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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