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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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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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