Characteristics or qualities of an entrepreneur

Characteristics or qualities of an entrepreneur

1. Characteristics or Qualities of an Entrepreneur

2. Entrepreneur The one who organizes, manages, and assumes the risks of a business or enterprise. Merriam-Webster Dictionary

3. Entrepreneurship is a process of creating new things by making use of indigenous materials found in our surroundings. Entrepreneurship

4. Entrepreneurship are people who seize opportunities, systematically act on new things to become marketable so that they can compete in today’s economic society. We recognize these people because they possess the characteristics and qualities which make them different from others. Entrepreneurship

5. Do You Want to Go Into Business? -Handbook , published by Department of Trade and Industry (DTI). -There are Ten Personal Entreprenurial Characteristics and they are grouped into three clusters.

6. PERSONAL ENTREPRENEURIAL CHARACTERSICS (PECs) Achievement Cluster Planning Cluster Power Cluster

7. This pertains to the desire of the individual to fulfill or to realize something. This desire is strong to an entrepreneur who will not stop at any obstacle but take such obstacles as challenges. Hence, the following characteristics are dominant in him. Achievement Cluster

8. Achievement Cluster 1. Opportunity-Seeker Perceives and acts on new business opportunities. Seizes unusual opportunities to obtain financing, equipment, land, work, space, or assistance.

9. Achievement Cluster 1. Opportunity-Seeker 2. Persistent Takes repeated or different actions to overcome obstacles. Makes sacrifices or expends extraordinary efforts or complete a task. Sticks to own judgment in the face of opposition or disappointments.

10. Achievement Cluster 1. Opportunity-Seeker 2. Persistent Accepts full responsibility for problems encountered. Helps own employees to get the job done. Seeks to satisfy the customers. 3. Committed

11. Achievement Cluster 1. Opportunity-Seeker 2. Persistent Takes moderate risks. Prefers situations involving moderate risks. 3. Committed 4. Risk-taker

12. Achievement Cluster 1. Opportunity-Seeker 2. Persistent Always strives to raise standards and aims for excellence. Strives to do things better, faster and at a lower cost. 3. Committed 4. Risk-taker 5. Concern for quality and efficiency

13. An entrepreneur is clear on what he wants to achieve. He plans his every move because he knows that eliminated resources will be used. To make sure that the resources (money, materials, machinery, etc.) are efficiently used, he makes his move tentatively on paper, hence, the plan. Planning Cluster

14. A plan is a blue print of the project that he wants to establish. Such quality of an entrepreneur demands that he be a: Planning Cluster

15. Planning Cluster 6. Goal-Seeker Sets clear and specific short-term objectives / goals. Sets clear and long-term goals.

16. Planning Cluster The following should be remembered in setting goals Be realistic Be self-reliant Prioritize your goals Focus on positive objectives 6. Goal-Seeker

17. Planning Cluster Goals must be- S – specific M – measurable A – attainable R – realistic T – time bounded 6. Goal-Seeker

18. Planning Cluster Frequently monitor social trends and adopt new technologies Personally seeks information on buyers or clients, suppliers, and competitors are good information. 7. Information-Seeker 6. Goal-Seeker

19. Planning Cluster Seeks experts and experienced entrepreneurs to render business or technical advise. Uses contacts or information networks to obtain useful information. 7. Information-Seeker 6. Goal-Seeker

20. Planning Cluster 8. Systematic Planner and Monitoring Develop logical, step-by-step plans to reach goals and objectives. Looks into alternatives and weigh them accordingly. Monitors progress and switches to alternative strategies when necessary to achieve goals. 7. Information-Seeker 6. Goal-Seeker

21. Power does not mean bossing around. This means the power to lead, to convince people of your ideas, to make people believe in you, to persuade others especially those with negative perceptions. Therefore, an entrepreneur must: Power Cluster

22. Power Cluster 9 . Be persuasive and Good in Networking Uses deliberate strategies to influence or persuade others. They must be able to exert influence and inspiration on others without a need to impose status or power. Use business and personal contacts to accomplish objectives.

23. Power Cluster Uses deliberate strategies to influence or persuade others. They must be able to exert influence and inspiration on others without a need to impose status or power. Use business and personal contacts to accomplish objectives. 10. Possess Strong Self-Confidence 9 . Be persuasive and Good in Networking

24. Thank You!!!!!