Professional Documents
Culture Documents
Chapter 3 The Individual Entrepreneur
Chapter 3 The Individual Entrepreneur
Locus of Control
A quality indicating the sense of control that
a person has over his life.
Internal Locus of Control
Believing that one’s success depends on one’s
own efforts.
External Locus of Control
Believing that one’s life is controlled more by luck
or fate than one’s own efforts.
Table 3.1
Checklist for Feelings about Control
When things go right and are terrific for you, do you Yes No
think, “Its mostly luck!”?
Do you think that if you decide to do something, Yes No
you’ll do it and nothing can stop you?
If you want something, do you ask for it rather than Yes No
wait for someone to notice you and “just give it to
you”?
Even though it’s scary to try something new, are you Yes No
the kind who tries it?
Even though people tell you “it can’t be done,” do Yes No
you have to find out for yourself?
Entrepreneurial Feelings
Risk Taking
Starting a new venture involves putting at stake
money, hard work and lots of time.
This involves a certain amount of risk as success is
not guaranteed and all efforts and resources could
go wasted.
Only a person willing to risk it all can succeed.
Table 3.3
Checklist for Willingness to Take Risks
Do you like trying new foods, new places, and Yes No
totally new experiences?
Can you walk up to a total stranger and strike up a Yes No
conversation?
Do you need to know the answer before you’ll ask Yes No
the question?
Do you need to know that it’s already been done Yes No
before you are willing to try it?
Can you take risks with money, that is, invest, and Yes No
not know the outcome?
Entrepreneurial Background and
Characteristics
Childhood Family Background .
A child’s future occupation is Birth Order
shaped by what kind of
environment he or she has at
home.
Being the first born is also
believed to have some effect on Parents Occupation
the self-confidence of the person
and ability to start a new venture.
If a parent is an entrepreneur
then its natural that the child will Social Status
find it easy to become one as
well.
Their support is also a deciding
factor in the success of the Relationship with parents
entrepreneur. (Fathers for female E)
Entrepreneur Statement