Lecture Note__New Venture Startup_MBA_Alto_04-8 Entrepreneurial Mindset 2021

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Personal Qualities of
Successful Entrepreneurs
ProfessorDavidChoi
Entrepreneurial Traits and Skills Often Identified
Personality Traits
Independence
Limited Structure
Nonconformity
Risk Acceptance
Action Orientation
Passion
Need to Achieve
Determination
Skills
Future Focus
Idea Generation
Execution
Self-Confidence
Optimism
Persistence
Interpersonal Sensitivity
Entrepreneurship is psychological ? What about Business Skills?
ProfessorDavidChoi
“Most of what you hear about
entrepreneurship … is all wrong. It ’s not
magic; it’s not mysterious and it has
nothing to do with genes. It’s a discipline,
and like any discipline, it can be learned.

Entrepreneurship: It Can Be Learned
Peter Drucker
® Dr . David Choi from LMU
ProfessorDavidChoi
“Most of what you hear about
entrepreneurship … is all wrong. It ’s not
magic; it’s not mysterious and it has
nothing to do with genes. It’s a discipline,
and like any discipline, it can be learned.

Entrepreneurship: It Can Be Learned
Peter Drucker
® Dr . David Choi from LMU
ProfessorDavidChoi
Breaking It Down: The 13 Competencies (1)
1. Opportunity Recognition
2. Opportunity Assessment
3. Risk Management/
Mitigation
4. Conveying a Compelling Vision
Michael Morris et al., Journal of Small Business Management, 2013
Capacity to perceive changes or overlooked
possibilities that may be sources of profit.
Ability to accurately determine the relative
attractiveness of an opportunity.
Taking actions that reduce risk or reducing the
potential impact.
The ability to conceive an image of a future that
empowers followers.
ProfessorDavidChoi
Breaking It Down: The 13 Competencies (2)
5. Tenacity/Perseverance
6. Creative Problem Solving
7. Resource Leveraging
8. “Guerrilla” Skills
Michael Morris et al., Journal of Small Business Management, 2013
The ability to sustain action and energy when
confronting difficulties and obstacles.
The ability to produce novel and appropriate or
useful outcomes.
The skills at accessing resources one does not
necessarily own or control.
The capacity to employ unconventional, low-cost
tactics and do more with less.
ProfessorDavidChoi
Breaking It Down: The 13 Competencies (3)
9. Value Creation
10. Maintain Focus yet Adapt
11. Resilience
12. Self-Efficacy
13. Building and Using Networks
Michael Morris et al., Journal of Small Business Management, 2013
The capability of generating revenues exceeding
their costs.
The ability to focus on goal while pursuing actions to
improve the fit.
The ability to cope, recover, or even thrive in the
face of adversity.
The ability to maintain self-confidence regarding
one’s ability to accomplish a task
Social interaction skills to develop relationships with
others who assist them in their careers.
ProfessorDavidChoi
Teaching Entrepreneurship
Business Fundamentals
Forming an Entity
Protecting IP
Product Development
Cash Flow Management
Reading Financial Statements
Cost Analysis
Market Analysis
Marketing /Selling
Promotion & Advertising
Formulating a Strategy
하고 싶은 말
핀란드 Aalto 대학교 MBA 과제
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