WEEK 7

Entrepreneurship and Leadership

MOTIVATION- Principles of Motivation
• Be motivated yourself
• Know your stuff
• Hire those who are highly motivated
• Set realistic and challenging goals
• Remember that Progress motivates
• Learn from others mistakes

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ENTREPRENEURSHIP

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 What is an Entrepreneur?
An individual who
undertakes the risk
associated with
creating, organizing,
and owning a
business.
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 Attributes, Qualities, and Characteristics
of an Entrepreneur
• The Entrepreneur
• According to Schumpeter (1950), an entrepreneur is a
person who is willing and able to convert a new idea or
invention into a successful innovation.
• Schumpeter is also famous for the phrase “creative
destruction”

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Attributes, Qualities, and Characteristics
of an Entrepreneur
• The Entrepreneur
• Webster’s – someone who runs a business at
his or her own financial risk
• An entrepreneur is a person who undertakes
the creation of an enterprise or business that
has the chance of profit (or success).

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Attributes, Qualities, and Characteristics
of an Entrepreneur
• Who is the Entrepreneur?
• Somebody who has IDEAS and makes these
ideas happen or come to life.
• Must have some BUSINESS SKILLS (ideation,
creativity & innovation)
• Somebody who ASSUMES RISKS
• Desires to MAKE PROFIT

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Attributes, Qualities, and Characteristics
of an Entrepreneur
• The Role of an Entrepreneur:
1. Entrepreneurs are innovators
They observe an opportunity.
They create new goods and services.
They improve existing products.

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Attributes, Qualities, and Characteristics
of an Entrepreneur
• The Role of an Entrepreneur:
2. Entrepreneurs provide choice
They add goods and services to the
marketplace.
They offer variety.
They design different approaches to familiar
problems.

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Attributes, Qualities, and Characteristics
of an Entrepreneur
• The Role of an Entrepreneur:
3. Entrepreneurs provide jobs
They hire workers for their businesses.
They consume resources, thus providing jobs
in the industries that supply those resources.

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Attributes, Qualities, and Characteristics
of an Entrepreneur
• The Role of an Entrepreneur:
4. Entrepreneurs help the economy grow.

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Why Become an Entrepreneur?

The three primary reasons that people become

entrepreneurs and start their own firms

Desire to be their own boss

Desire to pursue their

own ideas

Financial rewards

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Characteristics of Successful Entrepreneurs
1 of 3

Four Primary Characteristics

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Characteristics of Successful Entrepreneurs
2 of 3

• Passion for the Business

• The number one characteristic shared by successful
entrepreneurs is a passion for the business.
• This passion typically stems from the entrepreneur’s belief
that the business will positively influence people’s lives.
• Product/Customer Focus
• A second defining characteristic of successful
entrepreneurs is a product/customer focus.
• An entrepreneur’s keen focus on products and customers
typically stems from the fact that most entrepreneurs are, at
heart, craftspeople.

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Characteristics of Successful Entrepreneurs
3 of 3

• Tenacity(PERSISTENCE) Despite Failure

• Because entrepreneurs are typically trying something new,
the failure rate is naturally high.
• A defining characteristic for successful entrepreneurs’ is
their ability to persevere through setbacks and failures.
• Execution Intelligence
• The ability to fashion a solid business idea into a viable
business is a key characteristic of successful entrepreneurs.

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