Wednesday, January 21, 2009

Good Business Traits: Are You an Entrepreneur or an Employee?

My sister, a University student, recently borrowed a business book from their library. I read it and found it interesting. It touched on the topic of Small Business, Franchising and Entrepreneurship.

One particular article asked, "Do you have the traits of an entrepreneur, or are you more likely to work for others?" This caught my attention, thought that you might get interested, so I decided to do a post about it.

Are you an entrepreneur?

TIME ORIENTATION: Medium to long (5 - 10 years)
RISK TAKING: Moderate, calculated risk; will risk job security and net worth
TOLERANCE OF UNCERTAINTY: High tolerance of ambiguity and uncertainty
PERSONAL STANDARDS: High -- more oriented to internalizes, self-imposed standards
MANAGEMENT SKILLS: No, or limited formal management education; may have technical or scientific training if in a technical venture; knows a business well; may be former general manager with profit and loss responsibility
MOTIVATIONS: Highly goal-oriented and achievement motivated, self-reliant and self-motivated

Are you an employee (career manager)?

TIME ORIENTATION: Short to medium (monthly, quarterly, annual budgets and quotas; the next promotion
RISK TAKING: Lower risk taker; averse to making mistakes because of large company reward and penalty system; won't take the final plunge
TOLERANCE OF UNCERTAINTY: Lower tolerance of uncertainty
PERSONAL STANDARDS: High -- but more oriented to externalized standards of the organization; more responsive to organization's reward system and trappings such as status and job titles
MANAGEMENT SKILLS: More likely to have formal management education; broad knowledge and experience in managing people and resources
MOTIVATIONS: More motivated y goals and rewards established by the organization; power motivated

So, are you more likely to become an entrepreneur, or an employee?

SOURCE: New Venture Creature - A Guide to Small Business Development by Timmons, Smollen and Dingee, Jr. (1977)

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