...Entrepreneur: Entrepreneurs built and create the future and that they are to be found in every walk of life and in every group of people.”A person who habitually creates and innovation built something of recognised value around perceived opportunities”. In this definition there is some key word s to define. ‘A person’ can be a group of a people, a organization. ‘Habitually’ is an important characteristic of entrepreneurs. The true entrepreneurs just cannot stop being an entrepreneur habitually. ‘Creates’ is used to describe that an entrepreneurs are start from the scratch and develop new thing. Entrepreneurs are creator first and builders second. ‘Innovate’ means to build something new. For entrepreneurs every problem is aa new opportunities. ‘To build something’ describe the outcome. ‘Perceived opportunities’ is important to provide direction and focus. (Bill Bolton and Jhon Thompson) Characteristics of an entrepreneur: According to the Bill Bolton and Jhon Thompson entrepreneurs has some key Characteristics. Ability to take the calculated risk Need to achieve Initiative and taking responsibility Orientation to clear goals Creativity Honesty and integrity Independency Entrepreneurial attributes: Attributes are being considered as the best predictors of an intention to a particular behavioral act. The model is based on psychologists Fishbein & Ajzen (1980) to explain human action is a part of behavior. 1) Clarity of vision and...
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...Entrepreneur ambidexterity Ambidexterity = the ability both to explore and “search for new, useful adaptions”, and exploit through “the use and propagation of known adaptions”. This is vital to the survival and performance of organizations. Firms should maintain a balance between exploration and exploitation. There has been scant attention to what makes an individual ambidexterious. Several reasons warrant the examination of entrepreneur ambidexterity in small and medium sized enterprises (SMEs): 1. Small business have limited resource endowments. Since exploration and exploitation compete for scarce resources, attention and organizational routines, the situation is likely to heighten the paradoxes facing entrepreneurs. 2. Most SMEs are owned and managed by one individual or a very small group of individuals: the owner-manager makes virtually all the strategic decisions. Ambidexterity: 1. Literally: the ability to use both hands with equal ease. 2. In management: used to refer to an organization’s ability to do two seemingly paradoxical things simultaneously: * To explore and exploit * Be efficient and be flexible * Align and adapt Distinction between exploration and exploitation (March): * Exploration: includes things like research, variation, risk-taking, experimentation, play, flexibility, discovery, innovation. * Exploitation: includes thing like improvement, choice, production, efficiency, implementation, execution...
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...INTRODUCTION Mentoring is defined in an organizational context as a professional development tool, which takes the form of transfer of knowledge from an experienced person – termed as mentor – to a comparatively less senior person in the organization. Through mentoring professional knowledge and experience is transferred to a less experienced person (Hirschfeld, Thomas and Lankau, 2006). The goal of mentoring is to assist the mentee in personal and professional development. Learning and development in organizational contexts is closely associated with the concept of mentoring. Mentoring brings the values and practices focusing on continuing education and links integrated transmission of knowledge through a special link between two persons. Mentoring is an interpersonal relationship providing support, exchange and learning, in which an experienced person invests its ability and expertise to promote the development of another person to enable him to acquire skills and achieve career goals (Holmes, 2008). The mentor is an experienced person who has the confidence and wisdom to promote the transfer of its assets to others less experienced. A mentor is motivated and willing to offer their skills, knowledge and vision of life to a younger member of the organization to support attainment of personal and professional development goals (Gentry, Weber and Sadri, 2008). The mentee is a person in search of personal and professional fulfillment. The mentoring relationship is characterized...
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...An entrepreneur is more susceptible to the use decision making biases and heuristics than are managers in large organizations (Schade, 2007). To understand why entrepreneurs and managers in large organizations may vary in the extent to which they manifest biases and heuristics in their decision making, it is important to understand the utility of nonrational decision making (Schade, 2007). Under conditions of environmental uncertainty and complexity, biases and heuristics can be an effective and efficient guide to decision making (Schade, 2007). In such settings, more comprehensive and cautious decision making is not possible, and biases and heuristics may provide an effective way to approximate the appropriate decisions (Schade, 2007). The use of heuristics has also been found to be associated with innovativeness (Schade, 2007). Perhaps a critical difference between these sets of individuals is the extent to which they manifest biases and heuristics in their decision making (Schade, 2007). There are several traits and demographic factors, enduring support was found for the way entrepreneurs make decisions (Schade, 2007). We speculate that without the use of biases and heuristics, many entrepreneurial decisions would never be made (Schade, 2007). With entrepreneurial ventures in particular, the window of opportunity would often be gone by the time all the necessary information became available for more rational decision making (Schade, 2007).Additionally, successfully starting...
