Psychological Characteristics
· Highly confident
· Risk Taker
· Motivated reasoning
· Thirsting for the right answer
· Thinking logically
· Being practical
Psychological Characteristics
· Inconsistency in Planning
· Blend with the environment
· Cognitive dissonance – Ability to comprehend chaos
· Lateral thinking – Thinking may not be supported rationally
Entrepreneurial Influences
· Antecedent influences – the social environment they find themselves in
· The culture of the society- certain cultures encourage entrepreneurial activity, others may discourage it
· The situations they find themselves in such as employment
Antecedent Influences On The Entrepreneur
· Well-educated
· Young or Middle Aged
· Leaves managerial job to start business
· Willing to share ownership of business
· Starts business because of positive motivations
Societal Influences
· Family business
· Proactive culture
· Social interactions are many
· Fostering independence
· Society is flexible
· Supportive relationships
· Encouragement of achievement and responsibility
Situational Influences
· Monetary status
· Childhood environment
· Relationship with parents
· Work environment
· Level / quality of education
· Encounter with a role model
Success And Failure Factors
· Hard Work
· Perseverance
· Motivation
· Social Skills
· Leadership
· Good Management
· Integrity
· Guts
· Good Health
· Common Sense
· Luck
· Support of Family
· Clear Initial Goals
· Creativity
· Ability to Accept Uncertainty
Intrapreneurship
Imbibing a spirit of entrepreneurship within an existing organization as an employee is called intrapreneurship
Intrapreneurial Culture
· Develop and emphasize on organizational vision, goals and action plans.
· Rewards for suggestions, experimentation, and fruitful actions.
· Freedom to venture beyond a specific function / area.
· Encouraging responsibility and ownership
Environment Conducive To Intrapreneurship
· Encouragement of new ideas
· Encouragement of experimentation
· Acceptance of failure
· Providing ample opportunities
· Interdisciplinary approach
· Long term planning
· Encouragement of voluntary activities
Environment Conducive To Intrapreneurship
· Rewards in tune with intrapreneurial characteristics
· Moral and professional support systems
· Encouragement of creative activities
· Team work dominated by discussions and openness.
Characteristics Of Intrapreneurs
· Independent
· Direct involvement and less of delegation
· Ability to coordinate with team
· Respect for hierarchy
· May not openly encourage risky projects
