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Lecture 1

ADM 3313 Lecture Notes - Lecture 1: Graduate Management Admission Test, Conflict Resolution


Department
Administration
Course Code
ADM 3313
Professor
Stephen Daze
Lecture
1

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Chapter 1
The Entrepreneurial Mind
Achieving entrepreneurial greatness
!Great companies can be built and all the capital, technology and
latest information available cannot substitute for hard work and
determination.
!An entrepreneur creates the culture in his or her own new venture.
!These ideals are at the very heart of the difference between good
and great entrepreneurs and the enterprise they create.
Leadership and Human Behvaiour
!The eventual success of a new venture will depend a great deal
upon the talent and behaviour of the lead entrepreneur and of his
or her team.
!Myth: Leaders are born, not made.
!It is widely accepted today that leadership is an extraordinarily
complex subject, depending more on the interconnections among
the leaders, the task, the situation, and those being led than on
inborn or inherited characteristics alone.
!People are motivated by 3 principle needs:
o!1. The need for achievement.
!!the need to excel and for measurable personal
accomplishment.
o!2. The need for power.
!!The need to influence others and to achieve an
“influence goal”.
o!3. The need for affiliation.
!!Build a warm relationship with others.
!The prototypical entrepreneur has a high need for achievement and
power and a low need for affiliation.
Research
!Common attitudes and behaviours of entrepreneurs.
!Entrepreneurs are unique individuals and those motives do
influence later performance of the venture.
!Those who like to plan are much more likely to be in the survival
group than those who do not.
!A successful entrepreneur is a visionary who participates in the day-
to-day routine to achieve a long-term objective and who is
generally passionate and not exclusively profit-oriented.
!CEOs of winning companies are notable for 3 common traits:
o!Perseverance
o!A builder’s mentality

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o!A strong propensity for taking calculated risks
Converging on the entrepreneurial mind
!Desirable and acquirable attitudes, habits and behaviours
o!Entrepreneurs are born and made better and certain attitudes
and behaviours can be acquired, developed, practised, and
refined.
o!Successful entrepreneurs common traits:
!!The ability to respond positively to challenges and learn
from mistakes
!!Personal initiative
!!Great perseverance and determination
o!There is no single set of attitudes and behaviours that every
entrepreneur must have for every venture opportunity.
o!The fit concept argues that what is required in each situation
depends on the mix and match of the key players and how
promising and forgiving the opportunity is, given the
founder’s strengths and shortcomings.
!Six dominant themes of desirable and acquirable attitudes
and behaviours
o!1. Commitment and determination
!!More important than any other factor.
!!Overcome incredible obstacles
!!Compensate enormously for other weaknesses.
!!Requires personal sacrifice.
!!Desire to win and the will to never give up.
!!Intensely competitive
"!Directing their competitive energy towards the
goal and towards their external competitors.
!!Seek to overcome hurdles, solve problems, complete
the job.
!!They are disciplined, tenacious and persistent.
o!2. Leadership
!!experienced
!!possessing intimate knowledge of the tech and
marketplace
!!sound general management skills
!!proven track record
!!self-starters
!!patient leaders
!!Learner and a teacher
!!Doer and a visionary
!!Alan J. Grant fundamental “driving forces”
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"!3 areas evolved from his study:
!the lead entrepreneur
o!self-concept
o!intellectually honest
o!pace maker
o!courage
o!communication skills
o!team player
!the venture team
o!Organizational style
o!Ethical behaviour
o!Faithfulness
o!Focus
o!Performance/reward
o!Adaptability
! the external environment influences
o!Constituent needs
o!Prior experience
o!Mentoring
o!Problem resolution
o!Value creation
o!Skills emphasis
!!Well developed capacity to exert influence without
formal power.
!!Conflict resolution
!!Get along with many different constituencies
!!Mediator
"!A negotiator than a dictator
!!Interpersonally supporting and nurturing
!!Compliant partners and managers
!!Giving responsibility and sharing credit for
accomplishments.
"!Hero-making ability
o!3. Opportunity obsession
!!constantly thinking of new ideas for businesses by
watching trends, spotting patterns, and connecting the
dots to shape and mould a unique enterprise.
!!Rely heavily on their own previous experiences to come
up with breakthrough opportunities.
!!Opportunity first and cash last.
!!Always striving for next breakthrough opportunity.
!!The opportunity mind-set
"!Create, shape, mould or fix it.
o!4. Tolerance of risk, ambiguity and uncertainty
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