CHARACTER TRAITS

COMMON TO
SUCCESSFUL
ENTREPRENEURS
 CHARACTER TRAITS
refers to the
MARK or ATTRIBUTE that
distinguishes an entrepreneur
from the owner of an ordinary
small business.
 S. E. R. D. F.
Small Enterprise
Research and
Development
(DTI)
MAJOR CLUSTERS
Achievement
Planning
Power
 ACHIEVEMENT CLUSTER
Consists of entrepreneurial character traits that are directly
related to the
entrepreneur's desire to be an achiever in the field of
entrepreneurship.
The entrepreneur ordinaril does not settle for
MEDIOCRITY but instead aspires for QUALITY.
Entrepreneurs are achievers by nature and they
STRIVE to ACHIEVE.
They feel guilty if they achieve less or nothing at all.
ACHIEVEMENT
opportunity-seeker
committed
persistent
a risk-taker
efficient & quality-oriented
 OPPORTUNITY-SEEKER
The ability to identify with great ease the most
appropriate entrepreneurial opportunities.
The entrepreneur usually identifies a business
opportunity and then thoroughly evaluates its
VIABILITY.
1. Sees and acts on new business opportunities.
2. seizes unusual opportunities to obtain financing,
equipment, land, work, space or assistance.
 Business opportunities may arise from
changes in the environment,
advancement and discoveries in
technology, government program and
policies, people's interests and hobbies,
and past experiences.
 COMMITTED
A highly committed entrepreneur displays full
commitment to the work or endeavor that he/she is
undertaking.
He / She does not entertain Negatism & Skepticism.
1. accepts full responsibility for what has been promised to
the customers.
2. establishes proper coordination with and among workers,
so that goods and services are delivered as promised.
3. seeks to prioritize the satisfaction and interest of
customers.
 Commitment
is directly related to
INTEREST.
 PERSISTENT
Trials, sacrifices, and failures challenge the
entrepreneur to be persistent.
1. take repeated or different actions in order to
overcome the obstacles.
2. stick to his / her own judgement in times of
opposition and failures.

“Quit” and “Surrender” are not included in the

vocabulary of successful entrepreneurs.
The HIGHER the RISK,
the HIGHER the
RETURN.
 EFFICIENT & QUALITY-ORIENTED
A successful entrepreneur highly values efficiency
and the concept of quality in all business undertakings.

1. always performs the required tasks in accordance with

existing standards of excellence or continously improves
on his/her past performance.

2. strives to do things better and faster with minimal cost.

 The concept of EFFICIENCY in an
entrepreneurial endeavor is related to the cost
involved in the production of goods and
services.
The concept of QUALITY, deals with
defect.

The quality of products and services is

measured by the response of customers to
them.
 PLANNING CLUSTER
Set of characteristics of successful entrepreneurs that
basically supports the character traits in the achievement
cluster.
The concept of planning is inherent in the
entrepreneur, being both the owner and the manager of
the business.
He/She begins the day with specific plan and ends it
with a review of the progress or status of the plan.
PLAN serves as the blueprint of the actions to be
undertaken by the entrepreneur.
 PLANNING
goal-setter
information-seeker
systematic in planning &
monitoring
 GOAL - SETTER

The basic concept of planning is setting goals and

objectives.
GOALS & OBJECTIVES are the guiding points that
direct all actions, efforts and struggles of the entrepreneur.

Being a goal-setter, a successful entrepreneur sets

clear, specific and well-defined short & long term goals and
objectives.
 GOAL - SETTER

The entrepreneur is usually guided by the SMART PRINCIPLE;

S- PECIFIC
M- EASURABLE
A - TTAINABLE
R - EALISTIC
T - IME-BOUND
 Succesful entrepreneurs sail through
their journey with specific and concrete
goals and objectives.

They never engage in a particular

business enterprise unless the goals and
objectives are definite and clear.
 INFORMATION -
SEEKER
Entrepreneurs constantly make decisions that will affect the
operations of their business ventures.

These must be based not on their whims and caprices but on

specific and relevant economic, financial, and industry data.

Successful entrepreneurs, primarily seek a strong basis to make

sound decisions.
 INFORMATION -
SEEKER
The usual limitations encountered in the gathering of
information that are data banks that:
1. are incomplete, dated, and irrelevant
2. are costly in maintenance
3. lack personnel to maintain them.
Succesful entrepreneurs use information
in making economic decisions.

