Entrepreneurial

Holland’s 6 Personality types

1. Realistic

Personality - Prefers activities involving behavior and physical exertion

requiring skill, strength, and coordination
(Example: Farming and Mining)

2. Investigative
Operating a business enterprise is a very challenging occupation
- Prefers to be analytical, curious, methodical, and precise
As such, Entrepreneurship is not for everyone
(Example: Crime and Arson investigator)

So then, 3. Artistic
● How do we know, beforehand, that a person is a good prospect? - Is expressive, nonconforming, original, and introspective
● What determines failure? (Example: Song writer, and Novelist)

4. Social
Two factors for good prospect: - Enjoy working with and helping others, and purposefully
avoids systematic activities involving tools and machinery.
(Example: Social worker)
1. Environment
5. Enterprising
In terms of support for entrepreneurships, economic
- Prefers verbal activities to influence others and to attain
environments differ from place to place.
power and status
(Example: Manager and Entrepreneur)
Environments may be classified as follows:
1. Fully supportive of entrepreneurships 6. Conventional
2. moderately supportive of entrepreneurships - Enjoys systematic manipulation of data, filing of records,
3. not supportive of entrepreneurships or reproducing materials
(Example: Accounting and Finance)
Fig 1. Economic Environment and the Entrepreneur
Characteristics of Entrepreneurs

1. Drive
- The tension that occurs when a need is not met is called
drive.

Success in entrepreneurship becomes possible when the

entrepreneur is self-motivated enough to pursue his chosen
course without relenting even in the face of adversity.
"Reaching a goal is often achieved through a series of moves"

2. Thinking ability
- The entrepreneur's job involves solving problems and
making decisions.

Types of Economic Environments The Entrepreneur Task A man with a superior thinking ability can see through the maze
of information (or disinformation) brought before them.
2. Personality of the Entrepreneur
3. Ability to communicate
Personality refers to the pattern of characteristics that
- Communication skill is a very important characteristic
distinguishes one person from another.
an entrepreneur must have if success is expected.

Every person has a personality that is unique and different from

The ability to understand and be understood makes it easier for
others.
the entrepreneur to transact business with customers, bankers,
➢ Each personality type has a corresponding type of job
etc.
that fits it.

4. Technical knowledge
Fig 2. The Entrepreneur’s Personality
- Operating an entrepreneurship requires the performance
of major and minor tasks.
Personality Entrepreneur’s Teacher’s Job Engineer’s Job
Types Job
The entrepreneur must be familiar with and possess some
A Perfect fit Moderate fit Unfit technical knowledge about how the various tasks are
performed.
B Unfit Perfect fit Moderate fit

C Moderate fit Unfit Perfect fit

 5. Reasonable risk taker
- The entrepreneurs must calculate a reasonable trade-off
I. Relation with Customers
between risks and benefits.
When a person starts a new venture, he has already begun to
assume the risk of business failure.
Theoretically, ventures with zero risks yield zero benefits. There
are instances however when the possibility of risks far outweighs
the benefits involved.
Entrepreneurs should provide support for
6. Self-confident
consumer rights which are as follows:
- In any undertaking, a person's belief in his ability leads
him to actual performance and eventual success.
7. Goal-setter
A goal performs the following:
1. it directs one's attention to a specific target
2. it encourages one to exert effort toward achieving
something specific
3. it encourages persistence
4. it fosters the creation of strategies and action plans
8. Accountable
- The entrepreneur should be accountable enough to take
responsibility for whatever happens to the firm.
9. Innovative
Innovation may be the only way the entrepreneur can
achieve the following:
1. penetrate the market
2. improve employee turnover
3. reduce manufacturing costs
4. improve collection rate
Ethical Issues Facing
Entrepreneurship
Entrepreneurs face ethical questions on a daily basis
These spring from the following relationships:
Between the company and the customers
Between the company and its personnel and employees
Between the company and its business associates
Between the company and the investors and the financial
community
When ethical abuses are committed, the most probable victims
are customers
An example is the practice of sending unsolicited
messages to the customers through the cell phone
Entrepreneurs are expected by society to treat their customers
fairly.
1. The Right to be Safe
Consumers expect that the products and services that they buy
woll do them no harm
They also expect to be free from bodily harm when they
are inside the entrepreneur’s business premises
For example:
● Manufactured drugs intended for sale to the general
public must first pass the standard requirements of the
Food and Drugs Administration (FDA)
2. The Right to be Informed
Consumers make purchasing decisions often. The quality of their
divisions, however, will depend on whether or not they are
properly informed
The requirement for indication dates of manufacture and
expiry on labels is a result of legislation intended to
inform the consumer
3. The Right to Choose
Firms that intend to adhere to business ethics should strive to
protect consumer’s right to choose, what products and services
they need to intend to purchase
For example:
● The trader who cornered the year’s supply of a certain
brand of cigarettes
Nobody could but that brand except from him and
he was able to mark huge profits by selling at a
high price
4. The Right to be Heard
Customers have the right to communicate their concerns to
entrepreneurships they patronize.
This right may be used to express appreciation about
what the company is doing or to provide information
about defects in the products the customers bought
For example:
● The information printed on the product’s label indicating
contact numbers where complaints may be relayed
II. Relation with Personnel and
Employees
Since entrepreneurs and their staff make decisions on various
business activities like hiring, promotion, transfer, compensation,
and dismissal, it is NOT uncommon for ethical lapses to happen
every now and then.
An example is the ethical question faced by a manager in
deciding whether or not to give hiring preference to a
relative of his superior
III. Relation with Business
Associates
Entrepreneurships operate in conjunction with the efforts of a
supplier, agents, and various types of middlemen.
In the course of business transactions between the players
mentioned and the firms, some ethical questions arise.
➢ A supplier—who badly needs a contract, for instance, may
attempt to bribe the company’s purchasing officer
➢ The practices like these are unethical and must not be allowed to
happen in a company that upholds good ethical conduct

Good ethical conduct requires

entrepreneurs to be aware of their
responsibilities to employees. IV. Relation with Investors and
Financial Community
1. Workplace Safety
The country’s financial system survives partly because investors
The ethical entrepreneur is one who makes sure that the
and other players have placed a certain degree of trust in firms
workplace is safe for employees
they deal with.
The degree of trust is maintained at a high level if the
For example:
investors and financial community feel that business firms
● Sufficient ventilation must be maintained.
practice good business ethics, especially if they think that
● Fire exits must be provided.
their investments are well protected.
● Machines and chemicals must be handled properly by
If that is so, the desired level of investment is
trained personnel.
maintained
2. Quality of Life Issues
Many employees are burdened by problems about maintaining a
good balance between work and family. It becomes more difficult
Summary
if the employee is a single parent.
➔ Ethical issues confronting entrepreneurships arise from their:
As a remedy to the above concerns, progressive companies
◆ relationships with their customers,
provide the following:
● Day-care facilities for children of employees ◆ their personnel and employees,
● Housing near the work sites ◆ their business associates, and;

3. Avoiding discrimination ◆ the investors and the financial community.

Factors like age, sex, religion, political beliefs, and the like must be
allowed to affect any person’s chance of getting employed or
promoted

4. Preventing Sexual Harassment

Sexual harassment refers to unwelcome sexual advances,
requests for sexual favors, and other verbal or physical contact of
a sexual nature

In preventing SH, the entrepreneur needs to do the following:

1. Issue a specific policy statement prohibiting sexual
harassment
2. Develop a complaint procedure for employees to follow
3. Create a work environment that encourages sexually
harassed employees to report their experiences
4. Established a committee to investigate sexual harassment
claims