Class Notes (839,094)
Canada (511,185)
ENT 526 (84)
Sean Wise (51)
Lecture

FIRST CLASS.docx

3 Pages
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Department
Entrepreneurship and Strategy
Course Code
ENT 526
Professor
Sean Wise

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Description
FIRST CLASS The Adversity Quotient: -How you respond to challenges, adversity and setbacks -Entrepreneurs have a high adversity quotient Socratic Style: -Back and forth dialogue between the professor and student Words to describe entrepreneurs: Creative, Risk-Takers, Hardworking, Resilient, Proactive, Goal- Oriented, Motivated & Change, Sub-Optimal Theory of Entrepreneurship: Internal locust of control (If I want to make more money ITS UP TO ME!!!) External locust of control (Puts the blame on someone else, do not want to take responsibility, DO NOT MAKE GOOD ENTREPRENEURS Success Bias: Biased when studying entrepreneurship, that we only study the SUCCESSFUL people rather than those who fail Employee vs. Entrpreneur: -Employee Insurance, Entrpreneurs take the risk Nurture vs. Nature: Are you born with entrepreneurial spirit or do you grow into it. COMBINATION OF BOTH ENTREPRENEURIAL MYTHS: 1) Have no boss (Working for your customers, bankers, venture capitalists) 2) Entrepreneurship is easier than employment (Figuring out what to do next) 3) Entrepreneurs are big risk takers/gamblers 4) Is it more about the opportunity than the founder (Entrepreneur is more important than the idea because the entrepreneur can withstand changes, resilient and will take the initative, adapt to the changes) Steve Jobs-Apple Idea 5) Entrepreneurship is for the young-FALSE- For all ages- Old and young RICHARD BRANSON: -Adventurous, has fun doing whatever he has to do, flamboyant -Leader, takes people with him, people want to work for him -High school dropout to world famous self-promoter -Built his empire through instinct and confidence in himself -Born in England, father a lawyer, mother was an adventurous women(flied across the Atlantic, determined) -Leader of little gang, competitive (played Daredevil in the middle of the road) -At age 7 started a Christmas Tree Farm business with his friend Powell -Dyslexic, short-attention span, excelled in sports, captain of
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