CHAPTE

R2
ENTREPRENEURIAL
CHARACTER TRAITS,
SKILLS, AND
COMPETENCIES
ENTREPRENEURIAL CHARACTER TRAITS,
SKILLS, AND COMPETENCIES

LESSON 1: CHARACTER TRAITS COMMON

TO SUCESSFUL ENTREPRENEUR

LESSON 2 :SKILLS AND CORE

COMPETENCIES IN ENTREPRENEURSHIP
LESSON 1:

CHARACTER TRAITS COMMON TO SUCESSFUL

ENTREPRENEUR
 ENTREPRENEURIAL CHARACTER
TRAITS

The term CHARACTER TRAITS in this lesson refers to

the mark or attribute that distinguishes an entrepreneur
from the owner of an ordinary small business.
 Based on studies conducted by the Small Enterprise Research and
Development Foundation (SERDF) of the Trade and Industry
(DTI) ,there are ten (10) entrepreneurial characteristics grouped into
three (3) major clusters :

1. ACHIEVEMENT CLUSTER

2. PLANNING CLUSTER

3. POWER CLUSTER
 ACHIEVEMENT
CLUSTER
The ACHIEVEMENT CLUSTER consists of
entrepreneurial character traits that are directly
related to the entrepreneur’s desire to be an
achiever in the field of entrepreneurship.
ACHIEVEMENT CLUSTER
 OPPORTUNITY -
SEEKER
A person who dreams of becoming a
successful entrepreneur must be seeker of
business opportunities . He / She posses the
ability to identify with great ease the most
appropriate entrepreneurial opportunities
 COMMITTED
A highly committed entrepreneur display full commitment to
the work or endeavor that he / she is undertaking . He / She
does not negativism and skepticism.
1. Accept full responsibility for what has been promised to the
customers
2. Establishes proper coordination with and among workers, so
that goods and services are delivered as promised, and
3. Seeks to prioritize the satisfaction and interests of
customers.
 PERSISTENT
Trials. Sacrifices, and failures challenge the
entrepreneur to be persistent. He / She learn to :
1.Take repeated or different actions in order to
overcome the obstacles.
2.Make personal sacrifices or exert extraordinary
effort to complete the required task, and
3.Stick to his / her own judgement in times of
opposition and failure.
 RISK - TAKER
Successful entrepreneur are business risk – takers.
There is a risk in entrepreneurship because of
uncertainty. No one can predict exactly what will
happen tomorrow. Risk is inseparable from
entrepreneurship.
 RISK - TAKER
It is inherent in all entrepreneurial ventures.

1. An AGGRESSIVE RISK - TAKER is not scared to take any risk in

business.

2. A MODERATE RISK – TAKER is more calculative in taking risks. He

/ She analyzes the situation before taking the leap.

3. A CONSERVATIVE RISK – TAKER is not very eager to take any kind

of risk. He / She is satisfied with managing a small business and a regular
clientele.
 EFFICIENT AND QUALITY -
ORIENTED
A successful entrepreneur highly values efficiency and te
concept of quality in all business undertakings. He / She

1. Always performs the required task in accordance with

existing standards of excellence or continuously improves on
his / her past performance.

2. Strives to do things better and faster with minimal cost.

 PLANNING
CLUSTER
The planning is a set of characteristics of successful entrepreneur
that basically supports the character traits in the achievement
cluster.

The entrepreneur who belongs to the planning cluster is

1. A goal-setter
2. An information – seeker , and
3. Systematic in planning and monitoring.
 GOAL - SETTER
The basic concepts of planning is setting goals and objectives.
Goals and objectives are the guiding points that direct all, efforts,
and struggles of the entrepreneur. Being a goal setter, a
successful entrepreneur sets clear, specific, and well defined
short-and-long terms goals and objectives.
S – pecific
M- easurable
A-chievable
R- ealistics
T-ime- bound
 INFORMATION -
SEEKER
Entrepreneur constantly make decision that will affect the
operation of their business ventures.

A person looking for information.

 SYSTEMATIC IN PLANNING
AND MONITORING
A successful and dynamic entrepreneur does not simply sets goals and objectives or
monitor entrepreneurial activities in any way he / she wants. Rather he / she follows a
systematic pattern of planning process and monitoring approaches.

The term SYSTEMATIC implies that there is a rational and logical approach in
performing the activities.

PLANNING simply refers to the setting of goals and objectives.

MONITORING, on other hand, refers to the evaluation of the activities and adopted
courses of action, whether they are carried in accordance with plan.
 A successful entrepreneur adopts a systematic and coordinated
planning and monitoring activities when he / she

1. Gather all the qualitative and quantitative information before

formulating the plans,

2. Develops a logical step by step approach in the formulation of

plans.

3. Monitors the progress of activities and switches to alternative

strategies when deemed necessary, and

4. Evaluates constantly the alternative in achieving the goals.

 POWER CLUSTER
The power cluster includes a set of character traits that reflect
the degree of the interpersonal relations maintained by successful
entrepreneurs in the community.

The term POWER in this discussion does not connote

autocratic control of the situation of having that bossy type or
personality in entrepreneurial activities.

