Lec 2 (from lecture):
For an idea to be successful it needs to have four characteristics:
Vital to keep it all in balance, and do it all well:
Understand the customer’s needs Build quality products/ services
Hire and retain good staff Manage cash flow
Pay attention to details Focus on the “big picture”
Distinguish opportunities & “noise” Thrive in life outside the firm
Continuously learn (i.e. finding the right “Life Bala”)e
Lec 02 chapter 6
Entrepreneurship: is dynamic, risk-taking, creative, growth-oriented behaviour.
Entrepreneur: is willing to pursue opportunities in situations others view as problem or threats.
Personality traits of entrepreneurs: (p cat clef )
Internal focus of control: entrepreneurs believe that they are in control of their own destiny;
they are self-distracting and like autonomy.
High energy lever: entrepreneurs are persistent, hardworking, and willing to exert extraordinary
effort to succeed.
High need for achievement: entrepreneurs are motivated to accomplish challenging goals; they
thrive on performance feedback.
Tolerance for ambiguity: entrepreneurs are risk takers; they tolerate situations with high
degrees of uncertainty.
Self-confidence: entrepreneurs feel competent, believe in themselves, and are willing to make
decisions. Passion and action: entrepreneurs try to act ahead of problems; they want to egt things done
and not waste time.
Self-reliance and desire for independence: entrepreneurs want independence, they are self-
reliant; they want to be their own boss, not work for others.
Flexibility: entrepreneurs are willing to admit problems and errors, and to change a course of
action when plans aren’t working.
Besides all of these research shows that : entrepreneurs come from families whose parents were
entrepreneurs and families who gave them responsibility as a child.
Organizations with under 10 employees are referred as microenterprise. those with fewer than a 100
employees are small and those with 100-500 are medium.
Reasons why people want to be an entrepreneurs:
1. Wanting to be your own boss.
2. Going to work for a famil