The Successful Entrepreneur

The Student will be able to . . .

–Define entrepreneurship
–Identify and analyze characteristics of a successful entrepreneur
–Identify the reasons for planning in entrepreneurial businesses
–Generate ideas for business
 What is an Entrepreneur?
• People who own, operate, and take the
risk of a business venture.
• Entrepreneurship is the process of running
a business of one’s own.
• Entrepreneurs try to identify the needs of
the marketplace and to meet those needs
by supplying a service or product.
• Entrepreneurs assume risk.
 Characteristics of
Successful Entrepreneurs

Entrepreneurs are willing to work until a job

is done, no matter how long it takes.
 Characteristics of
Successful Entrepreneurs

Entrepreneurs continually look for new ways

to solve old problems.
 Characteristics of
Successful Entrepreneurs

Entrepreneurs do not “pass the buck”. They

take responsibility for their decisions and
actions.
 Characteristics of
Successful Entrepreneurs

Entrepreneurs want to know as much as

possible about anything that might affect
their ventures. They conduct research and
ask questions to solve problems.
 Characteristics of
Successful Entrepreneurs

Entrepreneurs decide where they want to go

and then set out to get there.
 Characteristics of
Successful Entrepreneurs

Entrepreneurs want to set their own

agendas and schedules. They want to
make their own decisions.
 Characteristics of
Successful Entrepreneurs

Entrepreneurs have high expectations of

themselves.
 Characteristics of
Successful Entrepreneurs

Entrepreneurs believe in themselves and act

accordingly.
 Characteristics of
Successful Entrepreneurs

Entrepreneurs like to take risks, but they are

not reckless. They seek opportunities that
offer both a challenge and a reasonable
chance of success.
 Characteristics of
Successful Entrepreneurs

Once entrepreneurs achieve their goals,

they begin looking for new challenges.
 Characteristics of
Successful Entrepreneurs

• Entrepreneurs are doers as opposed to

spectators. They make decisions and act
on them.
 Characteristics of
Successful Entrepreneurs

Entrepreneurs are energetic and passionate

about their pursuits.
HARDWORKING- If you are
determined to run your own business,
you must concentrate on your work
either as a producer or a seller. The
successful of your business depends
on how much time and effort you will
spend for it.
FUTURE ORIENTED- once a person enters in
a line of business, you must understand, that
you are in a non-stop contract that an
entrepreneur should understand. It may take
several years to build up a business to a
reasonable standards. The goal for most
successful business people is to build a secure
Jobs and stable income for themselves based
on their ability.
PROFIT ORIENTED- you must
see to it that your business can
generate income. And another
plan of action is to expand your
own business through the used
of your generated income.
COPES WITH FAILURE- “ Learn
from your mistake” As an
entrepreneur, you must learn how
to deal with the frustrations and
failures instead, turn these into
productive learning experiences.
RESPOND TO FEEDBACK OR
OPEN TO FEEDBACK- You
must be concerned to know how
well you are doing and keep track
of your performance. You must
obtained useful feedback and
advice from others.
WILLING TO LISTEN- Take
time to listen to the advice,
suggestions, and
recommendations of fellow
entrepreneurs. It will help your
business grow.
SET YOUR OWN STANDARDS- this
involves developing and sing logical,
step-by-step procedure or plans to reach
the goal, or offering evaluation
alternatives, monitoring progress, and
switching to successful strategies for the
goal you want to achieve. To be a
successful entrepreneur you must take
into consideration that sales and
production depends on your own
standards.
COPES WITH UNCERTAINTY- Pursue
your vision to be a successful
entrepreneur, you should know how to
handle unusual events that may happen
in the business which include problems
in managing the workers, problems on
the delivery of goods and services, and
the problems on demand and
production. You must be patient in
dealing with these uncertainties.
COMMITTED- you should know that
in your business, personal needs,
attachment to your friends, families
and relatives are set aside. You
must separate the money for your
business from the amount that you
need to spend for personal
obligations and lifestyles.
BUILD ON STRENGTHS-
Successful business people base
their works on strengths. Use your
manual skills, knowledge in creating
products or services, knowledge in
trades and industry, ability to make
and use of a wide network of
contacts to build your business.
RELIABLE AND HAS
INTEGRITY- An entrepreneur
must build a good reputation,
possess the courage to do the
right thing, do what you say, walk
your talk, be loyal, and be fair in
dealing with the subordinates
and costumers.
 Great Resources
• SBA.gov
• Your Chamber of Commerce
• Google Web Search = “Entrepreneur”