Entrepreneurial Personality

Psychological Characteristics

· Highly confident

· Risk Taker

· Motivated reasoning

· Thirsting for the right answer

· Thinking logically

· Being practical

Psychological Characteristics

· Inconsistency in Planning

· Blend with the environment

· Cognitive dissonance - Ability to comprehend chaos

· Lateral thinking - Thinking may not be supported rationally

Entrepreneurial Influences

· Antecedent influences - the social environment they find themselves in

· The culture of the society- certain cultures encourage entrepreneurial activity, others may discourage it

· The situations they find themselves in such as employment

Antecedent Influences On The Entrepreneur

· Well-educated

· Young or Middle Aged

·  Leaves managerial job to start business

· Willing to share ownership of business

· Starts business because of positive motivations

Societal Influences

· Family business

· Proactive culture

· Social interactions are many

· Fostering independence

· Society is flexible

· Supportive relationships

· Encouragement of achievement and responsibility

Situational Influences

· Monetary status

· Childhood environment

· Relationship with parents

· Work environment

· Level / quality of education

· Encounter with a role model

Success And Failure Factors

· Hard Work

· Perseverance

· Motivation

· Social Skills

· Leadership

· Good Management

· Integrity

· Guts

· Good Health

· Common Sense

· Luck

· Support of Family

· Clear Initial Goals

· Creativity

· Ability to Accept Uncertainty

Intrapreneurship

Imbibing a spirit of entrepreneurship within an existing organization as an employee is called intrapreneurship

Intrapreneurial Culture

· Develop and emphasize on organizational vision, goals and action plans.

· Rewards for suggestions, experimentation, and fruitful actions.

· Freedom to venture beyond a specific function / area.

· Encouraging responsibility and ownership

Environment Conducive To Intrapreneurship

· Encouragement of new ideas

· Encouragement of experimentation

· Acceptance of failure

· Providing ample opportunities

· Interdisciplinary approach

· Long term planning

· Encouragement of voluntary activities

Environment Conducive To Intrapreneurship

· Rewards in tune with intrapreneurial characteristics

· Moral and professional support systems

· Encouragement of creative activities

· Team work dominated by discussions and openness.

Characteristics Of Intrapreneurs

· Independent

· Direct involvement and less of delegation

· Ability to coordinate with team

· Respect for hierarchy

· May not openly encourage risky projects