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BA350 Katz esb 6e_chap002_ppt_rev
1.
Because learning changes
everything.® Chapter Two Small Business Entrepreneurs: Characteristics and Competencies Copyright 2021 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
2.
© McGraw-Hill Education
2 The Psychology of Entrepreneurs Aspects of an entrepreneur’s behavior, their way of looking at and thinking about themselves and their world is called cognition, visible in their actions. There is no one pattern of entrepreneurial behavior or entrepreneurial type. There are literally hundreds of ways to think about entrepreneurial personalities. Successful entrepreneurial behavior leads to the creation of a new firm that meets the goals of the entrepreneur.
3.
© McGraw-Hill Education
3 Professionalization. The Five Ps of Entrepreneurial Behavior Passion. Perseverance. Promotion-Prevention Focus. Planning Style.
4.
© McGraw-Hill Education
4 Five Ps of Entrepreneurial Behavior: Passion and Perseverance An entrepreneur’s passion both increases their commitment to the firm, and inspires key stakeholders like potential investors or employees. Passion is displayed in three ways: • By looking at the challenges of the business in a creative way. • By being persistently focused on the business. • By being absorbed by the tasks and concerns of the business. Perseverance is best thought of as a type of learned optimism and one of the most powerful contributors to entrepreneurial success. • The danger is to keep trying the same action repeatedly without learning. • This is a problem behavior called perseveration.
5.
© McGraw-Hill Education
5 Five Ps of Entrepreneurial Behavior: Promotion-Prevention Focus and Planning A promotion focus is intent on maximizing gains. • Yields results in richer, dynamic, environments or industries. A prevention focus is intent on minimizing losses. • Can work well in an established industry or a poor one. Successful entrepreneurs balance the two focuses. Comprehensive planners take a long-term view and act on their plans. Critical-point planners plan first, act on it, then consider more planning. Opportunistic planners start with a goal and look to achieve it. Reactive planners are passive, the environment determines actions. Habit-based planners do not really plan, they just have a routine. • Reactive and habit planners generally do very poorly in business.
6.
© McGraw-Hill Education
6 Five Ps of Entrepreneurial Behavior: Professionalization Every industry has an average called a standard business practice. • Performing at that level or better is termed professionalization. There are three levels or professionalization. • Expert business professionalization occurs when most aspects of the business meet or exceed the industry’s standard. • Specialized business professionalization occurs when one or two aspects of the business are at this level. • Minimalized business professionalization occurs when none of the aspects of the industry standard appear in the business. One other approach to thinking about the entrepreneurial personality is the idea of the entrepreneurial mindset.
7.
© McGraw-Hill Education
7 Entrepreneurial Operational Competencies Successful entrepreneurs exhibit business-related expertise, called competencies. The BRIE model’s boundary uses key business functions to create the boundary. • There is also industry- specific knowledge that uses a particular kind of skill. • A mechanic. • A cook. Resources lead to specific resource competencies, or the ability to procure raw materials. Intention reflects determination, or determination competencies, shown through focus and choices. Exchange, or ‘making sales,’ uses opportunity competencies.
8.
© McGraw-Hill Education
8 The Sociology of Entrepreneurs: Women and Minorities in Small Business Women-owned businesses are a large sector of U.S. firms, yet they account for only 4.3% of national small business revenue. • Women choose service industries with lower sales levels, while men choose construction and financial industries, with higher sales. • Men are motivated more by money and women more by flexibility. • Women want less risk, which are also the firms with lower returns. Minority-owned firms has also grown explosively. • Public and private initiatives have helped level the field. Both women and minorities face access issues, most often in financing. • On solution are set-asides from big companies and the government, and certification proves the firm is minority or women-owned. • The second solution is making extra efforts to network.
9.
© McGraw-Hill Education
9 The Sociology of Entrepreneurs: Second Career and Veteran Entrepreneurs A special group of entrepreneurs are second career entrepreneurs. • Related are veteran entrepreneurs. Workers are taking generous offers to retire early, due to downsizing, and using the money to start their own business. A particular challenge is the difficulty of the do-it-yourself approach. • Get plenty of advice and consider subcontracting difficult tasks to other firms. A second challenge is keeping personal finances out of the business. • Don’t risk all of your retirement nest egg. Loss of confidence is another challenge. • Take time to recoup and then start networking.
10.
© McGraw-Hill Education
10 Entrepreneurial Teams Access text alternative for this image. Source: Original analysis using PSED 1 and PSED 2 data (covering 1998 and 2006, N = 1749) done by Kelly Shaver, College of Charleston, for Entrepreneurial Small Business, February 2019. Most teams are family related. • They know/trust each other. When assembling a team, work out key issues ahead of time. Pick good team members for a strong organizational culture. They should have passion for: • The mission. • The team. • Innovation. • Fairness.
11.
© McGraw-Hill Education
11 Family Businesses Firms with a majority family ownership are a family business and they employ 58% of America’s total workforce. • A strong unit can be effective with quick decision making. • Families are a source of funds and personnel. • They also tend to raise future entrepreneurs. Two challenges are role conflict and time management. • Reduce role conflict by keeping family issues out of the business. • A basic method of time management is to make a list, prioritize that list, then delegate tasks – repeat daily and strategize weekly. Lack of a clear succession plan could end a family business. Create a family council, gather an advisory board, or a formal board of directors for advice.
12.
© McGraw-Hill Education
12 The Entrepreneurial Life Cycle A firm’s growth is predictable, as in a business life cycle. Emergence is when a person takes steps to start a business. Existence finds the firm in operation, but not yet stable. • The liability of newness is an issue at this stage. The success stage occurs once the firm is established in its market. • Slack resources can be put back into the firm if needed. The resource maturity stage may include micro-commitments. The takeoff stage occurs if the firm has a period of exceptional growth. Access text alternative for this image. Sources: Neil C. Churchill and Virginia L. Lewis adapted Greiner’s model in “The Five Stages of Small Business Growth,” Harvard Business Review, May–June 1983; William J. Baumol, “Entrepreneurship in Economic Theory,” American Economic Review 58, no. 2 (May 1968), pp. 64–71; Gaylen Chandler and Steven H. Hanks, “Market Attractiveness, Resource-Based Capabilities: Venture Strategies and Venture Performance,” Journal of Business Venturing 9, no. 4 (1994), pp. 331–349; Jerome Katz and William B. Gartner, “Properties of Emerging Organizations,” Academy of Management Review 13, no. 3 (July 1988), pp. 429–441.
13.
© McGraw-Hill Education
13 Rewards for Starting a Small Business Income rewards are the money made from owning your own business. Flexibility rewards are perhaps the most rapidly growing type of reward. Growth rewards come from facing and beating or learning from challenges. Access text alternative for this image. Source: Nancy M. Carter, William B. Gartner, and Kelly G. Shaver, “Career Reasons,” in William B. Gartner, Kelly G. Shaver, Nancy M. Carter, and Paul D. Reynolds (eds.), Handbook of Entrepreneurial Dynamics: The Process of Business Creation (Thousand Oaks, CA: Sage, 2004).
14.
Because learning changes
everything.® www.mheducation.com End of main content Copyright 2021 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
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