NOTES ON GEC-TEM

Attributes , Qualities.
And
Characteristics of an Entrepreneur

1. Sel-awareness. He knows who he is, what he is good at, and what he likes to do. He starts
a business that is based on hi expertise in a specific field and focuses on his involvement in
an area he thoroughly enjoys.

2. Self-motivated. Also known as drive. Self-motivation is one of the most important

personality traits of successful entrepreneurs. This is the characteristic that gets him going
and keeps him moving when he is in business. It is what helps him keep on turning out those
craft items, upgrading his technical skills, or developing new and improved promotional
techniques when business is low. It is what gives him the tenacity and confidence to call on a
potential client even though he has heard “NO” three times.

3. Courage. Courage, or the willingness to take risk is a valuable trait when striving for
success. A succesful person might say something like “I do not know how I did it; I just made
a phone call and asked for money I needed’. It was more than luck that made it possible for
this person to raise the needed capital to get a business off the ground; it was the
willingness to take a chance and hope for the positive response to the quest.

4. Confidence. The age-old philosophy of positive thinking is a major step on the direction of
success. By behaving as if one already is a success at what he does, it follows that he will be,
and his customers will behave it, too. A confident attitude is one of the most appealing traits
he exhibits to prospective clients, for it lets them know that they will be getting the best
their money can buy. He is aware of his capabilities and he does not doubt that he can
accomplish the most challenging tasks on hand. Confidence is achieved because of positive
thinking. Thus, entrepreneurs should be positive thinkers.

5. Positive thinkers. Entrepreneurs are positive thinkers. They think of success and bright
sides. Such success consciousness leads entrepreneurs to success. Dr. Charles Flory. A noted
American psychologist, said that wealth does not always come the intelligent or the most
ambitious individuals, but also to those individuals who think of money.

6. Patience. When one owns his business , there will be times when he feels like the roof is
craving in, especially when the suppliers seem to be taking their own sweet time in fulfilling
an important order or when a customer’s demands seem to be unrealistic. Although he may
be able to hurry the supplier along, he must remember that his customers are always right,
since they are the ones who will make of break business.

7. Decisiveness. Business has been described as a process of making one fast decision after
another. Often, a decision has to be made immediately, on the spur of the moment. In those
instances, one should go with his institution and trust that he is doing the right thing.

8. Experience. A primary reason some businesses fall within a few years of start-up is lack of
business experience. Whether or not one’s experience is directly related to business he is
planning to start, it is a key component for growth.

9. Knowledge. Experience in one’s field is individual, but it is not enough. One has better
chance of succeeding by knowing, as much as possible, about factors such as business basics,
the product or service that he want to sell, the industry he is entering, his competition, and
the local, regional, state, and /or national markets.

10. Information-seeking. TO assure accomplishment of his entrepreneurial goals. The

entrepreneur continuously seeks for relevant information regarding the market, clients,
suppliers,and competitors, and consults experts’ advice on business and other technical
matters.

11. Perseverance. One of the adages one will hear time and again when talking to
entrepreneurs is that perseverance is 90 % of the battle to succed. If you are like the
majority of new small business owners, the entire staff and support system for your venture
is probably you. Making a dream come true can be a lonely task, especially when one is just
getting started, and ensuring that it works often means little rest or relaxation. One must be
willing slow periods, and to maintain one’s belief in your product or service, even when it
seems like no one else in the world knows one exists. It has been written that through
perseverance the snail reached the ark. So it is with success!

12. Drive. One must believe in his goal and be determined to succeed. The successful
businessperson does not view obstacles or stumbling blocks problems, but rather as
challenges. To make his business a success, he needs to be totally committed and willing to
work long hours, especially in the beginning. If one do not have the time or commitment to
dedicate his dream, then, he is better off working with someone else.

13. Risk-taking. Entrepreneurs are known for being risk-takers. They prefer tasks, which
provides them some challenges. They are not afraid to take risks. However. The risks they
take are “calculated”. In other words, they are not so foolhardy as to undertake activities
where they know nothing at all about the possibilities for success. Further, entrepreneurs
also avoid low-risk situations, because ther are no challenges. A risk situation exists when
results are not certain. Either it is success or failure. In business, it is profit of loss.

14. Innovative. Entrepreneurs are creative. They do things in new and different ways. For
example, they create new products or services, new methods , of production, new markets,
and new sources of raw materials. They love to explore the unknown, and to blaze new
paths of progress.

15. Opportunity-seeking. An entrepreneur readily indentifies opportunities for going into or

to improve his business. He does not merely spot opportunities to set up a business, but
more importantly, act on these opportunities like actually setting up the business. Moreover,
he will seize unusual opportunities to tap sources fo financing, acquire equipment, land,
workspace, or business information and assistance.

16. Demand for efficiency and quality. Setting high, but realistic standards of excellence for
himself, he finds it difficult to compromise on those standards. So, in order to meet these
standards, the entrepreneur always strives to find ways to do things better, faster, and at a
lower cost.

17. Systematic plannning and monitoring. As a careful planner, the entrepreneur sets what
are to be accomplished, and meticulously assesses how today’s activity can contribute to the
accomplishment of his long-term goal. He, therefore, introduces some system in achieving
his goal by breaking this goal into short-term and long-term goals. Furthermore, he keeps on
monitoring his progress in order for him to check whether he is in the right direction, or if
modification is needed along the way.

18. Persuasion and networking. A persuasive person, the entrepreneur easily establishes a
network of personal and business contacts around him. An entrepreneur is aware that
power is required to achieve his business objective. He is therefore, quick to identify sources
of power if he cannot source power from within.

Source: ENTREPRENEURSHIP IN THE PHILIPPINE SETTING

By: Winefreda T. ASor, Ph.D.