SEMINAR WEEK 3

Self-Analysis
Are Entrepreneurs born or made?
An Entrepreneurs’ purpose
Born or made?
•Is it an individual’s personality or their
socialisation process that shapes their
interest to become an entrepreneur?
Social process
•Context can shape the supply and demand
for entrepreneurial behaviour?
•Access to resources can foster or block an
entrepreneurial idea?
Social
development
•Do the types of situations people
encounter and the social groups to which
they belong throughout their life shape the
attitudes and resources required to engage
in the entrepreneurial process?
Common traits
identified in
entrepreneurs
•Risk-taking
•Strong need for achievement
•High tolerance of ambiguity
•High internal locus of control
Personality
traits
•An individual’s possession of a particular
personality trait or traits predisposes them
towards enterprising behaviour?
Personality born view
v social development
made view
•Motivation: inborn or influenced?
•Desire: from within or from interaction
with others?
•New ideas: by chance or as a result of
knowledge and social situations?
•Business entry decisions: subconscious
search for the right opportunity or group
interaction?
The cognitive
dimension
•How incoming information is processed and
used
•Differences in cognitive processes may
explain why people report variations in
behaviour and performance
•How do entrepreneurs think and behave ?
•What and how do they use knowledge to
make decisions on opportunity evaluation,
venture creation and growth?
Robert
Baron’s(2006)
findings
•Entrepreneurs more than likely to experience
regret over missed opportunities
•More likely to search
•More likely to engage in careful constructive
thought
•Experience stronger levels of emotion
•Successful entrepreneurs more likely to be
overconfident in their predictions!
Cognitive
biases and
heuristics
•Overconfidence
•Representativeness
•Over optimism
•Illusion of control
•Confirmation bias
•Planning fallacy
•Escalation of commitment
Who were
they?
•Alan Sugar
•Oprah Winfrey
•Sir Richard Branson
•Jamie Oliver
•Deborah Meaden
•Rihanna
•Bill Gates
•Jeff Bezos
•Elon Musk
•Steven Spielberg
•Mark Zuckerberg
An entrepreneur’s vision
Discuss in groups (10
minutes)
1. Strengths and
development of the
pitch presenter?
2. What led the
Dragons to investing
3. Is there anything that
could have been
differently?
4. As an entrepreneur,
what did he do well
that we can learn
from?
5. What were some of
his traits that led to
his success?
THANK YOU!
ANY
QUESTIONS?