Personality Types of Entrepreneurs

Chapter 2 presents five different entrepreneurial personality traits: passion, perseverance, promotion/prevention focus, planning style, and professionalization. In Case Study 2 we are presented with five individuals who all made their fortune in real estate in Memphis, TN – each with different personality traits and by following different career/education paths. Abe, as described, most strongly matches the passionate entrepreneur type. He is known as the “do it right” guy and has consistently been fair and conscientious in his business practice. It’s also possible that some of his success is rooted in his race. Being the only African-American in the example, it’s possible that Abe had easier access to that segment of the population and thus was able to corner the market. This would have made it easier for him to quickly build a client base prior to starting his own business. Cal is an obvious promoter type. He is talkative and brash, always working on his next “big deal” with prospective investors and clients – which is almost anyone – and frequently leaves the real success of his deals to fate, luck, or the hard work of others. Lee, the only female highlighted, is the image of a professional. College educated and business savvy, she understands both the product and the market of her family’s business. She is smart enough to know to bring in the best talent to make the best product, which pushes her business ahead of the competition. In addition, her being female could have proved to be an advantage when negotiating with clients and business partners. The likelihood of her being underestimated is relatively high, as is the possibility of garnering better business with other woman-owned businesses. Dave presents as a combination of passion and perseverance. His experience with real estate is as an amateur or a friend. He occasionally helps out those needing to quickly sell property and is able turn a profit from it. But he doesn’t professionalize his business,