ntrepreneur as the one who manages, organizes and take s risk in business. BUT ARE THESE ALL??? How would you then distinguish the entrepreneur from the investor who directly assumes the financial risk o f the venture? Attributes, Qualities and Characteristics of an Entrepreneur • Self awareness: he knows who he is, what he is good at, and what h e likes to do. • Self-motivated: the characteristic that gets him going and keeps him moving when he is in business. • Courage: the willingness to take risks is a valuable trait when striving for success. • Confidence: by behaving as if one is already a success at what he d oes. • Positive Thinker: they think of success and bright sides. Such succe ss consciousness leads entrepreneurs to success. • Patience: he must remember that customers are always right, since t hey are the ones who will make or break the business • Decisiveness: often, a decision has to be made immediately, on the spur of the moment. One should go with his intuition and trust that wh at he doing is the right thing. Attributes, Qualities and Characteristics of an Entrepreneur • Experience: a primary reason why businesses fall within a few years of start-up is the lack of experience. • Knowledge: one has a better chance of succeeding by knowin g, as much as possible, about factors such as business basics, product or service he wants to sell, industry he is entering, com petition, local, regional, national markets. • Information-seeking: to assure accomplishment of his entrepr eneurial goals, the entrepreneur continuously seeks for relevan t information about the business. • Perseverance: one must be willing to persevere during the rou gh times, to hang in there during the slow periods, and to maint ain one’s belief in your product or service, even when it seems l ike no one else in the world knows you exist. Attributes, Qualities and Characteristics of an Entrepreneur • Drive: one must believe in his goal and be determined to succeed. • Risk-Taking: entrepreneurs prefer tasks, which provide c hallenges. They are not afraid to take risks. However, the risks they take are “calculated”. • Innovative: entrepreneurs are creative. They do things in new and different ways. • Opportunity-Seeking: an entrepreneur readily identifies opportunities for going into or to improve his business. he acts on opportunities. • Demand for Efficiency and Quality: the entrepreneur al ways finds ways to do things better, faster and at a lower cost. Attributes, Qualities and Characteristics of an Entrepreneur • Systematic planning and Monitoring: the entrepreneur sets what are to be accomplished, and monitors his progr ess to check whether he is in the right direction. • Persuasion and Networking: an entrepreneur easily est ablishes a network of personal and business contacts aro und him. Myths, Fears and Excuses of People who are not Entrepreneurs • Entrepreneurs are born • Entrepreneurs are super humans • Entrepreneurs are inventors • Entrepreneurs inherit business traits • Entrepreneurs possess a definite characteristic profile • Gender difference myth (Men are better entrepreneurs) • Entrepreneurs are academic and social misfits • Entrepreneurs are extreme gamblers and risk-takers • Luck and money are the only things needed to become en trepreneurs • Entrepreneurs experience a lot of failures Myths, Fears and Excuses of People who are not Entrepreneurs RISK EXCUSES
Financial Risk “I do not have the money”
“I do not know where to get the capital” “I am afraid to lose my house, car, properties, etc.”
Career Risk “I cannot risk my promotion”
“ I cannot afford not to have a salary” “What would happen to me if I don’t have a job?”
Family Risk “My kids are still young”
“My spouse and I are not doing well” “My spouse and I are just getting to know each other”
Social Risk “What would my friends say?”
“what if nobody buys it?” “How am I supposed to beat the large companies?” “What if somebody builds a better one?”
Psychological Risk “I am too young”
“I am too old” “I lack experience” “I cannot handle the pressure” “I cannot do it” The Advantage of Becoming Entrepreneu rs • Have the opportunity to create your own destiny
• Have the opportunity to be financially well-off
• Have the opportunity of knowing yourself better
• Have the opportunity to excel, be recognized and contribu