CHARACTERISTICS OF AN EFFECTIVE ENTREPRENEUR

Objectives

By the end of this session, the participants shall have:

1.Defined what is entrepreneur;2.Identified the characteristics of

an entrepreneur; and3.Evaluated self-

entrepreneurship skills.

Businessman vs. Entrepreneur

What is the difference between a business and an entrepreneurship?

How about a business owner from an entrepreneur?

Businessman/Business Own an enterprise or venture Usually a profit oriented Usually play safe May be purchased, donated

or inherited Generally traditional work

for the company Usually do not have time for

the families or love ones

Businessman/Business

Usually distressed and experience sleepless nights

Generally hire people to contribute profit

Commonly commit tax evasion to save taxes and increase profit

Entrepreneur/Entrepreneurship Own an enterprise or venture Customer oriented Bold and amibitiousCreates his own idea and

realize it as a business An innovator The company works for himShares enough time for their

family and love ones

Entrepreneur/Entrepreneurship

Always happy and enthusiastic businessman

Hire people to make their lives better

Practice tax avoidance to save taxes and increase profit

As a conclusion:

“ A businessman is similar to an entrepreneur because an entrepreneur is a businessman”

“ An entrepreneur is a businessman which is not traditional but is an innovative and creative type of businessman”

As a conclusion:

“An entrepreneur differs a lot from the usual businessman”

“Entrepreneurship is created out of his own innovative idea and creation which is realized to be placed in business or to be transformed as a good business”

“Entrepreneurs are more concerned on the quality of their products and on the satisfaction of their customers rather than concerned to their profits”

As a conclusion:

Another way of differentiating a

businessman and an entrepreneur can be

presented as:

Business can be classified according to :

Ownership structure• proprietorship• partnership • corporation

Business can be classified according to :

Industries• Trading • Servicing• Manufacturing

Entrepreneurship can be classified according to :

Forms• social entrepreneurship• ecopreneurship• technopreneurship• infopreneurship

Now let us again differentiate

them

Businessman

Start a business from an existing idea or concept

Has many business rivals Focuses on competition Is always busy on his business

“busy-ness” Do not have enough time for

family or personal life

Businessman

His business gives him a living Traditional Stay safe Worried Profit oriented Has an income or profit Hire people to increase business

productivity

Businessman

A market player Has not yet achieved

financial freedom Only give importance to a

part of the business world (atomistic)

Entrepreneur Start a business from his own

unique idea or concept His business rival is himself Focuses on cooperation Is only busy in preparing his

new enterprise Have a lot of time for their

family and personal life

Entrepreneur He gives life to his business Innovative and revolutionary Risk taker and accountable Excited People oriented (employee,

customer, public) Has a passive income or profit Hire people to give them

productivity

Entrepreneur

A market leader Has achieved financial freedom Gives importance to the

business world as a whole (holistic)

So we can now say that :

“Entrepreneurship is not an easy feat as compare to merely doing business”

“An entrepreneur is a business person who has evolved into a more complete person – one that is not simply a business person but a real human being”

Generally

“Being a businessman is good”

“ Being profit oriented, market player, business competitor, traditional, busy and active income earner is not bad since all business owners have been on those stages”

Let us now try to rate ourselves on the following entrepreneurial competencies

Entrepreneurial Characteristics

Strong Maybe Weak

1 Like being your own boss

2 Self-confidence

3 Sense of urgency

4 High energy

5 A willingness to risk money and security

6 Ability to inspire and energize others

Entrepreneurial Characteristics Strong Maybe Weak

7 Strong will8 Ability to learn from

failures9 May devote

disproportionate time to your business

10 Very competitive11 May lack business skill12 A “never, never, never

quit” attitude13 Honest and

trustworthy

Based on your assessments you can now define your strength and weaknesses.

The strongest must help the weakest to make them strong and work as a team.

Exercise 1.

What in your view are the key abilities or competencies that make a person a successful business person?

Exercise 2.

Competencies for Business Success

Thank You for Listening