Outline Entrepreneur Characteristics

1. Freelance Musician
The Entrepreneur
Chris Baker
www.musicstudentinfo.com

2. Definition of Entrepreneur
“The entrepreneur, by definition, shifts
resources from areas of low productivity and
yield to areas of higher productivity and yield.
Of course, there is a risk the entrepreneur may
not succeed”

3. Entrepreneurship Vs Management
Entrepreneurship
– Creating something new
– New product, new method of production, new markets,
new source of raw material
– Challenges the ‘norm’
Management
– Protects
– Stewardship of existing resources

4. Why become an Entrepreneur?
• Personal situation
• Resources
• Entrepreneurial skills
• Success stories
• Desire for independence
• Opportunity to exploit a gap
• Frustration

5. Characteristics
• Drive • Vision
• Perseverance • Motivation
• Ambition • Self-confidence
• Leader • Self Satisfaction
• Survivor status • Extrovert
• Competitive • Results orientated
• Interpersonal skills • Committed
• Innovative skills • Risk taker
• Ability to bounce • Sociable
back

6. Psychological Characteristics
• Need for achievement
• Locus of Control
1. Internal
2. External
• Risk-taking Prosperity
• Tolerance for ambiguity
• Type A Behaviour
1. Impatient, time urgency, driving ambition,
competitiveness
• Need for Independence

7. What is the Role of the Entrepreneur?
• Opportunity recognition
• Market uncertainties
– Dealing with the future
• Risk taking
– Businesses, financial and personal
• Resource gathering
• Profits/Reward

8. Profile of Entrepreneur
• Self belief
• Passion and vision
• Risk taking
• Persistence
• Hard work
• Commitment to people

9. Motives for Start-ups
• Desire for independence
• Opportunity to exploit a gap in the market
• Frustration
• Solution Orientation
• Money
• Safety Orientation
• Change in their life
– Move, redundant, etc.

10. Reasons for Entrepreneurial Success
• Hard work and long hours
• Dedication, drive, enthusiasm and belief in the idea
• Unsatisfied market demand
• Managerial competence
• Luck
• Strong control systems
• Sufficient capital

11. Hurdles in starting up a a business
• Lack of the right business idea
• Complicated regulatory efforts
• Own financial risk
• Lack of courage
• Lack of right founding partner
• Lack of equity
• Lack of debt capital
• Know-how-deficit

12. Hurdles in starting up a a business
• Lack of contact clients/customers
• Economic cycle
• Business environment
• Fear of failure
• Support by family and friends
• Lack of time
• Lack of entrepreneurial skills

13. Some Music Entrepreneurs
•Madonna
•Jay Z
•Dr Dre
•David Bowie
•Victoria Beckham
•P Diddy
•Richard Branson
•Beyonce

14. Have you the ‘fire in your belly’? – Not indigestion but – a
vision; a concept; a belief; in your future?
Have you the guts to take the rough with the smooth? –
Sure rough times – but accept it and move on.
If you are entrepreneur – work is fun!!
Have some fun……………….