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CHAPTER 1THE ENTREPRENEURIAL MIND CRAFTING A PERSONAL ENTREPRENEURIAL STRATEGYACHIEVING ENTREPRENEURIAL GREATNESSImportance of timing Terry Matthews oDont be boring do something make a mark dont be part of the living dead I dont think Im stubborn I just focus on the task at hand and do what it takes Persistence is the single most important thing for success Boyd CohenoYoung entrepreneurial firms can contribute towards a more sustainable society through innovationBullfrogoDelivering environmentally responsible electricity to the powergrids in Ontario and Alberta oTheyre hoping to turn a profit and improve the planetAn 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 enterprises they createLEADERSHIP AND HUMAN BEHAVIOURBehavioral scientists venture capitalists investors and entrepreneurs share the opinion that the eventual success of a new venture will depend a great deal upon the talent and behavior of the lead entrepreneur and of his or her team Leadershipextraordinarily complex subject depending more on the interconnections among the leaderthe taskthe situationNumerous ways of analyzing human behavior that have implications in the study of entrepreneurship People are motivated by three principal needsoThe need for achievementthe need to excel and for measurable personal accomplishmentoThe need for powerthe need to influence others and to achieve an influence goaloThe need for affiliationthe need to attain an affiliation goal where the goal is to build a warm relationship with someone else andor to enjoy a mutual friendshipThe prototypical entrepreneur has a high need for achievement and power and a low need for affiliationRESEARCHA study of entrepreneurs revealed that those who like to plan are much more likely to be in the survival group than those who do notGetrichquick entrepreneursthe visionary who participates in the daytoday routine to achieve a longtermobjective and who is generally passionate and not exclusively profitorientedEntrepreneurial attitudesoAbility to activate visionoA willingness to learn about and invest in new techniquesoBe adaptableoProfessional attitudeoBe patientoBe interested in businessoBusinessa way of lifeA number of respondents believed that the ability to conceptualize their business and do strategic planning would be of growing importance particularly when thinking five years ahead A consulting study by McKinseyCo of mediumsize growth companies confirms that the CEOs of winning companies were notable for three common traits perseverance a builders mentality and a strong propensity for taking calculated risks CONVERGING ON THE ENTREPRENEURIAL MINDDESIRABLE AND ACQUIRABLE ATTITUDES HABITS AND BEHAVIORSMany successful entrepreneurs have emphasized that while their colleagues have initiative and a takecharge attitude are determined to persevere and are resilient and able to adapt it is not just a matter of personality its what they DO that matters mostWhile not all attitudes habits and behaviors can be acquired by everyone at the same pace and with the same proficiency entrepreneurs are able to significantly improve their odds of success by concentrating on those that work by nurturing and practicing them and by elimination or at least mitigating the restThree attributes to success 21 entrepreneursoThe ability to respond positively to challenges and learn from mistakesoPersonal initiativeoGreat perseverance and determination 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 founders strengths and shortcomings SIX DOMINANT THEMES A consensus has emerged around six dominant themesCommitment and DeterminationMore important than any other factorHelps to overcome incredible obstacles and also compensate enormously for other weaknessesAlmost without exception entrepreneurs live under huge constant pressures first for their firms to survive startup then for them to stay alive and finally for them to grow Usually requires personal sacrifice The desire to win does not equal the will to never give upThe best entrepreneurs direct all their competitive energy toward the goal and toward their external competitors If a task is unsolvable an entrepreneur will actually give up sooner than othersAlthough most entrepreneurs are extremely persistent they are also realistic in recognizing what they can and cannot do and where they can get help to solve a very difficult but necessary task LeadershipSuccessful entrepreneurs are experienced possessing intimate knowledge of the technology and marketplace in which they will compete sound general management skills and a proven track recordThese successful entrepreneurs are selfstarters and have an internal locus of control with high standards Entrepreneurial leadership paradigmoThree clear areas evolved from his studyThe lead entrepreneurThe venture teamThe external environment influences exhibit 15 page 10Successful entrepreneurs possess a welldeveloped capacity to exert influence without formal powerSuccess comes when the entrepreneur is a mediatora negotiator rather than a dictator Entrepreneurs who create and build substantial enterprises actively build a team recognizing the reality that it is rarely possible to build a substantial business working all alone
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