Modular Learning Guide #4

Course Number: Entrep 101

Course Title: Entrepreneurial Mind

Topic: ENTREPRENEURIAL CHARACTERISTICS AND COMPETENCIES

Expected Time of Completion: 9 hours (March 4 – 16 2024)

A. Learning Outcomes
1. Identify and differentiate the different characteristics and competencies of an
entrepreneur
2. Evaluate and plan courses of action to help develop one’s entrepreneurial
characteristics and competencies

B. Learning Content

A. Nature and Challenges in Business Couples

It doesn’t take long for a couple working together in business to discover the pros
and cons. Every couple has their own dynamic in the triangular relationship between
each other and the business. The last thing you want is for the third part of that triangle
—your business—to ruin your marriage. Being in business with your spouse does lead
to unexpected challenges.

The Good, the Bad and the Ugly

Not all couples thrive from working together. That’s because some couples need
a little separation and distance. A select few, however, enjoy spending a lot of time
together. Plus, there are financial benefits to teaming up.

As a couple-preneur, consider some basic guidelines for

smooth sailing. Being in business with your spouse includes
the good, the bad and the ugly.

● Your opinion counts. Figure out how your skills complement each other.
Although you work closely together, you will not always agree. And, that’s okay.
Your differing points of view offer an advantage. Between the two of you, it’s
possible to look at several angles of a situation before choosing the best
approach.
● Trust and respect. Unlike strangers who come together on an idea, you know
and trust each other. One of you, however, may feel more ownership with the
business. Similar to other parts of your marriage, any form of jealousy or
competition overshadows all that’s right and good. If you can’t work this out on
your own, then seek outside support to resolve those feelings. Mutual trust and
respect are critical to your success, personally and professionally.
 ● Combined effort. Optimize your combined efforts. It’s not 1+1=2. Instead, the
possibilities become exponential. You get to multiply the joys and divide the
sorrows. Overall, united growth is preferable to divided growth. Successful
entrepreneurs realize even the best plans aren’t foolproof. Don’t dwell on the
failure and place blame. Instead quickly regroup, gain insight from the experience
and then move forward.
● Complementary skills. You grow along with your business. Consider delegating
tasks which are below your skill level. Figure out how your skills and expertise
add value to the business. Your partner may enjoy keeping track of the business
income and expenses while you savor networking and sales.

Challenges with Being in Business with Your Spouse

The same partnership which offers an advantage can also become a disadvantage.
Being in business with your spouse is not always an ideal match.

Watch for these telltale signs.

● Communication breakdown. No one’s a mind-reader. So don’t assume your
partner knows what you are thinking or why you approach a task in a certain
way.
● Different expectations. Your interests shift as your business grows. In the start-
up phase, you mutually agreed on specific business goals. As the business
grows, your expectations change. Although you live and work together, set up
regular meetings to review short and long term goals. Openly discuss what’s still
working and identify where change is needed. Otherwise, tension will rise.
Especially if your expectations differ about how much work is required. Or,
personal time off gets postponed.
● You step on each other’s toes. Once you and your spouse divide the work, you
may discover areas where you overlap. Control issues sometimes arise. That’s
especially true when your approach differs from your spouses. Where do you
step on each other’s toes? Is it decision making, dealing with a difficult client
or how to spend money?
● Cramped quarters. After a while your workspace may stop working. The set-up
which was originally quaint is now annoying. What changes in space will
accommodate your growing business?
● You don’t unplug. Have some of your other interests been abandoned? You
realize everything you do together revolves around the business. What happened
to casual nights off doing fun activities together? Even your friends are somehow
associated with your business. If this sounds familiar, then find ways to escape.
Rejuvenate your relationship by sharing something which has nothing to do with
another workshop or business concern.

The Tandem Solution

Prevention takes less effort than intervention. So make it a
point to address these concerns early on.
● Never assume. Don’t think you know what your partner thinks or why things get
done differently than you. Check it out – without confronting. Verify that you both
are on the same page.
● Acknowledge the tension. Being in business with your spouse has challenges.
Don’t keep skirting around an issue because you tend to avoid difficult
 conversations. Be truthful with your partner. It’s not fair to your partner when you
claim everything is okay – when it’s not.
● Be direct. Learn to voice your concerns without placing blame. That’s
called compassionate communication. Give your partner the opportunity to
express big challenges, too.
● Time off. Have you stopped having fun together? Plan for nights out to recharge
and enjoy each other’s company. Schedule quarterly getaways or time off on
weekends. Don’t talk about business during your “off-the-clock” time together. Go
unplugged when you spend time together. Turn off phones, texts, and social
media notifications.
● Workspace. Brainstorm ways to overcome physical space issues. Create
distance or flex your schedules when you prefer to work undisturbed.
● The final say. Undefined roles create friction about who gets the final say. Easily
resolve this by deciding who works on which part of the business. You can
always ask your partner for input. Go ahead and agree on boundaries. Create
clear guidelines about responsibilities and who gets the final say.

