Entrepreneurship is first and foremost a mindset. Entrepreneur is a person who habitually creates and innovates to build something of recognized value around perceived opportunities.
In this definition, all words are key words:
‘Entrepreneur' - can be an individual entrepreneur, but also an entrepreneurial team or even entrepreneurial organization
'A person' - emphasizes a personality rather than a system
'Habitually' - just cannot stop being an entrepreneur
'Creates' - starts from scratch and brings into being something that was not there before
'Innovates' - able to overcome obstacles that would stop most people; turns problems into opportunities; and sees ideas through to final application
'Builds something' - describes the output of the creation and innovation process
'Of recognized value' - encompasses economic, commercial, social, or aesthetic value
'Perceived opportunities' - spotting the opportunity to exploit an idea that mayor may not be original to the entrepreneur; seeing something others miss or only see in retrospect
What Entrepreneurs Are Like
1. Personality factors
Born/made ratio - 50/50, a synergy of genetic and environmental . influence
Motivation and emotion - independence, competitive spirit, challenge, wealth
Behavioral characteristics - perseverance, determination, orientation to clear goals, need to achieve, opportunity orientation, creativity, persistent problem-solving, risk-taking, integrity, honesty, internal locus on control.
Personality attributes preferred styles: extrovert/introvert; sensor/intuit; thinker/feeler; and judger/perceiver
2. Environmental factors
Family background - entrepreneurial heritage
Age and education - begin entrepreneurial activity early; are not over educated
Work experience - most entrepreneurs first gain some work experience in the line of business they later start up
3. Action factors
Making the difference - initiate change and enjoy it
Creating and innovating - a continuous activity, seeing creative idea through to the end, and then start climbing another mountain
Exploiting opportunities - able to see or create opportunities that other people miss
Finding resources and competencies - experts at exploiting contacts and sources
Networking - expertise oriented; know when they need experts and how to use them effectively
Facing adversity - resolve problems under pressure; turn problems into opportunities
Managing risk - not adventurers, but manageable risk takers; their success lies in caution, learning, flexibility and change during implementation
Controlling the business - paying attention to details and essential ratios; exercising strategic control over their business
Putting the customer first - listening to the customer and responding to the customers' feedback
Creating capital - financial, social, and aesthetic
