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The Psychology of
Entrepreneurship
John Bradberry

GLOBE Program
UNC – Kenan Flagler Business School
October 7, 2013
Flow
•
•
•
•

Psychology of Entrepreneurship
11 Core Characteristics
Assessment Feedback and Discussion
Integrate Insights
Most People Want to Do It
In a 2007 survey by Intuit:

72 percent of working adults said they wanted
to start their own bu...
Reality
Most ventures close within
5 years of formation.
7 of 10 close within 10 years.
Reality
The typical business owner will earn
35% less over a 10-year period than if
he or she worked for someone else
duri...
Reality

6 of 10 people who become
self-employed go back to work
for someone else within 10 years.
Reality
Business owners report longer
work hours and more stress,
fatigue, insomnia, depression,
and conflict with spouses...
WHY?
An Exploration
•
•
•
•
•

55 hours of interviews
51 books
83 research papers
500+ online sites, blogs, magazines, etc.
Fil...
A Core Issue

+
Entrepreneurial Passion
Ideas
Innovation
Entrepreneurship
Founder
Founder

Market
Founder

Market

Math
Founder

Market

Execution

Math
Founder

Market

Execution

Math
Founder

Market

Execution

Math
Founder

Market

Execution

Math
Founder

Market

Execution

Math
Founder

Market

Execution

Math
Founder

Market

Execution

Math
Founder

Market

Execution

Math
Founder

Market

Execution

Math
+ Staying Power
Founder Readiness
Purpose / Goals
Skills / Expertise
Personality
Relationships
Resources
Founder Readiness
Purpose / Goals
Skills / Expertise
Personality
Relationships
Resources
Personality

Ash Khan, omni-potence
Entrepreneur Core
Characteristics Profile (ECCP)
• 11 dimensions of personality

• An awareness raising tool
• Revisions u...
Keep in Mind…
• Not predictive of success as an entrepreneur
• No single “best” entrepreneur profile
• Not measuring skill...
Eleven Core Characteristics
•
•
•
•
•
•
•
•
•
•
•

Commercial Orientation
Conceptual Orientation
Independence
Need for Ach...
Commercial Orientation
Conceptual Orientation
Independence
Need for
Achievement
Risk Tolerance

www.CCAL.org
Confidence

Entrepreneur.com
Persuasive Ability
Resilience

www.earlytraumagrief.anu.edu.
Reliability
People Orientation

flashmobBarcelona.jpg
Integrity
Icarus Qualities
•
•
•
•
•
•
•
•
•
•
•

Commercial Orientation
Conceptual Orientation
Independence
Need for Achievement
Ri...
FOUNDER A
FOUNDER B
FOUNDER C
FOUNDER D
FOUNDER E
Individually (10 min.)
Review and absorb your report:
• What rings true?
• What is most surprising?

• What questions does...
In Pairs (15 min.)
Discuss your feedback:
• What 1-2 insights might apply to
my founder or team role?
• Key questions goin...
UNC Kenan-Flagler Presentation -- The Psychology of Entrepreneurship
UNC Kenan-Flagler Presentation -- The Psychology of Entrepreneurship
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UNC Kenan-Flagler Presentation -- The Psychology of Entrepreneurship

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Slides from a presentation on October 7 to students participating in UNC's GLOBE program -- an international business education program bringing together students from the U.S., Denmark, and Hong Kong

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  • So if the purpose of the test is to measure traits or characteristics associated with entrepreneurship – why would I say it’s not predictive? Not enough data yet, but that’s not the real reasonNo single entrepreneurial profile – too many variables… It’s about Awareness… and Fit… (tell a story here… Mark Williams…. )
  • Transcript of "UNC Kenan-Flagler Presentation -- The Psychology of Entrepreneurship"

    1. 1. The Psychology of Entrepreneurship John Bradberry GLOBE Program UNC – Kenan Flagler Business School October 7, 2013
    2. 2. Flow • • • • Psychology of Entrepreneurship 11 Core Characteristics Assessment Feedback and Discussion Integrate Insights
    3. 3. Most People Want to Do It In a 2007 survey by Intuit: 72 percent of working adults said they wanted to start their own business
    4. 4. Reality Most ventures close within 5 years of formation. 7 of 10 close within 10 years.
    5. 5. Reality The typical business owner will earn 35% less over a 10-year period than if he or she worked for someone else during the same period.
    6. 6. Reality 6 of 10 people who become self-employed go back to work for someone else within 10 years.
    7. 7. Reality Business owners report longer work hours and more stress, fatigue, insomnia, depression, and conflict with spouses.
    8. 8. WHY?
    9. 9. An Exploration • • • • • 55 hours of interviews 51 books 83 research papers 500+ online sites, blogs, magazines, etc. Filtered through personal experience and observation
    10. 10. A Core Issue +
    11. 11. Entrepreneurial Passion
    12. 12. Ideas
    13. 13. Innovation
    14. 14. Entrepreneurship
    15. 15. Founder
    16. 16. Founder Market
    17. 17. Founder Market Math
    18. 18. Founder Market Execution Math
    19. 19. Founder Market Execution Math
    20. 20. Founder Market Execution Math
    21. 21. Founder Market Execution Math
    22. 22. Founder Market Execution Math
    23. 23. Founder Market Execution Math
    24. 24. Founder Market Execution Math
    25. 25. Founder Market Execution Math
    26. 26. Founder Market Execution Math
    27. 27. + Staying Power
    28. 28. Founder Readiness Purpose / Goals Skills / Expertise Personality Relationships Resources
    29. 29. Founder Readiness Purpose / Goals Skills / Expertise Personality Relationships Resources
    30. 30. Personality Ash Khan, omni-potence
    31. 31. Entrepreneur Core Characteristics Profile (ECCP) • 11 dimensions of personality • An awareness raising tool • Revisions underway -- Your feedback appreciated
    32. 32. Keep in Mind… • Not predictive of success as an entrepreneur • No single “best” entrepreneur profile • Not measuring skill, but rather tendency/preference. • Scores are relative, not absolute
    33. 33. Eleven Core Characteristics • • • • • • • • • • • Commercial Orientation Conceptual Orientation Independence Need for Achievement Risk Tolerance Confidence Persuasive Ability Resilience Reliability People Orientation Integrity
    34. 34. Commercial Orientation
    35. 35. Conceptual Orientation
    36. 36. Independence
    37. 37. Need for Achievement
    38. 38. Risk Tolerance www.CCAL.org
    39. 39. Confidence Entrepreneur.com
    40. 40. Persuasive Ability
    41. 41. Resilience www.earlytraumagrief.anu.edu.
    42. 42. Reliability
    43. 43. People Orientation flashmobBarcelona.jpg
    44. 44. Integrity
    45. 45. Icarus Qualities • • • • • • • • • • • Commercial Orientation Conceptual Orientation Independence Need for Achievement Risk Tolerance Confidence Persuasive Ability Resilience Reliability People Orientation Integrity
    46. 46. FOUNDER A
    47. 47. FOUNDER B
    48. 48. FOUNDER C
    49. 49. FOUNDER D
    50. 50. FOUNDER E
    51. 51. Individually (10 min.) Review and absorb your report: • What rings true? • What is most surprising? • What questions does it raise?
    52. 52. In Pairs (15 min.) Discuss your feedback: • What 1-2 insights might apply to my founder or team role? • Key questions going forward?
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