ENTREPRENEUR

IAL
PERSONALITY 1

Michael Karl M. Barnuevo, MBA

ENTREPRENEURIAL
PERSONALITY
Operating a business enterprise is a very challenging
occupation. The rate of failure among those who
dare to make attempts is high. Only a small number
of them become successful and the levels of their
success differs.
Clearly, entrepreneurship is not for everyone.

Michael Karl M. Barnuevo, MBA 2

ENTREPRENEURSHIP
PERSONALITY
 It is important for those interested in entrepreneurship to know the answers to those questions.
 Some guides provide clues and one of them indicates that there are two complementary factors
that determine success or failure in an entrepreneurship.

 2 Factors

1. Environment
2. Personality of the Entrepreneurship

Michael Karl M. Barnuevo, MBA 3

4
ENVIRONMENT AS
A FACTOR

Michael Karl M. Barnuevo, MBA

ENVIRONMENT
 An entrepreneur will survive and grow in an environment that is
friendly or akin to it. Nature provides us with examples of what
happens to entities living in certain environments.
 For instance, giant clams grow in the ocean not on rivers. Coconut
palm trees will grow on the Philippines and not on Sweden.

Michael Karl M. Barnuevo, MBA 5

ENVIRONMENT
 In the same light, entrepreneurship will survive and grow only in
economic environments of free enterprise.
 In terms of support to entrepreneurships, economic environments
differ from place to place.
 Economic environments may be classified as follows:
1. Fully supportive of entrepreneurships
2. Moderately supportive of entrepreneurships
3. Not supportive of entrepreneurships
Michael Karl M. Barnuevo, MBA 6
 Types of Economic The Entrepreneur’s Task
Environment
Those fully supportive of entrepreneurships Easy

Those moderately supportive of Less Easy

entrepreneurships

Those not supportive of entrepreneurships Hard

Michael Karl M. Barnuevo, MBA 7

 THE
8
ENTREPRENEURS
HIP PERSONALITY

Michael Karl M. Barnuevo, MBA

PERSONALITY
 Personality refers to the pattern of characteristics that
distinguishes one person from another.
 It includes the person’s traits, values, motives, genetic
blueprints, attitudes, emotional reactivity, abilities, self-
image, intelligence, and visible behaviour.

Michael Karl M. Barnuevo, MBA 9

PERSONALITY
 An interesting study made by Holland (quoted in Patton and McMahen, 2006,29-31). His
proposal indicates six personality types:
1. Realistic type
2. Investigating type
3. Artistic type
4. Social type
5. Enterprising type
6. Conventional Type

Michael Karl M. Barnuevo, MBA 10

Personality Type Description
1. Realistic This individual prefers activities involving aggressive behaviour and physical
exertion requiring skills, strengths and coordination.
Ex. Athletes, Farming and Mining
2. Investigative The individual prefers to be analytical, curious, methodical, and precise.
Ex. Investigators, Scientists
3. Artistic The person is expressive, nonconforming, original and introspective.
Ex. Authors, Songwriters, Artists
4. Social This person enjoys working with and helping others and purposefully avoids
systematic activities involving tools and machinery.
Ex. Social Workers, Government Officials, Volunteers
5. Enterprising This person enjoys verbal activities to influence others and to attain power and
status.
Ex. Managers, Entrepreneurs
6. Conventional This person enjoys the systematic manipulation of data, filing of records, or
reproducing materials.
Ex. Accounting, Finance

Michael Karl M. Barnuevo, MBA 11

 CHARACTERISTIC
12
S OF
ENTREPRENEURS

Michael Karl M. Barnuevo, MBA

CHARACTERISTICS OF
ENTREPRENEURS
 Successful entrepreneurs possess certain characteristics that are unique and different from those having other occupations.
Based on research by experts, the following traits are considered vital to a successful career in entrepreneurship:
1. Drive
2. Thinking Ability
3. Human Relations Ability
4. Ability to Communicate
5. Technical Knowledge
6. Reasonable risk taker
7. Self-confident
8. Goal Setter
9. Accountable
10. Innovative

Michael Karl M. Barnuevo, MBA 13

DRIVE
 The entrepreneur is self-motivated enough to pursue his
chosen course without relenting even in the face of
adversity.
 If the entrepreneur fails in the first attempt, he makes
another attempt. He will repeat the process until he
succeeds.
 This will happen if the entrepreneur has drive.

Michael Karl M. Barnuevo, MBA 14

THINKING ABILITY
 The entrepreneur’s job involves problems and making
decisions.
 The entrepreneur should find the correct solutions to
existing problems that confront him.
 He will also make decisions to be implemented in
achieving goals.

