Modular Learning Guide #5

Course Number: Entrep 101

Course Title: Entrepreneurial Mind

Topic: TRAITS OF A SUCCESSFUL ENTREPRENEURS

Expected Time of Completion: 6 hours (March 18 – 23, 2024)

A. Learning Outcomes
1. To see how you rank against these distinguished entrepreneurs
2. Multiple factors go into starting a successful business

B. Learning Content

Great entrepreneurs come from all walks of life. In Entrepreneurship

Essentials, it’s noted that “there’s no single personality profile, and it’s important
to pay attention to the entrepreneurial team, rather than focus on the individual.”
And while that's true, there are certain Traits that are particularly important for
entrepreneurs to have when starting and leading a venture.

Traits of a successful Entrepreneurs:

Planning
“P” word in entrepreneurship is “planning,” Ventures that are thoughtfully planned
are more likely to succeed than those based primarily on guesswork and hope.
The planning process helps an entrepreneur identify exactly what needs to be
accomplished to build the venture, and what human and financial resources are
required to implement the plan.

Empathy
Understanding how other people think and feel about things.
Empathy leads to understanding what the people you sell to want, what they
need, how they think, and how to best reach them. It’s hard to imagine somebody
building a company without being able to put themselves in the buyer’s state of
mind.

A sense of fairness
For dealing with vendors, customers, and employees, a successful entrepreneur
needs to be able to be fair with those they do business with.

Traditional entrepreneur - Is one who undertakes to control, coordinate and

assume the risk of a business in a competitive marketplace.

Transferable values
This is closely related to the sense of fairness. I just don’t see people building
businesses without believing in what they’re doing.

Willingness to work hard

Entrepreneurs need the ability to work shoulder to shoulder with other people.
Cliched, but true: The harder I work, the luckier I get.
Knowing what they don’t know
To me, that’s much more important than what you do know. Know where you are
weakest, and where your strengths lie.

Listening carefully
It’s important to listen carefully. When necessary, shut up.

Vision for what they can build

Imagining a happy future.
Successful entrepreneurs need to have a solid vision of success and their end
goals.

Making mistakes
You have to deal with failure. Keep pitching.

Jumping viewpoints
From short to long-term in an instant, and mixing those viewpoints together. It’s
like dribbling—keeping your eyes up while managing the ball at your feet.
Plus 25 more traits, inspired by Entrepreneur’s list:

Do what you enjoy

If you’re starting a business for the money, you may be in it for the wrong
reasons. Make sure you are doing what you truly enjoy.

Take what you do seriously

Start your business soberly, with intention. Take it seriously.

Plan everything
It doesn’t have to be a formal business plan; a lean plan or an internal plan can
work fine. What kind of plan you choose depends on your business and the
needs of your company—but you need a plan regardless of what your goals and
intentions are.

Manage money wisely

Good businesses have failed based on lack of cash (which isn’t the same as
being profitable). To be successful, you need to learn how to manage your
money.

Buyable startups: Born to be bought -

Startups that offer Web and mobile app solutions are sold to larger companies,
and their goal is not to build a billion dollar company but to be sold to a larger
company for pretty cash.

Ask for the sale

You can’t wait for everything to come to you. You need to be assertive and
actually ask people to buy what you are selling.

Remember, it’s all about the customer

To be a successful entrepreneur, it’s important to sell something that your
customers actually want. Knowing your customers well is key here.

Become a shameless self-promoter (without becoming obnoxious)

More often than not, you are not going to be discovered out of the blue. You
need to promote your business and make people find out about it yourself.
Project a positive business image
You may only have a single opportunity to convince your customers to try your
product or service. Developing a solid brand for your business is key to being
successful.

Get to know your customers

If you can personalize your business, you set yourself apart from the competition.
Don’t make the mistake of thinking you can just put out a great product and leave
it at that.

Level the playing field with technology

Successful entrepreneurs utilize the technology available to them. What
technology is out there that can make running your business easier? Leveraging
available technology to your advantage can make the difference between a run-
of-the-mill small business, and one that can stand up to bigger competitors.

Build a top-notch business team

Face it: You don’t have all the skills necessary to run your business successfully.
Find others who compliment your skills, and you’ll be more successful.

