Chapter 1: The Foundations of Entrepreneurship

Desire for responsibility

• Desire for responsibility
• Preference for moderate levels of risk: risk eliminators
• Self-reliance
• Confidence in their ability to succeed
• Determination
• Desire for immediate feedback

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• High level of energy
• Future orientation
• Opportunity entrepreneurs
• Necessity entrepreneurs
• Serial entrepreneurs
• Skilled at organizing
• Value achievement over money

Opportunity entrepreneurs: start businesses because they spot an opportunity in the marketplace.

• Opportunity entrepreneurs: start businesses because they spot an opportunity in the marketplace.
• Necessity entrepreneurs: start businesses because they cannot find work any other way.
• Serial entrepreneurs: repeatedly start businesses and grow them to a sustainable size before striking out again.

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Entrepreneurs tend to exhibit:

• Entrepreneurs tend to exhibit:
• A high degree of commitment
• Tolerance for ambiguity
• Creativity
• Flexibility
• Resourcefulness
• Bootstrapping is a strategy that involves conserving money and cutting costs during start-up so that entrepreneurs can pour every available dollar into their businesses
• A willingness to work hard
• Tenacity

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One characteristic of entrepreneurs stands out: diversity!

• One characteristic of entrepreneurs stands out: diversity!
• Anyone – regardless of age, race, gender, color, national origin, or any other characteristic – can become an entrepreneur (although not everyone should).

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