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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. Wk 2. Class Schedule - Week 2 . THE FOUNDER-ENTREPRENEUR Reading: Chapter 2

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MGT 4550 - Family Business Management

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  1. 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

  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

  3. 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

  4. 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

  5. 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

  6. 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

  7. Wk 2 Management Skills and Competence Mgt 4550 - Family Business Dr. Irene Duhaime Page

  8. entrepreneurs • part adventurer ---------------part misfit • part benefactor ------------part exploiter • part genius ---------------------part fool (Gersick) Mgt 4550 - Family Business Dr. Irene Duhaime Page

  9. 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

  10. “Myths” about founders • . stories about how business started • . overcame obstacles • . survived despite the odds(Gersick) Mgt 4550 - Family Business Dr. Irene Duhaime Page

  11. Founder as entrepreneur • . risk taker • . creative idea • . lone ranger • . escape other firm, reporting to others(Gersick) Mgt 4550 - Family Business Dr. Irene Duhaime Page

  12. Founders’ motivations • negative • . leave other jobs • . frustration with bosses • . lack of career progress(Gersick) Mgt 4550 - Family Business Dr. Irene Duhaime Page

  13. 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

  14. Founders’ motivations • positive • . exploit opportunity • . seek challenge, excitement • . imitate other inspiring founders(Gersick) Mgt 4550 - Family Business Dr. Irene Duhaime Page

  15. 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

  16. 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

  17. 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

  18. 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

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