CHARACTERISTICS

OF SUCCESSFUL
ENTREPRENEURS
THIS REPORT WILL EXPLAIN THE VARIOUS
CHARACTERISTICS AND TRAITS OF AN
ENTREPRENEUR. IN ADDITION, THE DIFFERENT
CONCEPTS OR DEFINITIONS OF ENTREPRENEUR ARE
PEENTED. THIS REPORT ALSO DISCUSSES THE
QUALITIES OF SUCCESSFUL ENTREPRENEURSHIP.
 SOME OF THE DEFINITION OF
ENTREPRENEUR:
According 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 markets; and develops new
sources of raw materials.

According to Peter Drucker, a renowned economist and management

consultant. an entrepreneur always searches for change, responds to it and
exploits it as an opportunity.

According to Geoffrey Meredeth an entrepreneur are people who have the ability
to see and evaluate business opportunities, to gather the necessary resources 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, courage, integrity or punctuality. Entrepreneurs
have many favorable interdependent characteristics which
make them successful and extra- ordinary persons.
 THE MOST IMPORTANT
CHARACTERISTICS OF
ENTREPRENEURS:
• Reasonable risk-takers
• Self-confident T he Essential Leadership Qualities:
• Hardworking -Selfless dedication
• Innovative Decision-Making Has Six Distinct Phases:
-Purpose and vision 1. Identifying the problem
• Leadership -Courage
• Positive Thinker 2.Gathering the data about the problem
-Conviction 3.Analyzing the data
• Decision Makers -Enthusiasm 4.Formulating alternative solutions
-Integrity 5. Selecting the best solution
-Tact 6. Implementing the solution/decision
CHOOSING THE
BEST SOLUTION
 Ways to Choose the Best Solution:
First, the problem has to be identified and
defined. Second, Gather the data relevant to
the problem. Third, Organize and analyze the
data to be able to come up with alternative
solutions. And last is to determine the best
solution.
Four Criteria of Choosing the Best Solution
(Peter Drucker ­)
1. Presence of risk
2. Economy of effort
3. Time factor
4. Availability of resources
IMPLEMENTING
DECISIONS
• Entrepreneurs are generally careful. They
implement their decisions on a trial basis or
limited scale. This is to test the feasibility
or profitability of their decisions.
CONCEPT OF THE
FILIPINO
ENTREPRENEUR
The Development B ank of the Philippines defines the qua litie s of an
entreprene ur :
1. Self-relia nt - an entrepreneur counts mainly on his own efforts and
succeeds mainly by doing a good job.
2. Risk-taker – an entrepreneur rises to a c hallenge and transfers problems
into opportunities.
3. Industrious
An Entre preneur:
- has a strong sense of pride in the workma nship of his product.
- is qua lity c onscious in all the components of his business.
- is a lso prec ise in c ounting costs a nd in ensuring the value of
sssss money for his produc t or service .
4. Humble - The true e ntre pre neur has the humility and single-
mindedness of purpose .
5. Helpful – an entrepreneur lea rns how to work with others from
different fields, conscious that with the ir he lp effec tiveness can be
multiplied.
6. Creative – an entre preneur has a sense of perseveranc e a nd a spirit of
initiative.
7. Happy - The joy of a n entrepreneur lies in the satisfa ction of a
customer, whom he puts first over everybody e lse .
DETERMINANTS OF
SUCCESSFUL
ENTREPRENEURSHI
P
Business enterprise failed due to poor
management. Being industrious is not enough. It is
efficient management that counts most in business
success.
THE ENTREPRENEUR MUST HAVE THE
FOLLOWING MANAGERIAL SKILLS:

1. ABILITY TO 2. ABILITY TO
CONCEPTUALIZE MANAGE OTHERS
AND PLAN

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