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Entrepreneurship (Prelim Lecture)
Entrepreneurship (Prelim Lecture)
success
Entrepreneurship is like many other things – you tend to get better at it over
time. It’s true of the saying, practice does make perfect. By identifying and
emulating the qualities of other successful entrepreneurs who have more
experience than you, you improve yourself. Since these qualities are not
peculiar to them alone, their transferability makes becoming a better
entrepreneur much easier for you. I recently came in contact with 10 of such
winning qualities of successful entrepreneurs compiled by Williams D.
Bygrave, Professor Emeritus at Babson College and founder of Global
Entrepreneurship Monitor (GEM).
I would like to share them with you. The 10 Ds for entrepreneurial success
Dream – Entrepreneurs have a vision of what the future could be like for them
and their businesses. And, more importantly, they have the ability to
implement their dreams.
Decisiveness – They do not procrastinate. They make decisions swiftly.
Their swiftness is a key factor in their success.
Doers – Once they decide on a course of action, they implement it as quickly
as possible.
Determination – They implement their ventures with total commitment.
They seldom give up, even when confronted by obstacles that seem
insurmountable.
Details – It is said that the devil resides in the details. That is never more true
than when starting and growing a business. The entrepreneur must be on top
of the critical details.
Destiny – They want to be in charge of their own destiny rather than
dependent on an employer.
Dollars – Getting rich is not the prime motivator of entrepreneurs. Money is
more a measure of their success. They assume that if they are successful they
will be rewarded.
Distribute – Entrepreneurs distribute the ownership of their businesses with
key employees who are critical to the success of the business.
The 10 Ds of Entrepreneurship
SEPTEMBER 26, 2016 BY TITO PHILIPS, JNR.
Entrepreneurship is like many other things – you tend to get better at it over
time. It’s true of the saying, practice does make perfect. By identifying and
emulating the qualities of other successful entrepreneurs who have more
experience than you, you improve yourself.
Since these qualities are not peculiar to them alone, their transferability makes
becoming a better entrepreneur much easier for you.
According to him, “it does appear that entrepreneurs have a higher locus of
control than non-entrepreneurs, which means that they have a higher desire
to be in control of their own fate”.
To capture these entrepreneurial qualities in a way that is easy to comprehend
and also easy to apply, he used every day words that began with letter ‘D’.
These he called the 10 Ds of entrepreneurship.
I would like to share them with you. And at the end of each entrepreneurial
quality, I will include a link to an unusual article previously written on it for
more insight.
The 10 Ds of Entrepreneurship
Dream
Entrepreneurs have a vision of what the future could be like for them and their
businesses. And, more important, they have the ability to implement their
dreams.
Decisiveness
They do not procrastinate. They make decisions swiftly. Their swiftness is a
key factor in their success.
Doers
Once they decide on a course of action, they implement it as quickly as
possible.
Determination
They implement their ventures with total commitment. They seldom give up,
even when confronted by obstacles that seem insurmountable.
Dedication
They are totally dedicated to their business, sometimes at considerable cost
to their relationships with their friends and families. They work tirelessly. 12-
hour days and seven-day work weeks are not uncommon when an
entrepreneur is striving to get a business off the ground.
Devotion
Entrepreneurs love what they do. It is that love that sustains them when the
going gets tough. And it is love of their product or service that makes them so
effective at selling it.
Details
It is said that the devil resides in the details. That is never more true than
when starting and growing a business. The entrepreneur must be on top of
the critical details.
Destiny
They want to be in charge of their own destiny rather than dependent on an
employer.
SELF EMPLOYMENT: The Deadliest Business Trap Ever and How To Avoid It
Dollars
Getting rich is not the prime motivator of entrepreneurs. Money is more a
measure of their success. They assume that if they are successful they will be
rewarded.
Distribute
Entrepreneurs distribute the ownership of their businesses with key
employees who are critical to the success of the business.
The 10 Ds of entrepreneurship
Successful businessmen have common personality traits. Studying these
attributes will help you decide if you could be one of them.
Most entrepreneurs probably asked themselves questions like these, before they
founded their first company. Of course, no amount of self-examination can tell
you whether you will succeed on a career path, or not, estimating your chances
properly could help to avoid failures.
The problem is, finding the right questions to ask yourself could be as hard as
answering them objectively.
Most people dream of becoming their own boss, but the majority of them will
never fulfil this dream. And the ones who finally set up their own a company does
it for significantly different reasons. A decision like this could be inspired by a great
idea as well as a termination letter.