Michael Karl M. Barnuevo, MBA 15

HUMAN RELATION ABILITY
 Three types of persons will determine the survival and growth of business firms:
(1) Customer (2) Employee (3) Third Party with interest in the firm.
 The customer will decide whether to patronize the firm or not.
 The employee can be productive and loyal to the firm.
 Third parties with various interests regarding the firm can also be made to be more
cooperative and accommodating, such as BIR personnel and the police.
 All of interests cited above can be useful partners of the firm, but this will depend
to a large extent on the ability of the entrepreneur to relate with them.

Michael Karl M. Barnuevo, MBA 16

ABILITY TO COMMUNICATE
 The ability to understand and be understood makes it easier to
transact business with customers, bankers and government officials.
 An entrepreneur who has little ability to communicate tends to
demoralize and alienate his staff.

Michael Karl M. Barnuevo, MBA 17

TECHNICAL KNOWLEDGE
 Operating a business requires the performance of major and minor
tasks.
 It means that the entrepreneur should technical knowledge on all
areas in the business.
 It would be easier to devise strategies on how to manage the
business to effectively compete with others.

Michael Karl M. Barnuevo, MBA 18

REASONABLE RISK-TAKER
 When a person starts a new venture, he has already begun to
assume the risk of business failure.
 Entrepreneurs are expected to be reasonable risk-takers, not
conservative but also not gamblers.
 They assume risks but only after they are convinced that they have
the skills and resources to overcome the difficulties inherent in a
new venture.

Michael Karl M. Barnuevo, MBA 19

SELF CONFIDENT
 A person cannot achieve much unless he has sufficient confidence
in himself.
 A person’s belief in his ability leads him to actual performance and
eventual success.
 When a person has self-confidence, he does his job without
inhibition.

Michael Karl M. Barnuevo, MBA 20

GOAL SETTER
 A goal performs the following target:
1. It directs one’s attention to a specific target.
2. It encourages one to exert effort toward achieving something specific
3. It encourages persistence
4. It fosters the creation of strategies and action plans.

Michael Karl M. Barnuevo, MBA 21

ACCOUNTABLE
 The success of the enterprise will depend on how much on
the willingness of subordinates to comply with the wishes
of the entrepreneur.
 Compliance can be expected if the entrepreneur is
accountable enough to take responsibility for whatever
happens to the business.

Michael Karl M. Barnuevo, MBA 22

INNOVATIVE
 Innovation may be the only way the entrepreneur can achieve the following:

1. Penetrate the market

2. Improve employee turnover
3. Reduce manufacturing costs
4. Improve collection rate

Michael Karl M. Barnuevo, MBA 23

 WHAT MOTIVATES
24
PEOPLE TO
BECOME
ENTREPRENEURS
Michael Karl M. Barnuevo, MBA
ENTREP MOTIVATION
 Not everyone desires to be an entrepreneurs. Those who do, however, are
motivated by any or all of the following:
1. Desire to be one’s own boss
2. Desire for financial rewards
3. Desire to create one’s own job security
4. Desire to improve one’s quality of life

Michael Karl M. Barnuevo, MBA 25

DESIRE TO BE ONE’S OWN
BOSS
 There are times when an employee sees some good opportunities
for his employer’s business.
 When he recommends action to be undertaken and is ignored, the
employee may just proceed to take the opportunity and organize his
own business.

Michael Karl M. Barnuevo, MBA 26

DESIRE FOR FINANCIAL
REWARDS
 Some people do not get satisfaction from a fixed monthly income,
which, most often is inadequate. Some think that they deserve to be
properly rewarded for their skills. The means open them is
entrepreneurship.
 The financial rewards reaped by successful entrepreneurs are
enough to motivate the would-be entrepreneur.

Michael Karl M. Barnuevo, MBA 27

DESIRE TO CREATE ONE’S
OWN JOB SECURITY
 Some people feel that their jobs are not secure.
 Persons who cannot bear to worry about job security may just
decide to become entrepreneurs. Even if the venture fails, the
entrepreneurs knows that it is the result of his poor performance.

Michael Karl M. Barnuevo, MBA 28

DESIRE TO IMPROVE ONE’S
QUALITY OF LIFE
 To some people, engagement in entrepreneurship provides them with some
control over their work schedules.
 An entrepreneurs can choose a type of business that will be compatible with
the quality of life he desires.
 Specifically, the business location and the type of products sold can be chosen
to jibe with the personal and family needs of the entrepreneurs.

Michael Karl M. Barnuevo, MBA 29