Name: Planga Mike Ryan C.

Section: BSMT 3-C Date: 02-08-24

What qualities/characteristics should I possess in order to be an effective

entrepreneur?

Starting a company or business encompasses various factors such as strong concept and
initial funding and many people has been successful in establishing their own business.
Entrepreneurship is a dynamic field that requires individuals to possess certain qualities in order
to be effective. As an undergraduate student who have plans on becoming an entrepreneur in the
future, I have observed and studied successful entrepreneurs and I have identified some key
qualities that contribute to their success.

 Passion and Motivation

One of the most crucial qualities of an effective entrepreneur is passion. Successful

entrepreneurs are driven by their passion for their business ideas and the desire to make a
difference in the world. They are motivated to overcome challenges and setbacks as their passion
fuels their determination to succeed. Personally, I am extremely passionate about my business
idea which involves providing an excellent customer service to people especially in fixing their
cars/vehicles. I am someone who’s fond on cars and I believe that my passion will help me stay
motivated and dedicated to achieving my entrepreneurial goals.
 Creativity and Innovation
Entrepreneurs must possess a high level of creativity and innovation to differentiate
themselves from competitors. They are constantly seeking new ideas products or services that
can disrupt the market and provide unique value to customers. As an aspiring entrepreneur I
would strive to think outside the box and come up with creative solutions to problems. I believe
that my innovative mindset will enable me to develop unique and sustainable products and
services for my aspired car/vehicle repair shop.
 Risk-taking and Resilience
Entrepreneurship involves taking calculated risks and being able to handle failure.
Effective entrepreneurs are not afraid to step out of their comfort zones and take risks in pursuit
of their business goals. They understand that failure is an inevitable part of the entrepreneurial
journey and use it as an opportunity to learn and grow. I am willing to take calculated risks and
embrace failure as a learning experience. I believe that my resilience will help me bounce back
from setbacks and continue to move forward.

 Adaptability and Flexibility

In today's rapidly changing business landscape entrepreneurs must be adaptable and
flexible. They need to be able to quickly respond to market changes customer demands and
emerging trends. As an aspiring entrepreneur I understand the importance of being adaptable and
open to change. I am willing to continuously learn adapt and evolve my business strategies to
stay ahead in the competitive market.

In conclusion the qualities of an effective entrepreneur are numerous and interconnected.

As an undergraduate student and aspiring entrepreneur, I recognize the significance of passion
creativity risk-taking resilience adaptability and flexibility. These qualities will shape my
entrepreneurial journey and contribute to my success in establishing a sustainable repair shop. By
embodying these qualities, I am confident that I can make a positive impact in the
entrepreneurial world.