In this chapter, we will get to know who an Entrepreneur really is.

His
attributes, qualities, and characteristics will be discussed, which aims to influence
you, students, to a life as an entrepreneur. What makes an entrepreneur successful?
And how does one maintain his creativity despite all the challenges and hurdles that
this ever-changing business landscape has brought? With the COVID-19 still
ravaging the world, we will also look into the different characteristics of a resilient
entrepreneur.

At the end of this chapter, students are expected to:

• Identify the qualities and characteristics of a successful entrepreneur
• Identify the core values of an entrepreneur
• Assess himself/herself if they have what it takes to be an entrepreneur

Activity:
Choose one entrepreneur that you know or is familiar with. Why do you think
that he stands out as an entrepreneur?

Analysis:
Do you think entrepreneurs are born? Or are they made? Explain and cite
some examples.

*Images from Google

Do you know
anyone from the
pictures above? If yes,
how did you know about

them? How are they relevant in the field of

Entrepreneurship? If you know them all, then good for

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you! That means you are following the people who made an impact in their line of
business/chosen field.

Tony Tan Caktiong (pictured extreme left), the founder of Jollibee Foods
Corporation, is an entrepreneur. He revolutionized the fast food industry in the
Philippine by introducing the most well-loved bee in the world, Jollibee.

So, the question now is, WHAT IS AN ENTREPRENEUR? How is an

entrepreneur different from a businessman? Or are they the same? As defined by C.
Banastao & S. Frias (2008), an entrepreneur is a person who starts and or operates
a business. An entrepreneur is creative and innovative. He is a person starting
something new. He is an owner-manager willing to take risks. So many definitions,
right? Definitions for entrepreneur and businessman have evolved throughout the
years, but always remember that an entrepreneur is a businessman, but not all
businessmen are entrepreneurs. Makes sense? Let’s look at this graphic example….

Businessman

Our business[cave]man right here saw a mango tree. He had the idea to sell
the fruits from the tree to his fellow cavemen for Php20 a piece.

Entrepreneur

On the other hand, another cave man (our entrepreneur) also saw this mango
tree. He thought of selling the fruits from the tree but decided that it was too boring,
and instead, thought of a different way to sell mangoes. So, he developed a
refreshment that he called “Mango Shake”, which he made by crushing the mangoes

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with stone while shaking his arm…hence, the name. He sold it for Php50 to
compensate for the effort he has exerted to make the refreshment.

*Disclaimer: No cavemen were harmed and no mango trees were cut down during the presentation of this example.
It’s not as if cavemen were the ones who discovered mango shake, nor they had mangoes during those times with
the dinosaurs. Haha!

You see, “it is the entrepreneurs’ actions that differentiate them from
businessmen, managers, investors, and the like” (J. Camposano, 2010). I hope
that example explained well how an entrepreneur is different from a businessman.
Now that we have established what an entrepreneur is, let us look at his tasks.

ENTREPRENEUR’S TASK

Land Labor Capital

(Natural Resources) (Human Resources) (Financial
Resources)

Entrepreneur

Production
Process

Finished Goods
and Services

Figure 1

In the attempt to make profits, the entrepreneur performs the following

specific functions:
1. to supply the necessary capital;
2. to organize production by buying and combining inputs like materials and
labor;
3. to decide on the rate of output, in the light of his expectation about demand;
and
4. to bear the risk inherent to the venture.
(Source: www.slideshare.net)

Assessment:
In your own words, explain who an entrepreneur is. What makes him different 3
from a doctor or a chef aside from the difference in their line of work?
 Activity:
Go to https://www.truity.com/test/type-finder-personality-test-new and take
the personality test based on Myers and Briggs’ Theory. Send the result to
your subject instructor.

Analysis:
After seeing and reading the result of the personality test based on Myers
and Briggs’ Theory, can you say that you have what it takes to be an
entrepreneur? Why or why not?

