Personal Resource Based Enterprenuership
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Transcript of Personal Resource Based Enterprenuership
Personal resource bases of entrepreneurship
Fahim akhtar
Bases of entrepreneurship
• Resources • Personal resources
Personal resource bases
Extend the boundaries of resource-based theory to include the cognitive ability of individual and entrepreneurs working together
Psychological approaches to entrepreneurial success• Need for achievement• Risk-taking• Locus of control
Need for achievement• Praise and rewards for success• Association of achievement with positive feelings• Association of achievement with one's own competence
and effort, not luck• A desire to be effective or challenged• Intrapersonal Strength• Desirability• Feasibility• Goal Setting Abilities
Risk-takingRisk is the potential of gaining or losing something of value. Values
(such as physical health, social status, emotional well-being or financial wealth) can be gained or lost when taking risk resulting from a given action or inaction, foreseen or unforeseen. Risk can also be defined as the intentional interaction with uncertainty.
Risk-taking
• Be a risk taker motivational
Locus of controlA person with an internal locus of control believes that he or she can influence events and their outcomes, while someone with an external locus of control blames outside forces for everything. This concept was brought to light in the 1950's by Julian Rotter.
Sociological Approach• Negative displacement• Positive pull• Positive push• Between things
Negative displacement• Individual displaced in negative way may become
entrepreneurs• Individuals or groups not fitting in may deliver• In USA Vietnamese and Korean doing and delivering
Positive pull
• Positive indicators• Environments, opportunities• Mentor, teacher, guide• Mentor raises the self esteem and confidence
Positive push
• Situation that provide impetus and momentum • Career path • Industry path • Knowledge about system, people and process
Between thingsNational Group 1982 % 1987 %
Korean 6.8 10.2
Asian Indians 6.6 7.6
Japanese 4.9 6.3
Vietnamese 1.5 4.5
Filipino 1.4 2.3
Mexican 1.7 1.9
Situational characteristics• Perception of desirability• Perception of feasibility
Perception of desirability
• Culture, family, peer• Glassman Jewish family
Perception of feasibility
Women entrepreneurs • Personal difference• Organizational differences• Environmental differences
Process model• Strategic orientation• Commitment to the opportunity• Commitment of resources• Control of resources• Management structure• Reward philosophy
Strategic orientation
Strategic Orientation (SOR) is a specific method to develop strategies. It is a method based on the analysis of strengths, weaknesses, opportunities and threats (SWOT).
Commitment to the opportunity
• Exploitable set of circumstances with uncertain outcome, requiring commitment of resources and involving exposure to risk.
Commitment of resources
Control of resources
• Resources are scare • Resources needs commitment in right time
and right price
Management structure
Reward philosophy