Chapter 3 Flashcards
Attributes, Qualities, and Characteristics of an Entrepreneur
He is an individual or a person who owns and manages his own business, and is engaged in selling.
Entrepreneur
A middleman who stands between buyer and seller.
Entrepreneur
He is one who takes risks and makes innovations on the factors of production, an adventurer, undertaker, and projector.
Entrepreneur
People who have the ability to see and evaluate business opportunities, to gather the necessary resources and to take advantage of them, and to initiate appropriate action to ensure success.
Entrepreneur
Attributes of an Entrepreneur
He knows who he is, what he is good at, and what he likes to do. He starts a business that is based on his expertise in a specific field, and focuses on his involvement in an area he thoroughly enjoys.
Self-awareness
Attributes of an Entrepreneur
Also known as drive which is one of the most important personality traits of a successful entrepreneur.
Self-motivated
Attributes of an Entrepreneur
This is the characteristic that gets him going and keeps him moving when he is in business. It is what helps him keep on turning out those craft items, upgrading his technical skills, or developing new and improved promotional techniques when business is slow.
Self-motivated
Attributes of an Entrepreneur
It is what gives him the tenacity and confidence to call on a potential client, even though he has heard “No” three times.
Self-motivated
Attributes of an Entrepreneur
The willingness to take a chance and hope for hte positive response to the request.
Courage
Attributes of an Entrepreneur
The willingness to take risks when striving for success.
Courage
Attributes of an Entrepreneur
An attribute which embodies positive thinking and behaving as if one already has success at what he does.
Confidence
Attributes of an Entrepreneur
He is aware of his capabilities and he does not doubt that he can accomplish the most challenging tasks on hand.
Confidence
Attributes of an Entrepreneur
The thinking of success and bright sides.
Positive Thinkers
Who said:
Wealth does not always come to the most intelligent or the most ambitious individuals, but to those individuals who think money.
Dr. Charles Flory, a noted American Psychologist
Attributes of an Entrepreneur
Customers are always right, since they are the ones who will make or break in business.
Patience
Attributes of an Entrepreneur
One should go with his intuition and trust that he is doing the right thing.
Decisiveness
Attributes of an Entrepreneur
A primary reason some businesses fall within a few years of start-up is the lack of this attribute. It is a key component for growth.
Experience
Attributes of an Entrepreneur
Being aware of factors such as business basics, the product or service that he wants to sell, the industry he is entering, his competition, and the local, regional, state, and/or national markets.
Knowledge
Attributes of an Entrepreneur
The entrepreneur continuously seeks for relevant information regarding the market, clients, suppliers, and competitors, and consult experts’ advice on business and other technical matters.
Information-seeking
Attributes of an Entrepreneur
This attribute is 90% of the battle to success. Making a dream come true can be a lonely task especially when one is just getting started, ensuring that it works often means little rest or relaxation.
Perseverance
Attributes of an Entrepreneur
To hang in their during the rough times and slow periods, and to maintain one’s belief in your product or service, even when it seems like no one else in the world knows one exists.
Perseverance
Attributes of an Entrepreneur
One must believe in his goal and be determined to succeed. Does not view obstacles or stumbling blocks as problems but rather as challenges.
Drive
Attributes of an Entrepreneur
The attribute of being totally committed and willing to work long hours, especially in the beginning.
Drive
Attributes of an Entrepreneur
Doing things in new and different ways. Exploring the unknown and to blaze new paths of progress.
Innovative
Attributes of an Entrepreneur
Readily identifies opportunities for foing into or to improve his business.
Opportunity-seeking
Attributes of an Entrepreneur
Setting high, but realistic standards of excellence for himself and always striving to find weays to do things better, faster, and at a lower cost.
Demand for efficiency and quality
Attributes of an Entrepreneur
Entrepreneurs set what are to be accomplished and meticulously assess how today’s activity can contribute to the accomplishment of long term goals.
Systematic planning and monitoring
Attributes of an Entrepreneur
An entrepreneur is aware that power is required to achieve his business objectives. Being quick to identify sources of power, if he cannot source power from within him.
Persuasion and networking
Attributes of an Entrepreneur
S-S-C-C-P-P-P-D-D-E-K-I-R-I-O-D-S-P
- Self-awareness
- Self-motivated
- Courage
- Confidence
- Positive thinkers
- Patience
- Perseverance
- Drive
- Decisiveness
- Experience
- Knowledge
- Information-seeking
- Risk-taking
- Innovative
- Opportunity-seeking
- Demand for efficiency and quality
- Systematic planning and monitoring
- Persuasion and networking