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...international trade, infrastructure, employment and living standards as well as capital growth. It also reflects the effectiveness of government policies. Entrepreneurship relates to national policies (taxation, regulations, ease of doing business), entrepreneurship financing (banks, government support), economic circumstances (economic freedom), marketing (competitiveness), public agency assistance (government support), and expertise etc.. The level of entrepreneurial activity not only interacts with the factors above, but also with cultural or geographical factors and regulations. Personality characteristics, behavior and motivation are also the major elements, which should be taken into consideration. There are many determinants of being or becoming self-employed which are dealt with in the literature, such as employment status, minority behavior, immigrant behavior, family firm effects and attitudinal effects (Freytak/Thurik 2006, 6). The assignment compares the level of entrepreneurial activity between the U.S. and China as these locations have contrasting characteristics regarding all these different aspects of entrepreneurial activity. It discovers and compares the reason how some of them – cultural factors, government policies, funding & financing and finally education & training – are influencing entrepreneurship in these countries. 2 Comparison of entrepreneurial activities in USA and China...
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...example, Alex Calderwood uses his creativity in developing Ace Hotel. Also, through providing a low range of price and a different design of the hotel, it provides customer a sense of uniqueness on the hotel. In Shannon Guderian’s story, Guderian saw the need for the parts of latest model cars. With his interest in Ford Mustang, and the support of his friends, he started Late Model Restoration Supply. Jerry Murrell’s Five Guys Burgers and Fries discussed about the product quality control and also its consistency of the product and services. With these stories, it help to gives us a guide to start up a business, therefore the three stories are not misleading. 2. In general, an entrepreneur is a person who starts a business; he is the owner of a business. According to the textbook, an entrepreneur is one who seeks for an opportunity to start off a business while assuming the risks and the rewards of his or her effort, and then executes the opportunity given. 3. The most significant reason for my father to follow an independent business career is that he wanted to be the boss of the business. According to my father, it also gives him the control of operating the business; leading the business towards the path he had envisioned. 4. Individual who works towards a set target to gain the rewards being offered could help in improving that individual’s business. However, when an individual starts to be obsessed with the reward gained, it could lead that individual to be more...
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...used in one market to create a new market or it could be creating a new technological product for an existing market or creating a new product for a new market. 1. Because opportunities exist in high uncertainty, entrepreneurs must use their judgment about whether or not to act. 2. The individual’s prior knowledge can decrease the amount of uncertainty. C. The McMullen-Shepherd model explains how knowledge and motivation influence two stages of entrepreneurial action. 1. Signals of changes in the environment that represent possible opportunities will be noticed by some individuals but not others. 2. Individuals with knowledge of markets and technology are more capable of detecting changes in the external environment, and if motivated will allocate further attention to processing this information. 3. The result of Stage 1 is an individual’s realization that an opportunity exists for someone. 4. The result of Stage 2 is the individual then needs to determine whether it represents an opportunity for him or her. D. To be an entrepreneur is to act on the possibility that one has identified an opportunity worth pursuing and it involves entrepreneurial thinking. II. HOW ENTREPRENEURS THINK A. Entrepreneurs think differently than nonentrepreneurs. B. Sometimes they have to make decisions in highly uncertain environments, with high stakes and immense time pressures. C. Given the nature of an entrepreneur’s...
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...renew interest in a line of research that largely has been ignored for two decades but which is critical to the study of entrepreneurial cognitions, intentions, and their conversion into entrepreneurial behaviors," and "that area is entrepreneurial motivation"(Carsrud et al. 2011). They do this by showing how "entrepreneurial motivations are important explanatory mechanisms for a variety of entrepreneurial behaviors," and "how such motivations may impact both intentions and subsequent behaviors"(Carsrud et al. 2011). This was written in hopes of getting researchers to remember entrepreneurial motivations and their greater role in an entrepreneur's behaviors. Discussion about Selected Article According to Ward (2011), a business owner's motivation will change during the owner's life cycle with the business. For a person to want to become a business owner or to become an entrepreneur, they have to have some sort of motivation behind it. Carsrud and Brännback are challenging researchers to dig a bit deeper, to do more studies on how these motivations of entrepreneurs impact their businesses and the success of them; in this article they said that they "have attempted to show that entrepreneurial motivations are important explanatory mechanisms for a variety of entrepreneurial behaviors" and they "paid special attention on how such motivations may impact both intentions and subsequent...
