WHO IS “THE ENTREPRENEUR”?

What differentiates an entrepreneur from other businesspeople?

prepared by:
Dr. Philip MT Padayao
WHO IS THE ENTREPRENEUR?
What differentiates an entrepreneur from other businesspeople?

1. INNOVATOR
“An entrepreneur is the man or woman who is able to actualize
his/her innate potentials and develop a character that is not
dependent but independent. He/She is that person who undertakes
the voyage of creating value by pulling together a unique package
of resources to exploit an opportunity. He or She has the capacity
and capability to build something from practically nothing –
initiating, daring, doing, achieving, and building an enterprise.
They genuinely believe they have something new and special to
offer, either a product or a service. To them, life will remain a
fantasy unless their dreams are actualized” - Okpara, 2007
.
One of the major characteristics of entrepreneurs is being
PRODUCT/CUSTOMER FOCUSED. (Barringer and Ireland, 2015). An
entrepreneur’s idea/product focuses on solving a particular problem or
inconvenience in the market/society.
WHO IS THE ENTREPRENEUR?
What differentiates an entrepreneur from other businesspeople?

2. SEEKS, SCREENS, AND SEIZES OPPORTUNITIES

Entrepreneurs seeks, screens, and seizes opportunities.

(Morato, 2018 . Entrepreneurship chapter 2)

WHO IS THE ENTREPRENEUR?
What differentiates an entrepreneur from other businesspeople?

2. SEEKS, SCREENS, AND SEIZES OPPORTUNITIES

‘Economic opportunism’ (or being opportunistic) is a term that has
a negative social connotation for being profit oriented alone.
However, entrepreneurs, especially the those who practice social
entrepreneurship are always guided by moral principles to provide
products that will also benefit the community.

Entrepreneurs are morally guided as they identify and grab

opportunities in the market/society.

As cited by the Ewing Marion Kauffman Foundation the values that

may be particularly important in guiding the entrepreneur are:
(1) Bravery, (2) Vision (3) Respect for self and others, (4) Trust, (5)
Honesty, (6) Generosity, and (7) Fortitude.
https://www.entrepreneurship.org/articles/2004/12/the-values-that-sustain-entrepreneurs
WHO IS THE ENTREPRENEUR?
What differentiates an entrepreneur from other businesspeople?

2. SEEKS, SCREENS, AND SEIZES OPPORTUNITIES

“Entrepreneurs have been described as people who have the ability

to see and evaluate business opportunities, gather the necessary
resources to take advantage of them and initiate appropriate action
to ensure success (Meredith et al, 1991). He is a risk- taker, a man,
or woman who bears uncertainty, strikes out on his or her own, and
through natural wit, devotion to duty and singleness of purpose,
somehow creates a business and industrial activity where none
exited before.” - Okpara, 2007
WHO IS THE ENTREPRENEUR?
What differentiates an entrepreneur from other businesspeople?

3. CREATIVELY GOAL-ORIENTED
One of the major characteristics of entrepreneurs is TENACITY
DESPITE FAILURE. (Barringer and Ireland, 2015).

Despite failure, entrepreneurs persevere to achieve their creative

ideas. This differentiates the creativity of entrepreneurs from the Top 10 Successful Entrepreneurs in the Philippines Story (Manarang, 2019)
https://tycoon.ph/top-10-successful-entrepreneurs-philippines-story/
creativity of artists.

“Entrepreneurs are achievement-oriented, like to take responsibility

for decisions and dislike repetitive and routine work. Creative
entrepreneurs possess high levels of energy and great degrees of
perseverance and inauguration, which combined with a willingness
to take moderate, calculated risk, enable them to transform what
began as a very simple ill- defined idea or hobby into something
concrete..” - Okpara, 2007 Top Most Successful Entrepreneurs in the World (Mayank, 2016)
https://engineerbabu.com/blog/successful-entrepreneurs/
WHO IS THE ENTREPRENEUR?
What differentiates an entrepreneur from other businesspeople?

