ENTREPRENEURSHIP 2.

A moderate risk-taker - more calculative in

taking risks - analyzes the situation before
CHARACTER TRAIT - mark or attribute that taking the leap
distinguishes an entrepreneur from the owner of an 3. A conservative risk-taker - not very eager to
ordinary small business.
take any kind of risk - satisfied with managing a
10 ENTREPRENEURAL CHARACTER TRAITS is grouped small business and a regular clientele
into 3 clusters based on studies conducted by the 5. Efficient & Quality-oriented
SMALL ENTERPRISE RESEARCH AND DEVELOPMENT A successful entrepreneur highly values efficiency and
FOUNDATION (SERDF) OF THE DEPT. OF TRADE & the concept of quality in all business undertakings.
INDUSTRY (DTI) He/She:
A. Achievement Cluster (5 traits) 1.) always performs the required tasks in
- Entrepreneurial character traits that are directly
accordance with existing standards of
related to the entrepreneur's desire to be an excellence or continuously improves on his/her
achiever in the field of entrepreneurship. past performance; and
1. Opportunity Seeker 2.) strives to do things better and faster with
Do not just watch business opportunities pass by, but minimal cost.
readily seizes them. An entrepreneur who; An efficient entrepreneur produces more output using
1.) sees and acts on new business opportunities; less input. Successful entrepreneurs are productive
and and generally work for zero defects in their products
2.) seizes unusual opportunities to obtain financing, and services.
equipment, land, work, space, of assistance. B. Planning Cluster (3 traits)
Business opportunities may arise from: - Set of characteristics of successful
entrepreneurs that basically supports the
1.) changes in the environment, character traits in the achievement cluster.
2.) advancement and discoveries in technology, 1. Goal-setter
government programs and policies,
3.) people's interests and hobbies, and past Sail through their journey with specific and concrete
experiences. goals and objectives.
2. Committed SETTING GOALS & OBJECTIVES
Displays full commitment tothe work or endeavor that
• The basic concept of planning
he/she is undertaking. He/She does not entertain
• The guiding points that direct all actions,
negativism and skepticism.
efforts, and struggles of the entrepreneur
1.) accepts full responsibility for what has been • Is guided by the SMART Principle: Specific,
promised to the customers; Measureable, Achievable, Realistic, and
2.) establishes proper coordination with and among SETTING GOALS & OBJECTIVES Time-bound.
workers, so that goods and services are delivered as
GOALS: long-term | OBJECTIVES: short-term
promised; and
3.) seeks to prioritize the satisfaction and interest of 2. Information-seeker
customers. Commitment is directly related to
interest. Lack of interest means lack of Use information in making economic decisions.
commitment. Decisions must not be based on their whims and
3. Persistent caprices but on specific and relevant economic,
financial, and industry data.
Do not have the terms “quit” and “surrender” in their
vocabulary. He/She learns to: The usual constraints or limitations encountered in the
gathering of information are data banks that:
1.) take repeated or different actions in order to
overcome the obstacles; 1.) are incomplete, dated, and irrelevant;
2.) make personal sacrifices or exert extraordinary 2.) are costly in maintenance; and
effort to complete the required task; and 3.) lack personnel to maintain them.
3.) stick to his/her own judgment in times of A successful information-seeker:
opposition and failure.
4. Risk-taker 1.) seeks relevant information on target customers,
suppliers of raw materials, and competitors;
Evaluates thoroughly all the available courses of action 2.) verifies available information from various
before making the final decision. There is risk in sources, both private and public, like printed
entrepreneurship because of uncertainty. There are 3 materials and agencies;
types of risk takers: 3.) seeks opinions and advice from experts in the
1. An aggressive risk-taker - not scared to take business field; and
any risks in business 4.) finds other possible ways to make sure that the
desired information is complete
3. Systematic in planning and monitoring • project a favorable image of themselves which
is founded on respect and good deeds in the
Do not attempt to engage in any entrepreneurial venture
business community.
unless the details of the activities have been clearly
identified and the monitoring mechanisms are in place. Entrepreneurial self-confidence - a manifestation of
the entrepreneur's strong trust or belief in
SYSTEMATIC - there is a rational and logical
himself/herself.
approach in performing the activities;
PLANNING - setting of goals and objectives; - SKILLS AND CORE COMPETENCIES
includes step-by-step procedures - serves as the
preventive course of action Skills
MONITORING - the evaluation of the activities and play a significant role in the practice of
adopted courses of actions whether they are entrepreneurship
carried in accordance with the plans - acts as the
corrective course of action. are considered as the personal abilities to do things
well come from the totality of the knowledge, practice
A successful entrepreneur adopts a systematic and or experience, and aptitude of a person
coordinated planning and monitoring activities where
he/she: Entrepreneurial Skills

