1. The Psychology of the Entrepreneur
- What advice does the author have for the entrepreneur?
There is more scientific psychology studies in this article more than advice to the entrepreneur. The article starts by clearly separating the differences between a manager and an entrepreneur. An entrepreneur is an individual who is able to innovate and manage. However, this definition of the entrepreneur and the distinction of innovation is characterized by three psychological factors entrepreneurs seem to possess. All entrepreneurs seem to have a high "need for achievement" which flows into 1) a personal prefernece for responsibility on decisions, 2) are moderate risk takers as a function of skill, and 3) possess concret knowledge on the results of decisions. The entrepreneur definition is not clearly defined but characterized by these traits throughout the article.
- How might you use this advice now or in the future?
What I particularly took from this article was the definition of the entrepreneur as a manager and innovator. If you read the first couple paragraphs of the article, innovation is what separates the manager - whether it be a new product or service, or a new way to do something. I just might use this knowledge in the future to understand my own characteristics of entrepreneurship. Take responsibility for decisions, take only moderate risks, and know the results of your decisions.
- How might we learn from the gaps/flaws in this article? What does this article ignore?
This article does seem to ignore the other types of entrepreneurs. Although it is common characteristics that these entrepreneurs may have with eachother, many are not that way. The article is very broad. What about those entrepreneurs that made it and are huge risk takers? What is a bit disappointing and is part of the mystique of the subject is that there is no real answer or reason for entrepreneurial success. There are common characteristics but no real answer. Understand going forward that the characteristics of an entrepreneur can be unique and you may have your own style.
Brockhaus, Robert H., Horwitz, Pamela S.
The Psychology of the Entrepreneur. The Art and Science of Entrepreneurship (1986): 25-48
http://books.google.com/books?hl=en&lr=&id=xDe6ilkLCggC&oi=fnd&pg=PA260&dq=entrepreneur&ots=T6G1rUXpdg&sig=VWR5j8aS77Y-L_bbh4s71DwvEeU#
2. The Heart of Entrepreneurship
- What advice does the author have for the entrepreneur?
The entrepreneur needs to overcome one of the hardest things when becoming an entrepreneur - the necessity of change. People become so reliant on easiness of the norm but an entrepreneur spearheads the necessity of that change. The entrepreneur needs to also find what resources and needs they will need. This includes: resource needs, social needs, and external control limits. Also, how to control resources as efficiently and with the most stability possible. How to structure your entrepreneurial venture - which considers how to use resources, the need for flexibility, or an employee's desire for independence. All of these factors can relate back to how an entrepreneur creates a venture.
- How might you use this advice now or in the future?
It is important to identify how to spearhead an entrepreneurial venture and how to break the norm and push change, understand the resources, and structure a venture. This can be used right now with pushing change with any kind of lifestyle or academic/professional activity you participate in. Change forces new ways of thinking or different approaches. Resources play out into everyday life as well - like money, one of my scarcest resources. Structuring a venture can be easily translated into structuring your life and adulthood. All of this can be mirrored into everyday life.
- How might we learn from the gaps/flaws in this article? What does this article ignore?
I actually liked this article. It mentioned some good points of information. The one thing this article is missing is it is a bit incomplete. There are so many aspects that play into entrepreneurship. This only touches on some broad issues an entrepreneur may face - and in this example, the heart of the entrepreneur or what is considered the real life of the entrepreneur. This article is part of a large book about entrepreneurship and I believe some other components of entrepreneurship may be answered along the way.
Stevensen, Howard H., Gumpert, David E.
The Heart of Entrepreneurship. Design and Manage Your Career. Chapter 7.
http://books.google.com/books?hl=en&lr=&id=UuDbmDjy3BoC&oi=fnd&pg=PA89&dq=entrepreneur&ots=gX7Sp_LMHo&sig=pmqDlkXO6aA8J259dfpi4GTcO7k#v=onepage&q=entrepreneur&f=false
Wednesday, October 21, 2009
Wednesday, October 7, 2009
Article
The Big Lie - Burnout and ways to deal with it...
http://www.inc.com/magazine/19960301/1586.html
What advice does the author have for entrepreneurs?
This author has advice for entrepreneurs that may be susceptible to burning out. All entrepreneurs must expect to potentially face the challenge. However this author believes that the most stress comes within the maturity phase of the business. At this point, an entrepreneur must learn to diversify their skills, teach, plan your succession, network, and to renew their passion to avoid burning out and avoid the 4 "A's": aloneness, arrogance, adventure seeking, and adultery.
How may you personally use this advice now or in the future?