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...Roles and Behaviors Description of Company My business would be an NFL merchandise store. We would sell all new apparel, which would include jerseys, shirts, hats, etc. We would offer all the latest styles and keep full stock of popular items. The popularity of the NFL would help my business strive and my knowledge of the league would help drive sales. Roles and Behaviors Entrepreneurs I would be the entrepreneur of the company and make sure that we stayed ahead of the competition. Location would be important to the company. I would choose an area that attracts buyers and is easily accessed by customers. I have a passion for the NFL and my knowledge of the league brand will be needed to stay ahead of all competitors. Managers My management team would be in charge of scheduling, hiring employees, inventory, pricing, and general issues. I would expect management to be respectful to our employees, but also be punctual and stern. Being a good manager means delegating responsibilities to employees that are capable. Training would also be an essential part of management. I would expect my managers to know how to do every job within the store. Employees Our employees would be in charge of stocking, customer service, cashiering, and also aspects of inventory control. Employees need to be honest and punctual. I would also expect that they be willing to offer new ideas and be open to talking to both management and myself. What behaviors and attitudes...
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...Management Sciences (JETEMS) 2(2):95-103(ISSN:2141-7024) Journal of Emerging Trends in An Investigation of Personality on Entrepreneurial Success Owoseni Omosolape Olakitan and Akanbi Paul Ayobami Department of Business Administration. Ajayi Crowther University, Oyo, Oyo State Corresponding Author: Owoseni Omosolape Olakitan __________________________________________________________________________________________ Abstract Various personality variables determine entrepreneurial intentions and ultimately entrepreneurial success. This paper investigated the influence of personality on entrepreneurial success. We examined the impact of gender, locus of control and risk-taking behaviour on the success of an entrepreneur. The participants in this study were thirty-five solo entrepreneurs located around Agbowo, University of Ibadan area, Ibadan, Oyo state, igeria. 34.3 percent were males and 65.7 percent were females aged between 21 and 60. Six hypotheses were tested using various statistical techniques including independent ‘t’ test, analysis of variance and multiple regression. The results showed that risk-taking behaviour and locus of control had no significant interaction effect on entrepreneurial success. There was also no significant difference between risk-taking behaviour and entrepreneurial success. The findings showed that a significant difference existed between internal locus of control and entrepreneurial success. The study also showed that there was no significant difference...
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...you voted for or against. Case Question #1 -- Class Discussion Questions What are the arguments for funding the $100,000? What are the arguments against funding the $100,000? Additional Class Discussion Question Given the number of reasons against Telford’s venture, why did Vermaak approve the project? Case Question #2 What is your evaluation of Ian Telford, the internal (corporate) entrepreneur? Make your evaluation criteria clear. Case Question #2 -- Class Discussion Questions What evaluation criteria should be applied to Telford? Based on these criteria, how did you evaluate Telford? Case Question #3 How would you judge the performance of the corporate sponsors (within Dow Chemical) of Telford’s project? Focus on the top 4 or 5 key issues/factors. Make your evaluation criteria clear. Key Sponsor Issues/Factors HR development: Encourage & reward entrepreneurial activities Identify potential entrepreneurs Match the right opportunity with the right entrepreneur Empower but also be hands-on as coach and mentor Plan personal development of...
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...Identifying and Evaluating business Opportunities, idea generation and evaluation, Lifecycle and growth plans and the role of the entrepreneur in each stage, Exit options, Preparation and Presentation of Business Plans. Unit III Post-entry entrepreneurial issues: Implementing Business plans, Forms of business ownership, Professionalization and Management Succession, Reinventing and turn around. Support systems for entrepreneurs: Institutional support: Training Institutions, Financial Institutions, Research and Technology, Marketing and Legal aspects, Taxation benefits, Global aspects of Entrepreneurship SUGGESTED READINGS: 1. Anjan Raichaudhuri (2010) Managing New Ventures- Concepts and cases on Entrepreneurship, PHI Learning Pvt. Ltd., New Delhi. 2. Hisrich, R.D, Peter, M. P and Shepherd, D.A (2006) Entrepreneurship, New Delhi: Tata Mcgraw Hill, sixth edition. 3. Dollinger, Mark J (2004) Entrepreneurship: strategies and resources, Delhi: Pearson Education (Singapore) 4. Sharma, Sudhir, Singh, Balraj and Singhal, Sandeep (2005) Entrepreneurship development, New- Delhi: Wisdom Publications 5. Saini, J S and Rathore, B S (2001), Entrepreneurship: theory and practice. New Delhi: A.H.Wheeler, 2001. 6. Desai, V (2006), Small- Scale Industries and Entrepreneurship, Himalaya Publishing House. 7. Jain P. C. (1998), “Hand book for new entrepreneurs”, Oxford University 8. Peter Drucker (1993), “Innovation and Entrepreneurship”, Hyper Business Book 9. Barrow, Colin, Brown...
