The Entrepreneur
Definitions
 Entrepreneurship
is the dynamic process of
creating incremental wealth. The wealth is
created by individuals who assume the major
risks in terms of equity, time, and/or career
commitment or provide value fro some
product or service.
Definitions (Formal)
 Entrepreneurship
is the process of creating
something different with value by devoting
the necessary time and effort, assuming the
accompanying financial, psychic, and social
risks, and receiving the resulting rewards of
monetary and personal satisfaction and
independence.
Economic Development
 New
investment works on both the demand
and the supply side of the growth equation;
 New
capital created expands capacity for growth
(supply side)
 New spending utilizes the new capacity & output
(demand side)
Economic Development
 Government
 Technology
as Innovator
Transfer
NIST
 TAPS
 GOED

 Intrapreneurship
 emphasis
on short-term profits, highly structured
organization, inhibit creativity
 culturally ingrained (JVC, Rubbermaid)
Future of Entrepreneurship
 Education
 369
universities have at least one course
 32 have courses in engineering schools
 Cultural
Support
 revered
by general populace
 Global Competition and FRO’s shift from
bureacracy to intrapreneurship
Entrepreneurs

Bill Gates


Ted Turner



Founder of Apple Computers
Ross Perot


Kicked out of Brown
Steven Jobs


Dropped out of Harvard
Left IBM to form EDS
Thomas A. Edison
Albert Einstein

Failed 3rd grade
Frank Phillips
 Started
as Barber
 Married daughter of wealthy banker
 1903 started Anchor Oil - 4th well successful
 1906 Sold Anchor Oil, founded Citizen’s Bank
 1917 started Phillips Petroleum
 Keys to Success???
Frank Phillips
 Keys
to success
 Married
Well
 Lucky on 4th oil well
 Ability to attract investors (staged gushers)
 Knew banking industry
Who should start a business
 SBA;
1,000 small business firms fail each day
 Entrepreneurial Characteristics
 No
such thing as a typical entrepreneur
 Entrepreneurial
Assessment
Characteristics of Entrepreneur

An entrepreneur is most commonly the
the family.
a.
b.
c.
d.

oldest
middle
youngest
doesn’t matter
An entrepreneur is most commonly
a.
b.
c.
d.
married
single
widowed
divorced
child in
Characteristics of Entrepreneur

An entrepreneur is most typically a
a. man
b. woman
c. either

Usually an individual’s entrepreneurial tendency
first appears evident in his or hers
a.
b.
c.
d.
teens
twenties
thirties
forties
Characteristics of Entrepreneur
 An
individual usually begins his or her first
significant entrepreneurial business
enterprise at which age?
a.
b.
c.
d.
e.
teens
twenties
thirties
forties
fifties
Characteristics of Entrepreneur
 An
entrepreneur has acheived the following
educational attainment by the time the first
significant business venture begins:
a.
b.
c.
d.
e.
less than high school
high school
bachelor’s degree
master’s degree
doctor’s degree
Characteristics of Entrepreneur
 An
entrepreneur’s primary motivation for
starting a business is
a.
b.
c.
d.
e.
to make money
to be independent
to be famous
to create job security
to be powerful
Characteristics of Entrepreneur
 The
primary motivation for the entrepreneur’s
high ego and need for achievement is based
upon a relationship with:
a.
b.
c.
d.
spouse
mother
father
children
Characteristics of Entrepreneur
 To
be successful in an entrepreneurial
venture you need:
a.
b.
c.
d.
e.
money
luck
hard work
a good idea
all of the above
Characteristics of Entrepreneur

Entrepreneurs and venture capitalists
a.
b.
c.
d.

get along well
are the best of friends
are cordial friends
are in conflict
A successful entrepreneur relies on which for critical
management advice?
a.
b.
c.
d.
international management team
external management professionals
financial sources
no one
Characteristics of Entrepreneur

Entrepreneur’s are best as
a.
b.
c.
d.

managers
venture capitalists
planners
doers
Entrepreneurs are
a.
b.
c.
d.
high risk takers
moderate risk takers
small risk takers
doesn’t matter
Characteristics of Entrepreneur

Entrepreneurs:
a.
b.
c.
d.

are the life of the party
are bores at a cocktail party
never go to parties
just fit into the crowd at parties
Entrepreneur’s tend to “fall in love” with
a.
b.
c.
d.
e.
new ideas
new employees
new manufacturing ideas
new financial plans
all of the above
Characteristics of Entrepreneur
 Entrepreneur’s
a.
b.
c.
d.
e.
typically form
service businesses
manufacturing companies
financial companies
construction companies
a variety of ventures