Become known as an expert

Being able to position yourself as an expert in your industry will help people view
your business with more confidence. Whether this looks like starting a blog or
getting involved in local events in their respective fields, successful
entrepreneurs are also industry thought leaders.

Create a competitive advantage

If you think you don’t have any competition, you’re wrong. All businesses have
competition. The question is, what do you do better than your competition?

Invest in yourself
To become an expert, you need to invest time and energy into learning as much
as you can about your industry, and become as skilled as possible.

Be accessible
Make it easy for people to buy and use (and also ideally afford) your product.
Don’t make it challenging for people to do business with you.

Build a rock-solid reputation

To be a successful entrepreneur, your customers, investors, and those in your
industry need to be able to trust you. Don’t ever give them a reason not to.

Sell benefits
You aren’t just selling a product or service. You are selling what your product or
service does better than anyone else.

Get involved
Become a fixture in your community, whether online or in your local community
(or both). Make yourself a voice in your industry.

Grab attention
You may only have one chance to convince someone that your business is worth
a second glance.

Master the art of negotiations

No question about it: You will have to negotiate at some point in your business
career. It’s a good skill to get down early.

Design your workspace for success

Does this mean you need to spring for a huge, impressive office space in your
first month of business? No—and that’s probably a terrible idea. But, your
workspace should be suitable for your own productivity, and give the right
impression to clients or customers.

Get and stay organized

Analyze your market. Conduct a SWOT analysis. Use whatever tools work for
you to keep your business organized, and don’t let your lack of planning and
organization be your downfall.

Take time off

Successful entrepreneurs aren’t all work. Take time off every once in a while.

Limit the number of hats you wear

You can’t do everything and be successful. It’s important to determine what you
do well, and what you would be better served to outsource to someone else.

Sole Proprietorship
Is a business owned and operated by one person.

Social Entrepreneurship
It is an entrepreneur with the main goal is to make the world a better place and
they don’t work to make big profits or wealth instead, they tend to start nonprofit
or companies that dedicate themselves to working towards social good.

Limited partnership
It has one or more general partners but does not manage the business and retain
liability for its decisions and one or more limited partners who participates in the
operations of the business but have liability.

Start – up business
It is a business that is typically technology oriented and has high growth
potential.

Lack of brand image

As you build your brand, ensure that you are putting the customers first by
providing them with the quality goods and services that differentiate you from the
competition.

Follow up constantly
These will keep your product or service top of mind for customers, and help you
understand your market better.

Jumping viewpoints
A part of Business from short to long-term in an instant, and mixing those
viewpoints together, it’s like dribbling – keeping your eyes up while managing the
ball at your feet.

Vision for what they can build

Successful entrepreneurs need to have a solid vision of success and their end
goals so to be happy in the future.
What do you think is the most important trait of a successful entrepreneur?
Share this article on Facebook or Twitter and let us know what you think.

C. Learning Activities

1. Identify and differentiate the different traits of a successful entrepreneur.

2. Evaluate and plan courses of action to help develop one’s successful
entrepreneurial traits

D. Resources

Agrawal G D (1992) “Mutual Funds and Investors’ Interest” the Journal for
Corporate Professionals Vol. XXII (1), January pp. 23-23

Agrawal Ashok Motilal (2000) “Mutual Funds – Emerging Trends and

Prospects”, Finance India Vol XIV (4), December pp. 23-24

Attamasio, O.P. and Rohwedder, S. (2003) Pension Wealth and

household saving: evidence from reforms in the United Kingdom. American
EconomicReview, 93 pp. 1499-1521

E. Assessment

Please refer to Modular Leaning Assessment Sheet.

To be announced.

F. References

Bodkin, Ronald G. 1959. Windfall Income and Consumption. American

Economic Reviewer, 49 (September): 602-614.

Campbell, John Y., and Gregory N Mankiw. 1990. Permanent Income,

Current Income and Consumption. Journal of Business and Economic Statistics,
18 (July):
265-279.

Williamson (1972) “ Measurement and Forecasting of Mutual Fund

Performance: Choosing an investment Strategy”, Financial Analysts Journal, Vol.
28, pp. 78-84.

Yassir A. Pitalwalla (2001) “Mutual Funds”, Journal on Banking and

Finance, Vol. XIV (2), February, pp. 32-33.