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Personal Entrepreneurial Characteristics

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					    Personal Entrepreneurial
        Characteristics

                  Workshop 3
             “ memihkar lemeizam”
                 24 June 2008
     Uzi de Haan co-developed with Mia Erez


1                Workshop BEIC-TT-2008
2   Workshop BEIC-TT-2008
3   Workshop BEIC-TT-2008
4   Workshop BEIC-TT-2008
        Entrepreneurial Characteristics
    Fundamental Research Questions (Baron, 2002)

    • How and why do some people, but not others,
      recognize opportunities
    • How and why do some people, but not others,
      decide to become (a) an entrepreneur, (b) start new
      ventures, and (c) exploit opportunities
    • How and why do some people, but not others,
      organize new ventures that grow rapidly and are
      successful or become life-style entrepreneurs or
      intrapreneurs

5                      Workshop BEIC-TT-2008
        Entrepreneurial Characteristics
    • Are you born with them or can they be learned?
    • Can you assess/measure them and use this for
       recruitment and decision to invest
    • Can teams complement the entrepreneurial traits and
      abilities needed
    • To which degree are entrepreneurship characteristics
      contextual. E.g. in certain environments, organizational
      cultures individuals are entrepreneurial and in others
      not
    • Are there thresholds values for essential
      entrepreneurial characteristics above which, context
      determines entrepreneurial action. E.g. Chinese and
      Indians in Silicon Valley, Russian immigrants in Israel,
      laid off employees
6                       Workshop BEIC-TT-2008
    Essential conditions for success
       and attracting investment
                    High Growth
                      Market




                      $100M+
                        Exit




      Unique                              The Founder
    Technology/
7                 Workshop BEIC-TT-2008    The Team
     Products
             To team or go to on your own
Advantages of teaming:
• Complementary skills
• Risk reduction
• Emotional support
• Can be part-time for some team members e.g. faculty members
• Investors like teams
• Success rates of founders teams of start-up companies

•Disadvantages of teaming
• Dilution of ownership
• Conflicts in team
• Inequalities in responsibilities
• Changes in roles and composition of team difficult to manage




8                          Workshop BEIC-TT-2008
  Entrepreneurial Roles and Involvement of
University Researchers in Technology Transfer

            10                    CEO of Spin-Off

                              (part-time) member of founder’s team

                           consultant of the spin-off or licensee
    Level of
    Involvement         consultant during the Technology Transfer Process

                     Support of TT Office in communication with licensees

             1     Invention disclosure to TT Office/ ISKIT

             0    No involvement, only publications
                                           Roles

9                            Workshop BEIC-TT-2008
            Research on the characteristics of
              entrepreneurs and innovators
•    Despite extensive research and research hypotheses little conclusive evidence of relations
     between personality and other characteristics and intention to be entrepreneur or
     entrepreneurial performance.

•     Variables with an impact are:
     - Need for achievement
     - Need for autonomy
     - Personal Initiative
     - Self confidence
     - Open to experiments, innovativeness
     - Tenacity and endurance
     - Incremental Innovator
     - Breakthrough innovator
     - Passion
     - Creativity
     - Risk-taking
     - Conformity
     - Entrepreneurial Self-Efficacy
     - Employment status, education, married, experience, age, social
       ties


10                                   Workshop BEIC-TT-2008
     Research on the characteristics of
entrepreneurs and innovators as predictor for
 entrepreneurial intention and performance
 •    - Need for achievement
      - Need for autonomy
      - Personal Initiative
      - Self confidence
      - Open to experiments, innovativeness
      - Tenacity and endurance
      - Incremental Innovator
      - Breakthrough innovator
      - Passion
      - Risk-taking
      - Conformity
      - Entrepreneurial Self-Efficacy
      - Employment status, education, married, experience, age, social
        ties
      - Entrepreneurial Experience


 11                           Workshop BEIC-TT-2008
            Entrepreneurial Self-efficacy

• Motivational construct of self-efficacy and situational self-
  efficacy is developed by Bandura, 1986
• Self-efficacy is the belief in one’s ability to muster and
  implement the necessary personal resources, skills and
  competencies to attain a certain level of achievement on a
  given task (Bandura, 1997)
• Self-efficacy can be seen as task-specific self-confidence
  and has been shown to be a robust predictor of individual
  task performance
• Entrepreneurial self-efficacy concerns entrepreneurship
  related tasks and will influence entrepreneurial intentions
• Self-efficacy is changeable amongst others by learning


 12                     Workshop BEIC-TT-2008
             Dr. Michael Kirton’s
     Kirton Adaption/Innovation Inventory




     Outgrowth of British government study
     Measures STYLE of creativity, NOT amount
     Facet of who you are as a person
     First published in 1976 by Dr. Kirton


13                Workshop BEIC-TT-2008
      Your Creativity Style

     • An inborn Orientation, it’s not a
       choice; you cannot change it.
     • Part of who you happen to be.
     • Observable very early in life.
     • Stable over time.
     • Independent of age, education,
       birth order, gender, culture.


14               Workshop BEIC-TT-2008
          Creativity Style Continuum

                           96
          Perfects the                     Changes the
           system                          system
          (incremental)                      (radical)
#


         32                                       160


                   KAI Continuum
    15                    Workshop BEIC-TT-2008
                                “My first impulse on taking any
                                apparatus into my hand…, is to
                                 seek a way of improving it.”



                               “I have never worked on anything
                                   that didn’t already have a
                                        working model.”

                                       -Thomas Edison




   With 1093 patents to his credit, HOW was
16
   Thomas Edison creative?
                     Workshop BEIC-TT-2008
                                    “Imagination is more
                                      Important than
                                       knowledge.”

                                “If we knew what we were
                                doing it wouldn’t be called
                                     research would it?”

                                      -Albert Einstein




     HOW was Albert Einstein Creative?
17          Workshop BEIC-TT-2008
          Differences in Style
                                96

           Edison                           Einstein




     32                                                160
                      Continuum

18                  Workshop BEIC-TT-2008
     Research on the characteristics of
entrepreneurs and innovators as predictor for
 entrepreneurial intention and performance
 • - Need for achievement
    - Need for autonomy
    - Personal Initiative
    - Self confidence
    - Open to experiments, innovativeness
    - Tenacity and endurance
    - Incremental Innovator
    - Breakthrough innovator
    - Passion
    - Risk-taking
    - Conformity
    - Entrepreneurial Self-Efficacy
    - Employment status, education, married, experience, age, social
      ties

 19                      Workshop BEIC-TT-2008
     Exercise with short questionnaire
Please complete and calculate average scores on
  variables
• Entrepreneurial Experience Q 1-2 Score between 0-2
• Entrepreneurial Self-efficacy Q3- 10 Score between 1-5
• Personal Initiative Q11-13 Score between 1-7
• Incremental innovation Q14-17 Score between 1-7
• Entrepreneurial intention Q18 Score 1-5
• Radical Innovation Q19-21 Score 1-7
• Risk-taking Q22-23 Score 1-7

Discuss results


20                   Workshop BEIC-TT-2008

				
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