1.) gathers all the qualitative and quantitative 1. play a significant role in the practice of
information before formulating the plans; entrepreneurship are considered as the personal
2.) develops a logical step-by-step approach in the abilities to do things well come from the totality of
formulation of plans; the knowledge, practice or experience, and aptitude
3.) monitors the progress of activities and switches of a person
to alternative strategies when deemed necessary; 2. the set of cognitive, technical and interpersonal
and skills required in the practice of entrepreneurship
4.) evaluates constantly the alternatives in 3. the kind of skills that should be acquired and
achieving the goals. developed in a deliberate and systematic fashion by
C. Power Cluster (2 traits) a person who has an intense desire of becoming a
- Set of characteristics that reflects the degree of successful entrepreneur
the interpersonal relations maintained by A. Cognitive Skills
successful entrepreneurs in the community. - refers to the mental ability of the entrepreneur
1. Persuasive & Positive Networker to learn new things generate new ideas, and
express knowledge in both oral and written
Successful entrepreneurs… forms.
• are persuasive and can easily influence and win Keywords: Brain, Mental Ability
over to their side the other stakeholders in
business 1.) Ability to understand written materials;
• are able to establish good and positive 2.) Ability to learn and apply new information;
networking with almost all of the players in the 3.) Ability to solve problems systematically;
business community 4.) Ability to create new ideas;
• completely discard the concept of bribery in 5.) Ability to innovate new products and procedures
dealing with people rather employ or adopt a or methods.
positive way of influencing others a. Problem-solving skill needs scientific
• are good communicators and they find it easy to approach
sell their ideas 1. Defining the real problem,
2. Gathering information about the problem,
As a persuasive and positive networker, the successful 3. Formulating alternative solutions,
entrepreneur usually 4. Evaluating alternative solutions,
5. Selecting and implementing the optimal
1.) adopts specific strategies that will influence and
solution, and
convince others while maintaining the highest
6. Evaluating the decision
degree of respect;
B. Technical Skills
2.) makes use of positive contacts in the business - For entrepreneurs, these skills relate to their
community to meet the goals and objectives of the knowledge and proficiency in a specialized field
business endeavor. like
• computer technology,
2. Self-confident • accounting,
Defines how the entrepreneurs project themselves in • marketing,
the business community. • operations research,
• engineering,
• are known to have a high level of self- • medical fields, etc.
confidence
 - in the absence of the technical skills, the output traits and sufficient and competent
of the cognitive skills may not carry an entrepreneurial skills
significant value - provide competitive advantage in the venture
- without the technical skills, an idea will remain and becomes the core competency
to be an idea and a business opportunity will - defined as the combination a entrepreneurial
remain to be a business opportunity concepts and principles, entrepreneurial
- focuses mainly on the mechanical or practical character traits and entrepreneurial skills that
aspect of a person rather than his/her abstract provide and become the ultimate source of
or theoretical thinking competitive advantage of the entrepreneur
- the external replica of a person's cognitive skills
- learning by doing is the best approach in The Entrepreneurial Competency as Source of
Competitive Advantage
enhancing technical skills
- The technical skills of an entrepreneur include Competitive Advantage
proficiency and ability, among others, in the
following areas: - refers to the strategic position and condition of
• Information technology the entrepreneurial venture that:
• Feasibility study and business plan 1.) provides the necessary attributes to
preparation outperform competitors;
• Technical writing skills 2.) distinguishes the venture from competitors;
3.) achieves superior performance in the
• Marketing
industry;
• Management and finance
4.) produces a product or develops production
- In a similar manner, entrepreneurs must
methods that can hardly be copied by
develop their technical writing skills to be able
competitors
to
- establishes the solid foundation of
1.) respond immediately to the problems of
sustainability of the entrepreneurial venture in
customers;
the heart of the competition
2.) negotiate easily with suppliers;
3.) make the necessary financial arrangement Total Perspective of Successful Entrepreneur
with creditors;
4.) attract prospective consumers without
difficulty.
C. Interpersonal Skills
- about the relationship and interaction of the
entrepreneur with the workers, suppliers,
creditors, prospective customers, and other
members of the business community
- The interpersonal skills of an entrepreneur may
include, among others, the following:
1.) Skills in verbal communication
2.) Skill in non-verbal communication
3.) Skills in listening
4.) Skills in leading
5.) Skills in negotiating
- They must be developed and enhanced to equip
the entrepreneur in To ensure victory as a future entrepreneur, you must:
1.) saying what he/she wants to say and how
1.) understand fully the concepts and principles
he/she says it;
of entrepreneurship;
2.) working with his/her workers and employees;
3.) relating, negotiating, and dealing with his/her 2.) internalize and live out the character traits
customers, suppliers, and creditors; that are common among success
4.) communicating his/her ideas, beliefs, entrepreneurs; and
values, and opinions to the people he/she works
with 3.) acquire, develop, sharpen, and focus your
entrepreneurial skills.
CORE COMPETENCIES
Doing all of these will define your core competencies,
Entrepreneurial concepts and principles + and provide and establish your competitive advantage
Entrepreneurial skills + Entrepreneurial character traits in the business world.
= The Entrepreneurial Competency
Entrepreneurial Competencies
- indicate that successful entrepreneurs possess
a full understanding of the concepts and
principles of entrepreneurship, strong character