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Entrepreneurial Characteristics

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

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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
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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
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Essential conditions for success and attracting investment
High Growth Market

$100M+ Exit

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Unique Technology/ Products

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The Founder The Team

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

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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

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Invention disclosure to TT Office/ ISKIT

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No involvement, only publications
Roles

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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

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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
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Entrepreneurial Self-efficacy
• Motivational construct of self-efficacy and situational selfefficacy 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

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Kirton Adaption/Innovation Inventory

Dr. Michael Kirton’s

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

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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.

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Creativity Style Continuum
Perfects the system (incremental) 96 Changes the system (radical)

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32 KAI Continuum
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“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 Thomas Edison creative? 16 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

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HOW was Albert Einstein Creative?
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Differences in Style
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Edison Einstein

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Continuum
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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
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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

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