Enterprenuer’s

Personality:
Characteristics &
Traits
Philippine Research on Entreprenuerial Traits
 1. Passion of business:
This trait refers to the eagerness to be involved in
commercial activities, i.e. to think of a great good or service
to sell, to produce, and to sell and market it, in order to gain
a fair share of profit from it. Doing business excites an
entreprenuer and he is challenged by the thought and
activity of doing business. This passion be seen in his
enthusiasm for his business when he talks about it to
others, rallies his employees, looks for ways to grow it, and
plans for its future.
“ Without passion, you don’t have energy.
Without energy, you have nothing.”

—Warren Buffet, World’s Richest Billionaire, owner and founder,

Berkshire Hathaway Securities.
 2. Tenacity despite failure.
Tenacity despite failure is a trait exhibited by entrepreneurs because they
are bound to meet with failures along the way, since failure is inevitable, in
some aspect or area. Hence, the tenacity to get up and persevere with the
effort of staying on course with the business is and important trait among
entrepreneurs. Most of them see falling down or making mistakes as a part
of the entrepreneurial process. What is important is the getting up again
and moving on. They often see mistakes as another way of learning.
Tenacity is necessary during business environment. The ability to see things
through despite these factors is key.
 “ Nothing in the world can take the place of
persistence. Nothing is more common than
unsuccessful men with talent. The world is full
of educated derelicts. Only persistence and
determination alone are omnipotent.”

—Ray Kroc, Founder, McDonalds.

 3. Confidence
Confidence is a must - have trait for entrepreneurs, who should possess
that belief in themselves and their capabilities to see thing through and get
things done. Launching a business and growing it is a path filled with
challenges and without self- confidence, an entrepreneurs try to assess the
business scenario, problems, and difficulties with objectivity and in private,
and address these with a calm and confident demeanor. Employees usually
take the cue from entrepreneurs and hence, entrepreneurs must set the
tone of calm yet energetic confidence to face business whether to grant a
loan to a business, most financiers look for this quality of confidence in an
entrepreneur, among several other crucial traits.
 4. Self-determination.
Self-determination is the belief that one's fate or destiny lies really on one's
self-his beliefs, efforts, and actions. An entrepreneur usually does not
subscribe to the thought of being controlled by blind fate or being tossed
about by the winds of fate. He is a firm believer in himself as the master of
his own destiny. An entrepreneur identifies and sets goals for himself and
his business, and works with purposeful action, towards achieving them. He
is able to take the blame when things go wrong and does not waste his
energy too much in blaming other people or unfortunate conditions for
them. However, this is not incompatible with having faith because most
entrepreneurs also believe in Providence.
 5. Management of risk.
Entrepreneurs know how to take risks but these risks are
calculated risks that are well thought out and considered. It is often
a myth when people say that entrepreneurs are like gamblers who
take big risks. Most entrepreneurs study the risks involved and do
the due research and study in order to make educated and
calculated risks. They are not risk-averse nor do they avoid risks,
per se. But they take the necessary measures to manage or
mitigate or reduce risk.
 6. Seeing changes as
opportunity.
While most people will see change as an inconvenience, a threat, or a disaster, most entrepreneurs
see change as an opportunity. The natural reaction to change is to resist it. But the attitude of most
entrepreneurs is to welcome change because it may contain an opportunity to open up a market
niche, improve the product, or better the way of doing business. Most people resist change because
it can mean getting out of their comfort zones. But most entrepreneurs are people who refuse to
remain in their comfort zones but seek challenges to change or improve the way things are. For
eight years, Cecilio San Pedro's company was the major supplier of aluminum toothpaste tubes to
Colgate-Palmolive and Philippine Refining Company. But in 1985, these companies decided to
replace aluminum tubes with plastic laminated ones. Faced with this crisis, he decided to produce
his own toothpaste since he still had the equipment for making the aluminum tubes. Thus, Hapee
Toothpaste, the first Filipino toothpaste brand, was born. Despite many challenges and having to
battle it out with the giants, Hapee Toothpaste has gained a stronghold in the market today. San
Pedro knew how to turn life-threatening change into an opportunity that led to success.
7. Tolerance for ambiguity.
Some people work best when the objectives of their jobs, the expectations,
the specific outputs required, and other parameters are clearly defined for
them. If some aspects of the job are left vague, undefined, and subject to
interpretation, they are uncomfortable and restless and find it difficult to
work without clear cut definitions and rules. Entrepreneurs, on the other
hand, have a great tolerance for ambiguity. Often, when starting a business,
many things are still undefined and evolving. There are no hard and fast
rules and definitions, since these are still being created and articulated.
Entrepreneurs thrive in this relative vagueness and looseness, and enjoy
the challenge of creating the parameters, guidelines, and standards, as they
move along.
 8. Initiative and need for
achievement
Entrepreneurs usually have a great need to achieve things and to
have accomplishments. They are highly motivated to create goals
and reach them. They derive a deep sense of satisfaction in
accomplishing things. They also have initiative, in the sense of
having the self- instilled drive to start, do, and act without being
told and asked. They are able to discern and perceive what is
needed in a given situation and then act on it without being told or
asked.
 10. Creativity.
Entrepreneurs have often been said to be creative because they are not
satisfied with just copying or doing the same routine or churning out the
same product. Partly because of the demands of the market and their own
quest to offer something new or novel, entrepreneurs exhibit creativity by
inventing new products, services, and processes, or new aspects of these
things. Another area of creativity is being able to perceive the needs of
customers and then design a product or service that would answer those
needs, and produce it. Entrepreneurs are challenged by the idea of doing
things in a way that's never been done before, or of tweaking old products
to bring out something new or novel.
 9. Eye for detail.
Having an eye for detail means knowing the importance of the little things
that can determine the quality of a product or service, commitment in a
personal or business relationship, and other matters. A common attitude is
to overlook the details or to pass them off as not important or
inconsequential, since the main items or the main substance is what
matters. Yet often, the delivery of great service or the production of a
quality product can depend on the attention paid to the details such as
finishing, personal touches, or checking of the fine print. Attention to details
usually means that the excellent service or personal attention is complete
all the way down. to the details.
 12. Having several motivating
factors.
Entrepreneurs are complex creatures who are motivated by
many factors, aside of course from the basic monetary ones;
I. Need for achievement. Entrepreneurs are driven by the need to achieve and to excel. They want to
be known for accomplishing certain things that others are not able to do. They set high goals for
themselves and work hard to achieve these goals and be known for them.

