FREE ESSAY ON SUCCESSFUL ENTRPRENEURSHIP

SUCCESSFUL ENTRPRENEURSHIP

Running head: SUCCESSFUL ENTRPRENEURSHIP 
Successful Entrepreneurship in the Real Estate Industry
Stephen R. Boyd
Eastern Nazarene College
April 6, 1999
Table Of Contents
Problem Statement..................................................................Page
3
Abstract...............................................................................Page
4
Questionairre.........................................................................Page
13
Appendices...........................................................................Page
14
References............................................................................Page
15
Bibliography.........................................................................Page
16
Statement of the problem
What are the driving factors behind entrepreneurship in commercial real estate, and what
are the reasons for the success of the industry leaders? How could success (past,
present, and future) be measured? How would an individual approaching an entrepreneurial
endeavor in this field gauge their success? 
The hypothesis of this study is that it is possible for an entrepreneur to achieve a
return on investment of 15%. Variables that may affect this include management of the
expense to profit ratios, tax benefits, and new construction versus rehabilitation
projects.
Abstract
The primary purpose of this project is to study the driving factors behind successful
entrepreneurship, and more specifically, in commercial real estate. Some of the questions
that will be researched are; What are the characteristics, philospy and practices of
successful entrepreneurs ? What are the reasons for the success of leaders in the real
estate industry? How could success (past, present, and future) be measured, and how would
an individual approaching an entrepreneurial endeavor in this field gauge their success?
What are the potential sources for venture capital, and other start-up assistance? 
Entrepreneurs are people who have the ability to see and evaluate business opportunities;
to gather the necessary resources to take advantage of them; and to initiate appropriate
action to insure success. It is unlikely that you will ever meet an entrepreneur who
rates high on all the traits and characteristics that are necessary for success. It is
very likely that the entrepreneurs you do meet will rate high on most of them, especially
decision making, self-confidence, risk-taking ability, flexibility, a strong need to
achieve, and a strong desire to be independent (Stolze, 1992, p.10).
Entrepreneurs must be willing to learn from experience and change with the times. They
must constantly be aware of new ways to increase their own productivity. One of the main
keys to entrepreneurial success is involvement in continuous personal growth. An
important feature of being entrepreneurial is providing something of value to others. The
greater need people have for your product or service, the greater your rewards will be
(Meredith, 1982, p.12). entrepreneurs who work to help other people, to raise their
standards of living and to improve their lives, will be serving the needs of society.
This is the meaning of being and entrepreneur. The biggest asset to sustaining
entrepreneurial ability is a positive attitude. In addition, determination, experience,
persistence and just plain hard work are essential to being a successful entrepreneur. 
The right mental attitude towards work is extremely important. Successful entrepreneurs
enjoy their work and are totally dedicated to what they are doing. Their positive mental
attitudes turn their jobs into exciting, interesting and rewarding work. By observing
what entrepreneurs say and do, it is possible to understand their mental attitudes.
Positive mental attitudes will greatly contribute to successful accomplishments. How
entrepreneurs act is a reflection of what they think about themselves and their
environment. 
Many people go through life wishing that they were someone else or that they were doing
another type of work. Most people have a desire to change their life situation. But few
people take action to do so. A small proportion of people is willing to take risk to
change their lives for the better. These people are entrepreneurial because they take
advantage of opportunities to improve their lives. The true entrepreneur is the person
who is constantly changing and growing. 
Planning helps to establish company goals. As your company grows, the greater need there
is for planning; you begin to spend more time planning and less time doing routine
operating activities (Meredith, 1982, p.47). 
The aforementioned traits are key to developing a successful business. One trait equally
important, but not yet mentioned, is discipline. Discipline is the foundation upon which
all the characteristics of successful entrepreneurism are built upon (Stolze, 1992,
p.10). Discipline and planning are two of the key ingredients in the real estate
business. For the real estate entrepreneur, the first question they must ask is what are
my goals? 
