ENTREPRENEURSHIP

The Entrepreneur, The Individual that Steers

Who is the Entrepreneur?

Commonly, people see the e

ntrepreneur as the one who
manages, organizes and take
s risk in business.
BUT ARE THESE ALL???
How would you then distinguish the
entrepreneur from the investor who
directly assumes the financial risk o
f the venture?
Attributes, Qualities and Characteristics of
an Entrepreneur
• Self awareness: he knows who he is, what he is good at, and what h
e likes to do.
• Self-motivated: the characteristic that gets him going and keeps him
moving when he is in business.
• Courage: the willingness to take risks is a valuable trait when striving
for success.
• Confidence: by behaving as if one is already a success at what he d
oes.
• Positive Thinker: they think of success and bright sides. Such succe
ss consciousness leads entrepreneurs to success.
• Patience: he must remember that customers are always right, since t
hey are the ones who will make or break the business
• Decisiveness: often, a decision has to be made immediately, on the
spur of the moment. One should go with his intuition and trust that wh
at he doing is the right thing.
Attributes, Qualities and Characteristics of
an Entrepreneur
• Experience: a primary reason why businesses fall within a few
years of start-up is the lack of experience.
• Knowledge: one has a better chance of succeeding by knowin
g, as much as possible, about factors such as business basics,
product or service he wants to sell, industry he is entering, com
petition, local, regional, national markets.
• Information-seeking: to assure accomplishment of his entrepr
eneurial goals, the entrepreneur continuously seeks for relevan
t information about the business.
• Perseverance: one must be willing to persevere during the rou
gh times, to hang in there during the slow periods, and to maint
ain one’s belief in your product or service, even when it seems l
ike no one else in the world knows you exist.
Attributes, Qualities and Characteristics of
an Entrepreneur
• Drive: one must believe in his goal and be determined to
succeed.
• Risk-Taking: entrepreneurs prefer tasks, which provide c
hallenges. They are not afraid to take risks. However, the
risks they take are “calculated”.
• Innovative: entrepreneurs are creative. They do things in
new and different ways.
• Opportunity-Seeking: an entrepreneur readily identifies
opportunities for going into or to improve his business. he
acts on opportunities.
• Demand for Efficiency and Quality: the entrepreneur al
ways finds ways to do things better, faster and at a lower
cost.
Attributes, Qualities and Characteristics of
an Entrepreneur
• Systematic planning and Monitoring: the entrepreneur
sets what are to be accomplished, and monitors his progr
ess to check whether he is in the right direction.
• Persuasion and Networking: an entrepreneur easily est
ablishes a network of personal and business contacts aro
und him.
Myths, Fears and Excuses of People who
are not Entrepreneurs
• Entrepreneurs are born
• Entrepreneurs are super humans
• Entrepreneurs are inventors
• Entrepreneurs inherit business traits
• Entrepreneurs possess a definite characteristic profile
• Gender difference myth (Men are better entrepreneurs)
• Entrepreneurs are academic and social misfits
• Entrepreneurs are extreme gamblers and risk-takers
• Luck and money are the only things needed to become en
trepreneurs
• Entrepreneurs experience a lot of failures
Myths, Fears and Excuses of People who
are not Entrepreneurs
RISK EXCUSES

Financial Risk “I do not have the money”

“I do not know where to get the capital”
“I am afraid to lose my house, car, properties, etc.”

Career Risk “I cannot risk my promotion”

“ I cannot afford not to have a salary”
“What would happen to me if I don’t have a job?”

Family Risk “My kids are still young”

“My spouse and I are not doing well”
“My spouse and I are just getting to know each other”

Social Risk “What would my friends say?”

“what if nobody buys it?”
“How am I supposed to beat the large companies?”
“What if somebody builds a better one?”

Psychological Risk “I am too young”

“I am too old”
“I lack experience”
“I cannot handle the pressure”
“I cannot do it”
The Advantage of Becoming Entrepreneu
rs
• Have the opportunity to create your own destiny

• Have the opportunity to be financially well-off

• Have the opportunity of knowing yourself better

• Have the opportunity to excel, be recognized and contribu

te to society.