MODULE 1

• Definition and Concept of Entrepreneurship

• 12 Keys of Entrepreneurship by Peter
Drucker
• 10 Important personal characteristics of
entrepreneurs
Introduction
Businesses are the backbone of the economy. Entrepreneurs
plays an important role in developing the economy through
providing the needed products and services including the
solution to the problem of unemployment.
Entrepreneurs are encouraged by the economy because
they can provide a lot of opportunities for the unemployed
young people. It will increase in per capita income, higher
standard of living and increased individual saving, revenue
to the government in the form of income tax, value added
tax, export duties, import duties, and balanced regional
development
What is Entrepreneurship?
The word “entrepreneur” was derived from the French
verb enterprendre, which means “to undertake.” This is
pinpointing to those who “undertake” the risk of
enterprise.
The enterprise is created by an entrepreneur and the
process is called “Entrepreneurship.”
Entrepreneurship
Is the process of discovering new ways of combining
resources. When the market value generated by this new
combination of resources is greater than the market value
these resources can generate or in some other
combination, the entrepreneur makes a profit.
Market Value is the price an asset would fetch in the
marketplace, or the value that the investment community
gives to a particular equity or business.
Market Value
It should be noted that market value represents what
someone is willing to pay for an asset -- not the value it is
offered for or intrinsically worth.
Entrepreneur
Is the owner of a business who invest his resources to
(1)bring an idea to life, (2) setting direction that
transforms that idea into reality, thus (3)providing and
gaining value that balances effort, purpose and profit.

Entrepreneurs are innovators, willing to take risks and

generate new ideas to make it unique and profitable
solutions to the present-day problems.
What are successful entrepreneurship characteristics?

Being an entrepreneur requires much more than big ideas. A

true entrepreneur possesses a unique cocktail of skills and
characteristics that enable them to beat the odds and go after
their dreams full throttle. But what are those attributes? What
does an entrepreneur need to succeed? It would be nice to
have a handbook to tell us whether or not we have the ‘E
factor’ that makes a great entrepreneur. But the truth is,
there’s no discernible formula for success, but there are a few
traits that successful entrepreneurs tend to have.
Some people may be born with the traits, but those who are
not can often develop them. Here are some of the personal
characteristics that successful entrepreneurs have, with tips
along the way to help you develop them.
10 Important personal characteristics of entrepreneurs

1. goal-oriented
Entrepreneurs are all about setting goals and putting
everything they have into achieving them. They’re
determined to make their business succeed and will
remove any obstacles that stand in their way. They also
tend to be strategic in their game plans and have a clear
idea of what they want to achieve and how they plan to do
it.
10 Important personal characteristics of entrepreneurs

How to become goal-oriented:

– Create short and long term goals for your
business. Short-term goals are those you can
complete in an hour, a day, or as long as a
week. Long-term goals might take you a year
or longer.
– Whenever you have a choice to make about
what to focus on, choose the thing that will
help you make the most
progress toward one of your goals.
10 Important personal characteristics of entrepreneurs

2. Committed to their business

– Entrepreneurs are not easily defeated. In fact, they
view failure as an opportunity for future success. If
they don’t succeed the first time, they’ll continue to
try until they do. Most entrepreneurs don’t take
‘no’ for an answer.
10 Important personal characteristics of entrepreneurs

How to remain committed:

– Each time you run up against an obstacle,
rather than thinking that your idea won’t work
or that you’ve failed, think about what you can
learn from the experience.
– Figure out another way to reach your goal from
where you are.
– Remember that many successful entrepreneurs
fail several times before they succeed.
10 Important personal characteristics of entrepreneurs

3. Hands-on
– Entrepreneurs are inherently proactive and
know that if something needs to get done, they
should do it themselves. They are ‘doers’ and
tend to have very exacting standards.
– They view their business as an extension of
themselves and like to be present in day-to-day
operations – even when they don’t have to be.
10 Important personal characteristics of entrepreneurs

How to stay hands-on:

– Having a business that grows to the point
where you can’t do everything yourself is a
good problem to have. But it’s still important
to know how things are being done. Consider:
– Spending some time with each of your key
people at least once a month to make sure you
know how they’re doing their work.
– Filling in for people when they go on vacation
just to keep your hand in it.
10 Important personal characteristics of entrepreneurs

