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Chapter 2

The Entrepreneurial Mind:

Crafting a Personal

Entrepreneurial Strategy

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Achieving Entrepreneurial Greatness

Three core principles of Marion Labs and theKauffman Foundation:

1. Treat others as you would want to be

treated.

2. Share the wealth that is created with all

those who have contributed to it at all

levels.

3. Give back to the community.

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The Six Core Principles of Richard

Pratt and the VISY Corporation:1. Philanthropy is good for business.

2. Take philanthropy to the factory floor.

3. Link it to your client base.

4. Cast the charity net wide.

5. Manage charity work on a professionalbasis.

6. Decide charity priorities in advance.

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Leadership and Human Behaviour

A single psychological model ofentrepreneurship has not been supported byresearch.

But behavioural scientists, venture capitalists,

investors, and entrepreneurs agree the venturewill depend a great deal upon the talent andbehavior of the lead entrepreneur and his orher team.

Myths still exist about entrepreneurs andentrepreneurship.

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Converging on the Entrepreneurial

Mind

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Desirable and Acquirable Attitudes and Behaviours.

Eight Dominant Themes:1. Commitment and Determination.

2. Courage.

3. Leadership.4. Opportunity Obsession.

5. Tolerance of Risk, Ambiguity and Uncertainty.

6. Creativity, Self-Reliance and Adaptability.

7. Motivation to Excel.8. Intuitive.

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New research: Praeger Perspective Series draws

attention to the various components of theentrepreneurial process.

People entrepreneurship as a form of human action.

Process proceeds through the life cycle of a new

venture start up.

Place the importance of the wide and diverse range of

contextual factors that influence both the entrepreneur

and the entrepreneurship process.

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Three Important Aspects of Courage

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1. Moral strength and principles.

2. Being a fearless experimenter.

3. A lack of fear of failing at the experiment:

and most undertakings.

and a lack of fear of conflict that may arise.

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The Entrepreneurs Decision Making

Style

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The Entrepreneurial Mind in Action

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Successful entrepreneurs have a wide range ofpersonality types:

Research has considered genetics, family,

education, career experience, etc., but no

psychological model of entrepreneurship hasbeen supported.

Acquired skills are more important that specific

inherent traits.

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The Concept of Apprenticeship

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Shaping and Managing an Apprenticeship. Windows of Apprenticeship.

The Concept of Apprenticeship: Acquiring the

50 000 Chunks.

Role Models.

Myths and Realities.

What Can Be Learned?

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A Word of Caution

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Leadership and achievement, the heart of the

entrepreneur, are not measured by HSC, IQ tests,VCE, and others not measured include:

Leadership skills

Interpersonal skills

Team building and team playing Creativity and ingenuity

Motivation

Learning skills (versus knowledge)

Persistence and determination

Values, ethics, honesty and

integrity

Goal-setting orientation

Self-discipline

Frugality

Resourcefulness

Resiliency and capacity tohandle adversity

Ability to seek, listen, and usefeedback

Reliability Dependability

Sense of humour

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Exercises

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The Crafting a Personal Entrepreneurship

Strategy exercise addresses the

apprenticeship issue further.

The Personal Entrepreneurial Strategy

exercise is an inventory of ones

entrepreneurial abilities.

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Crafting a Personal Entrepreneurial

Strategy

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A Conceptual Scheme for Self Assessment.

Crafting an Entrepreneurial Strategy:

Profiling the Past.

Profiling the Present.

Getting Constructive Feedback.

Putting it all Together.

Thinking Ahead.

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Personal Entrepreneurial Strategy

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Gather data both from yourself (past andpresent profiles).

Gather data from others (constructivefeedback).

Evaluate the data you have. Think ahead.

Craft your personal entrepreneurial strategy.

Estimated time to complete this importantplanning and goal setting exercise is 90minutes to three hours.

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Reasons for Planning

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Planning helps the entrepreneur with thefollowing:

Managing the risks and uncertainties of the

future.

Working smarter rather than harder.

Developing and updating a keener strategy

by testing the sensibility of his or her ideas

and approaches with others.

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Reasons for Planning

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Planning helps the entrepreneur with thefollowing:

Motivating.

Achieving results orientation.

Managing and coping with what is by nature

a stressful role.

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Self Assessment

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Generate data through observation of his orher thoughts and actions and by getting

feedback from others for the purposes of the

following:

Becoming aware of blind spots.

Reinforcing or changing existing perceptions

of both strengths and weaknesses.

Study the data generated.

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Self Assessment

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Develop insights.

Establish apprenticeship goals to gain any

learning, experience and so forth.

Determine goals and opportunities to be

seized.

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Constructive Feedback

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Solicit feedback from those who know youwell and who can be trusted.

Seek specific comments in particularly

important areas and probe for detail if the

feedback is unclear.

Recognise that feedback is most helpful if it

is neither all positive nor all negative.

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Constructive Feedback

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Ask for feedback in writing for contemplationand so feedback from various sources can bepulled together.

Be honest and straightforward with yourselfand with others.

Avoid game playing or hidden agendas; avoiddefensiveness over negative comments.

Listen carefully to what is being said and thinkabout it; avoid answering, debating, or

rationalising.

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Constructive Feedback

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Assess whether all important information hasbeen considered and you have been realisticin 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 missing.

Seek additional feedback from others to

verify feedback and to supplement data. Reach final conclusions at a later time.

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Effective Goal Setting

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Establishment of goals that are specific andconcrete, measurable, related to time, realisticand attainable.

Establishment of priorities, including the

identification of conflicts and trade-offs and howthese can be resolved.

Identification of potential problems andobstacles that could prevent goals from being

attained.

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Effective Goal Setting

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Specification of action steps that are to beperformed to accomplish the goal.

Indication of how results will be measured.

Establishment of milestones for reviewingprogress and tying these to specific dates on

the calendar.

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Effective Goal Setting

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Identification of risk involved in meeting the

goals.

Identification of help and other resources that

may be needed to obtain goals. Periodic review of progress and revision of

goals.