The personality traits that make somebody successful in entrepreneurship may
also differ from industry to industry. After all, it’s hard to imagine that a person
who runs a successful accounting firm is also a perfect manager for an art gallery.
With that said, successful entrepreneurs have common characteristics, and if you
happen to possess similar personality traits to them, there is a higher chance of
success, when you decide to choose the riskier path.
There are plenty of articles about the attributes of successful businessmen. One of
the most influential studies on this field is written by William D. Bygrave.
In his book The Portable MBA in Entrepreneurship Bygrave describes the events
that made him and other economy professors define the most important personal
attributes with simple terms.
In the 80s, many magazines published articles based on behavioral studies, with
self-evaluation exercises to help readers decide, whether they should enterprise.
Later, more researchers looked into the problem and found that these tests were
useless since there is no set of behavioural attributes that could separate
entrepreneurs from nonentrepreneurs. They also came up with two personality
traits you need to have if you want to start a successful business.
One of them is the desire to achieve great things, which is not very surprising,
given that a bit of ambition could help you in almost any professions. The other
one is more characteristic of the entrepreneurs. It is a will to control your own
fate.
Bygrave described these and other important personality traits from the findings
using ten words beginning with D. These definitions provide a great starting point
if you’d like to create your own “competency test”.
Of course not every successful entrepreneur possess all the Ds, and the rate how
characteristic these words are will defer from person to person. But if the
following descriptions are familiar to you, or you could imagine yourself operating
the portrayed way, there’s a good chance, that entrepreneurship will be suitable
for you.
The definitions of Bygrave may also inspire you to find focus and develop new,
and more productive habits if you are already running a business. For further
inspiration we have collected a few blog posts and videos in connection with the
expressions. You can find these, and Bygrave’s 10 Ds of entrepreneurship bellow:
Dream
Entrepreneurs have a vision of what the future could be like for them and their
businesses. And, more important, they have the ability to implement their dreams.
Recomended posts, and videos:
– When a Disney executive turned to Steve Jobs for advice on revitalizing the
company’s stores he answered with two words: “Dream bigger“. In this article on
Forbes.com the author shares his thoughts on how to do that exactly.
– Easy-to-believe myths may ensure that your dream projects will never come to
fruition. You can learn more about those, from the TED talk of a Brazilian
entrepreneur Bel Pesce.
Decisiveness
They don’t procrastinate. They make decisions swiftly. Their swiftness is a key
factor in their success.
Recomended post:
We published a longer post earlier on how to avoid procrastination, become
decisive, and manage your time better with productivity hacks. You can read
if here.
Doers
Determination
They implement their ventures with total commitment. They seldom give up, even
when confronted by obstacles that seem insurmountable.
Recomended post:
Gallup has published a series of article on the talents of successful entrepreneurs.
The one we recommend is also about determination.
Dedication
They are totally dedicated to their businesses, sometimes at considerable cost to
their relationships with friends and families. They work tirelessly. Twelve-hour
days, and seven-day work weeks are not uncommon when an entrepreneur is
striving to get a business off the ground.
Elizabeth Gilbert the author of ‘Eat, Pray, Love,’ was working as a waitress for six
years, while trying to find a publisher. Her TED Talk teaches important lessons
about dedication.
Devotion
Entrepreneurs love what they do. It is that love that sustains them when the going
gets tough. And it is love of their product or service that makes them so effective
at selling it.
Details
It is said that the devil resides in the details. That is never more true than in
starting and growing a business. The entrepreneur must be on top of the critical
details.
Destiny
Dollars
Getting rich is not the prime motivator of entrepreneurs. Money is more a
measure of success. They assume that if they are successful they will be rewarded.
Distribute
There are many successful Filipino entrepreneurs in our country. Among many reasons, they
became famous because of their big contributions to the growth of our economy. These top
Filipino entrepreneurs possess different characteristics which are essential to becoming
successful. Many of them have great stories for us to wonder. They can serve as an inspiration
for us Filipinos that someday we may become like them.
1. SOCORRO C. RAMOS
National Book Store, Inc.
Ms. Socorro C. Ramos started working as a salesgirl when she was 18 yrs. old in Goodwill
Bookstore in Escolta. She was good in selling, that’s why she became in charge of the store.
When she was married to Jose Ramos, they put up The National Book Store. Her vision was to
extend the National bookstore not only here in Luzon but also to Visayas and Mindanao for
cheaper access to books and school supplies. Before, the National Book Store was a general
merchandise store. Until later on, it was selling books, greeting cards, and school supplies.
