ENTREPRENEURIAL PERSONALITY Flashcards
An entrepreneurship will survive and grow in an environment that is friendly or akin to it. Nature provides us with examples of what happens to entities living in certain environments.
TRUE
IN TERMS OF SUPPORT TO ENTREPRENEURSHIP, ECONOMIC ENVIRONMENTS DIFFER FROM PLACE TO PLACE. To facilitate discussion, economic environment may be classified as follows :
- fully supportive of entrepreneurship;
- moderately supportive of entrepreneurships; and
- not supportive of entrepreneurships
Types of economic Environment
Those fully supportive of entrepreneurship
-makes an entrepreneur’s task EASY
Those moderately supportive of entrepreneurship
-makes an entrepreneur’s task LESS EASY
Those not supportive of entrepreneurship
-makes an entrepreneur’s task HARD
Refers to the pattern of characteristics that distinguishes one person from another. It includes the person’s traits, values, motives, genetic blueprints, attitudes, emotional reactivity, abilities, self-image, intelligence, and visible behavior patterns.
Holland’s proposal indicates six personality types in entrepreneurs
Personality
Entrepreneurial Personality
- realistic type;
- investigative type
- artistic type
- social type
- enterprising type
- conventional type
prefers activities involving aggressive behavior and physical exertion requiring skill, strength, and coordination.
Realistic
prefers to be analytical, curious, methodical, and precise.
Investigative
Expressive. nonconforming, original, and introspective.
Artistic
Enjoys working with and helping others and purposefully avoids systematic activities involving tools and machinery.
Social
Enjoys verbal activities to influence others and to attain power and status.
Enterprising
Enjoys the systematic manipulation of data, filing of records, or reproducing materials.
Conventional
Characteristics of Entrepreneurs :
- drive
- thinking ability
- human relations ability
- ability to communicate
- technical knowledge
- reasonable risk taker
- self-confident
- goal setter
- accountable and
- innovative
When the entrepreneur is self-motivated enough to pursue his chosen course without relenting even in the face of adversity. The tension that occurs when a need is not met
Drive
An Englishman who is a fine example of a person “with bucket loads of entrepreneurial drive
Richard Branson
3 types of persons will determine the survival and growth of business firms:
- the customer
- the employee
- the third party
makes the decision whether to patronize the firm or not. His decision, however, will depend on what he thinks of the firm.
Customer
can be productive and loyal to the firm. He can help avoid production delays and shortages, wasteful consumption of company resources, dissatisfied customers, and the like. He can be an asset depending on what his superiors do to him.
Employee
Can also be made to be more cooperative and accommodating. This will depend, however, on how the relates to them.
Third parties
When the entrepreneur gives orders that are easily understood, wastages in time and materials are minimized. An entrepreneur who has little ability to communicate tends to demoralize and alienate his staff.
TRUE
Operating an entrepreneurship requires the performance of major and minor task.
TRUE
Theoretically, ventures with zero risks yield zero benefits. Those who aspire for benefits like profits must reckon with possible losses.
TRUE
Entrepreneurs are expected to be reasonable risk-takers, not conservative but also gamblers. They assume risks but only after they are convinced that they have the skills and resources to overcome the difficulties inherent in a new venture.
TRUE
Not everyone desires to be an entrepreneur. Those who do, however are motivated by any all of the ff:
- desire to be one’s own boss
- desire for financial rewards
- desire to create one’s own job security
- desire to improve one’s quality of life
When he recommends action to be undertaken and is ignored, the employee may just proceed to take the opportunity and organize his own business
Desire To Be One’s Own Boss
