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  • 8/10/2019 Qualities, And Characteristics of an Entrepreneur 2

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    ATTRIBUTES, QUALITIES,AND CHARACTERISTICSOF AN ENTREPRENEUR

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    r u es, ua es, anCharacteristics of an

    Entrepreneur The Entrepreneur According to Schumptr !"#$%&, 'n

    ntrprnur i( ' pr(on )ho i( willingand able to convert a new idea orinvention into a successful innovation.

    Schumptr i( '*(o +'mou( +or

    th phr'( creative destruction

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    r u es, ua es, anCharacteristics of an

    Entrepreneur The Entrepreneur Websters someone who runs a

    business at his or her own nancial

    risk An entrepreneur is a person who

    undertakes the creation of an

    enterprise or business that has thechance of prot (or success.

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    r u es, ua es, anCharacteristics of an

    Entrepreneur Who is the Entrepreneur? Somod- )ho h'( IDEAS'nd

    m'.( th( id'( h'ppn or comto *i+/

    0u(t h'1 (om BUSINESS SI!!S

    !id'tion, cr'ti1it- 2 inno1'tion& Somod- )ho ASSU"ES #ISS

    D(ir( to "AE $#%&IT

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    r u es, ua es, anCharacteristics of an

    Entrepreneur The #ole of an Entrepreneur'() Entrepreneurs are inno*ators

    Th- o(r1 'n opportunit-/Th- cr't n) good( 'nd (r1ic(/

    Th- impro1 3i(ting product(/

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    r u es, ua es, anCharacteristics of an

    Entrepreneur The #ole of an Entrepreneur'+) Entrepreneurs pro*ide choice

    Th- 'dd good( 'nd (r1ic( to thm'r.tp*'c/

    Th- o4r 1'rit-/

    Th- d(ign di4rnt 'ppro'ch( to+'mi*i'r

    pro*m(/

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    r u es, ua es, anCharacteristics of an

    Entrepreneur The #ole of an Entrepreneur') Entrepreneurs pro*ide -obs

    Th- hir )or.r( +or thiru(in(((/

    Th- con(um r(ourc(, thu(

    pro1iding 5o( inth indu(tri( th't (upp*- tho(

    r(ourc(/

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    r u es, ua es, anCharacteristics of an

    Entrepreneur The #ole of an Entrepreneur'.) Entrepreneurs help the

    econo/0 1ro2)

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    (34

    Why Become an Entrepreneur?

    The three primary reasons that people becomeentrepreneurs and start their own firms

    Desire to be their own boss

    Financial rewards

    Desire to pursue their

    own ideas

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    (3(5

    Characteristics of Successful Entrepreneurs1 of 3

    Four Primary Characteristics

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    (3((

    Characteristics of Successful Entrepreneurs2 of 3

    Passion for the Business The number one characteristic shared by successful

    entrepreneurs is a passion for the business.

    This passion typically stems from the entrepreneurs beliefthat the business !ill positi"ely influence peoples li"es.

    Product#Customer $ocus % second definin& characteristic of successful entrepreneurs

    is a product#customer focus. %n entrepreneurs 'een focus on products and customers

    typically stems from the fact that most entrepreneurs are( at

    heart( craftspeople.

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    (3(+

    Characteristics of Successful Entrepreneurs3 of 3

    Tenacity )espite $ailure Because entrepreneurs are typically tryin& somethin& ne!(

    the failure rate is naturally hi&h.

    % definin& characteristic for successful entrepreneurs istheir ability to perse"ere throu&h setbac's and failures.

    E*ecution +ntelli&ence The ability to fashion a solid business idea into a "iable

    business is a 'ey characteristic of successful entrepreneurs.

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    r u es, ua es, anCharacteristics of an

    Entrepreneur The Qualities of an Entrepreneur'1. Inner Drive to Succeed

    Entrprnur( 'r dri1n to (uccd 'nd

    3p'nd thir u(in((/ Th- ( thiggr pictur 'nd 'r o+tn 1r-'mitiou(/ Entrprnur( (t m'((i1go'*( +or thm(*1( 'nd (t'- committdto 'chi1ing thm rg'rd*(( o+ tho(t'c*( th't gt in th )'-/

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    r u es, ua es, anCharacteristics of an

    Entrepreneur The Qualities of an Entrepreneur'2. Strong Belief in themselves

    Succ((+u* ntrprnur( h'1 ' h'*th- opinion o+

    thm(*1( 'nd o+tn h'1 ' (trong 'nd '((rti1pr(on'*it-/ Th- 'r +ocu(d 'nd dtrmind to'chi1 thir go'*( 'nd *i1 comp*t*- in thir'i*it- to 'chi1 thm/ Thir (*+ optimi(m c'n

    o+tn n (n - othr( '( 6'mo-'nc or'rrog'nc ut ntrprnur( 'r 5u(t too +ocu(d to(pnd too much tim thin.ing 'out un7con(tructi1critici(m/

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    r u es, ua es, anCharacteristics of an

    Entrepreneur The Qualities of an Entrepreneur'3. Search for New Ideas and

    InnovationA** ntrprnur( h'1 ' p'((ion'td(ir to do thing( ttr 'nd toimpro1 thir product( or (r1ic/

    Th- 'r con(t'nt*- *oo.ing +or )'-(to impro1/ Th-8r cr'ti1,inno1'ti1 'nd r(ourc+u*/

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    r u es, ua es, anCharacteristics of an