I think this advice can be applied to my everyday life and schoolwork especially. I can use these five techniques to avoid burning out at school. At this point school can become very boring. We may lose sight of some of the challenge. One of those strategies is to diversify your knowledge - which we do at school everyday - however we can use some of the other techniques to avoid burning out, like teaching others, planning your future/graduation, networking, and renewing other passions.
What might you learn from gaps/flaws in the article? What does this article ignore?
The one flaw I believe this article has is it fails to address those that may burnout from all of the work that is involved in the start. Or possibly how to deal with all of the stresses involved with the startup. Maybe an article can be created to deal with any stresses you may face along the way - because the article does separate stress and burnout very nicely.
Innovation - Making Inspiration Routine
http://www.inc.com/magazine/20080601/innovation-making-inspiration-routine.html
What advice does the author have for entrepreneurs?
This author offers advice on how to create inspiration that leads to innovation. In the article, the authors lays out a list of ways inspiration is triggered the smart way, including: selecting a strategy, connecting customers, generate ideas, selecting ideas, prototyping and testing, going to market, and adjusting for growth.
Selecting the strategy involves almost finding the right market to hit. No adjacent markets, but finding a good market to start in. Connecting customers includes finding the right mix of a social network that may approve of the idea and may be interested in some idea. At this point, you can start to create ideas or brainstorm, then select those ideas. Next, create some type of prototype and have your network try the prototype before going to market. One of the biggest parts is adjusting for growth and fostering the environment for inspiration and innovation in your company.
How may you personally use this advice now or in the future?
Simple enough, this process can be used when thinking of anything creative. You need to figure out some kind a need or market to target, get an approval, brainstorm, select ideas, create a model or prototype and test it, go to market or present the idea, then adjust for your future improvements. This process is so broad that it can be applied to almost anything!
http://www.inc.com/magazine/19960301/1586.html
What advice does the author have for entrepreneurs?
This author has advice for entrepreneurs that may be susceptible to burning out. All entrepreneurs must expect to potentially face the challenge. However this author believes that the most stress comes within the maturity phase of the business. At this point, an entrepreneur must learn to diversify their skills, teach, plan your succession, network, and to renew their passion to avoid burning out and avoid the 4 "A's": aloneness, arrogance, adventure seeking, and adultery.
How may you personally use this advice now or in the future?
I think this advice can be applied to my everyday life and schoolwork especially. I can use these five techniques to avoid burning out at school. At this point school can become very boring. We may lose sight of some of the challenge. One of those strategies is to diversify your knowledge - which we do at school everyday - however we can use some of the other techniques to avoid burning out, like teaching others, planning your future/graduation, networking, and renewing other passions.
What might you learn from gaps/flaws in the article? What does this article ignore?
The one flaw I believe this article has is it fails to address those that may burnout from all of the work that is involved in the start. Or possibly how to deal with all of the stresses involved with the startup. Maybe an article can be created to deal with any stresses you may face along the way - because the article does separate stress and burnout very nicely.
Innovation - Making Inspiration Routine
http://www.inc.com/magazine/20080601/innovation-making-inspiration-routine.html
What advice does the author have for entrepreneurs?
This author offers advice on how to create inspiration that leads to innovation. In the article, the authors lays out a list of ways inspiration is triggered the smart way, including: selecting a strategy, connecting customers, generate ideas, selecting ideas, prototyping and testing, going to market, and adjusting for growth.
Selecting the strategy involves almost finding the right market to hit. No adjacent markets, but finding a good market to start in. Connecting customers includes finding the right mix of a social network that may approve of the idea and may be interested in some idea. At this point, you can start to create ideas or brainstorm, then select those ideas. Next, create some type of prototype and have your network try the prototype before going to market. One of the biggest parts is adjusting for growth and fostering the environment for inspiration and innovation in your company.
How may you personally use this advice now or in the future?
Simple enough, this process can be used when thinking of anything creative. You need to figure out some kind a need or market to target, get an approval, brainstorm, select ideas, create a model or prototype and test it, go to market or present the idea, then adjust for your future improvements. This process is so broad that it can be applied to almost anything!
What might you learn from gaps/flaws in the article? What does this article ignore?
Although this article lies our a base for how to encourage inspiration and innovation, sometime it may just be incredibly hard to spark that. For example, in the first step - select a strategy/market - how am I supposed to determine what would be a good market? What I would like from this article is some more guidance on how you can determine these kinds of things, but I guess that can be published in another article. Know what would be nice? Stories of how some of these hit products were inspired! I would enjoy reading that if you know where I can find that easily.
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