Entrepreneurial behavior

Entrepreneurial behavior in 3 studies

Opportunity recognition. Resource acquisition. Venture creation. Firm expansion and growth. After all, what happens in the middle between each one of those stages in a company? What is the entrepreneurial behavior before inevitable failures? Compiling different points of view, I wrote this post for every focused and persistant professional to draw his/her own way to the glory. Take a look.

1. Your study

Entrepreneurial behavior is guided by the entrepreneur’s expectations rather than a rigid set of strategic objectives. It may be that the entrepreneur’s expectations are more realistic and, maybe, more ambitious than those of other business managers. This is not enough, though. Business perceptions are also influenced by personal and business motivations, peer pressures and cultural influences. That’s why accurate market information and the ability to learn and experience are so important.

2. Gallup’s study

In Forbes Magazine, Gallup’s researchers casted “The 10 functional demands of entrepreneurship (FDE)”, which describe what an individual needs to do, to be a successful entrepreneur.

Entrepreneurial behavior

3. MIT’s study

An empirical and desk research study of new venture start-ups was conducted through the Massachusetts Institute of Technology by Jeffrey Timmons and colleagues. They identified some important entrepreneurial characteristics of successful enterprise owners, which still frequently crop up in entrepreneurship research.
Behavioural charcteristics of entrepreneurs

• energy and self-confidence
• high initiative and personal responsibility
• self-imposed standards
• internal locus of control
• tolerance of ambiguity
• low fear of failure and moderate risk taking
• long-term involvement
• money as a measure not merely an end
• use of feedback
• continuous pragmatic problem solving
• clear goal setting

Timmons admitted that few entrepreneurs would possess all traits but felt that strengths in one might compensate for weaknesses in others.
Don’t come to the end of this post after just its lecture. Solve the following exercise of self-criticism. You are a team manager and, at the same time, member of so many fragile human relationships.
• How many of the entrepreneurial qualities do you feel already, in the main part, apply to you?
• Which ones do you feel a need to find out more about?

One characteristic is unquestionable: successful entrepreneurs hit their targets. If, for now, that’s what you want, test Runrun.it for free, the software for improving your company productivity: http://runrun.it

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