    Entrepreneur The Qualities of an Entrepreneur'4. Openness to hange

    I+ (omthing i( not )or.ing +or thm th-

    (imp*- ch'ng/ Entrprnur( .no) thimport'nc o+ .ping on top o+ thir indu(tr-'nd th on*- )'- to ing numr on i( to1o*1 'nd ch'ng )ith th tim(/ Th-8r up

    to d't )ith th *'t(t tchno*og- or (r1ictchni9u( 'nd 'r '*)'-( r'd- to ch'ng i+th- ( ' n) opportunit- 'ri(/

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    r u es, ua es, anCharacteristics of an

    Entrepreneur The Qualities of an Entrepreneur'!. ompetitive "# Nature

    Succ((+u* ntrprnur( thri1 oncomptition/ Th on*- )'- to r'chthir go'*( 'nd *i1 up to thir (*+impo(d high (t'nd'rd( i( to

    compt )ith othr (ucc((+u*u(in(((/

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    r u es, ua es, anCharacteristics of an

    Entrepreneur The Qualities of an Entrepreneur'$. %ighl# &otivated and 'nergetic

    Entrprnur( 'r '*)'-( on th mo1,

    +u** o+ nrg- 'nd high*- moti1'td/Th- 'r dri1n to (uccd 'nd h'1'n 'und'nc o+ (*+ moti1'tion/ Th

    high (t'nd'rd( 'nd 'mition o+ m'n-ntrprnur( dm'nd th't th- h'1to moti1'td:

    r es a es an

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    r u es, ua es, anCharacteristics of an

    Entrepreneur The Qualities of an Entrepreneur'(. )ccepting of onstructive riticism and

    *e+ectionInno1'ti1 ntrprnur( 'r o+tn 't th +or+ront o+

    thir indu(tr- (o th- h'r th )ord( ;it c'n8t don;9uit ' it/ Th- r'd5u(t thir p'th i+ th critici(m i(con(tructi1 'nd u(+u* to thir o1r'** p*'n, othr)i(th- )i** (imp*- di(rg'rd th commnt( '( p((imi(m/

    A*(o, th (t ntrprnur( .no) th't r5ction 'ndo(t'c*( 'r ' p'rt o+ 'n- *'ding u(in(( 'nd th-d'* )ith thm 'ppropri't*-/

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    +5

    T-p( o+ Entrprnur(

    No1ic Entrprnur H'( no prior u(in(( o)nr(hip

    3princ( '( ' u(in(( +oundr,

    inhritor, or purch'(r H'itu'* Entrprnur H'( prior u(in(( o)nr(hip 3princ

    N'(cnt Entrprnur In th proc(( o+ (t'rting ' n) u(in(( C'n ithr ' no1ic or ' h'itu'*

    ntrprnur

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    +(

    T-p( o+ Entrprnur(!cont

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    (3++

    Common ,yths %bout Entrepreneurs1 of -

    ,yth 1 Entrepreneurs %re Born /ot ,ade This myth is based on the mista'en belief that some people

    are &enetically predisposed to be entrepreneurs.

    The consensus of many studies is that no one is 0born tobe an entrepreneur e"eryone has the potential to become

    one.

    Whether someone does or doesnt become an entrepreneur(

    is a function of the en"ironment( life e*periences( andpersonal choices.

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    (3+

    Common ,yths %bout Entrepreneurs2 of -

    Although no one is born to be an entrepreneur, there are commontraits and characteristics of successful entrepreneurs

    Achieement motiated

    Alert to opportunities

    Creatie

    Decisie

    !nergetic

    "as a strong wor# ethic

    $s a moderate ris# ta#er

    $s a networ#er

    %engthy attention span

    &ptimistic disposition

    Persuasie

    Promoter

    'esource

    assembler(leerager

    )elf*confident

    )elf*starter

    Tenacious

    Tolerant of ambiguity

    +isionary

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    (3+.

    Common ,yths %bout Entrepreneurs3 of -

    ,yth 2 Entrepreneurs %re amblers ,ost entrepreneurs are moderate ris' ta'ers.

    The idea that entrepreneurs are &amblers ori&inates from

    t!o sources Entrepreneurs typically ha"e 4obs that are less structured( and so they

    face a more uncertain set of possibilities than people in traditional

    4obs.

    ,any entrepreneurs ha"e a stron& need to achie"e and set

    challen&in& &oals( a beha"ior that is often e5uated !ith ris' ta'in&.

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    (3+6

    Common ,yths %bout Entrepreneurs6 of -

    ,yth 3 Entrepreneurs %re ,oti"ated Primarily by

    ,oney. While it is na7"e to thin' that entrepreneurs dont see'

    financial re!ards( money is rarely the reason entrepreneursstart ne! firms.

    +n fact( some entrepreneurs !arn that the pursuit of money

    can be distractin&.

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    (3+7

    Common ,yths %bout Entrepreneurs- of -

    ,yth 6 Entrepreneurs Should Be 8oun& and

    Ener&etic. The most acti"e a&e for business o!nership is 3- to 6-

    years old. While it is important to be ener&etic( in"estors often cite the

    stren&th of the entrepreneur as their most important criteria

    in ma'in& in"estment decisions. What ma'es an entrepreneur 0stron& in the eyes of an in"estor is

    e*perience( maturity( a solid reputation( and a trac' record of

    success.

    These criteria fa"or older rather than youn&er entrepreneurs.