Enhance your relationship

The basic rule of thumb is to keep communication open. It’s better to check
things out than to make assumptions. At first, asking your partner about something may
feel intrusive. You’ll discover that open communication reduces resentment, either
about your partner or the business.
Growing a business with your spouse can enhance your relationship. It’s a venture
which requires open minded thinking, clear communication, passion for the business
and love for each other. Become a power couple to stack the odds for success in your
favor.
If you find you and your partner have stumbled on a couple-preneur challenge
and can’t see your way out, coaching may be the solution. As a therapists turned
business coaches, my husband, Steve, and I work side by side with entrepreneurial
couples to resolve these common concerns.

B. Nature and Challenges in Business Teens

1. Hiring staff
Most young entrepreneurs likely have never managed people before. And if they have,
the experience they have built up doing so is probably limited.

When they come to hire their first workers, therefore, their skills will be tested to the
ultimate. It is never easy being the boss and even harder when you are the owner of the
company and your profitability is at stake.

Rules need to be set up involving such aspects as working hours, vacation time,
overtime pay and work output. Salaries need to be negotiated, complaints against
workers lodged, and people might even need to be fired or laid off. That’s not even to
speak of staff fitting the company culture or of employees working together as a team.

Young entrepreneurs should make this process a little less onerous by being careful to
hire people who will not only have the right skills for the job, but will also fit in well with
the company culture. Take your time and consider each employee carefully; check all
references and do not allow yourself to be blindsided by glib talk.

2. Lack of capital
Almost all new ventures require seed capital — money that is available to see them
through those first rocky months or even years before they turn a profit. Some types of
businesses need more money than others. Almost all need money for marketing.

Older people who start their own ventures usually need less financing to do so than
younger entrepreneurs. The reason is that their experience in the field, knowledge of
how the business world works, and connections within the business world, some built
up over many years, provide a great boost to their start-up businesses. As a result, they
generally are able to turn a profit sooner and need to rely on financing for a shorter time.

Most young entrepreneurs, however, do not have those benefits available to them. That
means that they need money to sustain them while they gather that experience. In
addition, younger people have not had the time to accumulate savings in the way older
people often have, and are likely to owe more in loans and on credit cards than their
senior counterparts.

The lack of capital means that they have to struggle to survive while waiting for the
checks to come in. This can be extremely stressful.

To avoid this situation, young entrepreneurs should write a detailed business plan that
will give them a good idea of how much money they will need to survive before
becoming profitable. Armed with that total, they should seek to find it. Friends and family
and even a local bank or credit union might be able to assist them.

3. Decisions, decisions, decisions

Whereas as an employee you generally did what you were told, now you are the one
calling the shots. Doing so involves making a lot of decisions. Even without employees,
you are going to be called upon to make decisions all day, from smaller ones to major
judgments that could change the direction and future of your company.

Among the most important decisions are those that involve creativity and ideas. If an
aspect of your company is not working as it should, you will need to make a decision to
discontinue it or amend it. You will need to decide whether the company should embark
on a whole new path in search of greater profits — or, if it does not work, potentially
great losses.

It’s stressful and will cause you to have self-doubt. Here’s where your entrepreneurial
skills come into play. You will need to believe in yourself, be confident that you do have
the ability to make the right decisions, and never doubt your good judgment.

4. Criticism and self-doubt

As a young entrepreneur, you will find that not everyone will take you seriously. They
will tell you that you are too young to build a successful business. They will be quick to
tell you just what they think you are doing wrong. At times, the criticism and the self-
doubt it fosters might get to you. As your business struggles to get off the ground, you
could start to doubt yourself.
You might wonder whether you should have started your business after all.
At times like these, tell yourself that determination and resolve are what distinguish the
successful entrepreneurs from the rest. Do not give up. Believe in yourself and you will
succeed.

5. Lack of brand image

As a young entrepreneur builds a business, creating the right image is vital. Customers
must come to trust your brand. They must recognize that you know what you are doing
and you know how to do it well.

As you build your brand, ensure that you are putting the customers first, providing them
with the quality goods and services that differentiate you from the competition. Take all
complaints and comments, particularly from your customers, seriously and do all you
can to respond to them and change your operations if necessary.

Remember that if your main aim is to satisfy the customer you will make money. If your
main aim is to make money, you will fail to satisfy your customers and your business will
ultimately fail.

