Welcome to
The Entrepreneurial Journey
Ch. 2: Myths & Characteristics
O'Malia and Whistler
Copyright © 2003 by South-Western/Thomson Learning.
All rights reserved.
Good Of The Order . . .
GOTO
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Let’s review our
journey to date . . .
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This Session
Journey Two: Paul Orfalea
Myths of Entrepreneurship
Entrepreneurial Characteristics
Up Front & Personal: Zotos & Stein
Entrepreneur vs. Manager
Up Front & Personal: Carolyn
Colby
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Let’s Explore a
Second Journey of
Entrepreneurship
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Paul Orfalea
Dyslexic
ADD
C’s and D’s in college
Kinko’s
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Paul Orfalea (cont.)
What led to his success?
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The Myths of Entrepreneurship
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Entrepreneurs are born, not
made
Myth One
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Entrepreneurs are
risk takers
Myth Two
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You need a lot of money to be successful
Myth Three
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All you need is a
great idea
Myth Four
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Entrepreneurs are
lone wolves
Myth Five
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Entrepreneurs work
long, hard hours
Myth Six
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Zotos & Stein
Who are
they?
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Zotos & Stein (cont.)
Analysis of their persona
Should they go into business?
What do they need to go
forward?
What is probability of
success—and why?
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Entrepreneurial Characteristics
Journey of passion
Perseverance is critical
Credibility like virginity-only
lose it once
Entrepreneur must be
positive, excited, optimistic
parent
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Entrepreneurial Characteristics
Accomplish a great deal
with little money
Knowing your customers
is imperative
Perception of the moment
can
be learned
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Calvin Coolidge . . .
“Nothing in the world can take the place of
persistence.
“Talent will not. Nothing is more common than
the
unsuccessful man with talent.
“Genius will not. Unrewarded genius is almost a
proverb.
“Education will not. The world is full of educated
derelicts.
“Persistence and determination alone are
omnipotent. The slogan ‘Press On’ has solved
and always will solve the problems of the human
race.”
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Entrepreneurs vs. Managers
How they view the world (who you are?)
Seeks new areas
to exploit
Creates new
“outside the box”
approaches
Opportunity
dependent
Optimizes existing
areas of expertise
Uses existing
procedures and
processes
Resource
dependent
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Entrepreneurs vs. Managers
How they execute (what you do?)
Many short stages,
manage risk at
each
Exploits
opportunity
Flat, informal
management
driven by vision
Single long stage,
manage total project
Maximizes efficiency
of resources
Hierarchical
structure, control
based
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Entrepreneurs vs. Managers
What drives them (why you do it?)
Control their
destiny
Passionate,
exciting journey
Create personal
wealth
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Manage their
career
Minimize risk
and interference
Build security
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Carolyn Colby
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