business venture, to provide products or service to the market, with the objective of profit.
Creative(ideas and innovation),
“grounded” visionary - present and future oriented, initiates and endeavors into ventures, active, decides quickly, considers environment, takes risks, exceptionally hard
working.
What are the key personal characteristics of entrepreneurs?
Self-achievement, Self-esteem, Independence, Accepting risk, Creative, Innovative, Visionary, Personal initiative, Profit oriented, Capable to integrate resources, Managerial skills, Affinity to complete.
What are the Entrepreneurial experience, education and age?
Education plays a significant role in supporting entrepreneur in resolving the problems he/she faces. Although formal education is not mandatory for starting a venture, it lays out a good foundation by all means. Many entrepreneurs note the need for education in the field of finance, strategic planning, marketing, logistic and management. Education provides individuals with greater set of opportunities - boarder knowledge base provides greater network to discover or generate potential opportunities.
Experience significantly influences the decision to initiate new venture and plays significant part in its growth and final success. Lack of job satisfaction, e.g. lack of challenges or opportunities for advancement, frustration and boredom, often motivate starting the venture. When the venture is established and starts to develop, managerial skills gain on importance. Previous experience with starting new company is relatively good indicator of starting new ventures in the future.
Age the distinction needs to be made between entrepreneurial age (work experience of entrepreneur) and physical age. Entrepreneurial experience is one of the best success indicators, especially if the venture is in the same branch as the previous working experience. As for physical age, the majority of entrepreneurs start their entrepreneurial
career between the age of 22 and 45. Male entrepreneurs start their significant venture in early thirties, while females start their mid-thirties.
What are the types of entrepreneurs and their skills?
Types of entrepreneurs:
1. Entrepreneurs-technicians - have exceptionally prominent technical orientation, worshiping inventions and ideas for new products.
2. Entrepreneurs-organization creators- always strive to turn small company into big one, love to work and cooperate with people.
3. Entrepreneurs-negotiators - enjoy challenges of contracting, negotiating and making new business arrangements.
Entrepreneurial skills:
1. Technical skills - familiarity with product/service technology, organizational skills, and narrow technical skills.
2. Social skills - capability to efficiently work in the group and to achieve maximum results in that manner.
3. Conceptual skills - capability to see the enterprise as a whole, administrative skills, comprehensive and detailed planning.
Male VS Female entrepreneurship
Men and women have similar motivation for starting entrepreneurial career. When
making decision to start a business, women have higher pressure due to family issues.
Capital finding issues are similar, however, there are certain indications that women can
more easily obtain necessary capital and women prefer service and trade business, unlike men.
What are the definitions of Role models, moral support and professional support?
Role models - individuals influencing entrepreneurial decision and career style. Role models include parents, siblings, other relatives or other entrepreneurs.
Strong support and advisory system are important in every phase of new venture, probably the most important in founding new enterprise.
Moral support network includes individuals providing psychological support to the entrepreneur.
Professional support network involves individuals helping the entrepreneur in business activities.
What is the Entrepreneurial risk and what are the factors?
Risk is possibility for unpredicted and undesired consequences to occur. Risk exists in any type of company, regardless of size.
Risk is characterized by the following three factors:
1. Risk event - negative occurrence, activity or event
2. Probability of event - probability of certain risk occurrence
3. Stake - scope of potential loss
