Topic #2
Entrepreneurs
Last updated January 13, 2016
SMEs in Canada:
98+% of all businesses
50% of all jobs (and growing)
78% of all job creation 2002-2012
Quick Review
People who write a plan:
More likely to finish product development
Quick Review
people
market
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today
resources
Readings
Angel Investment Criteria
Richard Sudek
Journal of Small Business Strategy
Vol. 17 No. 2 Fall/Winter 2006-7
Examines what angel (private) investors
look for in business plans
Readings
Nature or Nurture?
Decoding The DNA of an Entrepreneur
Ernst & Young
E & Y survey 685 successful
entrepreneurs about their background,
motivations and key success factors
Purpose of Reading/Lecture
Examine psychological/personality
characteristics of entrepreneurs
Examine demographic characteristics
of entrepreneurs
Have you consider your motivations
and suitability for starting your own
venture
51%
Entrepreneur Explained
entrepreneur is not a job
entrepreneur is a role
entrepreneur is a personality type
22
Risk tolerance
Internal locus of control
High Need for Achievement
Self Confident
Risk Tolerance
Risk defined:
Uncertainty of outcome
People see risk:
From new situations,
complexity, or the unknown.
Risk Tolerance
Risk Intolerance:
New or previously unknown
situations are threatening
Risk Tolerance:
New or previously unknown
situations are desirable.
Threatening or Inviting?
.
.
Locus of Control
A person's belief about what causes
good or bad results in his or her life.
The extent to which people believe
that they can control events that
affect them.
Kids of entrepreneurs
Immigrants/kids of immigrants
Older than average worker
Not great students
Women more successful
Kids of Entrepreneurs
Entrepreneur in family: single most telling
indicator of successful entrepreneurs
Kids of Entrepreneurs
Importance of Role Models (Nurture)
Immigrant Entrepreneurs
Immigrants / their children thought to
make good entrepreneurs.
Immigrants to Canada are economic
migrants. Packed up lives, belongings,
families, to improve economic well-being
Immigrants need: confidence, willingness
to take reasonable risks, high need to
achieve
Immigrant Entrepreneurs
confident
and rising!
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