Those entrepreneurs who have sustained success over long periods of time are also high on
person-orientation. To be an effective leader you must try to see things through the eyes
of those you are leading. Before you take any action, which affects your staff, consider
how they will react to it. In your mind, you must be able to exchange places with your
staff and think as they do (Meredith, 1982, p.32). The attitudes and actions of the
entrepreneur mainly determine the total performance of a business. Effectiveness as a
leader is determined by the results achieved. Increasing your leadership experience will
result in the more efficient use of your time, better performance by your staff, and
increased output. All these results can be measured (Meredith, 1982, p.18). Although
there is considerable variation in the leadership styles of entrepreneurs, the vast
majority of entrepreneurs are high on task-orientation. 
Peter Drucker (1985) states in his article, 'A Prescription for entrepreneurial
management', " Leadership does not necessarily mean bigger; it means being accepted as
the leader, recognized as the standard setter. Above all, it means having the freedom to
lead rather than being obliged to follow" (p.36). 
In looking at these definitions it can be seen that there are many different types of
leadership. Several examples might be transformational, charismatic, and entrepreneurial
leadership. Entrepreneurial leadership is vital to an individual and to a corporation's
success.
Entrepreneurial firms are a major source of innovation and change. They create jobs, new
tax revenues, and other transfers of money. At a time when U.S. productivity growth is
lagging behind other countries, and when our large corporations are laying off workers
and focusing on core businesses, entrepreneurial firms assume a more significant role;
They do what large companies are not doing (Miner, 1997, p.54).
Definitions of Entrepreneurial Leadership
Stevenson, Roberts, & Grousbeck (as cited in Morris, Avilla, & Allen, 1993) Define
entrepreneurship as "The process of creating value by bring together a unique package of
resources to exploit an opportunity" (p.56). Furthermore, (Covin & Slevin, 1989; Miles &
Arnold, 1991; Miller & Friesen, 1983) also cited (Morris et al., 1993):
The process itself consists of the set of activities necessary to identify an
opportunity, develop a business concept, and then manage and harvest the venture. As a
process, it has applicability to organizations of all sizes and types. The
entrepreneurship construct has three underlying dimensions: innovativeness, or the
development of novel or unique products, services or processes; risk-taking, or
willingness to pursue opportunities having a reasonable chance of costly failure; and
proactiveness, or an emphasis on persistence and creativity in overcoming obstacles until
the innovative concept is fully implemented (p.596).
Entrepreneurial Leadership within Management
Success for entrepreneurs requires innovation. There are several ways to achieve this
according to Drucker:
1. Entrepreneurial management first requires that the organization be made receptive to
innovation and willing to perceive change as an opportunity rather than a threat. It must
be organized to do the hard work of the entrepreneur and create the entrepreneurial
climate. 
2. It secondly requires systematic measurement-or at least systematic appraisal-of a
company's performance as entrepreneur and innovator, and built-in learning to improve
performance.
3. Thirdly, entrepreneurial management requires specific practices with respect to
organization structure, staffing, management compensation, incentives, and rewards
(p.33). 
Not only is innovation a key factor in the success of entrepreneurial management but, an
important issue that needs to be brought to management's attention; individualism and
collectivism within the corporation. Morris et al., states the following, " Managers and
theorist interested in entrepreneurship must begin to come to terms with the roles of the
individuals and the group, respectively, within an organizational context. These roles
are an integral component of the internal environment of the firm" (p.603). Drucker
(1985) authoring another article with the same title as his book, "Setting up
entrepreneurial units" is quoted as saying, For the existing business to be capable of
innovation, it has to create a structure that allows people to be entrepreneurial... This
means, first, that the entrepreneurial, the new, has to be organized separately from the
old and existing... This means also that there has to be a special locus for the new
venture within the organization, and it has to be pretty high up. Even though the new
project, by virtue of it's size, revenues, and markets, does not rank with existing
products, somebody in top management must have the specific assignment to work on
tomorrow as an entrepreneur and innovator (p.22). 
Berglass (1977) believes that this is extremely important especially with top management.
