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Business 10th Edition by Ferrell,Geoffrey Hirt,Linda Ferrell
Edition 10ISBN: 978-1259179396Business 10th Edition by Ferrell,Geoffrey Hirt,Linda Ferrell
Edition 10ISBN: 978-1259179396 Exercise 26
The Differences between Successful Entrepreneurs and Fraudsters
What do Steve Jobs and Bernie Madoff have in common? One is a highly admired entrepreneur responsible for creating one of the most valuable brands in the world. The other is a criminal guilty of operating the largest Ponzi scheme in the United States. The outcomes of the two men could not be more different. However, there are surprising similarities in the characteristics of famous entrepreneurs and fraudsters.
For instance, fraudsters tend to be intelligent, creative, persuasive, and seemingly confident-all characteristics of many successful entrepreneurs. Bernie Madoff built his enterprise from the ground-up, much like Oprah Winfrey, Bill Gates, and Steve Jobs. Successful entrepreneurs and fraudsters often display what has been termed "fearless dominance." Those that display fearless dominance demonstrate boldness, grace under pressure, charisma, and intelligence.
If fraudsters and entrepreneurs share so many characteristics, then what keeps entrepreneurs from becoming fraudsters? One trait is empathy. Being able to sympathize and care about others' well-being is lacking among fraudsters. Al Dunlap, former CEO of Sunbeam, was known for firing people and taking an aggressive approach to business. He was later implicated in accounting fraud. Another major characteristic is the ability to bounce back from failure. When Steve Jobs was ousted from Apple, he went on to found Pixar and later returned to save Apple from bankruptcy. When Bernie Madoff encountered financial difficulties, he covered them up through fraud. 23
What are some major differences in the personalities of fraudsters and successful entrepreneurs?
What do Steve Jobs and Bernie Madoff have in common? One is a highly admired entrepreneur responsible for creating one of the most valuable brands in the world. The other is a criminal guilty of operating the largest Ponzi scheme in the United States. The outcomes of the two men could not be more different. However, there are surprising similarities in the characteristics of famous entrepreneurs and fraudsters.
For instance, fraudsters tend to be intelligent, creative, persuasive, and seemingly confident-all characteristics of many successful entrepreneurs. Bernie Madoff built his enterprise from the ground-up, much like Oprah Winfrey, Bill Gates, and Steve Jobs. Successful entrepreneurs and fraudsters often display what has been termed "fearless dominance." Those that display fearless dominance demonstrate boldness, grace under pressure, charisma, and intelligence.
If fraudsters and entrepreneurs share so many characteristics, then what keeps entrepreneurs from becoming fraudsters? One trait is empathy. Being able to sympathize and care about others' well-being is lacking among fraudsters. Al Dunlap, former CEO of Sunbeam, was known for firing people and taking an aggressive approach to business. He was later implicated in accounting fraud. Another major characteristic is the ability to bounce back from failure. When Steve Jobs was ousted from Apple, he went on to found Pixar and later returned to save Apple from bankruptcy. When Bernie Madoff encountered financial difficulties, he covered them up through fraud. 23
What are some major differences in the personalities of fraudsters and successful entrepreneurs?
Explanation
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Fraudsters are the organizations that ma...
Business 10th Edition by Ferrell,Geoffrey Hirt,Linda Ferrell
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