FEATURE PAPER

A Study of the Cognitive Determinants of Generation Y's Entitlement Mentality

The following paper was written by Christopher S. Alexander of King's College and James M. Sysko of Eastern Illinois State University. It was presented at the 2011 Allied Academies International Conference in Orlando.

Abstract

Entitlement, as defined by The American Heritage Dictionary (1985), is "to furnish with a right or claim to something." This study attempts to investigate the possible cognitive determinants which have led to an "entitlement" mentality found in "Generation Y" individuals ("Millenials") confronting both academicians and employers

This paper drew from an extensive review of relevant literature and results from focus groups used to validate the constructs leading to the development of an instrument which was utilized to measure the behavioral, cognitive and affective antecedents leading to an entitlement mentality. Hypothesis testing utilizing regression analysis produced interesting results which are detailed in this paper. The findings and implications of this research will be discussed.

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TIP OF THE WEEK

Traits of Successful Entrepreneurs

Although the need exists to understand the competitive, economic, and cultural climates in the retail industry, it is just as important to assess and understand one's personal traits, skill, and needs. Entrepreneurship requires a particular way of thinking and acting. As stated earlier, entrepreneurs, above others, are innovative and visionary and are creative in their thinking. Entrepreneurs seem to solve problems, in part, based on intuition. They are successful communicators; they develop a strong network of contacts. They have the ability to utilize resources more efficiently. Entrepreneurs are passionate, enthusiastic individuals. By observing both successful and unsuccessful entrepreneurs, you will find a wide range of personalities. Although special talent and self-discipline come naturally to some, to others, these characteristics must be learned.

Numerous studies have been conducted to analyze the differences in traits between successful and not-so-successful entrepreneurs. In the challenging world of the entrepreneur, chances of success increase dramatically if the prospective entrepreneur begins by understanding who he or she is. The following discussion covers some of the traits that research has shown are possessed by successful entrepreneurs.

Passion/Desire

Perhaps the most important of all the traits successful fashion retail entrepreneurs possess is passion. Unquestionably, the successful entrepreneur has the passion to be one. The fashion entrepreneur also relishes sharing that passion and desire with others. Entrepreneurs are driven to succeed. Many have determined that they cannot work for others; they want to be their own boss. When people are passionate about what they are doing, tasks seem relatively timeless and effortless. Launching a new venture requires long hours and many challenges.

Determination/Perseverance

Fashion entrepreneurs are determined. They want to succeed and do not give up easily, even when it may appeal to others to do so. Determination is a key factor in a winning attitude. The role of the entrepreneur requires the ability to persevere in the toughest of times. Successful entrepreneurs will figure out the path they need to take to reach their goals and challenge all obstacles blocking those paths. Establishing a successful business takes time. Most entrepreneurs acknowledge that it take four to five years before the money starts rolling in and the hours decrease to a manageable level.

Responsibility

Many fashion retail entrepreneurs say that they believe on of the keys to their success was their willingness to take responsibility for themselves, their employees, and their businesses. Owning a business provides entrepreneurs with the freedom to make decisions independently, to make things happen, and to influence and determine outcomes, but with that comes taking ownership of one's actions.

Problem Solvers

To entrepreneurs, problem solving and decision making come naturally. Entrepreneurs are innovative in their thinking because they determine the best ways to overcome a problem or obstacle. They will solicit input form their team and stakeholders and process information to arrive at the best decision possible.

Creative and Innovative Thinkers

Fashion entrepreneurs are creative thinkers. They combine imagination and ingenuity to solve a problem or create a need or want. Although not every idea is practical or can be turned into a successful venture, entrepreneurs are not discouraged and will continue to solve problems in this way.

