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ROLE MODELS AND SUPPORT SYSTEMS

shbaz shrif
2024-04-04 21:23:36
One of the most important factors influencingentrepreneurs in their career choice is role models. Role models can be parents, relatives, orsuccessful entrepreneurs in the community. Role models can also serve in a supportive capacityas mentors during and after the new venture is launched. This support system is most crucialduring the start-up phase.It is important that an entrepreneur establish connections to support resources early in theventure formation process. As contacts expand they form a network with density (extensivenessof ties between two individuals) and centrality (the total distance of the entrepreneur to all otherindividuals.) The strength of ties between the entrepreneur and any individual is dependent onthe frequency, level, and reciprocity of the relationship. An informal network for moral andprofessional support benefits the entrepreneur.Moral-Support Network It is important for the entrepreneur to establish a moral supportnetwork of family and friends. Most entrepreneurs indicate that their spouses are their biggestsupporters. Friends can provide advice that is more honest than that received from others, plusencouragement, understanding, and assistance. Relatives can also be sources of moral support,particularly if they are also entrepreneurs.Professional-Support Network The entrepreneur also needs advice and counsel, which can beobtained from members of a professional support network. A mentor-protégé relationship is anexcellent way to secure the needed professional advice. The mentor is a coach, sounding board,and advocate. The individual selected needs to be an expert in the field. An entrepreneur caninitiate the mentor-finding process by identifying and contacting a number of experts. Thementor should be periodically apprised of the progress of the business so that a relationship cangradually develop. Another source of advice is a network of business associates. Self-employedindividuals who have experience in starting a business are good sources. Clients and buyers arealso important as they provide word-of-mouth advertising. Suppliers are good components of theprofessional-support network-they help to establish credibility with creditors and customers, andprovide good information on trends in the industry. Trade associations are good networkadditions, as they keep up with new developments and can provide overall industry data.Affiliations with individuals developed in hobbies, sporting events, civic involvements andschool alumni groups are excellent sources of referrals, advice, and information. Eachentreprene

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