C. Nature and Challenges in Business Woman

1. Limited Funding
Not all business people are fortunate enough to have an investor or financier for
their business. Some have to bootstrap their entrepreneurial ventures, rely on credit
cards or raise capital on their own. Women’s businesses are among the leading
ventures that lack financial support. It is also common for women to be denied loans
because of gender and cultural biases—many institutions tend to fund male-owned
businesses.
2. Balancing Responsibilities
A large number of women are not just entrepreneurs or career people—they have
families, spouses, and other responsibilities. Demands from personal and professional
commitments can pressure a woman to abandon either her business or family. The
family expects her to be a mother and wife, while the business requires her to be the
leader and show commitment. It becomes more difficult for those who lack social
support because they have to carry the entire burden by themselves. Some women can
balance these two spheres of their lives, while others are overwhelmed.
3. Fear of Failure
Entrepreneurship or running a business is risky and entails
unforeseen circumstances. Never fear failure; you will never try if you fear failure. No
one goes into business with a guarantee of success. Fear of the known and the
unknown is a major issue for women. They dread failing, especially if the people
surrounding them were skeptical of their capability in business. This fear is toxic and
perilous, because women may end up operating from a place of fear instead of
confidence. As a result, they will fail in business even when they were meant to
succeed.
4. Inadequate Support System
What would women achieve if they had a perfect support system? Struggling or
failing in business could be the result of a lack of an adequate support system. In
business, no man’s an island. Women tend to face the greatest challenges in getting
support, from lacking the relevant connections to needing financial access or emotional
support. They also need mentors and sponsors to guide them in this new path. The
support system is often expensive, forcing women to delay starting their businesses.
5. Gender Inequality
What do you need to know about gender inequality? Laws, cultures, religion, and
politics are built upon a patriarchal foundation. Women must work their way up in the
masculine world while facing stigma and discrimination. Although laws and policies
have attempted to create a favorable business environment for everyone, the actual
changes have not yet been implemented. Gender lens investing, which refers
to strategies that address gender disparity issues and/or analyze gender issues to
illuminate investment decisions, is gaining traction.
6. Limited Knowledge
Empowering a woman with knowledge is just the beginning of a long journey to
business success. Life is a daily learning process where each day comes with
new information. Unfortunately, women’s access to this information and emerging
knowledge is limited. Although it could be a result of the competitive environment,
women take the extra step and seek relevant and practical information.
7. Unfavorable Business Environment
Among the challenges that women experience are less-established
business networks, and social and traditional constraints that restrict women’s
participation in business. Religion hinders women from owning businesses. In some
countries, women may be required to have a male partner will do deals, negotiate, and
be the face of the business. Regardless of these challenges, the business world is
gradually accepting women’s abilities and contributions.
8. Timidity
Women who strive and succeed are often shy about touting their
accomplishments. They are afraid of being labeled as proud or boastful people. Humility
is not shyness or timidity. Women need to stand by their success and let people around
them recognize it.
“Believe in yourself and own your own success.” -- Sheryl Sandberg
Owning your success as a woman motivates you to work harder and achieve more in
your business. It inspires the people around you. Sheryl Sandberg has inspired women
to come out and take a place in corporate boardrooms. Oprah Winfrey and Michelle
Obama are among those who have motivated other women to work toward their
entrepreneurial dream. Confidence is an essential part of prosperity and growth. When
a woman leads, others follow.

D. Nature and Challenges in Business Friends

Most people have experienced the great reward of a good friendship. You support each
other, motivate each other and share memorable times together. What could be bad?
I have found that genuine friendships, both new and longstanding, can be quite positive
for personal and business development. Here is why:
1. True friends can offer you honest and helpful feedback about your brand and its
endeavors. They encouraged me to move forward with my vodka company, even when
I questioned going into the spirits business with no experience in it.
2. True friends can provide incentives to work hard and efficiently so that you can enjoy
time together.
3. True friends can connect you to other entrepreneurs, experts, investors, resources or
experiences that help grow your business. My company’s incredible executive team
would not be in place if it weren’t for a great friend’s referral.
4. True friends believe in your vision and capacities and are happy to buy your products
or services, as well as encourage others to do the same.
5. True friends remind you of your strengths, successes and goals when you feel
discouraged or defeated.
Unfortunately, as you begin a business, grow it and evolve, you will likely find that your
once-cherished social circles and friendships may not be as genuine as you hoped.
When my partners and I started our vodka company, we quickly realized that not all of
our seemingly “good” friendships helped our business -- and many actually hurt it.
These “ingenuine friendships” or even “frenemies” often presented challenges for us
personally and professionally.

C. Learning Activities
1. Name some characteristics of an Entrepreneur at student’s perspective?

D. Resources

info@businesssuccesssolution,com

https://www,forbes.com / site / jaysondemers / 2013 / 11 / 12/ the top -charcteristics-of-

successful-entrepreneurs / 2 / #76df7e561be

E. Assessment (20pts)

Please refer to Worksheet MLG Assessment #4

For Modular Learning Guide (MLG) #4, I must receive your Modular Learning
Output (MLO) not later than 5:00pm ___Date__.

My Feedback will be sent to you before the next MLG is released.

F. References

Top 10 Successful Entrepreneurs in the Philippines Story

tycoon.ph › top-10-successful-entrepreneurs-philippine.
10 Successful Filipino Entrepreneurs: Biography & History of ...
www.brighthub.com › office › entrepreneurs

Entrepreneurship Education through Successful ... - MDPI

www.mdpi.com