attributes of entrepreneurs
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ATTRIBUTES OF ENTREPRENEURS
NTREPRENEURIALMANAGEMENT
:Report ofJESSE WILVIC JACILDO
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Attribute
QualityCharacteristicTrait
Feature
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Who is an entrepreneur?
.1 An individual who owns and manages his.own business
.2 Contemporary researchers and scholarsbelieved that an entrepreneur is muchmore than owning and managing a small
.business
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According to Karl Vesper
-Solo self employed individual , ,Tradespeople sales agents
,repairmen and brokers ,Highly paid professionals
,accountants physicians whooperate alone or with only
a few employees and perform.work personally
Deal-to-dealersHighly knowledgeable businessmenengaged in various forms of tradesfrequently in directly or indirectlyrelated lines of work.One shot deal
Team BuildersThey refer to build larger companies usinghiring and delegation can be regarded asanother category.
Economy-of-scale exploitersThey are able to reduce prices, which has given them sales volume enablingthem to reduce prices further and make it difficult for competitors to enter orcomplete.
AcquirersAcquiring a business.Some are regarded as turnaround artist, becausethey have taken over troubled firms andstraightened them out.
Capital aggregatorsSmart entrepreneurs who use their experience andexpertise in pooling or syndicating a group of financiers toput together a business endeavor.
Patter multiplierThose who spot an effective businesspattern, quite possible orignitaed by
someone else, and multiply it to realizeprofits.
Independent inventorsPure inventors who really developed their ownproduct or invention and take care of marketingthem.
Independent innovatorsPersons who hit upon ideas forbetter products or services andthen create companies todevelop, produce and sell them.
Buy sell artistWise guys referred to as corporate raidersand brokers who turn around, sell andliquidate.
Apparent value manipulatorsWho acquire assets at a discount, representingthem for a new use or market, and who restructurebalance sheet to improve ratio.
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Opportunity to benefit financiallyFinancial rewards are a result of a
lifetime of smart business practicesand risk taking
Opportunity to contribute to society andbe recognized for ones efforts
Recognition for honest dealing aswell as service to customers andcommunity is a major
encouragement and inspirationamong entrepreneurs.
vantages o ecom ngentrepreneur
Opportunity to gain control overone s own destiny
Independence Achieve one s personal goals
Opportunity to reach ones full potentialStrengthens character
Challenges ones abilities
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Complete responsibilityThey must make decisions in issuesabout which they are not reallyknowledgeable.
Pressure can build up quickly.Their decision can lead to success orfailure of the business and have
devastating effect .
raw ac s o e ng anentrepreneur
Uncertainty of income No guarantee that anyentrepreneur will earn enough
.money to survive
Risk of losing the entire invested capitalExpose to all forms of risk including losingall amounts they have worked in theirentire life.
Long hours and hard workEntails tremendous investments in energyand time to get the business off theground.
In start up phase, he does everythingalone from raising the funds, producingthe goods, and marketing the finished
product.
Lower quality of life until the business getsestablishedDue to long hours and hard work neededto launch a company can take the toll on
ones family and social life.
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ar at ons nentrepreneurship
Intrapreneurs
-Those who take hands on responsibility for creating.innovation within any kind of an organization
,Being part of the corporate structure an intrapreneuris also referred to as orporate entrepreneur.
to create or develop the entrepreneurial spirit,within the corporate boundaries thereby allowing
an atmosphere of innovation to prosper ,determines the need confirms its existence with
higher authorities in the company and demonstrates ,effectively by creating a prototype by giving a
,new system in a trial run by doing a marketresearch on what qualities customers want and need
from the type of products the company manufactures that his innovation can meet or satisfy that
.need
UltrapreneurEpitomizes the character of an entrepreneurEnterprising or entrepreneurial fellow but his innovation commences within
the organization itself and whose impacts may extend beyond theorganization to which he or she is directly a part.Instead of corporate restructuring or realignment, he may opt to go forcreating another unit or organization as a distinct and separate legalpersonality.He may also go for strategic partnership, alliance and consortiaarrangement by way of investing in other organizations whose productsand services may or may not be related to its existing line of business.
Multipreneurshipmore than one undertaking..entails actually having a multiple skills so that once can develop multiple
sources of income and multiple careers, either simultaneously or serially.Multipreneuring is a career strategy that provides techniques for managinga more flexible chameleon career, ensuring prosperity and fulfillmentindependent of the ebbs and flows of the economy.More of a personal career path that would tend to benefit more themultipreneur than the organization.
Social EntrepreneurshipNot only promoting the purely business (profit motive) side of the venturebut it also focused on providing a venue for employment generation at the
resource location mostly in the countryside.Instead of giving them fish, teach them instead how to fish
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Entrepreneurial governance
A mayor applying marketing concepts to promote the local,government to both foreign and local investors and meet
, (the needs of constituents falls under the purview range) .of power of building and entrepreneurial government
Mayors should develop a good marketing strategy and.implement it like a professional
City marketing is about meeting and satisfying the needs andgiving solutions to the problems of participating group
, .of customers known as the target customers
Corporitized approach constituents are viewed as customers.who need constant care an attention
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Entrepreneurial governance
A manifestation of an entrepreneurial governance is theadoption by the government bureaucracy of management
systems and principles traditionally practised in the.corporate world
(The other indicator that is deemed within the purview range)of power of an entrepreneurial system of governance is
the involvement of private sector in the delivery of.public services particularly in the infrastructure sector
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e entrepreneur a tra tsand behavior
Be aggressive Competitive -Goal oriented
Confident Make decisions Be an achiever very early in life Be a loner in your final decisions Put family and friends second to business
Be an opportunist -Do not be security oriented
Be persistent( / )tireless stubborn
Have determinationBe an optimist Have desire to achieveBe hyperactive mentally Be a dreamer -Be a calculated risk
taker Want power
Learn from previousmistakes
Be a perfectionistBe intuitive
( )spontaneous
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Ten Entrepreneurial Traits
Self awareness
,Know who you arewhat you re good,at and what you
.like to do
Self motivation
The characteristic thatgets you going and keepsyou moving when you arein business for yourself.
