What is an Entrepreneur?

ENTREPRENEURSHIP
Insane perseverance in the face
of total rejection.

What Is An Entrepreneur?
ENTREPRENEUR
A vision-driven individual who
assumes significant personal and
financial risk to start or expand a
business.

What Is An Entrepreneur?
ENTREPRENEURSHIP
The pursuit of opportunity through
innovation, creativity and hard work
without regard for
the resources currently controlled.

Entrepreneurship
Entrepreneurship: a way of thinking,
reasoning, and acting that is:
opportunity obsessed
holistic in approach
and leadership balanced
(This definition of entrepreneurship has evolved over the past two
decades from research at Babson College and the Harvard Business
School and has recently been enhanced by Stephen Spinelli, Jr., and
John H. Muller, Jr., Term Chair at Babson College.)

Burch's Entrep. Personality Traits

1.A desire to achieve

Conquer problems, create successful venture

2.Hard work

Their workload is very hard to match

3.Nurturing quality
4.Acceptance of responsibility

Morally, legally and mentally accountable

5.Reward orientation

Want be rewarded for their efforts

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Burch's Entrep. Personality Traits

6.Optimism

Anything is possible

7.Orientation to excellence

Pride in something first class

8.Organization

They are wholly "take charge" people

9.Profit orientation

Profit primarily a gauge of performance

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Failure? So what!
Failure seen differently in America & Europe.
In Europe it is a major set-back
U.S. expected (required even!)
Canada - in between but tending to U.S.

Our System:
Many entrepreneurs had been "blue collar"
Many come from families of entrepreneurs
Many are immigrants or their children
But, there are no "rules" that ensure success

Universally, entrepreneurs shake off failure!

Failure as Learning Process

Ignore it, then start again
Some find it easy to blame someone else

In public, always optimistic

Especially with funders
Agonise over what went wrong in private

Willingness to disregard the rules

Start from first principles.

Ability to "bend, not break" rules of life

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Classic Entrepreneurship:
The Startup
Raw startup companyan innovative idea
that develops into a high growth company
Qualities of a startup company
Strong leadership from the main entrepreneur
Complementary talents and outstanding teamwork of
team members
Skill and ingenuity to find and control resources
Financial backing to chase opportunity

Desirable and Acquirable

Attitudes and Behaviors

Commitment and determination

Leadership
Opportunity obsession
Tolerance of
Risk
Ambiguity
Uncertainty

Creativity, self-reliance, and adaptability

Motivation to excel

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The Entrepreneurial Process

It is opportunity/market driven
It is driven by a lead entrepreneur
and an entrepreneurial team
It is resource parsimonious and creative
It depends on the fit and balance among
these
It is integrated and holistic

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