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Part II The Entrepreneurial

Perspective
Chapter 4 Understanding the
Entrepreneurial Perspective
in Individuals
Chapter 5 Developing Creativity and
Understanding Innovation
Chapter 6 Ethical and Social
Responsibility Challenges for
Entrepreneurs
Copyright (c) 2004 by South-Western, a division of Thomson Learning. All rights reserved.

Chapter 4 Understanding the

Entrepreneurial
Perspective in
Individuals

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The Entrepreneurial
Perspective
Although certainly not an exact
science, this perspective provides an
interesting look at the
entrepreneurial potential within
every individual.

Who Are Entrepreneurs?

Entrepreneurs, driven by an intense
commitment and determined perseverance,
work very hard. They are optimists who see
the cup as half full rather than half empty.
They strive for integrity. They burn with the
competitive desire to excel.

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Sources of Research on
Entrepreneurs
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.

Technical and professional journals

Textbooks on entrepreneurship
Books about entrepreneurship
Biographies or autobiographies of entrepreneurs
Compendiums about entrepreneurs
News periodicals
Venture periodicals
Newsletters
Proceedings of conferences
Government publications

Common Characteristics
Associated with
Entrepreneurs

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Twenty-First Century Characteristics of

Entrepreneurs
The Top Ten Characteristics Todays Entrepreneurs Share:
Recognize and take advantage of opportunities
Resourceful
Creative
Visionary
Independent thinker
Hard worker
Optimistic
Innovator
Risk taker
Leader

Common Characteristics Associated with

Entrepreneurs
Commitment,
Determination, and
Perseverance
Drive to Achieve
Opportunity Orientation
Initiative and
Responsibility
Persistent Problem Solving
Seeking Feedback
Internal Locus of Control

Tolerance for Ambiguity

Calculated Risk Taking
Integrity and Reliability
Tolerance for Failure
High Energy Level
Creativity and
Innovativeness
Self-confidence and
Optimism
Independence
Team Building

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The Dark Side of

Entrepreneurship
1. Confrontation with Risk
2. Stress
3. Ego

1. The Entrepreneurs
Confrontation with Risk

Financial Risk
Career Risk
Family and Social Risk
Psychic Risk

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2. Stress and the

Entrepreneur

What is Entrepreneurial Stress?

To the extent entrepreneurs work
demands and expectations exceed
their abilities to perform as venture
initiators, they are likely to
experience stress.

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Sources of Stress

Loneliness
Immersion in Business
People Problems
Need to Achieve

Dealing with Stress

Networking
Getting Away from It All
Communicating with Employees
Finding Satisfaction Outside the
Company
Delegating

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3. The Entrepreneurial Ego

An Overbearing Need for Control

Sense of Distrust
Overriding Desire for Success
Unrealistic Optimism

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Entrepreneurial
Motivation

Intrinsic/
Extrinsic
Rewards

Expectation/
Outcome
Comparison

PC

PE

PG

Decision
to Behave
Entrepreneurially

BE

Entrepreneurial
Strategy

Entrepreneurial
Management

Firm
Outcomes

Idea

Implementation/
PC = Personal
Outcome
Characteristics
Perception
PE = Personal
Environment
PG = Personal Goals
BE = Business Environment