Entrepreneurship. The process of creatively converting ideas to
goods and services which can be marked to obtain profit and to contribute in
improving peoples’ quality of life.
What is an Entrepreneur?
Ety. From the Latin words entre, meaning enter, pre, meaning before, and neur, meaning center, an entrepreneur is
someone entering business to introduce products and services to form or change
the center of the business.
In other definitions…
Entrepreneurs are persons who take risks and put ability to action for optimum profit and personal satisfaction, or individuals with abilities to evaluate and analyze for the benefit of innovation and creativity.
Characteristics of an Entrepreneur
10 Key Characteristics of Entrepreneurs, according
to David Glass:
1.
Goal-driven
2.
Customer focused
3.
Team-oriented
4.
Skill-oriented
5.
Techno-knowledgeable
6.
Global thinking
7. Flexible-minded
7. Flexible-minded
8.
Bottom line oriented
9.
Socially responsible
10. Future
oriented
Other, Personal Entrepreneurial Competencies:
1.
Achievement
Cluster
a.
Persistence
b.
Seizing opportunity
c.
Commitment to task
d.
Choosing moderate risk/ Risk taking
e.
Demand for efficiency and quality
2.
Power
Cluster
a.
Persuasion and networking
b.
Confidence
3.
Planning
Cluster
a.
Goal setting (SMART)
b.
Information-seeking
c.
Pro-active management
d.
System planning
Other Qualities of Successful Entrepreneurs:
Personal Qualities
1.
Patient and persevering
2.
Challenge driven
3.
With high tolerance to ambiguity
4.
Desires change
5.
Action-oriented
6.
Positive thinker
7.
Quick learner
8.
Listener and communicator
9.
Independent and extroverted
10.
Confident and determined to succeed
11.
Creative, innovative and open-minded
Physical and Psychological Qualities
1.
With good health and ample energy
2.
Emotional stable
3.
Financially stable
4.
With time freedom
5.
Inspired
6.
Personally intelligent
Business and Managerial Skills
1.
Able to set realistic and attainable goals
2.
Risk taker
3.
Able to influence and inspire others
4.
Able to adjust and adapt to different types of people
5.
Able to trust others and give out responsibility
6.
Possess good communication skills
7.
Possess general financing, production, administration,
human resource, sales, and marketing skills
Planning to an Entrepreneur
Factors to evaluate before entering to a business
1.
Capital
2.
Market
3.
Technical competencies
4.
Management skills
5.
Human resources competencies
6.
Technology
7.
Manpower and supplies
Aspects of Entrepreneurship
1.
Identification of market opportunity and generation of
business
2.
Arrangement and commitment of resources in face of
risk to promise opportunity
3.
Creation and implementation of idea
Considerations of Entering Entrepreneurship
Socio Economic Benefits
1.
Creation of employment
2.
Improvement of standard of Living
3.
Contribution to economic growth and development
4.
Social benefits to the people
5.
New technologies, industries and products
Lifestyle Considerations
1.
Other commitments and obligations
2.
Family
3.
Personal happiness
Strengths and Weakness to Bring the
Business to a Success
The Strengths of a Business
1.
Availability of funds
2.
Continuous supply of raw materials
3.
Modern technology
4.
Skilled workers
5.
Technical service
6.
Quality goods and services
The Weakness of a Business
1.
Lack of capital
2.
Poor management
3.
Poor quality of goods and services
4.
High cost of raw materials
5.
Lack of technology
6.
Lack of skilled workers
7.
Low supply and demand
8.
Low production demand
