Case 2.

1 Jane's evaluation

Question 1 Which of the three applicants do you think comes closest to having the mind-set of an ideal entrepreneur? Why? Answer: In case 2.1, firstly we must know who are entrepreneurs with stronger entrepreneurial mind-set. There are three entrepreneurs having fledgling businesses with strong potential: Robin Wood, Richard Trumpe, and Phil Hartack. Comparing these three entrepreneurs, I think Phil Hartack comes closest to having the mind-set of an ideal entrepreneur. In the case, three entrepreneurs compared with 10 factors.
1. Robin

Wood got a result "Low" in tolerance for ambiguity factor.

Start-up entrepreneurs face uncertainty multiplied by constant change. This introduces ambiguity and stress into every aspect of the enterprise. Setbacks and surprises are inevitable; lack of organization, structure and order is a way of life. Yet successful entrepreneurs thrive on the fluidity and excitement of such an ambiguous existence and generally have a high tolerance for ambiguity. As a result, Robin Wood has not the mind-set of an ideal entrepreneur.
2. Richard

Trumpe and Phil Hartack.

They have the similar results, 6 H and 4 M. The entrepreneurs, on the other hand, are the business owners who seem to grow their businesses effortlessly, and maintain steady growth. Phil is the only applicant that shows a high persistence in problem solvin g. This will be very beneficial to Phil because as an entrepreneur he will continually be working out his business complications. However, his toler ance for ambiguity will help him continue to see the overall picture. The c
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ombination of these two characteristics will help him keep a realistic view His high integrity and reliability displays that he is a responsible person who supports his standards. His high self-confidence shows that he is sur e of himself and his values. Richard Trumpe is not as good as Phil in persistence in problem solving, although he has a high creativity and innovativeness. However, only having new ideas is not enough to make your business develop. These characteristics make Phil Hartack the closest to my ideal profile.

Question 2 To which applicant would you recommend that the bank lend money? (assume that each has asked for a loan of $50,000.) Defend your answer. Answer: I recommend that the bank lend money to Phil Hartack,. As the answer of question 1, Richard Trumpe comes closest to having the mind-set of an ideal entrepreneur, but why I recommend that the bank lend money to Phil Hartack not Richard Trumpe. Banks wants to ensure they will receive their money back.
1. Robin

Wood has a low tolerance for ambiguity. Whatever you do, if

you do not have enough tolerance for ambiguity, you cannot do it well. If you cannot do a good business, how can you get profit and return money back on time.
2. Richard

Trumpe. His business is a high technology business. High

technology business alway has a high risk. Maybe it can get more profit and very fast, but can it live for a long time? This is a problem.
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Richard Trumpe has a high creativity and innovativeness, but he only has a medium persistent problem solving, tolerance for ambiguity and integrity and reliability. As a result, I cannot make sure how long time his business can live. So I do not recommend that the bank lend money to him.
3. Phil

Hartack. He own a bookstore that specializes in best-sellers and

cookbooks. This means he has a stable market and some stable customers. His business can live for a long time with a low risk. So I recommend that the bank lend money to Phil Hartack,

Question 3

Can these three entrepreneurs do anything to improve their entrepreneurial profile and their chances for success? Be specific in your answer. Answer: The three entrepreneurs in the case study need to improve different areas in their profile. 1. Robin Wood needs the most improvement in her tolerance for ambiguity. If she does not learn to face the uncertainty of her business, she may find the venture too stressful and be unable to cope. Another improvement area is her persistence in problem solving. Finding options to solve the venture's problems will help Robin reduce the uncertainty. 2. Richard could improve his integrity and reliability. Richard has to stay faithful to his vision for his success. By improving his integrity he will be more likely to be able to stand by his standards. Improvement is also needed in his persistence in problem solving. Solving problems as they occur will help keep the problems from growing. 3. Phil's weaknesses are in his creativity and innovativeness. He needs to think more new ideas in his venture. Phil also needs improvement in his drive to achieve, because success need achievement.