1 Flashcards
A successful entrepreneur should have the ability to evaluate business opportunities, gather necessary resources, and initiate proper actions.
Achievement Cluster
Achievement Cluster
Opportunity seeker
Risk-takers
Persistence
Commitment
One of the requirements in entrepreneurship is the capacity to look for business opportunities.
Opportunity Seeker
They’re not scared to try new things and put different things together to create something valuable.
Opportunity Seeker
They pay attention to what people need now and in the future and look around for ideas that can make money.
Opportunity Seeker
The entrepreneur looks for people with special talents or skills who can help turn these raw materials into valuable products.
Opportunity Seeker
It is defined as the probability of loss.
Risk
Someone who’s willing to take chances, even if there’s a possibility of losing something.
Risk-Taker
They take action, overcome challenges, and are willing to take a chance when there’s a good opportunity for profit.
Risk-Taker
They get involved in ventures where they can control or influence the situation.
Risk-Taker
If they don’t succeed, they don’t see it as a failure but as a chance to learn and improve.
Risk-Taker
They understand that in any business endeavor, there’s a chance of success and a chance of failure, but they’re not afraid to take the risk.
Risk-Taker
A successful entrepreneur doesn’t give up easily when faced with challenges.
Persistence
They’re determined to find solutions and improve the quality of their products or services to benefit their customers.
Persistence
Entrepreneurs do all the tasks at the right time and work with excellence.
Commitment
Their main goal is to make sure their customers are happy by providing high-quality products and exceptional service.
Commitment
Planning Cluster
Good Planners
Good Decision Makers
Goal Oriented
The entrepreneur must be flexible and imaginative. He must know how to plan business activities, give decisions, and set attainable goals.
Planning Cluster
They carefully lay out their business plans.
Good Planners
They pay close attention to details, track progress, and gather feedback to achieve the goals they’ve set for their business.
Good Planners
They must have the ability to visualize and plan for the entire operation of their business, ensuring that all aspects work together effectively.
Good Planners
They constantly seek ways to improve their products and explore new markets through innovative and creative decisions.
Good Decision Makers
Six Distinct Phases of Making Decisions
- Identify the problem.
- Gather data about the problem.
- Analyze the data.
- Formulate alternative solutions.
- Select the best solution.
- Implement the solution.
Entrepreneurs are individuals who are driven by the pursuit of clear and well-defined goals.
Goal Oriented
The entrepreneurial journey is characterized by a strong focus on achieving these goals.
Goal Oriented
They are opportunistic in their approach, meaning they adjust their efforts to seize opportunities that align with their specific objectives.
Goal Oriented
SMART
Specific
Measurable
Attainable
Results-Based
Time-Bound
Entrepreneurs are people with ideas and initiative, as well as goals and skills to lead and manage the business.
Power Cluster
Power Cluster
High Self-esteem
Achiever
Optimistic
Courageous
Values Dignity
Hardworking
It is the ability to guide and inspire others in the pursuit of a common goal or vision, particularly in the realm of entrepreneurship.
Leadership
They are the people who are task-oriented, effective planners, organizers, and implementors.
Leaders
Leaders and successful entrepreneurs have a strong sense of self-worth.
High Self-Esteem
This is crucial because it gives them the confidence to take on challenging tasks and believe in their ability to overcome obstacles.
High Self-Esteem
Leaders are driven by a constant desire to achieve.
Achiever
They strive for excellence and set clear goals.
Achiever
This trait makes them open-minded and goal-oriented, always seeking to accomplish what they’ve set out to do.
Achiever
When faced with problems or setbacks, they see these challenges as opportunities for growth and innovation, rather than insurmountable obstacles.
Optimistic
It involves taking risks and facing uncertainties with determination and bravery.
Courageous
Successful entrepreneurs treat their employees with respect and dignity.
Values Dignity
They prioritize the well-being and welfare of their workers and do not exploit them for personal gain.
Values Dignity
Many successful individuals attribute their achievements not solely to intelligence but to their relentless hard work and determination.
Hardworking
Steps in Formulating a Business Idea:
- Discover need and wants of the community.
- List down possible business ideas.
- Assess yourself.
- Conduct a research.
- Perform SWOT Analysis.
- Finalize business ideas.
