Title: CHARACTERISTICS, TYPES, AND ROLES OF ENTREPRENEURS
Course: INTRODUCTION TO ENTREPRENEURSHIP > Section: LESSON 3 CHARACTERISTICS, TYPES, AND ROLES OF ENTREPRENEURS

3.1  Introduction

 Welcome to lesson three. You have now learned what entrepreneurial motivation is all about. In this lesson, we introduce you to the topic of characteristics of successful entrepreneurs, types of entrepreneurs, and roles of entrepreneurs in the society. First, we will answer the question: what distinguishes entrepreneurs from other people? These distinctions will be scrutinized based on their personality traits, perceptions, and attitudes and more importantly their behaviors. Second, we will examine the different types of entrepreneurs based on the nature of entrepreneurial practice and motivations for the entrepreneurial ventures. Lastly, we analyze the roles entrepreneurs play in the society. The purpose of this lesson is to inspire you towards modeling the right entrepreneurial characteristics.

3.1 Introduction

Welcome to lesson three. You have now learned what entrepreneurial motivation is all about. In this lesson, we introduce you to the topic of characteristics of successful entrepreneurs, types of entrepreneurs, and roles of entrepreneurs in the society. First, we will answer the question: what distinguishes entrepreneurs from other people? These distinctions will be scrutinized based on their personality traits, perceptions, and attitudes and more importantly their behaviors. Second, we will examine the different types of entrepreneurs based on the nature of entrepreneurial practice and motivations for the entrepreneurial ventures. Lastly, we analyze the roles entrepreneurs play in the society. The purpose of this lesson is to inspire you towards modeling the right entrepreneurial characteristics.

3.2 Lesson learning outcomes

By the end of the lesson, you will be able to;

3.2.1         Explain the characteristics of successful entrepreneurs

3.2.2        Distinguish among the different types of entrepreneurs.

3.2.3        Analyze the roles of entrepreneurs in the society.

3.2.1 Characteristics and types of Successful Entrepreneurs

Entrepreneurs are usually individuals who possess characteristics such as creativity and innovativeness, autonomy, willingness to take risks, competitive aggressiveness, pro-activeness, and independent-mindedness. They also have self-drive with a very high need to achieve as compared to other people in a given population. These characteristics are related to both the personality and actions of entrepreneurs.

E-tivity 3.2.1 Entrepreneurial characteristics

Numbering, pacing and sequencing | 3.2.1
Title | Entrepreneurial characteristics
Purpose | The purpose of this e-tivity is to inspire you towards modeling the right entrepreneurial characteristics.
Brief summary of overall task
Read pages 18-19 of this linked material and explain the characteristics of entrepreneurs

1        https://www.oercommons.org/courses/entrepreneurship-3

2        https://oer.avu.org/handle/123456789/485/browse?type=author&value=Bula%2C+Hannah

3        Listen to this video and explain Steve Jobs’ entrepreneurial characteristics. https://www.youtube.com/watch?v=mK2kTTIsEqw

http://www.entrepreneur.com/video/240302 - by Nina Zipkin

4        Watch this video and explain two most challenging   learning points from these practicing entrepreneurs.
Spark |
Individual task | a)      Using bullet points, explain five characteristics of successful entrepreneurs b)      In a paragraph, explain three things you can do in order to develop entrepreneurial characteristics.
Interaction begins
a)      Post your ‘what to do list’ of three things you need to do to become  entrepreneur

b)      List down five most important characteristics of entrepreneurs.

c)      Read posts from other students and provide two comments on their thoughts and ideas.

d)      Post your response on the discussion forum 3.2.1
E-moderator interventions
a)      Ensure that learners are focused on the contents and context of discussion.

b)      Stimulate further learning and generation of new ideas.

c)      Provide feedback on the learning progress.

d)      Close the discussions
Schedule and time | This activity should take two  hours
Next | Different types of entrepreneurs

3.2.2 Different types of entrepreneurs

It is also important to know that not all entrepreneurs have same orientations or score highly on the above characteristics; they differ in motives, aspirations. For this reason we have different typologies of entrepreneurs such as craft, opportunistic, social, acquirer, turn around, and matriarch/patriarch entrepreneurs. You are encouraged to learn more about these typologies as they relate to the entrepreneurial characteristics in the e-tivities in Table 3.2.2

