Because motivation plays an important part in the creation of new organizations, theories of organization creation that fail to address this notion are incomplete. Therefore, one research approach is the motivational process that an entrepreneur experiences.
Explain the concept of entrepreneurial persistence and how it is being examined. Entrepreneurs are not intimidated by difficult situations. Although entrepreneurs are extremely persistent, they are realistic in recognizing what they can and cannot do and where they can get help to solve difficult but unavoidable tasks. Experience and persistence teaches lessons to entrepreneurs that are used to vault them into future successes. The decision to persist is influenced by personal characteristics of the entrepreneur as well as by feedback from the environment.
One of the most important characteristics of a successful entrepreneur is the desire to be a high achiever.
Ten questions are provided to help the reader identify their achievement drive. Choices for each question are a, b, and c. A scoring table is provided after the exercise.
Once the reader has tabulated their score, information for interpreting the results is provided. The reader is given a list of eight actions, and asked to classify them as either ethical and legal, unethical and legal, ethical and illegal, or unethical and illegal. Which of the three applicants do you think comes closest to having the mindset of an ideal entrepreneur?
Each entrepreneur is as individual as the characteristics that make up the entrepreneur. An ideal entrepreneurial profile would consist of a desire to achieve, ability to solve problems so achievement can continue, ability to remain open to changes and indecisions that occur, a tolerance for failure, integrity and reliability, and self-confidence.
A possible answer: The applicant that best displays these characteristics is Phil Hartack. Phil is the only applicant that shows a high persistence in problem solving.
This will be very beneficial to Phil because as an entrepreneur he will continually be working out his business complications. However, his tolerance for ambiguity will help him continue to see the overall picture. The combination of these two characteristics will help him keep a realistic view. His high integrity and reliability displays that he is a responsible person who supports his standards.
His high self-confidence shows that he is sure of himself and his values. These characteristics make Phil Hartack the closest to the ideal. To which applicant would you recommend the bank lend money? Defend your answer.
The recommendation would be for Richard Trumpe. Richard has the highest drive to achieve with a high initiative to accomplish his goals. He possesses a high tolerance for failure, so if he is not successful the first time he will not give up.
His creativity and innovativeness will help him develop new ideas. The new ideas can be continually implemented for the improvement and success of his venture. Can these three entrepreneurs do anything to improve their entrepreneurial profile and their chances for success? Be specific in your answer.
The three entrepreneurs in the case study need to improve different areas in their profile. Robin Wood needs the most improvement in her tolerance for ambiguity. If she does not learn to face the uncertainty of her business, she may find the venture too stressful and be unable to cope.
Another improvement area is her persistence in problem solving. Once Robin learns how to tolerate the inevitable, she will be a stronger entrepreneur. Next is Richard Trumpe. Richard could improve his integrity and reliability. As an entrepreneur, Richard has to stay faithful to his vision for his success.
By improving his integrity he will be more likely to be able to stand by his standards. Improvement is also needed in his persistence in problem solving. Solving problems as they occur will help keep the problems from growing. Phil Hartack is the last entrepreneur to be discussed. He needs to be able to come up with new ideas.
These ideas need to then be applied by Phil in his venture. These are some of the improvements that the three entrepreneurs need to make to improve their profile and chance for success. CASE 2.
Is the recommendation of the marketing vice president legal? Is it ethical? The marketing vice president has recommended that production continue using the substitute fur. While this is not illegal, since there are no laws specifically governing what type of simulated fur is used, it is unethical to delude the public into thinking the product is of high quality when the material is actually of low quality.
Especially since the company knows exactly what it is doing in trading away good faith and trust for the sake of profits. No, it would not be ethical since the firm already sold 1, bears with the higher-quality simulated fur that lasts seven years and is in the middle of producing 25, more. While the legal question may be debated as to the actual fraud, the ethics question is not debatable. This is a prime example of disregard for ethics. If you were advising Paula, what would you recommend?
As an adviser to Paula, you should utilize Table 4. The strategy segment especially applies to Paula in that she must assume a leadership role when ethical dilemmas arise. In dealing with consumers, enlightened self-interest means that by having concern for others consumers , you are also taking care of yourself business in the future.
Thus, Paula will find that either full disclosure to the public of the lesser-quality fur with a slogan change or absorption of the extra costs associated with the quality fur are the best options for her to choose.
About This Issue Black Enterprise Source Citation: "Are entrepreneurs born or made? About This Issue. Small Business Resource Center. Higher Education. Source Citation: "Candy wrapper. Questions: 1. Are entrepreneurs born or made? What does the research seem to tell us, from this article? What is your opinion?
The article first gives us a little perspective about the question. Many of these daring capitalists dreamed of starting their own company as a child, while others were thrust into business ownership for a variety of reasons- -be it lack of upward mobility in the corporate workforce or the loss of a job. It begs the question: are entrepreneurs born or created?
Valuing money-making companies that have long histories and established business models is straightforward. It is when you encounter difficult-to-value companies that you feel the urge to go over to the dark side of valuation—where you abandon first principles and create new metrics.
Aswath Damodaran looks at a range of these companies, from start-ups in new businesses to distressed companies, from banks facing regulatory turmoil to commodity firms, and from emerging market upstarts to multinationals that spread across geographies and businesses.
With each grouping, he helps you examine the call of the dark side and its practices and frameworks to value these firms. Preview this title online. Request a copy. Additional order info. Buy this product. K educators : This link is for individuals purchasing with credit cards or PayPal only. Pearson offers affordable and accessible purchase options to meet the needs of your students. Connect with us to learn more. He teaches the corporate finance and equity valuation courses in the MBA program.
He has written several books on corporate finance, valuation, and portfolio management. Highly Influenced. View 4 excerpts, cites background and methods.
Purpose Enhanced business reporting EBR seeks to address the information needs of investors when making company valuations for investment decisions. The purpose of this paper is to analyze … Expand.
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View 2 excerpts, cites background. Framework: Financial Technology FinTech is an industry composed of diversified firms that combine financial services with innovative technologies. The research question and main goal are attempting … Expand. Essays on Corporate Investment Dynamics.
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