Traits of an Entreprenur JOHN WHELAN PHD

Transcription

1 Traits of an Entreprenur JOHN WHELAN PHD

2 Contents 1. Definition of Entrepreneur 2. Analysis of common Traits associated with Successful Entrepreneurs 3. Tools to help you to understand what Type of Entrepreneur you may be. 4. Why Students often have the Best Opportunity to be an Entrepreneur

3 Define Entrepreneur one who organizes, manages, and assumes the risks of a business or enterprise (Mirriam Webster) 1750 s :King of Prussia s instructions for his generals (... if the country happens not to abound in forage, you must agree with some Entrepreneur for the quantity required. ). Recall: Innovation is the application of new knowledge

4 Etymology entrepreneur (n.)1828, "manager or promoter of a theatrical production," reborrowing of French entrepreneur "one who undertakes or manages," agent noun from Old French entreprendre "undertake" (see enterprise). The word first crossed the Channel late 15c. (Middle English entreprenour) but did not stay. Meaning "business manager" is from Related: Entrepreneurship. enterprise (n.) early 15c., "an undertaking," formerly also enterprize, from Old French enterprise "an undertaking," noun use of fem. past participle of entreprendre "undertake, take in hand" (12c.), from entre- "between" (see entre-) + prendre "to take," contraction of prehendere (see prehensile). Abstract sense of "adventurous disposition, readiness to undertake challenges, spirit of daring" is from late 15c. Source: EtymologyOnline.com Recall: Innovation is the application of new knowledge

5 Google NGram Search: 1800 onwards

6 Our definition One who undertakes Risk for reward in Entreprise

7 What are the Traits of An Entrepreneur? AM I AN ENTREPRENEUR?

8 Traits Listicles abound (Just search Google) Even Search one source Harvard Business Review: Multiple list of traits

9 Most Common Traits 1. Tenacity 2. Passion 3. Tolerance of Ambiguity 4. Vision 5. Self Confidence 6. Flexibility 7. Rule Breaking Source: The 7 Traits of Successful Entrepreneurs,

10 Conflicting Traits Impatience Brave yet vulnerable Disruptive yet inspiring Frivolous yet frugal Gentle yet ferocious Outspoken yet a good listener Respectful of rules yet willing to break them (for the right reasons) Collaborative yet single-minded Source: HBR.org and

11 Analysis Tools Herrmann Brain Dominance Instrument (HBDI) Used by SOS Ventures Myers-Briggs Test The preferred style for entrepreneurs is the ENTP or ESTP ESTP (Extroversion, Sensing, Thinking, Perception) ENTP (Extroversion, intuition, thinking, perception HBR Assessment: Identify Your Entrepreneurial Personality Type Adapted from Crazy Is a Compliment: The Power of Zigging When Everyone Else Zags (Portfolio, 2014), by Linda Rottenberg. It was created with help from Bain & Company and Endeavor Insight. Gallup Builder Profile (BP10) test: Do you have the talents to start and grow something of economic value?

12 HBDI used in practice (Source SOS Ventures, Alan Clayton)

13 HBDI profile across Accelerator Cohorts

14 Why Students have the BEST OPPORTUNITY Often no financial or personal commitments (mortgage, family etc.) Access to greatest pool of co-founders possible Cross discipline Energy & Time Naivity Reference:

15 1. COACHABILITY What traits do investors like? 2. LISTENING 3. LIKEABILITY 4. SALES

16 Key Trait: INFLUENCE/PERSUASION Source: 1984, Dr. Robert B. Cialdini Influence: The Psychology of Persuasion. 1. RECIPROCATION 2. COMMITMENT/CO NSISTENCY 3. AUTHORITY 4. SOCIAL VALIDATION 5. SCARCITY 6. LIKING/FRIENDSHIP

17 Make a Decision even it is the wrong decision EVERY SUCCESSFUL ENTREPRENEUR Not Knowing (Naivete) is Good!

18 You can t learn to swim by Exercising on the beach RONALD COHEN, THE SECOND BOUNCE OF THE BALL; TURNING RISK INTO OPPORTUNITY, PHOENIX, 2007

19 Conclusions on Traits Many traits are required Different Emphasis/ Balanced Team Traits can develop over time Some traits common to all successful Entrepreneurs: Focus Tenacity Tolerance of Ambiguity Coachability Sales, Sales, Sales Likability Persuausion/Influence