ENTREPRENEURIAL BEHAVIOR AND entrepreneurship, or whether they developed the

PERSONALITY traits after becoming entrepreneurs."

An entrepreneur should have both a vision and a

PART 1 mission.
What makes an entrepreneur? Nature or nurture? ● Vision- They know the direction they’re
BOTH getting into.They have a clear idea of how
their status in life as well as the product they
Personality will produce become in the future.
● The integration of those systems and ● Mission- They have an overall goal. They
habits that represents an individual's have a sense of purpose because it's their
characteristic adjustment to his sense of purpose that will help them identify
environment. the product or service they will introduce,
➔ Integration- function of both genetics the customers they target and the location
and environmental factors where the business will be put.
➔ Adjustment- personality is
predictable based from how a Characteristics of an entrepreneur: (ENTREP)
person behaves ● Enthusiastic- Having passion that is
grounded on the absolute truth.
● Networker- Love meeting people but have
An entrepreneurial personality sees opportunities to know when to build a wall.
and exploits them by creating value for themselves ● Thrives on challenges
and others, sustainably. -Dr. Martijn Driessen. ● Risk takers- have an innate sense of
➔ Entrepreneurial activity provides solution to venturing into something new into the
improve whatever is existing in the market unknown
and potentially getting rewarded by the ● Extrovert- loves to socialize
return of investments in terms of time, ● Proactive- They don’t need any instruction
energy and resources. from someone. They do something in
anticipation of certain things.
Remember: Some believe that some personality
traits are fixed. Big-5 model
However, entrepreneurial personality can be ● A multi-dimensional approach towards
developed in a person. defining personality.
● It is the most widely accepted personality
According to Rauch (2014): theory held by psychologists today.
● Characteristics like self-efficacy and ● Personality can be described by five core
achievement motivation can be influenced factors namely: (OCEAN)
by simple interventions. ➔ Openness to experience
➔ Conscientiousness
Four Types of Temperaments [Hippocrates ➔ Extraversion
(460-370 BC)] ➔ Agreeableness
1. Sanguine ➔ Neuroticism
● enthusiasm and talk ● Asserts that each personality trait is a
● Communication with sanguine: guide and spectrum (levels of the trait exist within an
assign for presentation individual)
● Assigned task for the team: presents ● Precedes Hippocrates' four types of
2. Choleric temperament.
● sets goal and works independently ● It was based on the works of various
● Communication with choleric: allow to lead researchers like Cattell (1943,1949), Fiske
a team (1949), Norman (1963), Tupes and Christal
● Assigned task for the team: leads the team (1961,1992), Costa and McCrae (1976),
to work on the task and Goldberg (1980).
3. Melancholic
● Thinks and plans for details Studies suggest that "Heritability and
● Communication with melancholic: appoint environmental factors affect all five factors to
as a part of think-tank the same degree."
● Assigned task for the team: thinks about
strategies 5 Macro Traits (OCEAN)
4. Phlegmatic TRAITS INDICATOR DESCRIPTION
● Being quiet and easy going
● Communication with phlegmatic: ask them Openness to Imaginative, How open a
to provide care for the team experience spontaneous person is to new
● Assigned task for the team: takes care of vs. prefers ideas and
the team routine, experience
practical
What makes an entrepreneur?
● There is no one-size-fits all portrait of the Conscientiousne Disciplined, How
entrepreneur ss careful vs. goal-oriented,
impulsive, persistent and
Studies suggest that: disorganized organized a
"It is unclear whether individuals with a given set of person is
personality traits [decided to go] into
 Rotter describes:
Extraversion Sociable, How much a
Personality as a stable set of potentials to
fun-loving vs. person is
responding to situations in a particular way.
reserved, energized by the
Personality and behavior are always changeable.
thoughtful outside world
➔ Stable means predictable
Agreeableness Suspicious, How much a
uncooperative person puts Rotter suggests:
vs. trusting, others’ interests If you change the way a person thinks, or the
helpful and needs ahead environment the person is responding to, behavior
of their own will change.