It simply refers to the ability of entrepreneur to maintain the

highest degree of interrelationship in the business community and
influence others over to his / her line of reasoning.
 POWER CLUSTER
An entrepreneur in the power cluster is

1. A persuasive and positive networker, and

2. Self - confident
 PERSUASIVE AND
POSITIVE NETWORKER
Successful entrepreneurs are persuasive and can easily influence
and win over to their side the others stakeholders in business
such as customers, suppliers , and prospective creditors.
 SELF - CONFIDENT

Successful entrepreneurs are known to have a high level of self

confidence. They project a favorable image of themselves which
is founded on respect and good deeds in the business
community.
LESSON 2

SKILLS AND CORE

COMPETENCIES IN
ENTREPRENEURSHIP
 ENTREPRENEURIAL
SKILLS
SKILLS are considered as the personal
abilities to do things well. They come
from the totality of the knowledge,
practice or expertise, and aptitude of a
person.
 ENTREPRENEURIAL
SKILLS
ENTREPRENEURIAL SKILLS
Refer to the set of cognitive, technical, and
interpersonal skills required in the practice of
entrepreneurship
REQUIRED SKILLS IN
ENTREPRENEURSHIP
COGNITIVE SKILLS

TECHNICAL SKILLS

INTERPERSONAL SKILLS
 COGNITIVE SKILLS
COGNITIVE SKILLS refer to the mental ability of
the entrepreneur to learn new things, generate
new ideas, and express knowledge in both oral
and written forms. The human brain is
responsible for the development of cognitive
skills, which are essential in making systematic
and effective plans and monitoring them.
 The Cognitive Skills of an Entrepreneur include
the following:
1. Ability to understand written materials

2. Ability to learn and apply new information

3. Ability to solve problems systematically

4. Ability to creates new ideas

5. Ability to innovates new products and procedures.

 PROBLEM SOLVING
Problems are common in the life of an
entrepreneur as he/she, manages the
day-day-day operations of the business
venture. These problem can be big or
small, ordinary or unusual, and repetitive
or non-repetitive.
 THE SCIENTIFIC APPROACH
IN SOLVING BUSINESS
1. Defining problemsINVOLVES
2. Gathering information about the problem
3. Formulating alternative solutions,
4. Evaluating alternative solution
5. Selecting and implementing the optimal solutions,
and
6. Evaluating the decision
 THE POSSIBLE EFFECTS OF EACH
ALTERNATIVE SOLUTION MUST BE SPELLED
OUT
1. Effect to the business in general
2. Effect to the workforce
3. Effect to the supplier of raw material and utility
provider
4. Effect to the future operation
5. Effect to the other department or units
6. Effect to the financial, marketing, and production
operations.
In the process of evaluating each alternative solution,
the following criteria must be considered :

1. Availability of production resources

2. Cost involved in the implemention
3. Degree of the risk involved
4. Effect to the whole business
5. Nature, Type, and Size of the problem
6. Level of urgency
7. Different forces in the environment
TECHNICAL SKILLS
 TECHNICAL SKILLS
TECHNICAL SKILLS are the specialized
knowledge and expertise required to
perform scientific task and use specific
tools and programs in real world
situation.
 THE TECHNICAL SKILLS OF AN
ENTREPRENEUR INCLUDE PROFICIENCY AND
ABLITY , AMONG OTHERS, IN THE FOLLOWING
AREAS.
1. Information Technology
2. Feasibility study and business plan preparation
3. Technical writing skills
4. Marketing
5. Management and finance
 IN SIMILAR MANNER, ENTREPRENEUR
MUST BE DEVELOP THEIR TECHNICAL
WRITING SKILLS TO BE ABLE TO :

1. Respond immediately to the problem of customers.

2. Negotiate easily with suppliers
3. Make necessary financial arrangement with
creditors, and
4. Attract prospective consumer without difficulty.
INTERPERSONAL SKILLS
 INTERPERSONAL SKILLS
INTERPERSONAL SKILLS are basically 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. Skills in non-verbal communication
3. Skills in listening
4. Skills in leading
5. Skills in negotiating
 THEY MUST BE DVELOPED AND
ENCHANCE TO EQUIP THE
ENTREPRENEUR IN
1. Saying what he/she wants to say and how he/she
says it ;
2. Working with his/her workers and employees;
3. Relating, negotiating, and dealing with his/her
customers, suppliers, and creditors; and
4. Communication his/her ideas, beliefs, values, and
opinion to the people he/she works with.
 CORE
COMPETENCIES
 CORE COMPETENCIES
A person who aspires to become a successful entrepreneur must
fully understand and apply the concepts and principles of
entrepreneurship. He / She must posses and internalize the
character traits that are common among successful
entrepreneurs.
ENTREPRENEURIAL ENTREPRENEURIAL
CONCEPTS AND CHARACTER
PRINCIPLES TRAITS

ENTREPRENEURIAL
SKILLS

ENTREPRENEURIAL
COMPETENCY
 COMPETITIVE
ADVANTAGE
Refers to the strategic position and condition of the
entrepreneurial venture that

1. provides the necessary attributes to outperform competitors,

2. Distinguishes the venture from competitors

3.Achieve superior performance in the industry,

4. Produce a product or develops production methods that can

hardly be copied by competitor.
 SELF - CONFIDENT

Successful entrepreneurs are known to have a high level of self

confidence. They project a favorable image of themselves which
is founded on respect and good deeds in the business
community.