ENTREPRENEURIAL QUALITIES AND SELF-ASSESSMENT

Lesson 2

WHAT IS ENTREPRENEURS?

Entrepreneurs are people with unique traits and characteristics that make them successful and extraordinary persons. They can make other people work. They have leadership, the ability to manage people as well as capital and resources. Early exposure to an enterprise culture and adequate training, especially during youth or childhood, can help build the foundation for successful entrepreneurial career later.

WHO ARE THE FAMOUS ENTREPRENEURS AND WHAT MAKES THEM FAMOUS?

Bill Gates

Mark Zuckerberg

Steve Jobs

WHAT MAKES ENTREPRENEURS SUCCESSFUL?

Behavioral scientists and psychologist have identified ten personal entrepreneurial

characteristics or PECs that entrepreneurs should possess. These characteristics are grouped into

three main cluster namely, the achievement cluster, the planning cluster and the server cluster.

THE ACHIEVEMENT CLUSTER

• Opportunity Seeking – An entrepreneur is said to be a good opportunity seeker if he sees and acts on new business opportunities and seizes unusual opportunities to acquire financing, equipment, land, work space, or assistance.

• Persistence – A persistent individual is one who takes repeated or different actions to overcome an obstacle, makes personal sacrifices or spends extraordinary efforts to complete a job.

• Commitment to the contract of work – the entrepreneur is committed to the work that he has agreed to do. When he accepts a job, he takes full responsibility for its completion.

• Risk-taking – a successful entrepreneur takes calculated, moderate or reasonable risks where he perceives the chances for winning to be good.

• Demand for quality and efficiency – An entrepreneur must demand for products with quality. The high standard of performance makes him act to meet or exceed existing standard of excellence or improve on past performance.

PLANNING CLUSTER• Goal Setting – An entrepreneur sets cleaer and specific short- and long-term

goals or objectives. He thinks of today’s activity as a small step towards what he eventually wants to accomplish.

• Information seeking - An entrepreneur personally seeks information that is relevant and useful to his present or future business. He obtains information from clients, suppliers and competitors. He consults experts for business or technical advice and uses contacts and information networks to obtain functional information all for the purpose of fully realizing his end goals

• Systematic planning and monitoring – An entrepreneur must set objective goals and plan the methods that will be used to meet these goals. He uses and develops alternatives and monitors his progress. He is ready to switch to alternative strategies when necessary to achieve his goal.

POWER CLUSTER• Persuasion and networking – This refers to being ableto convince others,

establish contacts, and maintain these relationships. In order to accomplish his business objectives, an entrepreneur uses his networks to useful friends and acquaintances.

• Self-confidence – It is believing in oneself and the capability of achieving what he sets out to do. An entrepreneur enters a business because he is confident that the business would be successful and profitable.

"ONE IMPORTANT KEY TO SUCCESS IS SELF-CONFIDENCE. AN IMPORTANT KEY

TO SELF-CONFIDENCE IS PREPARATION." ~ARTHUR ASHE

Presentation Made by: John Rovic M. Baylon