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MGT 4550 - Family Business Management. Chapter 2 The Founder - The Entrepreneur Family Business Management, Concepts and Practice by A. Bakr Ibrahim & Willard H. Ellis. Instructor: Dr. Irene Duhaime. Wk 2. Class Schedule - Week 2 . THE FOUNDER-ENTREPRENEUR Reading: Chapter 2

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mgt 4550 family business management

MGT 4550 - Family Business Management

Chapter 2

The Founder - The Entrepreneur

Family Business Management,

Concepts and Practice

by A. Bakr Ibrahim & Willard H. Ellis

Instructor: Dr. Irene Duhaime

class schedule week 2

Wk

2

Class Schedule - Week 2
  • THE FOUNDER-ENTREPRENEUR
    • Reading: Chapter 2
    • Case: The Steinberg Family, p.57
    • Project Teams Assigned

Mgt 4550 - Family Business Dr. Irene Duhaime Page

content

Wk

2

Content
  • Defining the Entrepreneur
  • Roles of the Entrepreneur
  • The Entrepreneurial Process - The Making of an Entrepreneur
  • The Successful Entrepreneur
  • Management Skills and Competence
  • Prediction and Development

Mgt 4550 - Family Business Dr. Irene Duhaime Page

defining the entrepreneur

Wk

2

Defining the Entrepreneur
  • Definition
    • Individual who sees an opportunity that others do not, and marshals the resources to exploit it
    • Characteristics
      • Creative, innovative
      • high need for achievement & autonomy
      • higher than average anxiety
      • developed aesthetic sense
      • lower than average interpersonal skills
      • risk-takin

K. De Vries

Mgt 4550 - Family Business Dr. Irene Duhaime Page

roles of the entrepreneur

Wk

2

Roles of the Entrepreneur
  • Innovator / Risk-taker
    • Creativity
    • Purpose driven
    • Use of untried and unconventional methods
  • Manager / Coordinator
    • Marshall & control resources
    • Formulate organizational strategy
    • Select management structure
    • Select management processes

Mgt 4550 - Family Business Dr. Irene Duhaime Page

the successful entrepreneur the entrepreneurial factor

Wk

2

The Successful EntrepreneurThe Entrepreneurial Factor
  • Proactive Traits
    • address problems before they occur and take action.
  • Achievement orientation
    • work is of highest quality
    • use of feedback for quality improvements
    • seize opportunity when & where found.
  • Commitment to others
    • concerned about customer needs and wants

Mgt 4550 - Family Business Dr. Irene Duhaime Page

management skills and competence

Wk

2

Management Skills and Competence

Mgt 4550 - Family Business Dr. Irene Duhaime Page

entrepreneurs
entrepreneurs
  • part adventurer ---------------part misfit
  • part benefactor ------------part exploiter
  • part genius ---------------------part fool (Gersick)

Mgt 4550 - Family Business Dr. Irene Duhaime Page

founders
founders
  • lasting influence on firm’s
  • . values
  • . ethical standards
  • . decision rules of thumb
  • . business choices (what in and not in)
  • . Culture(Gersick)

Mgt 4550 - Family Business Dr. Irene Duhaime Page

myths about founders
“Myths” about founders
  • . stories about how business started
  • . overcame obstacles
  • . survived despite the odds(Gersick)

Mgt 4550 - Family Business Dr. Irene Duhaime Page

founder as entrepreneur
Founder as entrepreneur
  • . risk taker
  • . creative idea
  • . lone ranger
  • . escape other firm, reporting to others(Gersick)

Mgt 4550 - Family Business Dr. Irene Duhaime Page

founders motivations
Founders’ motivations
  • negative
  • . leave other jobs
  • . frustration with bosses
  • . lack of career progress(Gersick)

Mgt 4550 - Family Business Dr. Irene Duhaime Page

negative motivations
Negative motivations
  • impact on companies they found?
  • . culture tolerant of individualists
  • . resist authority hierarchies
  • . informal org’l structures, don’t want to formalize
  • . few/no formal job descriptions(Gersick)

Mgt 4550 - Family Business Dr. Irene Duhaime Page

founders motivations14
Founders’ motivations
  • positive
  • . exploit opportunity
  • . seek challenge, excitement
  • . imitate other inspiring founders(Gersick)

Mgt 4550 - Family Business Dr. Irene Duhaime Page

positive motivations
Positive motivations
  • impact on companies they found?
  • . tendency to opportunism
  • . choices explained as taking advantage of good deals(Gersick)

Mgt 4550 - Family Business Dr. Irene Duhaime Page

traits of entrepreneurs
Traits of entrepreneurs
  • high need for achievement
  • risk taking propensity
  • tolerance for ambiguity
  • creativity
  • intuition
  • flexibility
  • self-confidence(Gersick)

Mgt 4550 - Family Business Dr. Irene Duhaime Page

traits continued
Traits - continued
  • High need for independence & autonomy
  • internal locus of control
  • adapt readily to change
  • dominance
  • low need for conformity(Gersick)

Mgt 4550 - Family Business Dr. Irene Duhaime Page

slide18

Shareholders

2

Ownership

5

4

7

1

3

Family

Business

6

Family

Members

Employees

Family Business System Figure (Gersick)

Mgt 4550 - Family Business Dr. Irene Duhaime Page