Neuroticism Anxious, How sensitive a Rotter vs. Freud

pessimistic vs. person is to Rotter Freud
calm, stress and
confident negative Behavior is controlled Behavior is controlled
emotional by seeking positive by unconscious drives.
triggers experiences.
(emotional
instability) ➔ Rotter’s theory is more aligned to
entrepreneurial personality, in which the
development of a person is reinforced by
The Entrepreneur vs. The Manager positive experiences that could be brought
Entrepreneur Manager about by achieving the goals they set for
themselves.
Visionary Aligns ‘vision’ with
employer Types of LOC
Internal LOC External LOC
Takes all the risk Does not bear any risk
Person conceptualizes Person believes that
Achievement is the Position is their own decisions and true controlling factors
key motivation motivation control their lives. are chance, fate or
environmental features
Profit is the reward Safety/Remuneration
they cannot influence.
is the reward
➔ Entrepreneurs will make decisions that will
Informal and casual Formal approach pave the way for them to control their lives.
approach ➔ Entrepreneurs, initially, aspire to achieve the
creation of their pathway to success.This
begins with their internal locus of control.
Big-5 Model
Researches suggest "link between belief in internal
control to the likelihood of engaging in
entrepreneurial activity."

Social Learning Theories

● Show that humans learn through observing
and imitating others.