Innovative thinkers transform an idea into a marketable product or service. They implement the idea, taking it to marketplace. Take Francis Cabot Lowell (1775-817). He was an innovator. During a trip to England he was stunned by the number of textile mills and their machinery. He memorized the machinery, but with the goal of going further than replication. After returning to Boston in 1813, Lowell communicated his ambition to his brother-in-law, Patrick Tracy Jackson, and to the mechanic Paul Moody. Together, they formed the Boston Manufacturing Company, organizing it into a corporation with a hug capitalization of $300,000. The mill they built together was the first to convert raw cotton into cloth by power machinery within the wall of one building. For years, entrepreneurs have started retail venture that spin off into new products that revolutionize the way we dress and do business.

Respect for Money

It is easy to get caught up in the glamour of owning a business. Many business get into financial trouble because they spend far too much money on items that have very little to do with the success of the business. Successful entrepreneurs are conservative and careful with their money. They spend what is necessary and save the rest. Successful entrepreneur do not typically judge themselves based on what they spend or can afford to buy. Satisfaction is obtained through achieving their own internal goals and objectives.

Ability to Manage Time Wisely

Getting a business started is extremely time-consuming. Because entrepreneurs are working with little or no staff and limited budgets, the ability to plan and prioritize effectively is critical. It is not uncommon for entrepreneurs to work seventy to eighty hours per week in the initial stages of a business and still leave the office with many tasks unfinished. The inability to manage time efficiently will lead to poor performance. Poor performance reflects on the company. IN the initial stage of the business, entrepreneurs either are gui9lty of trying to perform too many tasks on their own or are doing their best with the limited fund they have. When they do employee personnel, good entrepreneur will utilize them to their best advantage. They will learn to delegate duties and responsibilities and to enable employees to fulfill those duties by giving them the autonomy to do so.

Flexibility

Successful entrepreneur must be able to adapt to the changing demands of customers and their business. The world has become a fast-paced, ever-changing place. The tastes, wants, ad needs of the consumer are also ever changing. The ability of the entrepreneur to adapt to these changes will increase the opportunity for success.

ANNOUNCEMENTS

NASBITE International

2012 marks a special year for NASBITE International who has been assisting trade professionals, educators, and government in bridging the gap in trade education and promotion for 25 years! Portland, Oregon, "The City of Roses" will be a memorable location. As the second largest city in the Pacific Northwest, it is known for its scenic beauty, sustainable business focus, and lively music scene. The conference will be held at the Nines Hotel. Rooms are still available at the Nines on April 20 and 21. For more information,click here.

ICSB 2012 Public Agencies Forum

How can government bodies - such as policy departments, advisory services, regulators and service agencies - develop the most effective means of engagement, communication and information sharing with small businesses?

The Forum will explore the many differentways that agencies have done this, using international examples from across the world and to also share the findings of research activities which can shed some light on how such engagement mightbe more effectively tailored in future.

The event will be held in conjuction with the ICSB 2012 conference June 14th in Wellington Town Hall, New Zealand. For more information,click here.

Southern Management Association

It's time to start planning for the Southern Management Association's 2012 Annual Meeting. The SMA meeting will take place October 30-November 3, 2012 in Fort Lauderdale, Florida. The meeting will be held at the Westin Beach Resort and Spa. The hotel's waterfront location offers access to miles of beautiful white beaches, but is also close to shops, entertainment, and business centers. For more information,click here.

Flip the Switch Workshop

Are you frustrated with technology distractions in the classroom? On June 1st in Philadelphia, PA we'll show how to hijack these distracting mobile devices to engage with students at a deeper level and bring them back into the learning conversation. For more information,click here.

ICSB

International Council for Small Business will be holding its International World Conference during June 10-13, 2012 in Wellington, New Zealand. For more information,click here.

CONFERENCES

CALLS FOR PAPERS

SBANC STAFF

Main Office Phone:(501) 450-5300

Don B. Bradley III, Executive Director of SBANC & Professor of Marketing - Direct Phone:(501) 450-5345

Matt Yancey, Development Intern

Raven Ambers, Development Intern