WESLEYAN UNIVERSITY-PHILIPPINES

COLLEGE OF BUSINESS AND ACCOUNTANCY

ENTREPRENEURSHIP

PREPARED FOR 4BSAT1

ATTRIBUTES, QUALITIES,
AND CHARACTERISTICS
OF AN ENTREPRENEUR
 BEFORE LOOKING AT THE
ATTRIBUTES, QUALITIES, AND
CHARACTERISTICS OF AN
ENTREPRENEUR
AGAIN, WHAT IS AN ‘ENTREPRENEUR’?
ENTREPRENEUR

▰ Entrepreneur
He is an individual or a person who owns and manages his own
business, and is engaged in selling

He is one who takes risks and makes innovations on the factors of

production, an adventurer, undertaker, and projector.
ATTRIBUTES, QUALITIES, AND
CHARACTERISTICS OF AN ENTREPRENEUR

▰ Self-awareness
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.
ATTRIBUTES, QUALITIES, AND
CHARACTERISTICS OF AN ENTREPRENEUR

▰ Self-motivated
Self-motivation is one of the most important personality traits of
successful entrepreneurs. This is the characteristics 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 improved promotional techniques
when business is slow.
ATTRIBUTES, QUALITIES, AND
CHARACTERISTICS OF AN ENTREPRENEUR

▰ Courage
Courage, or the willingness to take risks is a valuable trait when
striving for success. A successful person might say something like “I
do not know how I did it; I just made a phone call and asked for the
money I needed.” It was more than luck that made it possible for
this person to raise the needed capital to get a business off the
ground; it was the willingness to take a chance and hope for the
positive response to the request.
ATTRIBUTES, QUALITIES, AND
CHARACTERISTICS OF AN ENTREPRENEUR

▰ Positive thinkers
Entrepreneurs are positive thinkers. They think of success and
bright sides. Such success consciousness leads entrepreneurs to
success.
ATTRIBUTES, QUALITIES, AND
CHARACTERISTICS OF AN ENTREPRENEUR

▰ Patience
When one owns his business, there will be times when he feels like
the roof is craving in, especially when the suppliers seem to be
taking their own sweet time in fulfilling an important order.
ATTRIBUTES, QUALITIES, AND
CHARACTERISTICS OF AN ENTREPRENEUR

▰ Experience
A primary reason some businesses fall within a few years of start-
up is lack of business experience. Whether or not one’s experience
is directly related to business he is planning to start, it is a key
component for growth.
ATTRIBUTES, QUALITIES, AND
CHARACTERISTICS OF AN ENTREPRENEUR

▰ Knowledge
Experience in one’s field is invaluable, but it is not enough. One has
a better chance of succeeding by knowing, as much as possible,
about factors such as business basics, the product or service that
he want to sell, the industry he is entering his competition, and the
local, regional, state, and/or national.
ATTRIBUTES, QUALITIES, AND
CHARACTERISTICS OF AN ENTREPRENEUR

▰ Information-Seeking
To assure accomplishment of his entrepreneurial goals, the
entrepreneur continuously seeks for relevant information regarding
the market, clients, suppliers, and competitors, and consult experts’
advice on business and other technical matters.
ATTRIBUTES, QUALITIES, AND
CHARACTERISTICS OF AN ENTREPRENEUR

▰ Drive
One must believe in his goal and be determined to succeed. The
successful businessperson does not view obstacles or stumbling
blocks as problems, but rather as challenges. To make his business
a success, he needs to be totally committed and willing to work long
hours, especially in the beginning.
ATTRIBUTES, QUALITIES, AND
CHARACTERISTICS OF AN ENTREPRENEUR

▰ Risk Taking
Entrepreneurs are known for being risk-takers. They prefer tasks,
which provides them some challenges. They are not afraid to take
risks.
Entrepreneurs also avoid low-risk situations, because there are no
challenges.
ATTRIBUTES, QUALITIES, AND
CHARACTERISTICS OF AN ENTREPRENEUR

▰ Innovative
Entrepreneurs are creative. They do things in new and different
ways. For example, they create new products or services, new
methods of production, new markets, and new sources of raw
materials. They love to explore the unknown, and to blaze new
paths of progress.
ATTRIBUTES, QUALITIES, AND
CHARACTERISTICS OF AN ENTREPRENEUR

▰ Demand for efficiency and quality

Setting high, but realistic standards of excellence for himself, he
finds it difficult to compromise on those standards. So, in order to
meet these standards, the entrepreneur always strives to find ways
to do things better, faster, and at a lower cost.
ATTRIBUTES, QUALITIES, AND
CHARACTERISTICS OF AN ENTREPRENEUR

▰ Systematic planning and monitoring

As a careful planner, the entrepreneur sets what are to be
accomplished, and meticulously assesses how today’s activity can
contribute to the accomplishment of his long-term goals.
Furthermore, he keeps on monitoring his progress in order for him
to check whether he is in the right direction, or if modification is
needed along the way.
ATTRIBUTES, QUALITIES, AND
CHARACTERISTICS OF AN ENTREPRENEUR

▰ Persuasion and networking

A persuasive person, the entrepreneur easily establishes a network
of personal and business contacts around him. An entrepreneur is
aware that power is required to achieve his business objective.
-END-