Today, more than 70 National Book Store can be found nationwide.
2. TONY TAN CAKTIONG
Jollibee Foods Corporation
Jollibee was formerly selling Magnolia Ice Cream, then it was recognized as selling chicken and
burger. Tony Tan Caktiong, the president and CEO of Jollibee, was a name to remember, not
only here in the Philippines but also in other parts of the country, like in US, Hongkong, China,
Indonesia, and Japan. He had received several awards in the business and the likes. The success
of Jollibee according to Mr. Caktiong is sharing to people what they had achieved. Jollibee had
been known to be a happy and hardworking insect. It is the favorite place to dine in of many
Filipinos especially the kids.
3. Lucio Tan
Philippine Airlines
Lucio Tan’s story was from rags to riches tale. Before working in the tobacco industry, his
business was a scrap. His dream was to become a scientist but his fortune was bound to become
an entrepreneur. His hard work made him successful and became famous. Now, he owns Asia
Brewery, Tanduay, Fortune Tobacco, Philippine Airlines, Allied Bank, and many more to
mention.
5. Henry Sy
ShoeMart
Henry Sy was born on December 25, 1923, in Xiamen China. In his early twenties, he used to sell
American shoes. Then after three years, he was able to have his first shoe mart store. SM group
of companies was one of the biggest companies in our country and the man behind it was Henry
Sy. His self-discipline, perseverance, and hard work made him what he is today. In almost every
part of the country (as well as in Asia), there is SM mall.According to Henry Sy Sr., success will
not last if you do not care of it. That’s the secret of their success.
Jaime Zobel de Ayala was before president and chairman of Ayala Corporation. He was
considered as one of the richest persons tied with Henry Sy in 2007. He had received many
awards and the latest was Entrepreneur of the Year 2012. His strategy for being successful in
this business was getting partners with those who are in need in the community. He believes
that gaining profits was not really the concern of every businessman, but to help the poor
people.
7. Alfredo Yao
Zest-O Corporation
Alfredo Yao came from a poor family and became rich due to hard work and determination. He
didn’t finish his education at Mapua Institute of Technology. He experienced to work in the
printing press and then ventured to this business for 20 years. Then, he shifted to a juice
manufacturing business. Zest-O became hit to mothers because of its being convenient to be
placed in every lunch box of the children. Today, Zest-O was one of the leading juice
manufacturers in the country, in China, New Zealand, Singapore, and many others.
8. Mariano Que
Mercury Drugstore
Mariano Que first worked in a drugstore. When he was given the opportunity, he invested his
100 pesos in the sulfathiazole tablets. He sold his products to the people by making use of the
wooden pushcart. After saving a lot of money, he was able to built Mercury. It was made known
to the people as selling safe medicines and opened for 24/7. Mercury, like any other leading
drug stores, had many stores nationwide.That was because of the innovations he made in his
products.
9. Cecilio K. Pedro
Lamoiyan Corporation
Cecilio K. Pedro finished his business management degree in Ateneo de Manila University. He
founded the Lamoyan Corp. which produces toothpastes like “Hapee” and “Kutitap.” This made
toothpaste affordable to the masses. He survived in the industry because of being tough and
innovative to fight for the multinational companies. His company had received an award, “Most
Outstanding Program for Equal Employment Opportunity,” giving importance to those who
have difficulty in hearing to work in his company.
The top famous entrepreneurs really worked hard to attain success in their business. They had
faced different challenges but they didn’t stop until they achieved their goals. Their
characteristics as an entrepreneur paved a long way in the business world. Now, can we do it,
too? Definitely, yes. We should only have the will and the determination to really work hard. We
can also be destined in the business industry, keeping our sights focused on how to achieve our
goals and at the same time we should also beguided by our values in life.
What is Entrepreneurship?
This entrepreneur definition can be a bit vague but for good reason. An
entrepreneur can be a person who sets up their first online store on the side
or a freelancer just starting out.
And the entrepreneur definition rarely ever talks about the enormous impact
entrepreneurs have on the world.
It’s not some idea that’s stuck in your head. Entrepreneurs take the idea and
execute on it. Entrepreneurship is about execution of ideas.
