David Forlani, ENTP 6000, UCDHSC

1
Entrepreneurial MindHighlights from Chapter 1

• David Forlani, ENTP 6000, UCDHSC

2
The Entrepreneurial Mind

• Desirable and Acquirable Attitudes, Habits and
  Behaviors
• Six Dominant Themes
• Commitment and Determination
• Leadership
• Opportunity Obsession
• Tolerance of Risk, Ambiguity and Uncertainty
• Creativity, Self-Reliance, and Adaptability
• Motivation to Excel

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Entrepreneurial Attributes
DESIRABLE ATTRIBUTES
CORE ATTRIBUTES Commitment and Determination Lead
ership Opportunity Obsession Tolerance of
Risk, Ambiguity, and Uncertainty Creativity,
Self-Reliance, and Adaptability Motivation to
Excel
Capacity to Inspire
Creativity and Innovativeness
Intelligence
Values
Energy, Health, and Emotional Stability
4
Creativity Knowledge
5
Dominant Venture Modes
Seed/Startup
High Growth
Maturity
Higher potential, growth-minded ventures
Higher potential, growth-minded ventures
Most
Most
Change and uncertainty
Entrepreneurial
Lifestyle, mom and pop ventures
Mature, bureaucratic dinosaurs
Least
Least
Least
Most
Administrative
Administrative domain
Entrepreneurial Domain
Source This exhibit is built on work by Timmons
and Stevenson See Howard H. Stevenson, A New
Paradigm for Entrepreneurial Management,
in Entrepreneurship What It Is and How to Teach
It Harvard Business School, 1985), pp. 30-51, and
Jeffry A. Timmons and Howard H. Stevenson,
Entrepreneurship Education in the 80s What
Entrepreneurs Say, in Entreprenuership What It
Is and How to Teach It, pp. 115-34.
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Entrepreneurs v Administrators

• How Do They Differ if both lead and manage?
• Different Environments
• Generally more ambiguity, focus on growth/change,
  less history, fewer policies.
• Indicate Different Levels of Skills
• Leadership, Creativity, Conflict Resolution,
  Building Consensus

7
Know Thyself
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Whats an Apprenticeship?

• Time for Learning about being an Entrepreneur
• Role Modelshow to perform needed tasks better.
• Acquiring the 50,000 Chunks of Knowledge
• Separating the Myths and Realities

9
Risk Propensity

• How do you respond to taking financial risk?
• Do you prefer the sure thing?
• How about a 50/50 chance?
• Maybe the 1 in a million chance?

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Motivation

• Impetus behind all behaviorimpels action.
• McClellands principal needs
• Achievementthe need to excel and for measurable
  personal accomplishment
• Powerthe need to influence others and to achieve
  an influence goal
• Affiliationthe need to attain an affiliation
  goal (building warm relationships and/or
  enjoying mutual friendships)
• BEWARE If you can change a needs relative
  strength, you will change who you are.

11
Venture Life Cycle
12
Venture Life Cycle
13
Venture Life Cycle
14
Ewing Marion Kauffmans Principles of Great
Leaders

• Treat others as you would want to be treated
• Share the wealth that is created with all those
  who have contributed to it at all levels
• Give back to the community