E-tivity 3.2.2 Types of entrepreneurs

Numbering, pacing and sequencing | 3.2.2
Title | Types of entrepreneurs
Purpose | The purpose of this e-tivity is to enable you appreciate the various types of entrepreneurs
Brief summary of overall task | Listen to these videos and distinguish among different types of entrepreneurship 1        https://ocw.mit.edu/courses/sloan-school-of-management/15-390-new-enterprises-spring-2013/video-tutorials/lecture-1/ 2        https://www.youtube.com/watch?v=Ov7EQFrP8NI
Spark |
Individual task | Disti     Draw a table with four columns. Let each column represent a type of entrepreneurship. List three points on how each is different from the others.
Interaction begins | a)      List down three things that distinguish the different types of entrepreneurs b)      Read posts from other students and provide two comments on their thoughts and ideas. c)      Post you response on the discussion forum 3.2.2
E-moderator interventions
a)      Ensure that learners are focused on the contents and context of discussion.

b)      Stimulate further learning and generation of new ideas.

c)      Provide feedback on the learning progress.

d)      Close the discussions
Schedule and time | This task should take two  hours
Next | Roles of entrepreneurs in the society

3.2.3 The roles of entrepreneurs in the society.

Entrepreneurs have been seen by many researchers as the drivers of the society. They have been lauded for their contributions to things such employment creation, increased per capita incomes, introduction of new products and services. They account for over one-half of paid employment by creating new jobs at relatively low costs. They are known for providing a vehicle for introducing a more equitable income distribution; improving forward and backward linkages between economically, socially and geographically diverse sectors of the economy; providing opportunities for developing and adapting appropriate technological and managerial approaches among others.  Entrepreneurs contribute immensely to the economic, social and even political development of societies. Table 3.2.3 contains activities that you should complete to optimise your engagement and learning more about the roles of entrepreneurs in the society.

E-tivities 3.2.3 Roles of entrepreneurs in the society

Numbering, pacing and sequencing | 3.2.3
Title | Roles of entrepreneurs in the society
Purpose | The purpose of this e-tivity is to inspire you towards appreciating the different roles of entrepreneurs in society
Brief summary of overall task | Read this OER article and analyze the roles of entrepreneurs in society https://scienceimpact.mit.edu/sites/default/files/documents/eChen.pdf
Spark |
Individual task | Analy   In two paragraphs of about 300 words, summarize the roles of entrepreneurship in the society.
Interaction begins | a)      Read posts from other students and provide two comments on their thoughts and ideas. b)      Post your response on the discussion forum 3.2.3 c)      Refine your answer based on any new insight acquired from your colleagues’ posts and save it on your portfolio.
E-moderator interventions
(a)    Ensure that learners are focused on the contents and context of discussion.

(b)   Stimulate further learning and generation of new ideas.

(c)    Provide feedback on the learning progress.

(d)   Close the discussions
Schedule and time | This task should take two  hours
Next | Idea generation and evaluation

Cluster

START OF THE QUIZ

Question 1

Entrepreneurs are?

- High risk takers
- Moderate risk takers
- Small business risk takers
- All of the above

Question 2

Which of the is not is not a characteristic of entrepreneurs

- Determination
- Dependence
- Creativity
- Self confidence

Question 3

One of the following is not a main source of entrepreneurial characteristics

- Socialization
- Education
- Heredity
- Personal experiences

Question 4

Which of the following is not a typology of entrepreneurs?

- Craft
- Opportunistic
- Sole proprietorship
- Acquires

End of cluster

End of cluster

3.4 References

1. Aulet, W., Anderson, H., & Marx, M. (n.d.). New Enterprises. Retrieved from https://ocw.mit.edu/courses/sloan-school-of-management/15-390-new-enterprises-spring-2013/
2. BUILDING BLOCKS OF A NEW ECONOMY: EMERGING ROLES FOR ... (n.d.). Retrieved from https://scienceimpact.mit.edu/sites/default/files/documents/eChen.pdf
3. Bula, H. (2018, January 18). Entrepreneurship. Retrieved from https://www.oercommons.org/courses/entrepreneurship-3
4. M. (2018, September 26). CREED II | Official Trailer 2 | MGM. Retrieved from https://www.youtube.com/watch?v=u22BXhMu4tI
5. Stories, S. (2016, May 06). Steve Jobs Biography | Apple Founder | Success Story | Digital Revolution | Startup Stories. Retrieved from https://www.youtube.com/watch?v=mK2kTTIsEqw
6. Zipkin, N. (2015, February 01). The 15 Characteristics of Effective Entrepreneurs. Retrieved from http://www.entrepreneur.com/video/240302