4. LEADER 10 Entrepreneurial Leadership Characteristics

1. Vision
An Entrepreneur is a leader in innovation and in developing
2. Communication skills
his people.
3. Supportive
4. Self-belief
“Entrepreneurs can instill highly contagious enthusiasms 5. Shares success
in an enterprise. They convey a sense of purpose and 6. Involved
determination and by so doing, convince others they are 7. Create an atmosphere
where the action is. Whatever it is – seductiveness, conducive to growth
competitiveness, or charisma – entrepreneurs knew how 8. Honesty
to lead an enterprise and give it momentum. The 9. Perseverance
entrepreneur demonstrates a unique combination of 10. Learning
energy, originality and shrewdness. He is the main
driving force in the enterprise, a master of motivation The Entrepreneur as Leader (Dr. David G. Javitch, 2008)
https://www.entrepreneur.com/article/196720
and knows how to get the best out of people. Manfred
(1997).” - Okpara, 2007 10 Entrepreneurial Leadership Characteristics
https://yscouts.com/10-entrepreneurial-leadership-characteristics/
Difference Between Businessman and Entrepreneur

“A person who brings his unique idea to run a startup company is known as an entrepreneur.

A businessman is a person who starts a business on an old concept or idea.

A businessman makes his place in the market with his efforts and dedication, whereas
an entrepreneur creates the market for his own business”.

- Surbhi, 2018

SOURCE: Difference Between Businessman and Entrepreneur (Surbhi, 2018) https://keydifferences.com/difference-between-businessman-and-entrepreneur.html

Difference Between Businessman and Entrepreneur

BASIS FOR COMPARISON BUSINESSMAN ENTREPRENEUR

Meaning A businessman is someone who sets up a An entrepreneur is a person who starts an
business with an existing idea offering products enterprise with a new idea or concept,
and services to the customers. undertaking commercial activities.

Market Position Market Player Market Leader

Nature Calculative Intuitive
Market Creates place in existing markets Creates new market
Risk factor Less Comparatively high
Methods applied for doing things Conventional Unconventional
Approach Holistic Atomistic
Orientation Profit People
Competition Very high Low

SOURCE: Difference Between Businessman and Entrepreneur (Surbhi, 2018) https://keydifferences.com/difference-between-businessman-and-entrepreneur.html

WHO IS THE ENTREPRENEUR?
The difference between entrepreneurs and other businesspeople

REFERENCES:
THE VALUE OF CREATIVITY AND INNOVATION IN ENTREPRENEURSHIP by Okpara, F. (2007)
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&ved=2ahUKEwixhOCChujjAhXOE4gKHZnuB_gQFjAAegQIAhAC&url=http%3A%2F%
2Fwww.asiaentrepreneurshipjournal.com%2FAJESIII2Okpara.pdf&usg=AOvVaw3cx1tZP8DsA85C8VPYSf9R

The Values That Sustain Entrepreneurs

https://www.entrepreneurship.org/articles/2004/12/the-values-that-sustain-entrepreneurs

Entrepreneurship
https://www.inc.com/encyclopedia/entrepreneurship.html

Top 10 Successful Entrepreneurs in the Philippines Story (Manarang, 2019)

https://tycoon.ph/top-10-successful-entrepreneurs-philippines-story/

Top Most Successful Entrepreneurs in the World (Mayank, 2016)

https://engineerbabu.com/blog/successful-entrepreneurs/

The Entrepreneur as Leader (Dr. David G. Javitch, 2008)

https://www.entrepreneur.com/article/196720

10 Entrepreneurial Leadership Characteristics

https://yscouts.com/10-entrepreneurial-leadership-characteristics/

Barringer B. and Ireland R. (2015). Entrepreneurship: Successfully Launching New Ventures (5th Edition). Pearson
https://www.pearsonhighered.com/assets/preface/0/1/3/4/013489149X.pdf

Understanding Goal-Oriented Creativity (Eric Maisel, 2019)

https://www.youtube.com/watch?v=x8V7qhCoHZk

Difference Between Businessman and Entrepreneur (Surbhi, 2018)

https://keydifferences.com/difference-between-businessman-and-entrepreneur.html