Theories of Social Learning

Rotter Bandura

-More specific -Broader

Researches suggest: -Behavior is controlled -Social learning occurs
"Entrepreneurs thrive on a strong sense of self by seeking positive through observation,
efficacy (belief that tasks can be performed) to experiences imitation and modeling
execute their vision and a keen eye for innovation 1. Known 1. Reinforcement
to identify new products and markets.” motivation learning
2. Behavior (as a 2. Vicarious
Locus of Control (LOC) response) learning
● A concept first introduced through Rotter's changes (observation)
(1954) theory of social learning.
● a concept defining whether a person Question:
believes they are in control of their future or Do certain traits predict an entrepreneur's likelihood
someone else is in control of it. of achieving success?
● Entrepreneurs tend to have a strong locus ➔ Wealth is not about how much you make.
of control. Wealth is about how much money remains
after spending what you make.
Rotter's Theory of Social Learning
Behavior is determined by:
1. Nature or importance of goals
2. Anticipation that the goals will occur
PART 2 each other as 'Sir" or 'Ma'am"-Tony Tan
11 Characteristics of Successful Entrepreneurs Caktiong, Jollibee
(Harvard Business School) 7. Starting a business
1. Curiosity ● Heart of the business: Begin with yourself
● Continuously seek new opportunities ★ Interact and connect
● Have a drive to consistently ask questions ★ Need-based teaching: know their felt needs
for a better product/service ★ Share past struggles and success
2. Structured Experimentation ★ Personalize their experience
● Conduct market research and test run ★ Incorporate authenticity
3. Adaptability ★ Respect their limitations
● Know how to evaluate situations ★ Encourage before, during, and after the
● Ability to anticipate change lesson
4. Decisiveness 8. Making a difference
● Have the confidence to make challenging ● A business is NOT just about making
decisions. If the outcome is less favorable, money, it is about helping people through
come up with a corrective action. innovative solutions
● Take a stand based from your absolute truth
and values PART 3
5. Confidence Skills and Competencies of an Entrepreneur
● Have the confidence to advocate for your 7 Skills of Innovative Entrepreneurs (Harvard
product Business School)
6. Team Building 1. Basic Financial Skills
● Build a well-rounded team to complement Monitor the:
abilities. ● Balance sheet - shows how the business is
7. Risk Tolerance performing. This helps decipher assets,
● Manage and balance risk and rewards. liabilities and equity of the owner and
● Learn how to minimize failures. Implement shareholders.
strategies to minimize the risk ● Income statement - how much the company
8. Comfort with Failure is earning
● Prepare for and be comfortable with failure. ● Cash flow statement - how much the
● Build on your previous failures to create a company is spending from the cash that it
successful product receives
9. Persistence ● Statement of owner's equity - details the
● See missteps as opportunities to learn and changes in the equity by the shareholders
grow. depending on the performance of the
10. Innovation company
● Improve on products and services. 2. Networking
11. Long-Term Focus Interact with:
● Continuously grow and sustain the ● Clients
enterprise ● Family
● Industry leaders
8 Simple Secrets to Raising Entrepreneurs ● Alumni from educational institutions
(Abaquin, J., GONEGOSYO Publications) ● Solicitation
1. Knowing thyself 3. The ability to accept and act on feedback
● All children are smart. The job of the ● Be humble
parents and the teacher is to work on the ● Listen
strengths of the children. ● Reflect
● You can turn your passion into an 4. Pattern recognition
entrepreneurial venture. Monitor:
2. Attitude ● Market trends
● Develop the 'can do' mindset. ● User behavior
● At 13, Ricky Reyes wanted to become a 5. Strategic thinking
hairdresser. Despite poverty, he persevered Monitor:
and now he is a successful entrepreneur. ● Analytic skills
3. Entrepreneurial mind ● Communication skills
● Have a vision ● Problem-solving skills
● 'You should have a clear idea of where you ● Planning and management skills
want to go.' (Marixi Prieto, Philippine Daily 6. Negotiation
Inquirer) ● Build trust
4. Money Smart ● Find uncommon ground
● Teach children how to spend wisely and ● Be agile
how to earn honestly. 7. Growth mindset
● Injap Sia of Mang Inasal, initially helped out
in their family business by manning the cash The 10 D's of an Entrepreneur
registry. (Graves, William D. The Portable MBA in
5. Mentorship Entrepreneurship. John Wiley & Sons, 1994, page
● We are all learners 5. )
● Our parents can be our mentors. (Sy family) 1. Dream
6. Work ethics ● Vision
● Foster respect in the work area. ● Implement your dream
● Everyone in Jollibee -from the CEO to a 2. Decisiveness
store's kitchen crew-respectfully address ● Swift decision-making