The knowledge generated from the

information will assist the entrepreneurs
in sustaining their businesses.
SYSTEMATIC IN PLANNING &
MONITORING
A successful entrepreneur adopts a systematic and coordinated
planning and monitoring activities where he/she
1. gathers all the qualitative and quantitative information before
formulating the plans,
2. develops a logical step-by-step approach in the formulation of
plans,
3. monitors the progress of activities and switches to alternative
strategies when deemed necessary,
4. evaulates constantly the alternatives in achieving the goals.
A Succesful entrepreneurs does not
attempt to engage in any
entrepreneurial venture unless the
details of the activities have been
clearly identified and the montoring
mechanisms are in place.
 POWER CLUSTER
Set of characteristics traits that reflect the
degree of the interpersonal relations maintained by
successful entrepreneur in the community.
It defines how the entrepreneurs project
themselves in the business community.
It indicates the type and level of their linkages
with the groups they are involved with.
 POWER CLUSTER
POWER refers to the ability of the
entrepreneur to maintain the highest
degree of interrelationships in the
business community and influence
others over to his / her line of
reasoning.
 POWER
persuasive & positive net
worker
self-confident
 PERSUASIVE & POSITIVE NETWORKER
Successful entrepreneur are persuasive and can
easily influence and win over to their side the other
stakeholders in business such as customers,
suppliers, and prospective creditors.
They are able to establish good and positive
networking with almost of all the players in the
business community.
 PERSUASIVE & POSITIVE NETWORKER
Successful entrepreneur usually:
1. adopts specific strategies that will influence and
convince others while maintaining the highest
degree of respect.
2. make use of positive contacts in the business
community in order to meet the goals and
objectives of the business endeavor.
 A Succesful entrepreneurs constantly
establish good working relationships in the
community.

They are recognized either as officers or

members in reputable social and business
clubs and organizations of the local
community.
 SELF - CONFIDENT
Successful entrepreneur are known to have a high
level of self-confidence.
Entrepreneurial self-confidence is actually a
manifestation of the entrepreneur's strong trust or belief in
himself / herself.
It is a gradual process where the past correct
experiences have significant contributions to the present.
A person with low SELF-CONFIDENCE can
hardly defend his/her own idea and is easily
swayed by the idea of thers.

A person with HIGH SELF-CONFIDENCE has

developed a strong faith in himself/herself
and in what he / she can do.
 BE HUMBLE
and never think that you are
BETTER
that anyone else....
For DUST you are, and unto DUST
you shall return.
 SKILLS
&
CORE
COMPETENCIES
IN
ENTREPRENEURSHIP
 SKILLS are considered as the
personal abilities to do things well.
They come from the totality of the
knowledge, practice or experience,
and aptitude of a person.
ENTREPRENEURIAL SKILLS
Refers to the set of
cognitive, technical &
interpersonal skills required in
the practice of
entrepreneurship.
 COGNITIVE SKILLS
Refers to mental ability of the
entrepreneur to learn new things,
generate newideas, and express
knowledge in both oral & written
forms.
 HUMAN BRAIN
is responsible for the
development of cognitive skills,
which are essential in making
systematic and effective plans
and monitoring them.
 THE COGNITIVE SKILLS OF AN ENTREPRENEUR
INCLUDE THE FOLLOWING:
•Ability to understand written materials
•Ability to learn and apply new information
•Ability to solve problems systematically
•Ability to create new ideas
•Ability to innovate new products and procedures or
methods
 PROBLEM-SOLVING SKILLS
It can help the entrepreneur in making decisions quickly, which is
essential in the competitive world of business.

PROBLEMS are common in the life of an entrepreneur as

he/she manages the day-to-day operations of the business
venture.

These problems can be big or small, ordinary or unsual, and

repetitive or non-repetitive.
 THE SCIENTIFIC APPROACH
•defining the real problem
•gathering information about the problem
•formulating alternative solutions
•evaluating alternative solutions
•selecting and implementing the optimal solution
•evaluation the decision
 TECHNICAL SKILLS
Relate to the knowledge and
proficiency in a specialized field like
computer technology, accounting,
marketing, operation research,
engineering medical fields, or other
related technical fields.
 THE TECHNICAL SKILLS OF AN ENTREPRENEUR
INCLUDE PROFICIENCY AND ABILITY, AMONG
OTHERS, IN THE FOLLOWING AREAS
•information technology
•feasibility study and business plan preparation
•technical writing skills
•marketing
•management and finance
 Since the TECHNICAL SKILLS are highly
mechanical in character rather than theoritical,
they must be studied and learned in the most
practical way - HANDS ON.

Learning by Doing is the best approach in

enhancing technical skills.
 INTERPERSONAL SKILLS
Basically about the relationship
& interaction of the entrepreneur with
the workers, suppliers, creditors,
prospective customers, and other
members of the business community.
 THE INTERPERSONAL SKILLS OF AN ENTREPRENEUR
MAY INCLUDE, AMONG OTHERS:
•Skills in verbal communication
•Skills in non-verbal communication
•skills in listening
•skills in leading
•skills in negotiating
ENTREPRENEURIAL
CORE
COMPTENCY
 It is a combination of
entrepreneurial concepts and
principles, entrepreneurial
character traits, and
entrepreneurial skills that provide
and become the ultimate source
of competitive advantage of the
entrepreneur.
 COMPETITIVE ADVANTAGE
Refers to the strategic
position and condition of
the entrepreneurial venture
that:
•provides the necessary attributes to
outperform competitors
•distinguishes the venture from competitors
•achieves superior performance in the
industry
•produces a product or develops production
methods that can hardly be copied by
competitors
HAVE A NICE DAY!
Thank You .....
THANK YOU
&
GOD BLESS.