Courage
Willingness to take risks isa valuable trait whenstriving for success.
Confidence
Positive thinking is a major step in thedirection of success. Behave as if youalready are a success at what you do, itfollows that you will be, and yourcustomers will believe it.
Patience
Remember thatcustomers are alwaysright.
Decisiveness
Go with your intuition andtrust that you are doingthe right thing.
Experience
A key component forgrowth.
Knowledge
You have a better chanceof succeeding by knowingas much as possibleabout such factors as
business basics.
PerseveranceWilling to persevere duringrough times, to hang in thereduring the slow periods and to
maintain your belief in yourproduct or service evenwhen it seemslike no one elsein the world knows you exist.
DriveYou need to be totallycommitted and wiling to worklong hours, especially in the
beginning.
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e ut or s v ew on t eentrepreneur
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When to take the plunge?
Most of our creative ability is concentrated in the. ,years before forty We have more energy then better
,health usually and have had fewer disappointment and
.hard knocks . Take advantage of your youth Don t work for GE or GM
.until your best years are past Start now to work for.yourself This is not to say one cannot start out for
. .himself later in life Thousands have If you are
, .over 45 or 50 or even 60 no matter But if you, ,are younger person even a student ask yourself one:question
Why should I wait to start for my self?
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Entrepreneurial Quiz
Use the letter S for strong or N for needs improvement.beside the characteristics listed below
Achievement
Belief Creativity
Discipline
Efficient
Friendly
Goal Oriented Health Conscious Independent
I have a strong desire tobe successful in my
chosen business venture.
I have faith in myself andthe service or product I
am specializing in to buildmy business.
I am able to addresssituations in imaginative
and innovative ways toreach my goals.
I am self-motivated andcan handle necessary
tasks, whether or not Ienjoy them.
I am organized and canarange my priorities or
change my work methodsas needed for maximum
production.
I am genuinely interestedin people and enjoy my
interactions with them ona day-to-day basis.
I have a tendency to setmy sights on present
goals and will work hardtoward achieving them.
I am aware of myphysical abilities and
have the insight to worksmart in order to preserve
my health.
I am ableto work alone, ifnecessary, and am willing
to be responsible for myown actions.
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Entrepreneurial Quiz
Use the letter S for strong or N for needs improvement.beside the characteristics listed below
Judgment Knowledge
Leadership
Maturity
Networking
Optimism Positive Attitude Questioning
Resourceful
My conclusions aboutpeople or situations are
generally accurate.
I have solid experience inmy field and have spent
enough time in aprofessional business
setting to know the ropes.
I am able to direct peopleeffectively while instilling
confidence and loyalty.
I am willing to worktoward long-term goals
and do not get upset bythe inevitable minor
setbacks.
I am willing to developassociations with other
entrepreneurs forprofessional support in
my venture.
I am able to see what isright about a situation and
to explore its potential tothe fullest.
I am convinced that I canaccomplish anything I set
my mind to, and rarelyentertain negative
thoughts.
I am not afraid to askquestions to get the
information I need toexpand my knowledge.
I am to find ways toaccomplish just about any
task I must do.
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Entrepreneurial Quiz
Use the letter S for strong or N for needs improvement beside thecharacteristics listed below.
Sales AbilityToleranceUndaunted SpiritVenturesomeWell BalancedExpressiveYouthful Nature
Zest
I am able to presentinformation about myself
and/or my business in aconvincing yet honest
manner.
I am able to handlestressful situations with a
positive and realisticattitude.
I am unafraid of theunknown in fact, I enjoy a
challenge and accept theconsequences of my
actions.
I am not afraid of hardwork to reach my goals
and enjoy finding new,positive ways to handletroublesome situations.
I generally maintain asence of humor when
things dont work out asexpected.
I am able to expressideas and feelings clearly
and logically, both orallyand in written form.
I am capable of tacklingwork with enthusiasm and
a high level of energy.
I look forward in enjoyingmy business, the people I
will be dealing with, andthe resulting fruits of my
labor.
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Entrepreneurial Quiz
- :0 7 This is an indication that finding a complementarybusiness partner who can support your goals may be an
.option worth considering
- :8 14 You are basically a positive and directed person and
should not have any problem with improving certain areas.to increase your personal business success potential
+:15 There is a good possibility that you have been involved, ,in your own business in the past or at a least have
.worked in a managerial capacity for someone else You have
the positive personality traits to be a successful
.business owner
!CONGRATULATIONS
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THANK YOU FOR LISTENING!
HAVE A BLESSED DAY.
KEEP SAFE!!!
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.ntrepreneur a cu ture vsadministrative culture
STRATEGIC ORIENTATIONSTRATEGIC ORIENTATIONEntrepreneursEntrepreneurs
Characteristic:Characteristic:
Driven byDriven byperceptionperceptionofofopportunityopportunity
Pressures:Pressures:DiminishingDiminishing
opportunitieopportunitiess
RapidlyRapidlychangingchangingtechnology,technology,consumerconsumereconomics,economics,
socialsocialvalues andvalues and
AdministersAdministersCharacteristic:Characteristic:
Driven byDriven bycontrolledcontrolledresourcesresources
Pressures:Pressures:SocialSocial
contractscontractsPerformancePerformance
measuremenmeasurement criteriat criteria
PlanningPlanningsystems andsystems andcyclescycles