In business, no one respects a CEO who has lost the will to stick his neck out. Risk
aversion among successful entrepreneurs is somewhat widespread. With surprising
regularity, formerly fearless entrepreneurs responded to success by holding the reins on
risk and change so tightly that they end up strangling their businesses (p.35)
Achieving Entrepreneurial Success
Miner found through research that there, "is not just one kind of person who has the
potential to succeed as an entrepreneur. Furthermore, the findings show that the type of
person an individual determines the route he or she should follow" (p.54). He found that
there were four types of personalities, they are:
1. Personal Achiever
a. Need to achieve-Very High
b. Desire to plan and set goals-Not a Major Factor
c. Strong personal initiative-High
d. Strong personal commitment to their organization-High
e. Belief that one person can make a difference-an internal, rather than external, locus
of control-High
f. Belief that work should be guided by personal goals not those set by others-Very High
2. Empathetic Super Salesperson
a. Capacity to understand and feel with another-to empathize-Very High
b. Desire to help other-High
c. Belief that social processes are very important-Very High
d. Need to have strong positive relationships with others-Not a Major Factor
e. Belief that a sales force is crucial to carrying out company strategy-High
3. Real Manager
a. Desire to play a corporate leader role-High
b. Decisiveness-High
c. Positive attitudes to authority-High
d. Desire to compete-Very High
e. Desire for power-Not a Major Factor
f. Desire to stand out from the crowd-Very High
4. Expert Idea Generator
a. Desire to innovate-High
b. Love of Ideas-Very High
c. Belief that new product development is crucial to carrying out company strategy-High
d. Good intelligence-Not a Major Factor
e. Desire to avoid taking risk-High(pp,55-61)
He further about various patterns of the four personalities:
There is no reason that a person cannot have more than one of the four personality
patterns that make for successful entrepreneurship. In my experience, over a third of
established entrepreneurs so possess at least two strong patterns. Multiple patterns are
particularly frequent when personal achievers or real managers are involved. They are
least likely in the case of empathetic super salespeople. Those who possess more than one
strong pattern are called complex entrepreneurs. They may activate these patterns
concomitantly and thus follow multiple routes at roughly the same time. Or, they may
bring the multiple patterns to bear in some type of sequential order (p.62).
Despite the four different types of personalities that each person might possess, Pinchot
(1994) gives a dozen tips on how to regain or hold onto their entrepreneurial spirit:
1. Find a vision worthy of persistence. Your vision should meet three tests: 1) create
more value for customers and stockholders; 2) increase the value of the capabilities and
assets of the organization; 3) align with your deepest values and give you a chance to
use your greatest talents.
2. Choose a vision of moderate risk.
3. Seek and use feedback.
4. Develop cross disciplinary business judgment
5. Share ownership with the team.
6. Never reject help.
7. Do whatever needs to be done.
8. It's easier to ask for forgiveness than permission.
9. Come to work willing to be fired.
10. Know where the waterline is.
11. Never show fools unfinished work.
12. Balance reality and the dream (pp.15-18)
Questionnaire
Appendices
References
Allen, R. (1984). Nothing down. New York: Simon and Schuster. 
Berglas, S. (1997). The risk-averse entrepreneur. Inc. 19(2), 35-36.
Drucker, P. (1985a). A prescription for entrepreneurial management. Industry week, 224,
33-38.
Drucker, P. (1998b). Setting up entrepreneurial units. Inc. , 7, 22.
DuBrin, A. (1998). Leadership: Research Findings, Practice and Skills. Boston : Houghton
Mifflin.
Meredith, G., Nelson, R., & Neck, Philip (1982). The Practice of Entrepreneurship.
International Labor Office: Geneva, Switzerland.
Miner, J. (1997). The expanded horizon for achieving entrepreneurial success.
Organizational Dynamics. 25(3), 54-56.
Morris, M., Avila, A., Allen, J. (1993). Individualism and the modern corporation:
implications for innovation and Entrepreneurship. Journal of Management. 19(3), 595-613.
Pinch, G. (1994). Entrepreneurial leadership. Executive Excellence. 11(11), 15-18.
Shirley, S. (1995). How to give reality to the vision. Management Today. 5-6
Stoles, W. (1996). start up: An entrepreneur's guide to launching and managing a new
business. Career Press: Franklin Lakes, NJ.
Bibliography
Allen, R. (1984). Nothing down. New York: Simon and Schuster. 