II. Desire for independence. Many entrepreneurs go into business because they want to be their own
bosses. Some have decided that they do not want to be employees anymore and prefer to call the
shots or make the decisions in their own businesses. In reality, this may be partly true. But an
entrepreneur still has to answer to many people, even while he is the boss of his own business. For
example, he still has to work with, and be answerable to his suppliers, customers, investors, and to the
bank that lends him money.
 11. Seeing the big picture.
Although entrepreneurs have an eye for details, they do not get lost in the
details. They are able to assess how particular decisions about operations
or human resources can affect the other aspects of the business. They
realize that specific decisions in certain areas can affect other areas, as well
as the business as a whole. They also know how to step back from all the
action taking place, then move up and see the whole business from the top,
and in relation to its environment. Entrepreneurs are able to relate the
business to its larger environment composed of customers, employees,
suppliers, competitors, government, community, and the other groups that
can affect it, or with which it interacts.
VI. To live how and where one chooses. Some entrepreneurs choose to be so because they can dictate
their lifestyle. Assuming that the business is successfully running, they can project and decide just how
much they want to earn, how much time they want to devote to the business, the degree of delegation
of decision making and work to subordinates that they wish to do, where they want to live in order to
monitor or be detached from the business, as well as other ideas. The income and flexibility that the
business gives allows them to live their chosen lifestyle-flexible work hours, do the tasks they want to
do, allow them to carry out social, leisure, or community endeavors, etc. Bill Gates, the founder of
Microsoft ran the business for many years, after which he handed over the reins to a president that he
appointed, in order to take on the role that he really wanted: Chief Technology Officer or Chief
Technology Architect. What he really wanted to do was to be at the forefront of technological
innovations and design software that is at the cutting edge of industry. Later on, he retired from
Microsoft and became fully involved with the activities of the foundation he had set up, which provided
funding to causes that he found worthwhile, such as education, health, and food security.
III. To gain control over one's fate. Most entrepreneurs do not like the feeling of being under the
control of several layers of bosses or of being at the mercy of policies and decisions dictated by their
companies or organizations. Hence, they start their own businesses, in order to be fully in charge of
their own lives, businesses, and careers. As entrepreneurs, they make the decisions, call the shots, and
act on them. Likewise, it is also they who have to take the consequences of their actions.

IV. Build something for the challenge. Many entrepreneurs also start businesses because the challenge
of creating a business and making it grow is an irresistible challenge. Some see themselves as builders
of businesses or even of future empires and this gives them the adrenaline charge and energy needed
to run their businesses. Others who have built things in other fields are challenged by building
something successful in the field of business.

V. Like the challenge. Linked to building something for the challenge, is their liking for this challenge.
Entrepreneurs are thrilled by this challenge and are often motivated to get out of bed each day by the
thought of growing their businesses on a daily basis.
 13. Goal Setting.
Entrepreneurs usually make clear goals that are realistic and achievable.
Sometimes they may be high goals but these spur them on to achieve
them, little by little. Entrepreneurs are usually aware of the passage of time
and hence, want that during each segment of time, they are aware of what
they are aiming for, and are assured that they are moving towards it. Their
goals are usually measureable and objective. When these goals are
achieved, entrepreneurs make new goals that motivate them to achieve
more.
 14. Flexibility.
Entrepreneurs are usually flexible in their decision making and actions, especially in
the early stages of the business, since things are still evolving. Rigidity or locking in to
certain rules, standards, or ways of thinking and doing things is usually
counterproductive and can limit growth and agility in responding to situations.
Flexibility is also shown in the ability to recognize mistakes and act to correct them. An
example is Microsoft, which for several years, ignored the Internet and did not
produce any products that could be used in the Internet. However, after observing
how the Internet had gained so much prominence in industry and society, Steve
Ballmer, its president, backtracked, admitted its mistake, and promptly started to
produce many software and network products that have found great use and
acceptance in the Internet. Microsoft's ability to make a u-turn after committing an
error enabled it to still catch the window o opportunity that it had earlier missed and
ignored.
Thanks! Be ready for
the quiz.
Presented By: GROUP 5