Mike Kim, co-founder and COO of KPOP Foods, shares what the
entrepreneur meaning is really all about. He
shares, “Entrepreneurship is not for the faint hearted. I am a US
Army veteran. I have been in combat and I have endured many
difficult situations. However, I can honestly say starting a company
has been just as challenging, albeit in different ways. While no one’s
life may be in imminent danger, the battles you face on your
entrepreneurial journey can last years with no repose. Creating a
successful business requires massive amounts of action,
perseverance, and conviction. If you understand this and choose to
proceed, you’ll find the experience rich in rewards. ”
Importance of Entrepreneurship
What is entrepreneurship really about? And why’s it so important? An
entrepreneur is the person who sees a problem in the world and immediately
focuses on creating the solution. They’re the leaders that strike out on their
own to improve society. Whether they’re creating jobs or a new product, they
constantly take action to ensure world progress. In the process of
understanding what is entrepreneurship, let’s look at why entrepreneurs are
important in society.
To change the world: Many entrepreneurs strive to make the world better.
Whether entrepreneurs believe in space exploration, eliminating poverty or
creating a practical but game-changing product, they ultimately build a brand
in service of others. Some entrepreneurs use their business as a way to raise
capital quickly to funnel into their noble causes. To social entrepreneurs,
building an empire is about creating a better world for everyone.
They don’t want a boss: Entrepreneurs often struggle with having a boss.
They often feel suffocated, restricted and held back. Some entrepreneurs
may feel that they have a more effective way of doing things. Others may
dislike the lack of creative freedom. Ultimately, they become attracted to
entrepreneurship to succeed on their own terms. Being the boss can be more
fulfilling than having one. Check out 10 Obvious Signs You Should Be Working
for Yourself.
They want flexible hours: Entrepreneurship is often popular around those who
need flexible hours. Many people with disabilities often enjoy
entrepreneurship as it allows them to work when they’re able to. Parents with
young children might also prefer entrepreneurship as it allows them to raise
young children at home or pick them up from school without having to feel
guilty about it. Students may also like the flexibility of entrepreneurship as
their course workload might not allow them to work standard office hours.
They’re risk-takers: Calculated risk taking and entrepreneurship go hand in
hand. Entrepreneurs don’t apply to jobs, they create them. With that comes
risk. Whether it’s the financial risk of starting your first brand or the risk from
not knowing what to expect, business is risky. Entrepreneurs are often taking
risks by trying things the average person won’t, to do things the average
person can’t.
They can’t get a job: Many stumble into entrepreneurship when they can’t
get a job. Getting fired, a lack of experience or a criminal record can prevent
the average person from getting a job when they’re desperate. Instead of
being defeated by their situation, they create new opportunities for
themselves. A new graduate might start an online store the summer after
graduation to build up their resume. A parent who is seasonally laid off each
winter might start a business to ensure they can continue feeding their family
while keeping a roof over their heads.
They don’t fit into the corporate environment: Entrepreneurs don’t often
thrive in corporate environments. It’s often very restricting for their growth.
They may dislike the lack of control they have in their role or the office
politics. In general, you can spot an entrepreneur in a corporate environment
as they’re usually trying to gain more control in their role and learning their
coworkers responsibilities to better understand how everything fits together.
They’re curious: Entrepreneurs love finding out the answer to the question,
‘what will happen if…’ They’re experimental. Entrepreneurs love learning.
They regularly read business books to advance their knowledge. So naturally,
entrepreneurship appeals to them because doing allows them to learn the
most in the shortest amount of time. Their curiosity allows their continued
growth.
They’re ambitious: Those who love reaching difficult goals and milestones are
made to be entrepreneurs. There’s no limit to how much an entrepreneur can
make and so they can always work to achieve higher levels of greatness.
Since there’s no limit to what they can achieve, entrepreneurs constantly find
themselves growing and achieving more than they ever imagined. When
obstacles get presented in front of them, they find the workaround to their
goal. Entrepreneurs are unstoppable.
Examples of Entrepreneurs
Walt Disney cofounded the Walt Disney Company one of the leading motion
picture studios. He was also the visionary of theme parks like Disneyland and
Walt Disney World. His brand started with the creation of the Mickey Mouse
character and eventually expanded to include characters like Snow White,
Cinderella and more. As an entrepreneur, he had to overcome adversity with
challenges such as people stealing his work, commercial failures and more.
However, he kept pushing through staying committed to his vision.
Sara Blakely first started her Spanx brand in 1998. She was one of the first
creators of women’s leggings. Her brand specializes in shapewear and also
includes bras, panties, hosiery and more. She’s also the inventor of arm
tights which allows women to wear their summer clothing year round. At one
point, Blakely was the youngest self made female billionaire.