4. Thrive on uncertainty
– Not only do entrepreneurs thrive on facing a
new challenges, they remain calm in the face of
those challenges. Sometimes things go wrong
in business, and when they do, it’s your job as
the head of the company to keep your cool.
Successful entrepreneurs know this and
flourish in the wake of a challenge.
10 Important personal characteristics of entrepreneurs

How to thrive on uncertainty: Manage uncertainty in

three steps.
– When the unexpected happens, stop and take
a deep breath.
– Think about how you can solve the problem,
and how you can learn from it.
– Remember your goals. How can you continue
to move toward them despite this uncertainty?
10 Important personal characteristics of entrepreneurs

5. Continuously look for opportunities to improve

– Entrepreneurs view every event or situation as
a business opportunity, and they’re constantly
generating new and innovative ideas. They
have the ability to look at everything around
them through the lens of their goals, seeing
opportunity everywhere.
10 Important personal characteristics of entrepreneurs

How to continuously improve:

– Outside-the-box thinking doesn’t come
naturally to everyone, but you can practice it.
– Each time you do something – whether it’s
ordering supplies, making a sales call, or
creating a new product – ask yourself if there’s
a way you could do it better.
– If you have employees, reward them for
making suggestions that lead to improvement.
10 Important personal characteristics of entrepreneurs

6. Willing to take risks

Most entrepreneurs don’t ask themselves whether or not
they will succeed – they believe they will. This innate
confidence allows them to take risks because they firmly
believe those risks will pay off.
10 Important personal characteristics of entrepreneurs

How to practice taking risks:

– When deciding whether or not to take a risk,
ask yourself, “What is the worst thing that
could happen?” and then, “How likely is it that
the worst thing will happen?” The answers to
these two questions can inform your decision.
– If the worst possible outcome is not really that
bad, or is extremely unlikely, it’s probably a risk
worth taking.
10 Important personal characteristics of entrepreneurs

7. Willing to listen and learn

– The most important part of learning is listening –
and a good entrepreneur will do this in abundance.
They also know that they can learn something new
from just about everyone they meet, so they don’t
hesitate to ask questions.
How to listen and learn:
– When talking to people about your business,
make sure you’re asking more questions than
you’re answering.
– You should be trying to learn something from
every interaction, whether it’s with a customer,
a supplier, an employee, or someone you just
met.
8. Entrepreneurs have great people skills
– Entrepreneurs tend to have strong
communication skills, and this strength,
combined with their passion for their product
or service, helps them to talk to anyone and
everyone about their business. They’re also
natural leaders who can motivate, inspire, and
influence those around them.
How to develop people skills:

This is another skill that many people think you

need to be born with, but it can be learned.
– Start by making an effort to strike up a
conversation with someone you don’t know.
– Ask open-ended questions.
– Continue the discussion based on their
answers to you questions.
– As long as you’re asking more questions than
you’re answering, you’ll likely keep their
interest.
9. Inherently creative
– This is one trait that, due to their nature,
entrepreneurs tend to have in abundance. They can
come up with ingenious ideas and also have the
ability to turn those ideas into profits.
How to harness your creativity:
People who don’t consider themselves creative can
sometimes be intimidated by those whose creativity is
apparent. But this trait can also be built by practice.
– When faced with a problem, start by writing down
every possible solution.
– Make it a point to include solutions you think will
never work – the more outlandish the better.
– The one you settle on probably won’t be one of
these, but it will get you into the habit of considering
every possible scenario.
10. Passionate and Positive
– Passion may be the most important trait of the
successful entrepreneur. They genuinely love
what they do and are willing to put in the extra
hours to make their business grow. They get a
sense of satisfaction from their work that goes
beyond making money.
• How to be passionate and positive:
– Choose a product or service that you’re
genuinely interested in.
– You must be convinced that your business
solves a real need in a way that will improve
people’s lives.
– Once you are sure about that, it’s easy to be
passionate and positive about what you do.
Reference: https://www.hiscox.com/blog/10-important-personal-
characteristics-entrepreneurs#:~:text=Entrepreneurs%20tend%20to
%20have%20strong,and%20influence%20those%20around%20them.