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THE INDIVIDUAL ENTREPRENEUR

THE INDIVIDUAL ENTREPRENEUR

1. To identify some key entrepreneurial feelings and motivations.
2. To identify key elements in an entrepreneur’s background.
3. To discuss the importance of role models and support systems.
4. To identify the similarities and differences between male and female entrepreneurs.
5. To explain the differences between inventors and entrepreneurs.

ENTREPR E NEURIAL FEELINGS

There is no "true entrepreneurial profile"- entrepreneurs come from many educational backgrounds, family situations, and work experiences. A potential entrepreneur may presently be a nurse, secretary, assembly line worker, sales person, mechanic, home maker, manager or engineer. A potential entrepreneur can be male or female and of any race or nationality.

Locus of Control

One concern people have when forming is whether they will be able to sustain the drive and energy required to form something new and to manage the new enterprise and make it grow. While research results are inconsistent, internal control seems to be a characteristic of entrepreneurs.
Internal beliefs appear to differentiate entrepreneurs from the general public, but not from managers. Managers and entrepreneurs both have an internality tendency.

Read more: MGT602 - Entrepreneurship - Lecture Handout 08

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THE STRATEGIC POSITION AND ACTION EVALUATION (SPACE) MATRIX

These dimensions are explained below:

Internal Strategic Position

External Strategic Position Financial Strength (FS) Environmental Stability (ES) Risk involved in businessImpact of technology Price elasticity of demand Debt to equity ratio
Working capital condition
Leverage
Political situation Liquidity Demand variability Ease of exit from market Price range of competing products Cash flow statement Rate of inflation Return on investment Competitive pressure Competitive Advantage (CA) Industry Strength (IS) Access to the market
Market share
Demand and supply factors Resource utilization Growth potential Quality of product and services Profit potential Product life cycle Financial stability Customer loyalty Technological know-how Capacity, location and layout Productivity, capacity utilization Technological know-how Capital intensity Backward and forward integration Ease of entry into market

After the selection of variables the rating is assigned to each. After the addition of these variables taking the average. For example financial strength is explain below

Read more: MGT603 - Strategic Management - Lecture Handout 26