 ● Don't procrastinate
3. Doers
● Implement one's course of action as quickly
as possible
4. Determination
● Totally committed
● Seldom give up even in the face of
insurmountable obstacles
5.Dedication
● Work tirelessly; 24/7
6.Devotion
● Love what they do
● Loving what they do makes them sell their
product or service more effectively
7.Details
● On top of the critical details of the business
8.Destiny
● They create their destiny
9.Dollars
● They assume that they will be rewarded
with money if they are successful
10.Distribute
● They distribute ownership of their business
with employees who are critical to the
success of their business
THE GO NEGOSYO FORMULA
Part 1
Go Negosyo Advocacy Group
Goal: to change the mindset and attitude of the
Filipinos.
Motto: Teach a nation how to fish and feed the
nation many lifetimes.
According to former Socio-Economic Planning
Secretary, Cielito Habito:
● “Filipinos tend to be geared towards finding
a job rather than creating jobs.”
➔ Issue No. 1: Filipinos are not
entrepreneurial.
➔ Filipinos are fond of working for their wealth
rather than creating the mechanism to earn
wealth.
According to the Philippine Statistics Authority
(PSA):
● 2.2 million Filipinos worked overseas from
April to September 2019.
Issue No. 2: What is the entrepreneurial mind? Is it
a whim or disposition?
X Whim- brought by sudden desire or change of
mind
✓ Disposition- own nature, including the inherent
qualities of the mind and character; mindset
The entrepreneurial mind is a set of dispositions
that enables a person to develop entrepreneurial
traits that will help start and grow a business
venture. - Canon-Abaquin, MJ, 2010
➔ Entrepreneurial mind as a mindset-
consistent with our internal motivation which
shapes our beliefs and actions. These sets
of actions will eventually become a habit.
5 C’s of Entrepreneurial Mind
1. Curiosity- desire to know/learn; provides a
sense of vision
● “Vision without action is a dream. Action
without vision is simply passing the time.
Action with vision is making a positive
difference.” -Joel Barker
● Joel Barker popularize the concept of
paradigm shift
● Paradigm shift- major change in how people
think and do things
● Curiosity is at the core of entrepreneurial
mind
● Success reminder: choose curiosity over
judgment
The ABCs of developing Curiosity:
Ask questions and seek answers
Be a dreamer
Choices and exploration
2. Creativity- innovation
● A creative mind gives birth to innovation
● We can make creativity a habit
● Success reminder: All habits follow a
specific path
● The cycle of habit: begins with a trigger →
perform actions based on the trigger that
eventually becomes the habit → attain
reward (goal, etc.)
● A NASA study found that 98% of 5 year old
children are at the “creative genius” level.
Five years later only 30% of the same
children remained at the same level.
Another five years later, only 12%. When
the test was administered to adults, only 2%
were at a “creative genius” level.
● Creativity declines with age.
Age Group Percentage of
Creativity Used
Kindergarten children 95-98
Junior school children 50-70
High school/ University 30-50
students
Adults Less than 20
➔ As we grow older, we are having more
opportunities to deal with a lot of concerns
which causes us to lose creativity.
● The issue with Philippine businesses:
Filipino businesses are small in scale and
maybe lacking in originality and
innovativeness reflecting the copycat
syndrome. -Global Entrepreneurship
Monitor
● According to PSA: Of the total 957, 620
business enterprises operating in the
country, 952, 969 or 99.51% are MSMEs
and 4, 651 or 0.49% are large enterprises.
The ABCs of developing Creativity
Always seek to develop new ideas and improve
processes
Be flexible and resourceful
Creative imagination
3. Competence- leads to passion
● “There is no greatness without a passion to
be great, whether it’s the aspiration of an
athlete, or an artist, a scientist, a parent or a
business person.” - Anthony Robbins
● Great things start from small beginnings.
● Success reminder: Start small.
The ABCs of developing Competence ➔ 3H of the nurse: Head (nurses think), hands
Actively pursue interests and desires (skills), and the heart (caring and
Be aware of unique intelligence compassionate)
Cultivate leadership skills ➔ Example of a nurse who entered
entrepreneurship: Teri Barton, and her
Howard Gardner’s Theory of Multiple sister, Gail Barto-Hay, decided to patent
Intelligences their color-coded IV lines in 2003.
Intelligence Enterprise/Career
The Nursing Profession in the Global
1. Linguistics (word Language training Healthcare Landscape
smart) center, Publications The WHO Key facts
● Nurses and midwives account for nearly
2. Logical- Mathematical Computer software 50% of the global health workforce.
(number smart) development ● There is a global shortage of health
workers, in particular nurses and midwives,
3. Spatial (picture smart) Photography, Interior who represent more than 50% of the current
