FEATURE
PAPER
The Entrepreneurial Process: The Interplay of Social
Competence, Opportunity Recognition and Success as an Entrepreneur
The
following paper was presented at the 2007 USASBE/SBI Conference.
It was written by Gretchen M. Bender and TL Hill of Temple University.
Abstract
Entrepreneurs and
their decision-making process provide an intricate and complex
problem for
understanding decision making. Educators are actively attempting to map success
and failure
with traits and skills found in entrepreneurs. The complexity is aggravated by
how the
entrepreneur uses social skills and social capital, and their perception of themselves
and of the
business world. Various models exist for analyzing the decision-making process,
but this paper
proposes a cyclical model that examines the interplay of certain concepts. Insights
from various
applications of this model will significantly add to mapping entrepreneurial
skills, traits, and
behaviors to financial success in business.
Introduction
This paper presents a framework
and methodology for obtaining information that is potentially
critical to understanding an entrepreneur’s success. The business
community should be invested
in discovering and understanding the reasoning behind an entrepreneur’s
decisions because it is
powerful information that can aid decisions in every aspect of business.
The implications of this study are vast because the findings can be applied
to individual
influences on business decisions involved in the entrepreneurial decision-making
process. By
identifying pitfalls and understanding the process behind decisions, and
by making the process
scientific, we can map success or failure to key personality traits. Investors
can educate
themselves regarding the type of entrepreneur they are financially backing,
and identify
personality aspects that are too risky or may lead to venture failure.
Having this context in which
to evaluate business ventures can help mitigate risk.
Read
the Entire Paper...
TIP
OF THE WEEK
Eleven
Tips for Start-Up Entrepreneurs
1. Follow Your Passion
There are some chores that you as an entrepreneur must endure. If you are passionate enough about the other facets of the business, you will put up with what you don't particularly enjoy. If you find something you love, I assure you that your work will be considerably easier.
2. Have a Clear Idea About What You Want to Do
As a small business owner, you must understand what your customer wants. This means asking yourself hard questions: Is there the need for your service? What are realistic charges for your service? What are you seeking to do? What are your objectives, both in what you plan to provide to others that is marketable and what you hope to get out of it for yourself? Where are you going to operate? You must also have a realistic view of what your start-up costs will be. And most important, you must focus on your core business.
3. Fine a Niche
In today's competitive marketplace, it's not possible to be all things to all people. What's more, it takes vast resources to dominate your marketplace. If multibillion-dollar companies can't do it, neither can your start-up company. Even large, established companies look for ways to fill a niche. To the novice entrepreneur, I recommend you find a niche - offer a service that isn't currently being filled. Interestingly, some niches are too small for big corporations to pursue, but these same niches provide excellent opportunities for a small businessperson.
4. Be the Best You Can Be
Martin Luther King, Jr., put it eloquently when he said, "If a man is called a street cleaner, he should sweep the streets even as Michelangelo painted or Beethoven composed music or Shakespeare wrote poetry. He should sweep streets so well that all the hosts in heaven and earth will pause to say, 'Here lives a great street sweeper who did his job well.'"
5. Make a Difference
If you chase the money, you'll never get it; but if you chase after your dream to serve others, the money will follow you. Find something to do with a purpose that goes beyond just earning a living, beyond just supporting yourself. This is what will drive you to do your very best.
6. Keep It Simple
Stick to the basics. If you do, everything else will fall into place. With everything that goes on around us, it's easy to get sidetracked by distractions. The secret is to do what you do best and stick to it. Don't make things more complicated than they are. It sounds easy, but evidently it's not as easy as is sounds, because people all over tend to complicate what is otherwise uncomplicated.
7. Watch Your Overhead
With a bankroll of only $3,000, I didn't have any choice - I had to watch my overhead. It taught me discipline, which I have been mindful of throughout my business career. Of course, even with a small bankroll, with credit, the temptation to overspend is always present. Simply put, don't do it! Establish a budget and stick to it.