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...University Aalborg, Denmark 1.0 INTRODUCTION No extensive empirical study on the sources of entrepreneurial opportunities included the individual, the environment and the individual’s start-up activities in a post-socialist periphery. However, such layered approaches have been encouraged in theoretical studies of entrepreneurship. Bouchikhi (1993) claims that each approach taken separately has crucial weaknesses and neither the personality of the entrepreneur nor the structural characteristics of the environment illuminate the process. Thus, multi-leveled studies have been encouraged in research programs (Low & MacMillan, 1988). In my previous paper, I attempted to examine the different forms of entrepreneurship by using the interplay between individual personality traits and capabilities and the institutional environment. The goal of this paper is to examine the sources of entrepreneurial opportunities from the perspective of individual and environmental factors. Since opportunities define how the entrepreneur behaves and what kinds of entrepreneurship are manifested, entrepreneurial opportunity discovery and exploitation are two integral parts of the entrepreneurial process.[1] The field of entrepreneurship has two general perspectives on entrepreneurial types and the sources of entrepreneurial opportunities: the Schumpeterian and the Kirznerian perspectives. Schumpeter saw the entrepreneurial opportunity anchored in the alpha individuals of society who are responsible...
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...University Aalborg, Denmark 1.0 INTRODUCTION No extensive empirical study on the sources of entrepreneurial opportunities included the individual, the environment and the individual’s start-up activities in a post-socialist periphery. However, such layered approaches have been encouraged in theoretical studies of entrepreneurship. Bouchikhi (1993) claims that each approach taken separately has crucial weaknesses and neither the personality of the entrepreneur nor the structural characteristics of the environment illuminate the process. Thus, multi-leveled studies have been encouraged in research programs (Low & MacMillan, 1988). In my previous paper, I attempted to examine the different forms of entrepreneurship by using the interplay between individual personality traits and capabilities and the institutional environment. The goal of this paper is to examine the sources of entrepreneurial opportunities from the perspective of individual and environmental factors. Since opportunities define how the entrepreneur behaves and what kinds of entrepreneurship are manifested, entrepreneurial opportunity discovery and exploitation are two integral parts of the entrepreneurial process.[1] The field of entrepreneurship has two general perspectives on entrepreneurial types and the sources of entrepreneurial opportunities: the Schumpeterian and the Kirznerian perspectives. Schumpeter saw the entrepreneurial opportunity anchored in the alpha individuals of society who are responsible...
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...Code of Ethics, Roles, and Behaviors BUS/211 Foundations of Business NOV, 24, 2014 Joseph Clark Code of conduct will be one of the most important aspects of my company. Whether it be the entrepreneurs making decisions about what the company will be doing next to advance to the employees installed with honor, courage, and commitment to guarantee a satisfied customer. There are a few rules the managers and employees are expected to follow. The main ones being; Moral rights, justice, and utilitarian rules. The role of an entrepreneur in this company will to make sure that the main goal of the company is being carried out the way it is supposed to, and to make sure the company is expanding at a rate that will help the company, not hurt it. The role of a manager is to make sure the employees are doing the jobs they were hired to do and are conducting them self’s in the way they are expected to. The employee’s job is to guarantee customer satisfaction. They are to make sure the job is done right with minimal mistakes as possible on time with a positive and friendly attitude. Honor, Courage, and Commitment are the three core values that are installed on every marine while they are in the corps, employees in this company will be help to the same expectations. The honor to do the job right, the commitment to get the job done, and the courage to tackle and obstacle that comes in their way. The rules of the company are as explained above. If an employee cannot follow the...
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