attributes of entrepreneurs

8/7/2019 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.

t t


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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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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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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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- :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!!!

t t


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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

attributes of entrepreneurs

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