Berglas, S. (1997). The risk-averse entrepreneur. Inc. 19(2), 35-36.
Berle, G. (1994). The instant business plan book. Santa Maria, CA: Puma.
Botkin, J. (1992). Winning combinations: the coming wave of entrepreneurial partnerships
between large and small companies. New York: Wiley.
Case, J. (1992). from the ground up: the resurgence of American entrepreneurship. New
York: Simon and Schuster.
Collins, J. (1994). Built to last: Successful habits of visionary companies. New York:
Harper Business.
Drucker, P. (1985). Innovation and entrepreneurship: practice and principles. New York:
Harper and Row.
Drucker, P. (1985a). A prescription for entrepreneurial management. Industry week, 224,
33-38.
Drucker, P. (1998b). Setting up entrepreneurial units. Inc. , 7, 22.
DuBrin, A. (1998). Leadership: Research Findings, Practice and Skills. Boston : Houghton
Mifflin.
Edwards, P. (1997). Teaming up: the small business guide to collaborating with others to
boost your earnings and expand your horizons. New York: J. P. Putnam's sons.
Fallek, M. (1995). How to set up your own small business. Minneapolis, MN: American
Institute of Small Business.
Gudmundson, D. (1996). Research strategies for small business. New York: Garland
Publications. 
Hies, P. (1996). Growing your business online: small-business strategies for working the
world wide web. New York: H. Holt.
Kanter, R. (1995). World class: thriving in the global economy. New York: Simon and
Schuster.
Meredith, G., Nelson, R., & Neck, Philip (1982). The Practice of Entrepreneurship.
International Labor Office: Geneva, Switzerland.
Miner, J. (1997). The expanded horizon for achieving entrepreneurial success.
Organizational Dynamics. 25(3), 54-56.
Morris, M., Avila, A., allen, J. (1993). Individualism and the modern corporation:
implications for innovation and entrepreneurship. Journal of Management. 19(3), 595-613.
Naftali, J. (1997). Generation E: the do it yourself business guide for twenty somethings
and other non-corporate types. Berkley, CA: Ten Speed Press.
Office of small business advocacy (1991). The state of small business: a report of the
President transmitted to Congress. Washington, D.C. : United States GPO.
Park, K. (1997). The Korean American dream: immigrants and small business in New York
City. Ithaca, NY: Cornell University Press.
Pinchot, G. (1994). Entrepreneurial leadership. Executive Excellence. 11(11), 15-18.
Shirley, S. (1995). How to give reality to the vision. Management Today. 5-6
Sitarz, D. (1995). Simplified small business accounting. Carbondale, IL: Nova Publishing
Company.
Smilor, R. (1997). Entrpreneurship Zoo. Chicago: Upstart Publishing.
Vitale, J. (1995). AMA complete guide to small business advertising . Lincolnwood, IL:
NTC Business Books.
Yudkin, M. (1996). Persuading on paper: the complete guide to writing copy that pulls in
business. New York: Plume. 
Running head: SUCCESSFUL ENTRPRENEURSHIP 
Successful Entrepreneurship in the Real Estate Industry
Stephen R. Boyd
Eastern Nazarene College
April 6, 1999
Table Of Contents
Problem Statement..................................................................Page
3
Abstract...............................................................................Page
4
Questionairre.........................................................................Page
13
Appendices...........................................................................Page
14
References............................................................................Page
15
Bibliography.........................................................................Page
16
Statement of the problem
What are the driving factors behind entrepreneurship in commercial real estate, and what
are the reasons for the success of the industry leaders? How could success (past,
present, and future) be measured? How would an individual approaching an entrepreneurial
endeavor in this field gauge their success? 
The hypothesis of this study is that it is possible for an entrepreneur to achieve a
return on investment of 15%. Variables that may affect this include management of the
expense to profit ratios, tax benefits, and new construction versus rehabilitation
projects.
Abstract
The primary purpose of this project is to study the driving factors behind successful
entrepreneurship, and more specifically, in commercial real estate. Some of the questions
that will be researched are; What are the characteristics, philospy and practices of
successful entrepreneurs ? What are the reasons for the success of leaders in the real
estate industry? How could success (past, present, and future) be measured, and how would
an individual approaching an entrepreneurial endeavor in this field gauge their success?
