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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 l.jpg

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 l.jpg

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


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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


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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


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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


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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


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Wk

2

Management Skills and Competence

Mgt 4550 - Family Business Dr. Irene Duhaime Page


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entrepreneurs

  • part adventurer ---------------part misfit

  • part benefactor ------------part exploiter

  • part genius ---------------------part fool (Gersick)

Mgt 4550 - Family Business Dr. Irene Duhaime Page


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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


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“Myths” about founders

  • . stories about how business started

  • . overcame obstacles

  • . survived despite the odds(Gersick)

Mgt 4550 - Family Business Dr. Irene Duhaime Page


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Founder as entrepreneur

  • . risk taker

  • . creative idea

  • . lone ranger

  • . escape other firm, reporting to others(Gersick)

Mgt 4550 - Family Business Dr. Irene Duhaime Page


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Founders’ motivations

  • negative

  • . leave other jobs

  • . frustration with bosses

  • . lack of career progress(Gersick)

Mgt 4550 - Family Business Dr. Irene Duhaime Page


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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


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Founders’ motivations

  • positive

  • . exploit opportunity

  • . seek challenge, excitement

  • . imitate other inspiring founders(Gersick)

Mgt 4550 - Family Business Dr. Irene Duhaime Page


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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


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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


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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


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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