8. Go With Your Instincts
If I have to work too hard to sell myself on an idea, it's probably not a good idea. Unless Jay strongly objected and convinced me of a flaw in my judgment, I stuck with my intuition. Jay respected my intuition even when it didn't make good business sense to him. Was my intuition always right? Of course not! No entrepreneur is ever 100 percent right. If you're always right, then you're not taking enough risks.
9. Value Your Time and Be a Good Time Manager
Studies estimate that the average person watches three to four hours of television a day. It's amazing what you can accomplish by putting those hours to valuable use. Most people waste more time than they spend working. Once you realize what a precious commodity time is, it's amazing how much you can get done.
10. Brush Up on Your Computer
Skills
I realize that I must develop better computer skills, which are necessary even away from the business - in my personal life. So for anyone starting a business today, your computer skills are essential. This same advice applies to anyone who is returning to the workplace. We live in a computer-driven business world, and computer skills will play an even bigger role in the future.
11. It's Only a Business
When I got wrapped up in the business, it was hard to take a breather and unwind. Fortunately that's what I eventually learned to do. Thinking that it was only a business put things in perspective. My family was my number one priority. They are the reason why I started the business. Sure, on rare occasions I became so focused on a pressing problem that I momentarily put the business before my family. But it happens rarely, and whenever I catch myself falling into that trap, I say to myself, "Doris, it's only a business!" Then I feel at peace with myself again.
| Doris
Christopher The Pampered Chef: The Story of One of
America's Most Beloved Companies.
2005. Random House, Inc. p41-48. |
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CONFERENCES
AACSB
|
| Who: |
AACSB
Communications
|
| What: |
Strategic
Management Seminar
|
| Where: |
Tampa,
Florida, USA |
| When: |
February
1-2, 2007 |
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FSF
|
| Who: |
Swedish
Foundation for Small Business Research
|
| What: |
”The
EU as a Global Player: Benefactor, Colonialist
or Stabilizer?”
|
| Where: |
Brussels,
Belgium |
| When: |
February
8, 2007 |
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ASU
|
| Who: |
Arkansas
State University
|
| What: |
Identity
Solutions Symposium & Workshop
|
| Where: |
Jonesboro,
Arkansas, USA |
| When: |
February
21-22, 2007 |
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USM
|
| Who: |
University
of Soutern Maine Institute for Family-Owned Business
|
| What: |
Governance
for Families in Business
|
| Where: |
Freeport,
Maine, USA |
| When: |
June
19-22, 2007 |
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CS
|
| Who: |
Creativity
Seminars
|
| What: |
Creativity
Workshop - 2007 Educator Fellowships
|
| Where: |
Florence,
Italy |
| When: |
July
13-22, 2007 |
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CALLS FOR PAPERS
CG
|
| Who: |
Common
Ground |
| What: |
The
Seventh International Conference on Knowledge,
Culture & Change in Organizations
|
| Where: |
Singapore
Management University, Singapore |
| When: |
July
24-27, 2007 |
Submission
Deadline:
January 31, 2007
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IFERA
|
| Who: |
International
Family Enterprise Research Academy
|
| What: |
7th
Annual IFERA Conference 2007
|
| Where: |
European
Business School, Oestrich-Winkel, Germany |
| When: |
June
20-23, 2007 |
Submission
Deadline:
February 10, 2007
|
|
|
|
AA
|
| Who: |
Allied
Academies
|
| What: |
2007
International Conference
|
| Where: |
Jacksonville,
Florida, USA |
| When: |
April
11-14, 2007 |
Submission
Deadline:
March 1, 2007
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|
|
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CNU
|
| Who: |
Christopher
Newport University
|
| What: |
"Truth & Consequences" Exploring
Economic Development from Entrepreneurship to
Relationship
|
| Where: |
Newport
News, Virginia, USA |
| When: |
September
28-30, 2007 |
Submission
Deadline:
April 1, 2007
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