Name: Bildan, Lady Mae S.

Yr & Sec: BSTM 2A

“ETH WRITTEN REPORT”

G. CHARACTERISTICS AND ROLES OF AN ENTREPRENEUR

Entrepreneurs and their businesses vary greatly depending on their individual goals, industry,
product or service. However, the characteristics of successful entrepreneurs are extremely similar,
no matter the organization. A successful entrepreneurs must possess multiple abilities, skills and
personality traits.

Here's the following characteristics needed to start on becoming a successful entrepreneur.

However, it doesn't mean you have to possess all these characteristics in order to start your journey
as an entrepreneur. What you need is preparation, preparation to embark your road to become an
entrepreneur.

This preparation must include the following;

A. Grit and Tenacity to begin something.
B. Basic Business Skills.
C. Good Feel of the Environment.
D. Strong Sense of Empathy for the Needs of the Community.

1. Grit and Tenacity

- Grit means showing passion and perseverance toward a goal despite being confronted by
significant obstacles and distractions.
- Tenacity means your determination, your determination to accomplish something.
- This just means that you have to have a grit and tenacity if you want to initiate a business. You
have to show passion and determination when starting a business.

These are the characteristics under Grit and Tenacity.

1. Strong Initiative
2. Willingness to take risks
3. Boldness to try new ideas
4. Persistence and perseverance in pursuing business success
5. Diligence and hard work to gets things accomplished
6. Integrity in business dealings
7. Versatility to welcome innovations
8. Leadership and managerial aptitude

2. Basic Business Skills

- Having basic business skills lower the risks that are part and parcel of any business initiative.
- These business skills include “technical and service skills.”
- Technical skills are sets of abilities or knowledge used to perform practical tasks in the areas of
science, arts, technology, engineering, and math.
- Service skills rely heavily on problem-solving and communication.

These are the characteristics or skills under basic business skills.

A. Active observation of potential products and services within the context of the community needs
and wants
B. Close communication with customers, identification of their needs and expectations
C. Keen consideration of data gathered on consumer behavior, consumer process, and purchase
pattern
D. Careful adoption of strategies involving product, place, price, promotion, process, people, and
physical evidence
E. Astute handling of funds, prudently using it for product development, for people management,
stakeholder involvement, and government compliance
F. Strategic creation of healthy alliances and networks with suppliers, creditors, customers,
government agencies, regulatory bodies, Industry associations as well as the local and larger
communities.

3. Good Feel of the Environment

- To have a good feel of the environment is to have an eye for the prospects or possibility of a
business idea.
- Good feel of the environment refers to the capacity to determine where a profit-generating
innovation should go in respect to the whole business environment.

These are the characteristics for good feel of the environment.

A. Knowing where a business should go
B. Relating to other existing businesses in the area
C. Implementing business plans at a proper time
D. Getting ahead of potential competitors
E. Innovating for unique and latent products and services.

4. Strong Sense of Empathy for the Needs of the Community.

- The primary component of the empathy aspect of entrepreneurial preparation is the constant
listening to the voice of the various stakeholders, in particular the customers.
- You can also capture the necessary feedback that will help you improve your product or service.

These are the characteristics of a wise entrepreneur under this topic;

A. Seek relevant information
B. Rely less on chance but on carefully studied data
C. Act decisively yet with prudence
D. Prepare to act on strategies with the counsel and the good of stakeholders in mind

ROLES OF AN ENTREPRENEUR.
Entrepreneurs play significant roles in and out of a business. They're more than an instrument for
creating jobs, income, goods, and services. They're the one who gives us goods, like in the market,
the products that they're selling. Like meat, eggs, fruits, vegetables and etc. Entrepreneurs are the
one who make the way for us to get those goods aside from the farmers. Also, the things that we
bought in shoppee or lazada are also considered as one of the things that entrepreneurs have done
for us to shop conveniently.

Here are the roles of an entrepreneur in the larger context of our society;
1. Discover new sources of raw materials
2. Develop new markets
3. Mobalize capital resources
4. Create employment
5. Introduce new technologies, new industries, and new products and services

1. Discover new sources of raw materials

- They seek new materials in order to try new things and experiment the new materials. They do
this in order for people to buy it and of course to enjoy its quality. Also, discovering new materials
improve the product and it's price. So the better the materials, the better the quality of its products.

2. Develop new markets

- Developing new markets is what sets an entrepreneur from ordinary people in the practice of
business and management who similarly performs planning, organizing, and coordination. Let's
say there's a province who's in need of a certain product yet no one is doing a business about it
there, so, what you can do is to try a new idea, you can fulfll that need of the province, and then
you can turn your idea into reality, and now you just develop a new market. Basically, you will
fulfill the needs of the people there and at the same time you will also develop a new market.

3. Mobalize capital resources

- A successful entrepreneur must know how to handle it's resources properly. He/she must know
the production factor of his/her resources. Land (natural resources), labor (human capital), or
capital (man-made resources), one must know these things and the result will be an effective
production and efficient service provision in the hands of a confident and skillful entrepreneur.

4. Create employment
- Employment is created through entrepreneurial activities. If you're going to start a business you
need people to help or work for you. Basically, entrepreneurship opens an opportunity to people
to get a job. And while your company is getting bigger, the employees that you need is also getting
bigger which is a great help to people who needed a job in this field.

5. Introduce new technologies, new industries, and new products and services
- Other than being innovators and risk-takers, entrepreneurs are also pioneers when it comes to
advancing new technologies, discovering new industries, and introducing new products. For
instance, let's say Apple, almost every year they introduce us a new model of iPhone and since a
lot of people like their product of course they'll buy it since it's new. Basically, new things mean
new experience and people like experiencing new things. And, since the new iPhone is new to
them, they will have this feeling that they also want to experience it so they will buy the product.
Also, our daily living improves because of the technologies that they introduce us. Hence,
entrepreneurs keep introducing us new things for us to have new experiences, improve our society
and our daily living.

H. THE APPLICATION OF ENTREPRENEURSHIP IN THE TOURISM AND

HOSPITALITY INDUSTRY

The tourism and hospitality industry is a complex sector, a distinct field of activity, and an
important part of economic and social life that provides several prospects for small business
development while also being capital intensive and competitive.

These are the application or business ideation of entrepreneurship in our sector.

1. Destination and Built Structure
2. Accomodation and Transportation
3. Experiences and Events
4. Food and Merchandise

1. Destination and Built Structure

- You can make a business using untraveled territories, people love adventure and they love
discovering new things. Also you can restore structures, historical structures in particular and make
it open in public afterwards, maybe this might become a popular destination in the future.

2. Accomodation and Transportation

- Ecohotels, glamour camping, healing camps for sawi people, health hotels and etcetera. You can
do any kind of accomodation and transportation and try adding new things like an accomodation
for couples or whatever. People like these kinds of things.

3. Experiences and Events

- You can make your customers experience a historical festival, virtual events, age/gender focused
activities, cook fests and other fun activities.
4. Food and Merchandise
- You can offer culture heritage cuisine, fusion food, local cuisine, local drinks, indigenous gifts
and souvenirs, food tours and many more! Tourist especially foreigners love this kind of things.
They like trying cultured foods and souvenirs.

In conclusion. Entrepreneurship have a lot of roles in our industry, they provide us fun activities
and other necessary things that our industry needed in order for us to satisfy our customers. And
lastly, if you plan on initiating a business don't be afraid to do so, you don't need all these
characteristics if you wanted to start, you can develop them in the process while you're on your
journey to success.