Chapter2The Entrepreneurial Mind: Crafting a Personal Entrepreneurial StrategyCopyright 2012 The McGraw-Hill Companies, Inc., All Rights Reserved.McGraw-Hill/Irwin

Entrepreneurs as Good Business People Entrepreneurs may be inside a major corporation or in a start-up.Entrepreneurship today is a form of business strategy rather than the size of a company.Entrepreneurs are:Intrinsically motivatedHigh energy leadersCan tolerate ambiguityCan mitigate riskEffectively commercializeCan innovate2-*

Three Principles for Entrepreneurial LeadershipThe need for achievement for measurable personal accomplishment against a self-imposed standard not in competition with others.

The need for power to influence others and to achieve an influence goal.

3. The need for affiliation to build a warm relationship with someone else and/or to enjoy mutual friendship.2-*

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Converging on the Entrepreneurial MindDesirable and Acquirable Attitudes, Habits and Behaviors - Seven Dominant Themes:Commitment and DeterminationCourageLeadershipOpportunity ObsessionTolerance of Risk, Ambiguity and UncertaintyCreativity, Self-Reliance, and AdaptabilityMotivation to Excel2-*

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Three Important Aspects of Courage

Moral strength and principlesBeing a fearless experimenterA lack of fear of failing at the experiment and most undertakings and a lack of fear of conflict that may arise.2-*

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The Entrepreneurial Mind in ActionSuccessful entrepreneurs have a wide range of personality typesResearch has considered genetics, family, education, career experience, etc., but no psychological model of entrepreneurship has been supported.Acquired skills are more important that specific inherent traits2-*

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The Concept of ApprenticeshipShaping and Managing an ApprenticeshipWindows of ApprenticeshipThe Concept of Apprenticeship: Acquiring the 50,000 ChunksRole ModelsMyths and RealitiesWhat Can Be Learned?2-*

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ExercisesThe Crafting a Personal Entrepreneurship Strategy can be viewed as the personal equivalent of developing a business plan.The Personal Entrepreneurial Strategy exercise is an inventory of ones entrepreneurial abilities.2-*

Crafting a Personal Entrepreneurial StrategyA Conceptual Scheme for Self AssessmentCrafting an Entrepreneurial StrategyProfiling the PastProfiling the PresentGetting Constructive FeedbackPutting it all TogetherThinking Ahead2-*

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Personal Entrepreneurial StrategyGather data both from yourself (past and present profiles)Gather data from others (constructive feedback)Evaluate the data you haveThink aheadCraft your personal entrepreneurial strategyEstimated time to complete this important planning and goal setting exercise is 90 minutes to three hours2-*

Reasons for PlanningPlanning helps the entrepreneur with the following:Managing the risks and uncertainties of the futureWorking smarter rather than harderDeveloping and updating a keener strategy by testing the sensibility of his or her ideas and approaches with others2-*

Reasons for PlanningPlanning helps the entrepreneur with the following:MotivatingAchieving results orientationManaging and coping with what is by nature a stressful role

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Self AssessmentGenerate data through observation of his or her thoughts and actions and by getting feedback from others for the purposes of the following:Becoming aware of blind spotsReinforcing or changing existing perceptions of both strengths and weaknessesStudy the data generated

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Self AssessmentDevelop insightsEstablish apprenticeship goals to gain any learning, experience, and so forthDetermine goals and opportunities to be seized

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Constructive FeedbackSolicit feedback from those who know you well and who can be trustedSeek specific comments in particularly important areas and probe for detail if the feedback is unclearRecognize that feedback is most helpful if it is neither all positive nor all negative

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Constructive FeedbackAsk for feedback in writing for contemplation and so feedback from various sources can be pulled togetherBe honest and straightforward with yourself and with othersAvoid game playing or hidden agendas; avoid defensiveness over negative commentsListen carefully to what is being said and think about it; avoid answering, debating, or rationalizing

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Constructive FeedbackAssess whether all important information has been considered and you have been realistic in your inferences and conclusions Request help in identifying common threads or patterns, possible implications of self-assessment data and certain weaknesses, and other relevant information that is missingSeek additional feedback from others to verify feedback and to supplement dataReach final conclusions at a later time

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Effective Goal SettingEstablishment of goals that are specific and concrete, measurable, related to time, realistic, and attainableEstablishment of priorities, including the identification of conflicts and trade-offs and how these can be resolvedIdentification of potential problems and obstacles that could prevent goals from being attained2-*

Effective Goal SettingSpecification of action steps that are to be performed to accomplish the goalIndication of how results will be measuredEstablishment of milestones for reviewing progress and tying these to specific dates on the calendar

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Effective Goal SettingIdentification of risk involved in meeting the goalsIdentification of help and other resources that may be needed to obtain goalsPeriodic review of progress and revision of goals

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