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▶ Are entrepreneurs born or made? This question ▶ Are entrepreneurs born or made? This question is the subject of one of psychology's oldest debates. People have different opinions on this but what does scientific research say? There is evidence and arguments for both, but the tendency is that entrepreneurs are made.
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📣 While personality traits (Big Five = extraversion, agreeableness, openness, conscientiousness, neuroticism) have been shown to predict entrepreneurial intentions and success, these can change over time based on factors such as social network and education. In other words, if your friends and family include entrepreneurs and you study (or are exposed to) something that provides you with problem-solving skills and persistence, you are more likely to become an entrepreneur and be successful at it. Some studies have even explicitly rejected the possibility of talent in the attainment of skills (Ericsson et al., 1993).
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💡 Yet, a considerable proportion of the variance has not been explained by any factors. These could speak for genetics and very early childhood development, but also for other factors that haven’t been used as explanatory variables. One argument for the “entrepreneurs are born” is that those who go to business schools and take entrepreneurship classes are already more likely to become entrepreneurs than those who don’t (Hambrick et al., 2018).
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❓ In sum, research is not fully unanimous in whether entrepreneurs are born or made. While most studies say they are made through the acquisition of relevant skills, others argue that inherited characteristics play an important role. WHAT DO YOU THINK?
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📙 GREAT READS:
1. “Outliers” by Malcolm Gladwell (2008).
2. “Born Entrepreneurs, Born Leaders” by Scott Shane (2010).
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#entrepreneursmadeorborn #borntobeentrepreneur #entrepreneurshipeducation #businesseducation #businessskills #startupskills #founders #businessschool #businessscience #businessresearch #entrepreneurshipschool #businessdevelopment #startupdevelopment #entrepreneurialspirit #businessstudies #businessstudent #mbastudent #bigfivepersonalitytraits #careerdevelopment #selfdevelopment #selfemployment #ownboss
▶ What do venture capitalists really value when ▶ What do venture capitalists really value when entrepreneurs pitch their ideas?
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👨‍⚖️ In a series of academic papers, researchers have found that 1) passionate presenting and being (too) passionate about the own idea is not a good thing. Instead, investors value rational reasoning and more analytical approach.
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❤️ Further, 2) creating a feeling of trust instead of showing superior competence is positively associated with receiving funding.
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🤗 Also, 3) venture capitalists appreciate entrepreneurs with rather small egos that allow investors to guide and coach them.
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📣 Finally, 4) particular behaviors can be detrimental. Venture capitalists "don’t want to see particular behaviors, so if you’re overly emotional or expressive, you should consider practicing to avoid those things.”
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💵 These findings are in line with previous beliefs that investors invest in people, not in their ideas.
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#businessinfographic #infographic #venturecapital #startupfunding #egoism #behaviour #passionate #rational #expressive #businesscoaching #startupinvestor #pitching #startuptips #businessownertips #entrepreneurshiptips #entrepreneurshipeducation #businesseducation #entrepreneursrock #businessstudies
▶ It's very interesting to see where our food co ▶ It's very interesting to see where our food comes from and how it is made. Most of the time we don't have the smallest clue what kinds of frauds, regulations and incentives are involved in the global food supply chains.
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📺 Therefore I can happily recommend "Rotten", a Netflix documentary that digs deep into the underworld of food production. Food entrepreneurs and those interested in food and business in general are going to love this.
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#rotten #netflixshows #foodindustry #supplychain #foodproduction #foodpreneur #foodbusiness #globalbusiness #businessstudies #businesseducation #entrepreneurshipeducation #watchlist #documentaries #whattowatch
▶ Retaining customers (or clients or followers) ▶ Retaining customers (or clients or followers) are in the core of a successful business model. Hence, creating a lock-in effect, that is, increasing the customers' switching cost, is extremely important for most businesses.
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📃 There are many ways to create a customer lock-in effect. My list here is not exhaustive but it includes the most common ways.
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🔎 Loyalty programs, customization, and KLT are pretty clear while the others require elaboration. UPFRONT INVESTMENTS can be monetary or for example learning effort like learning to use a software and therefore not being willing to change provider and having to learn to use another system. GAMICATION adds a fun factor and makes people addicted, at least to some degree. Positive NETWORK EFFECTS are present when a customer's benefit increases as a result of more and more other customers joining the network (like having a telephone, being on Instagram, or using a dating app). These should be emphasised only if applicable. 
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#businessinfographic #infographic #lockin #switchingcosts #retainingcustomers #loyaltyprogram #gamification #networkeffect #happycustomer #upfrontinvestment #customization #customers #businessownertips #businesstipsandtricks #startupskills #startuptips #businessskills #howtosell #entrepreneurshiptips #entrepreneurialspirit #entrepreneurshipeducation #businesseducation #salesmanagement #salestips #salesskills

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