ENTREPRENEURSHIP 15 Important Entrepreneurial 13.

EFFECTIVE MONITORING
ENTREPRENEURSHIP Traits - ensure regular monitoring of
- process of creating something 1. INITIATIVE the work
new - initiates the first move towards 14. EMPLOYEES WELFARE
- assuming the risks & rewards setting up of an enterprise - takes personal interest in
- process of action 2. LOOKING FOR solving problems, confronting
ENTREPRENEUR OPPORTUNITY workers
- French word “entreprendre” - always on the look - there is interdependence of
meaning “one who undertakes” out/searching opportunity & the interest of workers & mgt.
or “one who is a go in between” ready to exploit 15. EFFECTIVE STRATEGIST
- person 3. PERSISTENCE - has the ability to evolve
ENTERPRISE - never disheartened failures relevant strategy
- outcome of the actor & the act - believes in Japanese proverb - aimed at safeguarding of
- object “Fall seven times, stand up promoting organizations
10 Qualities of a Successful eight” interest
Entrepreneur 4. INFORMATION SEEKER 4 Aspects of an Entrepreneur
1. DISCIPLINED - always keep his eyes & ear 1. Involves creation process
- focused on making their open 2. Requires devotion of time &
business work - receptive to new ideas effort
2. CONFIDENCE 5. QUALITY CONCIOUSNESS 3. Involves rewards of being an
- confident w/ the knowledge - set high standards for entrepreneur
that they will make themselves 4. Requires assumption of
3. OPEN-MINDED - put up in their best for necessary risk
- ability to look at everything achieving their standards Role of Entrepreneurship &
around them 6. COMMITMENT TO WORK Entrepreneurs in Economic
4. SELF-STARTER - prepared to make all sacrifices Development & Society
- if something needs to be for honoring the commitments 1. CREATES EMPLOYMENT
done, they should start it 7. COMMITMENT TO - they employ people who
themselves EFFICIENCY possess different competencies
5. COMPETITIVE - keen to evolve & try new & personal values to help them
- they need to win at the methods aimed at making work 2. DEVELOPS NEW
business they create easier MARKETS
6. CREATIVITY 8. PROPER PLANNING - they seek new
- come up w/ solution w/c are - believe in developing relevant buyers/customer of their
the synthesis of other items & realistic plans & ensure product & services
7. DETERMINATION proper execution 3. INTRODUCES
- the look at the defeat as an 9. PROBLEM SOLVER INNOVATION
opportunity for success - understand the problem & - this innovation is done for the
8. STRONG PEOPLE SKILLS then evolve appropriate product, service/technology
- has strong communication strategy towards commercialization
skills to sell the product 10. SELF CONFIDENCE 4. GENERATES NEW
9. STRONG WORK ETHIC - they have full faith of their SOURCES OF MATERIALS
- be the first person to arrive at knowledge, skills & competence - entrepreneurs are always
the office & last person to leave 11. ASSERTIVE inconstant, search for better &
10. PASSION - person knows what to say, cheaper sources of materials
- they genuinely love their work when to say, how to say, 5. STIMULATES INVESTMENT
& willing to put extra hours to - believes in his abilities & INTEREST IN THE NEW
make ensures that other will fall in line BUSINESS VENTURES BEING
12. PERSUASIVE CREATED
- intellectual force he will use - it stirs curiosity to other people
for convincing others to invest in the business
6. IMPROVES THE QUALITY 4. MARCO POLO (1254-1324) 11. JOSEPH SCHUMPTER
OF LIFE - the merchant from Venice who (1883-1950)
- contribute to the increase in travelled to many places in Asia - Austrian-Hungarian American
personal benefit & convenience to trade economist and Political
of the people in society 5. THE MIDDLE AGES Scientist
7. SERVE AS ROLE-MODELS - birth an actor & a person who - entrepreneurship as the
- characteristics that will make was in charge of manager of the firm &
them successful entrepreneurs - the entrepreneur in this age espoused the concept of the
*the attitude, behavior & was the person who are in entrepreneur as innovator who
personality traits like pro- charge of great architectural seeks opportunities & leads
activeness, opportunity works such as public building & “existing means of production
recognition, risk-taking, cathedrals into new channels
alertness & creativity 6. THE 17TH CENTURY “The entrepreneur is neither a
8. BRINGS SOCIAL BENEFIT - entrepreneurship has become risk taker nor a manager or
TO THE PEOPLE associated w/ risk capitalist – Van Praag (1999)”
- entrepreneurs pay taxes for - entrepreneur was someone 12. PETER DRUCKER (1909-
every product/service sold in who would enter formal 2005)
the market agreement w/ the government - Austrian born American mgt.,
- also pay for the licenses & to provide products/services Consultant, Educator & Author
permits to operate their - a prominent theorist about this - writings contributed to the
business period was RICHARD philosophical & practical
9. UTILIZES & MOBILIZES CANTILLON foundations of the modern
INDIGENOUS RESOURCES 7. RICHARD CANTILLON business corporation
- small & medium enterprises (1680-1734) - came up w/ a behavioral
will always look for cheaper & - an economist who viewed concept of the entrepreneur –
local materials to supply entrepreneur as a risk taker & a one who actually searches for
10. PROVIDES MORE bearer of uncertainty change, responds to it, &
ALTERNATIVES FOR - an Irish-French Economist exploits change as an
CONSUMERS 8. THE 18TH CENTURY opportunity
- stiff competition in the market - entrepreneur was
for quality & cheaper products distinguished from the capitalist
- to come up w/ more products who simply provides money for
& services consumers can the creation of products be sold
choose - JEAN-BAPTISTE SAY was
someone who coordinates,
1. CLASSIC CONTRIBUTORS leads, and manages all the
- Cantillon, Say, Marshall, activities of the firm
Schumpter, Knight, Kirzner 9. JEAN-BAPTISTE SAY
2. MODERN CONTRIBUTORS (1767-1832)
- Drucker, Hisrich, Timmons, - a French economist &
Shane businessman
3. EARLIEST PERIOD - described the entrepreneur as
- entrepreneur is a person who a person who plays a central
sells goods on behalf of the coordinating role both I
goods producing & selling goods
- entrepreneurship was exhibit 10. THE 19TH & 2OTH
by MARCO POLO CENTURY
- after everything was sold, - little distinction between an
profits were divided the entrepreneur & a manager
capitalist and the trader as
agreed