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SmallBusinessManagementProfessorHornadayLecture3SmallBusinessManagementSuccessFactors1.ExistenceofaBusinessOpportunity2.AdequateCapitalandCredit3.PersonalAttributesEntrepreneurialInclinationWillingnesstoWorkLongHoursManagementAbilityKnowModernBusinessMethodsSmallBusinessManagementCHARACTERISTICSFORSUCCESSTechnicalCompetenceKnowhowtoSellCraftExperienceIndustryExperienceMentalAbilityStreetSmartsGeneralistHumanRelationsCommunicationMotivationLeadershipSmallBusinessManagementCHARACTERISTICSFORSUCCESSHighAchievementDriveCharacteristicsofAchieversLiketoWinTakePersonalResponsibilityModerateRiskTakersWanttokeepScoreBecomingAchieversSeekFeedbackEmulateSuccessfulPeopleDevelopSelf-ImageThinkPositivelyCreativityTypesofCreativityInnovationSynthesisExtensionDuplicationCreativePeopleBrightGenerateNewIdeasPositiveSelf-ImageSensitivetoOthersMotivatedbyChallengesWaittoDecideIndependentCanFantasizeFlexibleRecognizeKeytoProblemsSmallBusinessManagementTHEOWNERSHIPDECISIONAdaptedfromMartin,1984.SocialPersonalityOwnershipModelChoicePeriodSupportiveFamilyVentureOpportunityEntrepreneurialEnvironmentFinancialSupportSTARTSituationPrecipitatingEventTheTwoSidesMustFitOWNERMARKETSkillsWantsNeedsKnowledgeDesireGapsChangesResourcesSMALLBUSINESSMANAGEMENTPRIMARYDECISIONS1.WhatdoestheOwnerwanttheFirmtoBe?2.Craft3.Promoter4.ProfessionalManager5.Owner/GoalFitOverhead74CThreeTypesofBusinessOwnersCraftPromoterProfessionalSeeksIndependenceSeeksWealthSeeksCareerLimitsGrowthVeryRapidGrowthControlledGrowthResistsDelegationReadilySellsOutDelegatesEasilyDoes“TheWork”Likesto“Deal”SeeksOutsideFundsFamilyMembersNon-ConformistA“Winner”ValuesExperienceScoffsatEducationCivicMindedBusinessOwnerTypesBusinessOwnershipExploitationofinnovationandgrowthDesiresindependenceandpersonalcontrolLoyaltytothefirmandcareerPROMOTERPROFESSIONALMANAGERCRAFTBuildinganOrganizationPracticingaTrade,CraftorProfessionPursuingPersonalWealth0123456789PromoterProfessionalManagerCraftGrowthPatternsCRAFT,PROMOTER&PROFESSIONALMANAGERRevenuesTime