INDIVIDUAL

ENTERPRENEURS

Entrepreneurial Feelings

 LOCUS OF CONTROL
Ability to sustain the drive and energy required not only to
overcome the inertia in forming something new but also to manage
the new enterprise.
FEELING ABOUT INDEPENDENCE AND NEED FOR
ACHIEVEMENT
Entrepreneurs generally do things in his or her own way and has a
difficult time in working for someone else.
Wanting to achieve more.
RISK TAKING
Part of entrepreneurial process financial, social or psychological.

MOTIVATION

Desire to be ones own Boss

Money

Job satisfaction

Achievements

Opportunity

Entrepreneur Background and

Characteristics

Childhood Family Environment

Social status : Individual viewed by society

Parents occupation

The independent nature and flexibility of self-employment is ingrained at an ancient phase

Relationship with parents

Supportive relationship of parents is essential for female entrepreneurs

Education

It helps to solve the problems that entrepreneurs confront.

Formal education is not essential

70% of the women entrepreneurs have a college degree.

Entrepreneurs have cited an educational need in the areas of finance, strategic planning,
marketing.

Communication skill is also essential for entrepreneurs.

Personal Values

Entrepreneur has a different set of attitudes about the nature of the management process,
business, rationality etc.

All these features helps to develop the new venture.

Few characteristics found across consumer and leadership groups are :

Product quality and service

Flexibility
Management , honesty and ethics in business practices.

Age and Work History

Differentiate between entrepreneurial age and chronological age

Experience is one of the best predictors of success.

Entrepreneurial careers between the ages of 22 and 45.

Work history represents the past work experience of an individual

Dissatisfaction from the job drive the launching of new venture.

Previous technical and industry experience is vital.

Importance of role models

and support systems
Although there is no formal structure of a support network, an informal
network for moral and professional support still benefits an entrepreneur
significantly

Moral support

Individuals who provide psychological support

Generally consists of family and friends

According to a report, most entrepreneurs give credit to their spouse

indicating that they are the main source of support

Although friends are considered when an honest opinion is required to

motivate you

Chris Gardner
At one point, he was
homeless
Worked as a
stockbroker
Motivated by his son
Determined to open his
own stockbrokerage
firm and succeeded.

Individuals who help in professional activities

Entrepreneurs although are considered to be lone wolfs, they do need

advices; particularly from a mentor, trade associations or business
associates

Mentors: Entrepreneurs can easily share their success and problems

with these supporters since they are experts in the same domain.

Business associates: these are self-employed individuals who have

experienced starting a business. They can provide a good source of
advice about managing business.

Trade associations: helps the venture to be competitive. Provides crucial

insights about the industry and competitors.

Mark Zuckerberg

Founder of Facebook

He said, A small amount of time

invested on your part to share your
expertise can open up a new world for
someone else.

Mentored by none other than Founder

of Apple Inc. Steve Jobs

Jobs gave him advice about how he

could build a team that was focused
on building high quality and good
things.

Inventors VS
Entrepreneurs
Difference between - the often confused about inventors and
entrepreneurs

Inventors

Entrepreneurs

Creates a new organization

Creates something for the first time

Highly motivated by his own work and ideas

Reluctant to modify its invention in order to make it commercially feasible

Contributes to creativity and problem solving

Doesnt see monetary benefits

Concerned more about the number of inventions and patents

Highly motivated by the idea of

having a new venture
Will ensure its ventures survival
and growth
Are experts in implementing
inventions
Generally focus on monetary
benefits

THANK YOU

Dhyani Desai

111

Christopher Jesudas120

Angela Biswas

153

Ayushi Agarwal

157