Group 1 Entrepreneurial Key Traits and Competencies - 1

ENTREPRENEUR
IAL TRAITS AND

COMPETENCIES
CONTENTS:
a. Identify key traits of successful entrepreneurs.
b. Differentiate between behaviors of successful and

unsuccessful entrepreneurs.
c. Explain the importance of competencies in

entrepreneurial success.
ENERGIZER
KEY TRAITS OF SUCCESSFUL
ENTREPRENEURS:
Leadership:
• one of the most important characteristics of an entrepreneur,

entails guiding and inspiring others toward a common goal.
Planning:
• Is the process of thinking regarding the activities required to

achieve a desired goal.
ENTREPRENEURS:
Passion:
• Is one of the foremost traits of any successful entrepreneur.

They are genuinely interested in their work and ideas and are
willing to go the extra mile to pursue success
Self-confidence:
• Is the magical power that empowers

individuals to believe in themselves, their
abilities, and their potential for success.
ENTREPRENEURS:
Creativity:
• Gives birth to something new. For without creativity,

there is no innovation possible
Professionalism:
• is a quality which all good entrepreneurs must possess. An

entrepreneurs mannerisms and behavior with their
employees and clientele goes a long way in developing the
culture of the organization.
ENTREPRENEURS:
A risk-taking ability:
• Is essential for an entrepreneur. Without the will to explore the

unknown, one cannot discover something unique.
Flexibility:
• Is one of the crucial traits of successful entrepreneurs.

Running a business can be unpredictable. Therefore,
entrepreneurship requires adaptability to any situation that
arises so an enterprise can persevere.
ENTREPRENEURS:
Collaboration:
• Although many entrepreneurs launch their businesses solo, they usually need to
rely on others as their companies grow. Therefore, collaboration skills are
necessary.
Willingness to Learn:
• Entrepreneurs start with an idea to launch their

businesses. However, a successful enterprise has
many moving parts.
ENTREPRENEURS:
Competitive:
• The business world is a very cut-throat space. Thousands of new businesses

born and die every day. So the competition is always going to be fierce and
intense.
Vision:
• The best entrepreneurs have a vision as to what they want

to achieve, how they can accomplish their objectives, and
whom they need on their side to reach their goals.
DIFFERENCE BETWEEN THE BEHAVIOR OF
SUCCESSFUL AND UNSUCCESSFUL
ENTREPRENEURS:
Successful Entrepreneurs - embrace failure as part of the learning

process, embracing it as valuable lessons. They have a clear vision,
research industry trends, and set realistic goals. They understand the
importance of networking, staying updated on trends, and using
marketing channels to increase brand awareness. They are resilient
in the face of adversity, taking constructive criticism to improve their
business model or strategy. They are not afraid to take risks and
embrace failure as part of the learning process.
DIFFERENCE BETWEEN THE BEHAVIOR OF
SUCCESSFUL AND UNSUCCESSFUL
ENTREPRENEURS:
Unsuccessful Entrepreneurs - often lack focus, relying too heavily on

outside help or advice, setting unrealistic expectations, and
focusing on short-term gains instead of long-term success. These
traits can lead to burnout, frustration, and a feeling of failure.
Additionally, they may be too afraid to take risks or step outside
their comfort zone, which can lead to fear and self-doubt.
WHAT IS
ENTREPRENEURIA
L COMPETENCY?
These refer to the set of skills, attitudes, and behaviors individuals possess
that enable them to identify opportunities, take calculated risks, and establish
a successful business venture.
THE IMPORTANCE
OF
COMPETENCIES
INunderstanding, and enable innovative problem-solving, allowing for creative
• Entrepreneurial competencies give an edge over competitors, improve market
ENTREPRENEURS
solutions development.
HIP
In addition, here are more reasons why competencies in entrepreneurship are
necessary.
• They improve efficiency.
• They increase your confidence in taking risks, trying out new ideas, and tackling
challenges without fear of failure.
• They help you build strong relationships with customers, investors, and other
stakeholders who are essential for success.
• They give you a leg up when applying for jobs or internships within the industry.
• They help aspiring entrepreneurs who wish to pursue a career in the corporate
business to stand out from other prospective employees.
Overall, competencies play a key role to thrive in entrepreneurship. With the right
combination of hard and soft skills, you will have the tools to reach your goals and ride the
wave.
SHORT
ACTIVITY
"Is it important for a person, especially for young people, to possess the key
traits of an entrepreneur? Why or why not? Explain."
IT’ S QUIZ
TIME!
For numbers 1-5, list at least 5 entrepreneurial key traits from our lesson.
1.
2.
3.
4.
5.
IT’ S QUIZ
TIME!
For numbers 6-10, identify what kind of key traits is this according to their meaning.
6. Although many entrepreneurs launch their businesses solo, they usually need to rely on others as
their companies grow. Therefore, ______________ skills are necessary.
7. _________________ is a quality which all good entrepreneurs must possess.
8. _________________ is the magical power that empowers individuals to believe in themselves, their
abilities, and their potential for success.
9. The best entrepreneurs have a _______________ as to what they want to achieve, how they can
accomplish their objectives, and whom they need on their side to reach their goals.
10. ________________ is one of the crucial traits of successful entrepreneurs. Running a business can be
unpredictable. Therefore, entrepreneurship requires adaptability to any situation that arises so an
enterprise can persevere.
IT’ S QUIZ
TIME!
For numbers 11-15, choose the correct answer (multiple choice).
11. Why is constructive criticism important for businesses?

a) It discourages employees
b) It helps improve business strategies and models
c) It should be ignored
d) It complicates operations
12. Staying updated on industry trends allows a business to:
a) Ignore customer feedback
b) Innovate and adapt to changes
c) Stick to traditional methods
d) Focus solely on past successes
13. How does networking benefit a business?
a) It allows for unnecessary socializing
b) It opens doors for collaboration and opportunities
c) It creates competition
d) It focuses on individual achievements only
IT’ S QUIZ
TIME!
For numbers 11-15, choose the correct answer (multiple choice).
14. Why is it important to embrace failure as part of the learning process?

a) It leads to discouragement
b) It provides valuable lessons for improvement
c) It is a sign of poor planning
d) It should be avoided
15. Why is researching industry trends crucial for businesses?
a) It wastes resources
b) It helps businesses stay relevant and competitive
c) It complicates decision-making
d) It promotes outdated practices
THANK
YOU

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ENTREPRENEUR

IAL TRAITS AND

b. Differentiate between behaviors of successful and

c. Explain the importance of competencies in

• one of the most important characteristics of an entrepreneur,

• Is the process of thinking regarding the activities required to

• Is one of the foremost traits of any successful entrepreneur.

• Is the magical power that empowers

• Gives birth to something new. For without creativity,

• is a quality which all good entrepreneurs must possess. An

• Is essential for an entrepreneur. Without the will to explore the

• Is one of the crucial traits of successful entrepreneurs.

• Entrepreneurs start with an idea to launch their

• The business world is a very cut-throat space. Thousands of new businesses

• The best entrepreneurs have a vision as to what they want

Successful Entrepreneurs - embrace failure as part of the learning

Unsuccessful Entrepreneurs - often lack focus, relying too heavily on

11. Why is constructive criticism important for businesses?

14. Why is it important to embrace failure as part of the learning process?

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