Thinking entrepreneurially - Entrepreneurial Behaviour
Entrepreneurs cause entrepreneurship: market opportunities, technology changes and other factors influence entrepreneurship – but, the entrepreneur is at the heart of the matter.
Understanding entrepreneurs: who are they, what they think, how do they think and what influences their decision.
Entrepreneurial Behaviour:
1. Confidence: It is important for entrepreneurs to believe in themselves and their abilities and may require going against the norm. Self-doubt can result in doubts from your team, partners, investors, customers etc.
2. Interpersonal relationship skills: These are driven by your likability and communication skills. It influences your ability to connect with individuals and connect with their connections. These skills may be natural skills for you or require a level effort and/or personal study and development.
3. Social capital: Refers to the resources available in and through personal and professional networks: who you know and who they know. Richness depends on the size, quality and diversity of your network. People with rich social capital are better informed, more creative, more efficient and better problem solvers. With right networks, people save time because they know where to get the information they need. It fosters cooperation and collaboration.
4. Risk Tolerance: It addresses your willingness to accept risk – which is different than a desire for risk. Entrepreneurs are no more likely to take risks than non-entrepreneurs, but they do perceive risks differently. Risk is in the eye of the beholder. Consider the risk reward balance, and your potential to return to the status quo.
Understanding entrepreneurs: who are they, what they think, how do they think and what influences their decision.
Entrepreneurial Behaviour:
1. Confidence: It is important for entrepreneurs to believe in themselves and their abilities and may require going against the norm. Self-doubt can result in doubts from your team, partners, investors, customers etc.
2. Interpersonal relationship skills: These are driven by your likability and communication skills. It influences your ability to connect with individuals and connect with their connections. These skills may be natural skills for you or require a level effort and/or personal study and development.
3. Social capital: Refers to the resources available in and through personal and professional networks: who you know and who they know. Richness depends on the size, quality and diversity of your network. People with rich social capital are better informed, more creative, more efficient and better problem solvers. With right networks, people save time because they know where to get the information they need. It fosters cooperation and collaboration.
4. Risk Tolerance: It addresses your willingness to accept risk – which is different than a desire for risk. Entrepreneurs are no more likely to take risks than non-entrepreneurs, but they do perceive risks differently. Risk is in the eye of the beholder. Consider the risk reward balance, and your potential to return to the status quo.
This blog post is based on my learnings from the course on ‘entrepreneurship’ offered by Maryland Technology Enterprise Institute, University of Maryland through Coursera (2014).
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