CHARACTERISTICS OF

ENTREPRENEURS
ENTREPRENEUR DEFINED
There are several definitions or meaning of entrepreneur here
are some of them:
1. Cantillon defines an entrepreneur as one who bears uncertainty,
buys labor and materials, and sells products at uncertain
prices.
2. In French concept, an entrepreneur is an adventurer,
undertaker, projector. His function is to supply and accumulate
capital.
3. To Schumpeter, an entrepreneur is an innovator. He does new
things or does things in a new way. He supplies new products,
makes new techniques of production, discovers new market, and
develops new sources of raw materials.
4. Peter Drucker says that an entrepreneur always searches for
change, responds to it and exploits it is an opportunity.
Say, an economist, explains that an entrepreneur is one who
shifts economic resources from an area of lower productivity to
an area of higher productivity and greater yield.
6. The American Heritage Dictionary defines an entrepreneur as
a person who organizes, operates, and assumes the risk for
business ventures.
7. The pure entrepreneur are those who launch their own
ventures from scratch. They develop scarce resources into
successful business by their instinct for opportunity, sense of
timing, hard work, and idea-producing activity. They accelerate
the development of our economy.
8. According to Geoffrey Meredeth, author of The Practice of
Entrepreneurship, entrepreneurs are people who have the ability
to see and evaluate business opportunities, to gather the
necessary resoures and to take advantage of them, and to
initiate appropriate action to ensure success.
CHARACTERISTICS OF ENTREPRENEURS
Characteristics are
distinguishing traits or qualities,
like honesty, integrity or punctuality.
Entrepreneurs have many favorable
interdependent characteristics which
make them successful and extra ordinary
persons.
Here are The Most Important Characteristics of
Entrepreneurs:
REASONABLE RISK-TAKERS Entrepreneurs enjoy
challenges. But they are careful and calculating .
So, they shy away from high-risk situations, because
these may not be attainable.
SELF-CONFIDENT Entrepreneurs have strong faith
in their abilities.
They believe they can be the best in their field.
They do not accept things as they are, because they
believe they can do things better.
THE BIBLE STATES
“IF WE HAVE FAITH AS A GRAIN OF MUSTARD SEED…
NOTHING SHALL BE IMPOSSIBLE UNTO YOU”.
HARDWORKING Successful people always attribute their
success to hardwork. Thomas A. Edison said that success is 99
percent perspiration and 1 percent inspiration. We can easily
conform this by observing top executives in governmental and
non-governmental organizations.
Entrepreneurs, although they are hardworking, enjoy
challenges and difficult tasks, and they love their work. Thus,
their being hardworking is not really a sacrifice. When people
love their work, it is no longer work. It becomes a joy. In fact,
people who are always busy forget their worries or problems.
INNOVATIVE
Entrepreneurs are creative. They do things in new and
different ways.
Are in troduced to benefit both the economy and society.
Changes are made in response to the needs of people. For instance,
the high costs of production serve as an opportunity for entrepreneurs
to introduce a technology that can reduce costs of production.
Have provided us a the products and services of modern
civilization. We have wonder drugs, colored TV, computers, robots,
cellular phones, cars, airplanes, and many more trappings of modern
life. Without innovations, we would still remain in our primate stage of
development.
LEADERSHIP
Entrepreneurs are leaders by the very nature of their functions. They are
people who are task-oriented. They are effective planners, organizers
and implementors.
HERE ARE THE ESSENTIAL LEADERSHIP QUALITIES:
- Selfless dedidaction
- Purpose and vision
- Courage
- Conviction
- Enthusiasm
- Intergrity
- Tact
- Hardwork
Positive Thinkers
-Entrepreneurs are positive thinkers. They think of
success and brigth sides. Dr. Charles Flory, a noted
american psychologist, said that wealth does not
always come to the most intelligent or to the most
ambitious individuals, but to those individuals who
think money.
-Individuals who always think of failures and other
negative thoughts get exactly what they think.
Decision Makers - Entreprenuers make decisions. being
creative or innovative, they always make decisions on
how to improve their products, how to create new
markets, how to increase consumers satisfication, or
how to maximizeprofits.
Decision Making Has Six Distinct Phase:
1. Identifying the problem.
2. Gathering the data about the
problem.
3. Analying the data.
4. Formulating altermative solutions.
5. Selecting the best solutions.
6. Implementing the solution/decision.
Concept of the Filipino Entrepreneur
The Development Bank of the Philippines defines the qualities
of an entrepreneur.
1. Self-reliant - An entrepreneur counts mainly on this own efforts, and
secceeds mainly by doing a good job.
2. Risk-taker - He rises to a challenges and transfers problem into
opportunities.
3.Industrios - He has a strong sense of pride in the workmanship of his product.
4. Humble - The true entrepreneur has the humility and single mindedness of
purpose.
5. Helpful - He learns how to work with others from different fields, conscious
that with their help, effectiveness can be multiplied.
6. Creative - He has a sense of perseverance and a spirit of initiative.
7. Happy- The joy of this entrepreneur lies in the satisfaction of a customer,
whom he puts first over everybody else.
Determinants of Successful Entrepreneurship
Business enterprise failed due to poor management.
The Entrepreneur Must Possess the Following Managerial Skills:
1. Ability to Conceptualize and Plan - The entrepreneur must
view all the aspect of the business, such as
Product, Price, Cost, Inventory,ect..,in a
related and coordinated
2. Ability to Manage Others - Management is getting
things done by others.
3. Ability to Manage Time and to Learn - The entrepreneur is
a generalist.
THE END!!