design, Movie shortage in health workers.
production ● The largest needs-based shortages of
nurses and midwives are in South East Asia
4. Naturalist (nature Landscape architecture and Africa
smart) firm, Pet shop ● For all countries to reach Sustainable
Development Goal 3 on health and
5. Music (music smart) Singer, Songwriter, well-being, WHO estimates that the world
Recording studio owner will need an additional 9 million nurses and
midwives by the year 2030.
6. Bodily- kinesthetic Gym owner, Fitness
(body smart) trainer, Zumba coach The Philippine Scenario
● Nurses are the most numerous health
7. Interpersonal (people PR firm, Motivational workers (Lorenzo, 2004, p.30).
smart) speaker, School ● The Philippipnes is the largest source of
administrator registered nurses working overseas
(Lorenzo, 2004, p.44).
8. Intrapersonal Counselor, ● Minimal graduates from 2020 to 2022 due to
(self-smart) Entrepreneur K to 12 adjustments.
● Impact of the pandemic on the professional
licensure exam schedule.
4. Commitment- contributory to determination ● Slow implementation of salary adjustments
(willpower) or perseverance (persistence despite and release of benefits.
difficulty) ● Parental fear of th COVID exposure of
● “Whether you think you can or you think you students in the clinical area.
can’t, you’re right.” -Henry Ford ● Maldistribution of nurses (Non-nursing
● Success reminder: Believe that it’s possible. opportunities vs. Hospitals).
● Ordinary talent + Extraordinary
perseverance =Goal attainment Factors that could be worth considering
The ABCs of developing Commitment: ● As of 2019, “one in every three humans on
Always do your best and work hard. There is no planet earth will be a Gen Z’er” (Arya, 2019)
substitute for hard work. ● A growing number of Gen Z’ers are
Be in charge. Welcome responsibility and change. interested in forging career paths in sports,
Continue to be a lifelong learner. music and fashion
● Nursing (entry-level hospital practice) is no
5. Compassion- motivation longer among the top 20 highest paid
● “If you want others to be happy, practice professions (US Bureau of Labor Statistics
compassion. If you want to be happy, as of September 2020).
practice compassion.”-Dalai Lama
● Nourish your mind, body and soul. Issue No. 4: How to nurture the entrepreneurial
● Success reminder: Surround yourself with mind?
people who can encourage and uplift you. = Role modeling (mentor or role model) or Earning
We become the 5 people we spend the a required degree
most time with.
The ABCs of developing Compassion: 1-2-3 Formula of Ray Gapuz
Always think about how you can improve people’s 1 idea at a time
lives. 2 employees
Believe that the Filipino can. 3 students believed. He was determined, he
Care about others. persevered and he believed that his time would
come.
Part 2
Issue No. 3: Do we consider who we are as a nurse What shapes the entrepreneurial mind
as being aligned with the entrepreneurial mind? ➔ Life experiences
=Yes or No ➔ Role model
➔ Characteristics of an empowered nurse: ➔ Environment (that allows growth)
Clinical judgment, competent,
compassionate and caring.
Issue No. 5: Are entrepreneurs born or made? b. Ask: Is this about location looking for
= Born or made a business vs. business looking for a
location?
Part 3 Consider
The Business Plan: The How’s and Why’s of It a. Where is your market? (priority
12 Parts of a Business Plan consideration)
1. Cover page b. Specify what your market needs?
a. Include contact information for Scalability? (global, national, regional) ROI?
yourself and your partners c. Demographics
b. Include your logo d. Social media presence
c. One -or two sentence descriptive e. Strategies for flexibility
summary
d. Use an elegant font and design 6. Marketing and Sales Plan
(upscale business) Consider
a. How will you market your product/services
2. Table of Contents b. How will you establish market presence?
a. Main parts c. Pricing?
b. Specific parts d. Sales strategies?
c. Accurate page numbers e. Your product vs competition?
f. Your unique selling point?
3. Executive summary (Highlights)
a. Provide an overview of the business 7. Competitive Analysis
b. Include mission statement, product Consider
and services a. How will you position your product in
c. Written last relation to your competitors?
> Should express the future success of the b. Identify your competitors' strengths and
business weaknesses
c. Identify potential issues in the market
Content Checklist for the Executive Summary d. Explain how you will improve upon existing
products or services
Component Content
8. Management and organization
1. Description of the Include structure and
description
company scale of operations
Consider
2. Goals and objectives Include what you hope a. Company manpower
to achieve b. Consultants
c. Human resources (BODs)
3. Description of Include your d. Legal structure of your company
products/services competitive advantage e. Use charts and include pictures

