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Final

COMM_320_FINAL_NOTES.docx

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Department
Commerce
Course
COMM 320
Professor
All Professors
Semester
Fall

Description
Chapter 2The Making of an EntrepreneurDifference between managers and entrepreneurs4 Schools of Thought 4 Different Approaches to EntrepreneursI Traits Approach1 High Need for Achievement need to always achieve new bold goals want to take responsibility for actions Tend to do well in competitive situations Are resultsdriven Dislike routine activities2 Risk Taking Propensity willingness to take financial risks3 Tolerance for ambiguity ability to perceive ambiguity lack of complete information uncertainty in a positive and challenging way no fear of unknown4 Innovation ability to create new or modify existing business conceptsCharacteristicEntrepreneurManagerBehaviorDesire for controlDelegation of AuthorityManagement StyleOneman showManagement TeamDriving ForceCreativityInnovationOrganize and maintain what existsOrganizational GrowthRapid Reaction to opportunitiesMediumLong term Strategic PlanningOrganizational StructureInformal and flexible to adapt to changesOrganized formal rigid org structureDecisionmakingBased on their intuition and gut feelingCollect info seek advice from inside and outsideDescription of CompanyIntermsofvisiondreamandmissionIn terms of market segmentsprofitabilityAttitude to MoneyA byproduct of their effortDefine its aims purely in financial termsAttitude to RiskCalculated risks risktakersAvoidance of risksOrganizational CultureEntrepreneurialCultureManagementCulture5 High need for independenceautonomy Wanttoworkindependentlyandbetheirownboss Dontliketodelegateorgivecontrol6 Internal locus of control ReferstoEntrepreneursbeliefthatalleventsareundertheircontrol Dontattributeoutcomestofateorluckorexternalenvironment7 Low need for conformity unhappy in environment with strict rules8 Intuition make decisions based on gut feeling or intuitionII Environmental Approach1 Culture entrepreneurs are a product of their culture2 Family Background First born self confidence independence and internal locus of control Role models risktaking independence creativity and achievement Rejection rejection from family members can lead to the development of independence reject authorityfigures3 Education and Experience Level of education Experience managerial and industry experience A large percentage of entrepreneurs start businesses in industries they are familiar with4 PushPull Theory Pushed into Entrepreneurship by negative elements such as job dissatisfaction or job loss Pulled into Entrepreneurship by the observation of an opportunity idea5 MarginalDisplacement People isolate themselves where they feel comfortable china town Dislike 9am to 5pm routine Problem with acceptance of authority Difficulty in coping with bureaucracyIII Contingency Approach There is no one best way to manage Depends on internal and external environmental factorsIV Behavioral Approach Basedontheentrepreneursabilitytoachievegoalsoropportunities Strategic thinking goal setting and planning are all part of defining the characteristics of an entrepreneurunder this theoryEntrepreneurial MindCreativity and ingenuity
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