What are the different approaches to identifying entrepreneurial types?
• Aspiring entrepreneurs are the entrepreneur who dream of starting a business; they hope for the chance to be their own bosses. But they have not yet made the leap from current employment into the uncertainty of a start-up.
• Lifestyle entrepreneurs are those who have developed an enterprise that fit their individual circumstances and style of life. Their basic intention is to earn an income for themselves and their families. These have been referred to as small businesses or mom-and-pop shops
• Growth entrepreneurs have both the desire and ability to grow as fast and as large as possible. These firms are the most dynamic job generators in the American economy
What are the growth issues entrepreneurial companies face?
• Some businesses may not offer any productivity improvement and therefore may have no significant potential for entrepreneurial growth. On the other, even with growth potential, the business owner may prefer to grow the business only to a certain point.
• Not all entrepreneurs aspire to business growth. Searching for independence and economic support for family and children, many small business founders work toward the goal of growing the business to a level to provide a relatively steady stream of income and employment.
• The true challenge for entrepreneurs is to avoid burnout from the daily operations and keep the entrepreneurial spirit that drove one into business alive and well.
• What distinguishes an entrepreneurial company from a small business is the ability of the venture owner to maneuver successfully through the transition stages necessary to handle distinctive periods of growth. .
What is the Entrepreneurial mindset? What characteristics do entrepreneurs often share?
• An entrepreneurial mindset is creating the conditions under which everyone involved is energized to look for opportunities to change the business model. These might include redesign existing product offerings, reshape markets and change products in novel ways
Common Shared Characteristics
• They passionately seek new opportunities always looking for the chance to profit from change and disruption in the way business is done. They revolutionize business models; examine how revenues are determined, how costs are incurred, and how operations or technology are conducted.
• They pursue opportunities with enormous discipline. And make sure that they act on them. They make investments only if the competitive arena is attractive and the opportunity is ripe.
• They pursue only the very best opportunities and avoid exhausting themselves and their organizations by chasing after every option they go after a tightly controlled portfolio of opportunities in different stages of development.
• They focus on execution—specifically, adaptive execution
• They engage the energies of everyone in their domain. They create and sustain networks of relationships rater than going it alone, making the most of the intellectual and other resources people have to offer and helping those people to achieve their goals as well.