4. Target customers Specify your target 9. Products and Services description

market Consider
a. How products will be created and
5. Costs Include expenses and introduced to the market
sources of revenue b. Cost of production

6. Marketing plans Include traditional and 10. Operating plan

innovative strategies
7. Financial projections Include your formula for
financial success
4. Business description
a. Comprehensive description of goals,
objectives, legal structure (sole
proprietorship, partnership,
corporation), products, services, and
target customer base/markets
b. Include details on the industry,
trends, and major competitors
c. Include your teams experience and
what sets you apart
d. Specify if it is an existing business or
an expansion, and include its
location
e. Explain why the business will be
successful
5. Market Analysis and Strategy
a. The purpose is to research and
identify your company’s target
market and where to find them
Consider
a. Where will be your operations?
b. How will you operate?
c. How many employees do you need?
d. Partner companies, if any
11. Financial projection and needs
Consider
a. Sources of revenue (next 3 years)
b. Financial statements
c. Cash flow
d. Specify and justify how funds will be
spent-start up to operational costs
Financial plan includes
● Break even analysis
● Projected balance sheet
● Projected income statement
● Projected cash flow
12. Exhibits and appendices
Include
a. Resume of company management
b. Permits
c. Marketing research
 d. Proposed marketing materials
e. Legal documents
f. Pictures of product
g. Financial documents
Business Models
- an outline of how a company will earn a
revenue
A business model should answer this questions
1. What product or services will the company
sell?
2. How will it market the product or service?
(1. Mind - make them aware that you exist;
2. win their heart)
3. What kind of expenses will it incur?
(Incurring expenses)
4. How will it make a profit?
10 key terms to remember in coming up with
your own business model:
1. Value proposition- What makes your
product to customers unique; Why should
your customers patronize it
2. Target market- specific group of customers
who are interested in your product
3. Competitive Advantage- unique feature of
your product that cannot be easily copied
by competitors
4. Cost structure- fixed and variable
expenses on how it will affect your pricing
5. Key metrics- how will you measure your
company's success
6. Resources- The physical, financial and
intellectual assets of your company
7. Problem and solution- your target
customers pain points and how you will
address it
8. Revenue model- framework that identifies
viable income sources to pursue
9. Revenue streams- the multiple ways that
the company can generate income
10. Profit margin- the amount your revenue
exceeds your cost
12 common specific types of business models
1. Subscription model
- Require securing payment
- Ex: netflix, reader's digest
2. Bundled model
- Selling 2-3 products together as a
unit
- Ex: globe postpaid + globe home
internet
3. Freemium model
- Accompany hosts or provides a tool
such as an app for customers to
freely access it. after a while a
premium access package is offered
- from free to premium
- Ex: linked in, youtube
4. Razor blade model
- a company offers a cheap main
product but whose replaceable
accessories are more expensive
- Ex: cars
5. Product to service model
- a company sells the output rather
than the equipment that creates the
output
- Ex: grills as fence rather than
welding machine and materials
6. Leasing model
- A company purchases a product to
be leased to customers
- Ex: rent-a-car business
7. Crowdsourcing model
- Use of social media and the internet
to access various talents or human
resources
- Ex: wikipedia, youtube
8. One-for-one model
- Company donates one item to
charity for every item purchased
- Ex: Nescafe
- Form of social entrepreneur
9. Franchise model
- An established business blueprint
that is purchased by aspiring
business owners
- Ex: jollibee, mang inasal
10. Distribution model
- A company acts as a distributor to a
group of agents (bulk orders)
- Ex: online resellers
11. Manufacturer model
- The company converts raw materials
into a product
- Ex: Dell computers
12. Retailer
- A company buys goods from
distributors and sells it to customers
- Ex: sari-sari store
4 General Types of Business Models
(e-business)
1. B2C Model: Business-to-Consumer
- The company sells products directly
to the consumer
2. B2B Model: Business-to-Business
- Two companies doing business with
each other- company sells to
another company
- More stable if your target company
is stable
3. C2C Model: Consumer-to-Consumer
- Involves transactions between two
consumers
- The consumers are the buyers and
sellers
- They use a third party online market
place for trading
- This model has low transaction cost
- Ex: FB market place
4. C2B Model: Consumer-to-Business
- Freelancers offer business to a
company
- Ex: social media influencers