What are the potential sources for venture capital, and other start-up assistance? 
Entrepreneurs are people who have the ability to see and evaluate business opportunities;
to gather the necessary resources to take advantage of them; and to initiate appropriate
action to insure success. It is unlikely that you will ever meet an entrepreneur who
rates high on all the traits and characteristics that are necessary for success. It is
very likely that the entrepreneurs you do meet will rate high on most of them, especially
decision making, self-confidence, risk-taking ability, flexibility, a strong need to
achieve, and a strong desire to be independent (Stolze, 1992, p.10).
Entrepreneurs must be willing to learn from experience and change with the times. They
must constantly be aware of new ways to increase their own productivity. One of the main
keys to entrepreneurial success is involvement in continuous personal growth. An
important feature of being entrepreneurial is providing something of value to others. The
greater need people have for your product or service, the greater your rewards will be
(Meredith, 1982, p.12). entrepreneurs who work to help other people, to raise their
standards of living and to improve their lives, will be serving the needs of society.
This is the meaning of being and entrepreneur. The biggest asset to sustaining
entrepreneurial ability is a positive attitude. In addition, determination, experience,
persistence and just plain hard work are essential to being a successful entrepreneur. 
The right mental attitude towards work is extremely important. Successful entrepreneurs
enjoy their work and are totally dedicated to what they are doing. Their positive mental
attitudes turn their jobs into exciting, interesting and rewarding work. By observing
what entrepreneurs say and do, it is possible to understand their mental attitudes.
Positive mental attitudes will greatly contribute to successful accomplishments. How
entrepreneurs act is a reflection of what they think about themselves and their
environment. 
Many people go through life wishing that they were someone else or that they were doing
another type of work. Most people have a desire to change their life situation. But few
people take action to do so. A small proportion of people is willing to take risk to
change their lives for the better. These people are entrepreneurial because they take
advantage of opportunities to improve their lives. The true entrepreneur is the person
who is constantly changing and growing. 
Planning helps to establish company goals. As your company grows, the greater need there
is for planning; you begin to spend more time planning and less time doing routine
operating activities (Meredith, 1982, p.47). 
The aforementioned traits are key to developing a successful business. One trait equally
important, but not yet mentioned, is discipline. Discipline is the foundation upon which
all the characteristics of successful entrepreneurism are built upon (Stolze, 1992,
p.10). Discipline and planning are two of the key ingredients in the real estate
business. For the real estate entrepreneur, the first question they must ask is what are
my goals? 
Those entrepreneurs who have sustained success over long periods of time are also high on
person-orientation. To be an effective leader you must try to see things through the eyes
of those you are leading. Before you take any action, which affects your staff, consider
how they will react to it. In your mind, you must be able to exchange places with your
staff and think as they do (Meredith, 1982, p.32). The attitudes and actions of the
entrepreneur mainly determine the total performance of a business. Effectiveness as a
leader is determined by the results achieved. Increasing your leadership experience will
result in the more efficient use of your time, better performance by your staff, and
increased output. All these results can be measured (Meredith, 1982, p.18). Although
there is considerable variation in the leadership styles of entrepreneurs, the vast
majority of entrepreneurs are high on task-orientation. 
Peter Drucker (1985) states in his article, 'A Prescription for entrepreneurial
management', " Leadership does not necessarily mean bigger; it means being accepted as
the leader, recognized as the standard setter. Above all, it means having the freedom to
lead rather than being obliged to follow" (p.36). 
In looking at these definitions it can be seen that there are many different types of
leadership. Several examples might be transformational, charismatic, and entrepreneurial
leadership. Entrepreneurial leadership is vital to an individual and to a corporation's
success.
Entrepreneurial firms are a major source of innovation and change. They create jobs, new
tax revenues, and other transfers of money. At a time when U.S. productivity growth is
lagging behind other countries, and when our large corporations are laying off workers
and focusing on core businesses, entrepreneurial firms assume a more significant role;
They do what large companies are not doing (Miner, 1997, p.54).