According to J. Camposano (2010), here are the different attributes of an

entrepreneur:

1. Self-awareness. An entrepreneur knows himself. His business is based on

his expertise in a certain field and definitely enjoys doing things that he’s good
at.
2. Self-motivated. It is considered one of the most important trait of an
entrepreneur. It is the will and conscious decision to move forward and keep
improving oneself and refusing to take a “NO’ as a hindrance.
3. Risk-taker. Entrepreneurs are risk-takers. They work harder when they are
challenged, and is not afraid to get out of their comforts zones. However,
being a risk taker does not mean that one has to be careless. For an
entrepreneur, all risks are calculated, and assessed for possibility of success
or failure. They study and analyze every situation before making any decision.
4. Courage. An entrepreneur should be a risk-taker, therefore, he should be
willing to take on risks.
5. Innovative. Entrepreneurs are considered creative, having the eye to see any
opportunity and ideas from everyday things. Exploring the unknown is their
forte and will do things in new or different ways.
6. Opportunity-seeking. A real entrepreneur sees opportunities in every
situation and acts on these opportunities. He also seeks to fill the gaps in the
market.
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 7. Confident. As entrepreneurs, one should be confident in everything he does.
He believes that he can, in return, his customers believes he will. He has no
room for doubts and believes in his capabilities as an innovator.
8. Positive Thinkers. Entrepreneurs always look on the bright side of things,
however, avoids toxic positivity. Like how a certain song goes, “there’s a
rainbow always after the rain”, that’s how he looks at every problems and
hurdles that life throws at him. In all aspects of his life, an entrepreneur
radiates positivity.
9. Patient. With the devastation brought about by this COVID-19 pandemic, a
lot of businesses has closed down. For the faint of heart, this has been a
greatest challenge to the point of closing business operations for good.
However, an entrepreneur should be patient. He knows that all these will
come to an end, and it all takes patience and perseverance in order to survive
this ordeal. For entrepreneurs who have just started, patience is also the key.
10. Demand for efficiency and quality. An entrepreneur has a standard, and he
always aims for high, but realistic, results in every undertaking especially in
providing the best product/service that he offers.

In the book entitled The Achievement Challenge by Don Beveridge,

characteristics of an entrepreneur was enumerated.

1. Entrepreneurs are in Good Physical Health

- Entrepreneurial processes takes a lot of energy and effort to
accomplish, therefore, one should on top of his health.
2. Entrepreneurs have Superior Conceptual Abilities
- In addition to basic skills, entrepreneurs should be able to look at
things from a broad perspective. The ability of the entrepreneur to
recognize and relate various concepts so that he or she can meet
the requirements and see potentials is critical to the success of
innovations and inventions.
3. Entrepreneurs need to Control and Direct
- Being an entrepreneur entails a great deal of responsibility and
accountability. As a result, there may come a time when the
entrepreneur must seize complete control and steer the venture to
a much better position.

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 4. Entrepreneurs have the Broad Thinking of the Generalist
- Entrepreneurship necessitates familiarity with a variety of business
tasks. It is not the same as working in a company where
specialization is required. There are other departments in the
company that can assist the employee. In contrast, in
entrepreneurship, a person must be prepared to face the various
tasks that the business necessitates.

Entrepreneurs as Good Financial Managers

One of the basic and most important quality of an entrepreneur is being a

good manager of finances or financial resources. While a well-organized
bookkeeping system is essential, what you do with it to establish your financial
management and control methods is even more critical.

Consider your accounting system to be the body of a car. A car body can be
designed, painted, and finished to look sleek and powerful. The car body, on the
other hand, will not get anywhere without an engine. Your financial management
system is the engine that will propel your vehicle to peak performance.
(www.entrepreneur.com)

You may be wondering what the term "financial management" means. It is the
method you use to put your numbers to work in order to increase the success of your
business. A good financial management system will allow you to understand not only
how your business is performing financially, but also why. And you'll be able to use it
to make decisions that will help your company run more smoothly.

Assessment:
Assuming you are asked to rate yourself as a successful entrepreneur based
on the entrepreneurial characteristics identified in this lesson, itemise the
entrepreneurial characteristics that you feel you possess. In your own view, do
you qualify to be called a successful entrepreneur?