Transcript of "Entrepreneurship: Are Entrepreneurs risk takers?"
A typical entrepreneur is not anymore
than a typical manager
• Strong leadership qualities
• Highly self-motivated
• Strong sense of basic ethics and integrity
• Willingness to fail
• Serial innovators
• Know what you don't know
• Competitive spirit
• Understand the value of a strong peer network
Traits of a successful entrepreneur
• Strong leadership qualities - you will get in wrong from time-to-time!
• Highly self-motivated – keep going, in spite of obstacles/failures
• Strong sense of basic ethics and integrity – don’t cut corners!
• Willingness to fail – don’t be scared of failures, learn from them
• Serial innovators – solve problems with products/services/processes
• Know what you don't know – surround yourself with experts
• Competitive spirit – play to win and have fun doing it
• Understand the value of a strong peer network – collaboratex 10
…in the context of risk (and reward)
An entrepreneur is a person who
organizes and manages
any enterprise, especially a business with
Definition of an entrepreneur
• Entrepreneurs are clever risk managers, seeking to mitigate risks.
• Entrepreneurs don't avoid risk, but rather seek to manage it through
thoughtful experiences and leveraging resources
• Do you perceive the relevant risks and have you taken steps to
mitigate them? – Ask Others!
• Weed out the weak ideas and inspire revision of the good ones!
• The average entrepreneur changes business models six times prior to
launch, be prepared to change yours
Try it for yourself
• Develop a more entrepreneurial mid-set
• Initiate things, solve problems, get things done
• Take the lead on projects, ideas and actions
• Be the one to make it happen, not the one who watched it happen or the one who wondered what happened!
• Reduce risks and increase success
• Identify as many risks as possible
• Ask others to help point out the risks (they will love this)
• Prioritise and mitigate as much as possible
• Reflect on the process
• Contrast where you started with where you end-up (iterations)
• Highlight your successes and learn from your failures
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