Definitions of Entrepreneurial Leadership
Stevenson, Roberts, & Grousbeck (as cited in Morris, Avilla, & Allen, 1993) Define
entrepreneurship as "The process of creating value by bring together a unique package of
resources to exploit an opportunity" (p.56). Furthermore, (Covin & Slevin, 1989; Miles &
Arnold, 1991; Miller & Friesen, 1983) also cited (Morris et al., 1993):
The process itself consists of the set of activities necessary to identify an
opportunity, develop a business concept, and then manage and harvest the venture. As a
process, it has applicability to organizations of all sizes and types. The
entrepreneurship construct has three underlying dimensions: innovativeness, or the
development of novel or unique products, services or processes; risk-taking, or
willingness to pursue opportunities having a reasonable chance of costly failure; and
proactiveness, or an emphasis on persistence and creativity in overcoming obstacles until
the innovative concept is fully implemented (p.596).
Entrepreneurial Leadership within Management
Success for entrepreneurs requires innovation. There are several ways to achieve this
according to Drucker:
1. Entrepreneurial management first requires that the organization be made receptive to
innovation and willing to perceive change as an opportunity rather than a threat. It must
be organized to do the hard work of the entrepreneur and create the entrepreneurial
climate. 
2. It secondly requires systematic measurement-or at least systematic appraisal-of a
company's performance as entrepreneur and innovator, and built-in learning to improve
performance.
3. Thirdly, entrepreneurial management requires specific practices with respect to
organization structure, staffing, management compensation, incentives, and rewards
(p.33). 
Not only is innovation a key factor in the success of entrepreneurial management but, an
important issue that needs to be brought to management's attention; individualism and
collectivism within the corporation. Morris et al., states the following, " Managers and
theorist interested in entrepreneurship must begin to come to terms with the roles of the
individuals and the group, respectively, within an organizational context. These roles
are an integral component of the internal environment of the firm" (p.603). Drucker
(1985) authoring another article with the same title as his book, "Setting up
entrepreneurial units" is quoted as saying, For the existing business to be capable of
innovation, it has to create a structure that allows people to be entrepreneurial... This
means, first, that the entrepreneurial, the new, has to be organized separately from the
old and existing... This means also that there has to be a special locus for the new
venture within the organization, and it has to be pretty high up. Even though the new
project, by virtue of it's size, revenues, and markets, does not rank with existing
products, somebody in top management must have the specific assignment to work on
tomorrow as an entrepreneur and innovator (p.22). 
Berglass (1977) believes that this is extremely important especially with top management.
In business, no one respects a CEO who has lost the will to stick his neck out. Risk
aversion among successful entrepreneurs is somewhat widespread. With surprising
regularity, formerly fearless entrepreneurs responded to success by holding the reins on
risk and change so tightly that they end up strangling their businesses (p.35)
Achieving Entrepreneurial Success
Miner found through research that there, "is not just one kind of person who has the
potential to succeed as an entrepreneur. Furthermore, the findings show that the type of
person an individual determines the route he or she should follow" (p.54). He found that
there were four types of personalities, they are:
1. Personal Achiever
a. Need to achieve-Very High
b. Desire to plan and set goals-Not a Major Factor
c. Strong personal initiative-High
d. Strong personal commitment to their organization-High
e. Belief that one person can make a difference-an internal, rather than external, locus
of control-High
f. Belief that work should be guided by personal goals not those set by others-Very High
2. Empathetic Super Salesperson
a. Capacity to understand and feel with another-to empathize-Very High
b. Desire to help other-High
c. Belief that social processes are very important-Very High
d. Need to have strong positive relationships with others-Not a Major Factor
e. Belief that a sales force is crucial to carrying out company strategy-High
3. Real Manager
a. Desire to play a corporate leader role-High
b. Decisiveness-High
c. Positive attitudes to authority-High
d. Desire to compete-Very High
e. Desire for power-Not a Major Factor
f. Desire to stand out from the crowd-Very High
4. Expert Idea Generator
a. Desire to innovate-High
b. Love of Ideas-Very High
c. Belief that new product development is crucial to carrying out company strategy-High
d. Good intelligence-Not a Major Factor
e. Desire to avoid taking risk-High(pp,55-61)
He further about various patterns of the four personalities:
There is no reason that a person cannot have more than one of the four personality
patterns that make for successful entrepreneurship. In my experience, over a third of
established entrepreneurs so possess at least two strong patterns. Multiple patterns are
particularly frequent when personal achievers or real managers are involved. They are
least likely in the case of empathetic super salespeople. Those who possess more than one
strong pattern are called complex entrepreneurs. They may activate these patterns
concomitantly and thus follow multiple routes at roughly the same time. Or, they may
bring the multiple patterns to bear in some type of sequential order (p.62).
