LESSON 2 Flashcards
there are ten entrepreneurial characteristics grouped into three major clusters:
- Achievement cluster
- Planning cluster
- Power cluster
The entrepreneur who belongs to the achievement cluster is
- An opportunity seeker
- Committed
- Persistent
- A risk-taker, and
- Efficient and quality oriented
A person who dreams of becoming a successful entrepreneur must be a seeker of business opportunities.
Opportunity-seeker
A highly committed entrepreneur displays full commitment to the work he/she undertaking.
Committed
Trials, sacrifices and failures challenge the entrepreneur to be persistent.
Persistent
Successful entrepreneurs are business risk takers. There is a risk in entrepreneurship because of uncertainty.
Risk taker
The concept of efficiency in an entrepreneurial endeavor is related to the cost involved in the production of good and services.
Efficient and Quality Oriented
is a set of characteristics of successful entrepreneurs that basically supports the character traits in the achievement cluster like
Planning Cluster
Planning Cluster is a set of characteristics of successful entrepreneurs that basically supports the character traits in the achievement cluster like
1) goal-setter,
2) information-seeker and
3) systematic in planning &monitoring
The basic point is setting goals and objectives. Goals and objectives are the guiding points that direct all actions, efforts, and struggles of the entrepreneur.
Goal-setter
SMART principle.
Specific, Measurable, Achievable, Realistic and Time-bound.
Entrepreneurs make decisions that will affect the operations of the business ventures.
Information seeker
A successful and dynamic entrepreneur does not simply set goals and objectives or monitor entrepreneurial activities in any way he/she wants. Rather he/she follows a systematic pattern planning processes and monitoring approaches.
Systematic in planning and monitoring
It establishes relationships of the entrepreneurs with the suppliers of raw materials, financial institutions, customers, competitors, the government, employees, and all other stakeholders.
POWER CLUSTER
An entrepreneur in the power cluster:
- A persuasive and positive networker
- Self-confident.
1) Adopts specific strategies that will influence and convince others while maintaining the highest degree of respect.
2) Makes use of positive contacts in the business community in order to meet the goals and objectives of the business endeavor.
- Persuasive and positive networker
Successful entrepreneurs are known to have a high level of self-confidence. They project a favorable image of themselves which is founded on respect and good deeds in the business community. Entrepreneurial self-confidence is actually a manifestation of the entrepreneur’s strong trust or belief in him/her.
Self-confident
Without the required skills, a person can hardly succeed in a particular endeavor, perform the assigned specialized tasks, or even truly become a successful entrepreneur.
ENTREPRENEURIAL SKILLS
considered as the personal abilities to do things well. They come from the totality of the knowledge, practice or experience, and aptitude of a person.
they are acquired and developed by a person through constant and correct practice.
skills
What kind of skills should be acquired and developed in a deliberate and systematic fashion by a person who has an intense desire of becoming a successful entrepreneur?
The answer is simple - entrepreneurial skills. These refer to the set of cognitive, technical and interpersonal skills required in the practice of entrepreneurship.
refer to the mental ability of the entrepreneur to learn new things, generate new ideas and express knowledge in both oral and written forms.
Cognitive Skills
Problems are common in the life of an entrepreneur as he/she manages the day by day operations of the business venture.
problem-solving skills
refers to the knowledge and proficiency in a specialized field like computer technology, accounting, marketing, operation research, engineering, medical fields, or other related technical fields.
Technical skills
are basically about the relationship and interaction of the entrepreneur with the workers, suppliers, creditors, prospective customers and other members of the business community.
Interpersonal skills
An _____ is not scared to any risks in busines
aggressive risk taker
2) A ____ is more calculative in taking risks. He/she analyses the situation before taking the leap.
moderate risk taker
3) A ________ is not very eager to take any kind of risk.
conservative risk taker
is an entrepreneur who sees and acts on new business opportunities and seizes unusual opportunities to obtain financing, equipment, land, work, space or assistance.
business opportunity seeker