Despite the four different types of personalities that each person might possess, Pinchot
(1994) gives a dozen tips on how to regain or hold onto their entrepreneurial spirit:
1. Find a vision worthy of persistence. Your vision should meet three tests: 1) create
more value for customers and stockholders; 2) increase the value of the capabilities and
assets of the organization; 3) align with your deepest values and give you a chance to
use your greatest talents.
2. Choose a vision of moderate risk.
3. Seek and use feedback.
4. Develop cross disciplinary business judgment
5. Share ownership with the team.
6. Never reject help.
7. Do whatever needs to be done.
8. It's easier to ask for forgiveness than permission.
9. Come to work willing to be fired.
10. Know where the waterline is.
11. Never show fools unfinished work.
12. Balance reality and the dream (pp.15-18)
Questionnaire
Appendices
References
Allen, R. (1984). Nothing down. New York: Simon and Schuster. 
Berglas, S. (1997). The risk-averse entrepreneur. Inc. 19(2), 35-36.
Drucker, P. (1985a). A prescription for entrepreneurial management. Industry week, 224,
33-38.
Drucker, P. (1998b). Setting up entrepreneurial units. Inc. , 7, 22.
DuBrin, A. (1998). Leadership: Research Findings, Practice and Skills. Boston : Houghton
Mifflin.
Meredith, G., Nelson, R., & Neck, Philip (1982). The Practice of Entrepreneurship.
International Labor Office: Geneva, Switzerland.
Miner, J. (1997). The expanded horizon for achieving entrepreneurial success.
Organizational Dynamics. 25(3), 54-56.
Morris, M., Avila, A., Allen, J. (1993). Individualism and the modern corporation:
implications for innovation and Entrepreneurship. Journal of Management. 19(3), 595-613.
Pinch, G. (1994). Entrepreneurial leadership. Executive Excellence. 11(11), 15-18.
Shirley, S. (1995). How to give reality to the vision. Management Today. 5-6
Stoles, W. (1996). start up: An entrepreneur's guide to launching and managing a new
business. Career Press: Franklin Lakes, NJ.
Bibliography
Bibliography
Allen, R. (1984). Nothing down. New York: Simon and Schuster. 
Berglas, S. (1997). The risk-averse entrepreneur. Inc. 19(2), 35-36.
Berle, G. (1994). The instant business plan book. Santa Maria, CA: Puma.
Botkin, J. (1992). Winning combinations: the coming wave of entrepreneurial partnerships
between large and small companies. New York: Wiley.
Case, J. (1992). from the ground up: the resurgence of American entrepreneurship. New
York: Simon and Schuster.
Collins, J. (1994). Built to last: Successful habits of visionary companies. New York:
Harper Business.
Drucker, P. (1985). Innovation and entrepreneurship: practice and principles. New York:
Harper and Row.
Drucker, P. (1985a). A prescription for entrepreneurial management. Industry week, 224,
33-38.
Drucker, P. (1998b). Setting up entrepreneurial units. Inc. , 7, 22.
DuBrin, A. (1998). Leadership: Research Findings, Practice and Skills. Boston : Houghton
Mifflin.
Edwards, P. (1997). Teaming up: the small business guide to collaborating with others to
boost your earnings and expand your horizons. New York: J. P. Putnam's sons.
Fallek, M. (1995). How to set up your own small business. Minneapolis, MN: American
Institute of Small Business.
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