Philippine College of Science and Technology: Why Do People Become Entrepreneurs?

PHILIPPINE COLLEGE OF SCIENCE AND TECHNOLOGY
Old Nalsian Road, Nalsian, Calasiao, Pangasinan, Philippines 2418

Tel. No. (075)522-8032/Fax No. (075)523-0894/Website: www.philcst.edu.ph
ISO 9001:2015 CERTIFIED, Member: Philippine Association of Colleges and Universities (PACU),
Philippine Association of Maritime Institutions (PAMI)
MODULE 1: LESSON 3
SKILLS AND TRAITS OF AN ENTREPRENEUR
Why Do People Become Entrepreneurs?

Every entrepreneur has their own ‘why’ that drove them to dive into being their own boss.
Whether entrepreneurs need more freedom or to make the world a better place, they all take control
of their life by living life on their own terms. Here are a few of the reasons why people become
entrepreneurs:
 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
 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 want to work from anywhere: Along with flexibility in working hours, entrepreneurship
is popular among those who don’t want to be tied down to a specific location. Entrepreneurs
1 | Module 1- Lesson 3
might not want to work from the same place every single day, as it might get boring for them.
So, if you’re looking for the freedom to work from anywhere in the world, maybe the
entrepreneur lifestyle is the right one for you.
 They can’t get a job: Many stumbled 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 co-
worker 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.
ENTREPRENEUR IDEAS
A startup entrepreneur can build almost any type of business. Here are a few business ideas
to get you started:
1. Ecommerce store owner
2. Freelancer (write a blog, accountant, designer)

3. Teaching (online courses, author)
4. App creator (chatbots, social media apps)
5. Service based business (food delivery, cleaning, dog walking)
6. Consultant based business (wedding planner, life coach)
7. Apartment rentals (Airbnb)
8. Marketing businesses (PR firms, influencers, SEO brands)
9. Affiliate marketing (Amazon, Clickbank, etc)
10. Blogger (Product reviews, niche blog, magazine)
11. Vlogger (Start a YouTube channel, Twitch)
12. Flipper (domain name, website, house)
13. Translator
14. Gig Economy (driver, Fiverr)
15. Real estate agent (condos, houses, commercial)
16. Photographer (product photography, sell photos)
17. Stock Broker (buying and selling stocks)
18. Tutor
19. Reseller business
WHAT ARE ENTREPRENEUR SKILLS?

There are many skills required to start a business. The most popular entrepreneur skills are
marketing, business development, customer service, leadership, execution, resilience, focus,
determination, talent acquisition, and continuous learner.
TRAITS OF A SUCCESSFUL ENTREPRENEUR

Entrepreneurial spirit — this is something that you might have seen in a lot of job post ads
that you come across. Your track record may not be like Richard Branson, Lori Greiner, or Mark
Zuckerberg, but this does not mean that you cannot become like them or even adopt the right traits
to emulate these successful entrepreneurs. What does it take to be a successful entrepreneur? Other
than some few traits that many successful entrepreneurs share, being a self-starter can make you
very desirable both in your business and also in the industry. Moreover, having an abundance of
optimism and self-confidence is another key that can help you. There isn’t any “ideal”
entrepreneurial personality for an entrepreneur who is successful. You should be thrill-seeking and
sociable, as well as analytical, intuitive and taciturn. And as per Belinda Plutz, who is a career coach
at New York City–based Career Mentors Inc, “Regardless of who writes the paycheck, we all need
to work as if we work for ourselves.” Are All Entrepreneurs Alike? While entrepreneurs have in
common certain characteristics and skills, there is a wide range of individuality among them. In
sports, some athletes do well because they love a sport and are trained to play it. They have developed
their skills. Others are full of natural talent and require much less special training. Still others simply
find their own successful approach to playing a sport even though they may not have been trained.
Entrepreneurs are the same way. Some receive formal training and skill development. Others have a
natural flair for it. Still others break every rule or devise very unusual approaches, but still succeed.
Which do you think would be your style? While there is no recipe for becoming a successful
entrepreneur, certain characteristics are associated with entrepreneurial success. However, there are
some experts in the industry that say that new entrepreneurs who have become successful have some
common traits, as shared below:
1. Passion - This is the most significant characteristic that every entrepreneur has, and for obvious
reasons. They are successful because they love what they do. These entrepreneurs put all the extra
hours they have into the business to make it successful and flourish. It is a pleasure for them to see
the results of their labor, which goes well beyond the money received. People like this are always
researching and reading things to find strategies in how they can make their business better.
“If your mind can conceive it, and your heart can believe it, then you can achieve it!”
2. Strong Work Ethic - Entrepreneurs who are successful make sure that they are always the one
who is first to the office and the last one to leave. These people are those who ensure that they come
to the office during their off days, if needed, just to ensure that the outcomes meet their expectations.
The successful entrepreneurs are those who always have their mind in their work, even if they are
not in their workplace.
3. Strong people skills - A successful entrepreneur is someone who has excellent communication
skills for selling the products to customers and motivating the employees. Yes, most entrepreneurs
who have the power to motivate their employees can see their business grow within no time. These
entrepreneurs are also great at instructing others to be successful and highlighting the advantages of
any situation.
“Entrepreneurs are self-reliant, opportunity focused, willing to take risks and thrive on
competition.”
4. Determination - The successful entrepreneurs are never greatly impacted by the defeats they
encounter. For them, failure is like an opening for a success story, and hence, they try again and
again just till they get the success they are expecting. Moreover, these entrepreneurs are not wired to
believe that some things are not possible and cannot be done.
5. Creativity - One of the main aspects of creativity is the ability to find a relationship between two
unrelated situations or events. They usually come up with the solutions of these problems that are a
combination of other things. These people normally re-purpose the items for marketing them to new
industries.
6. Competitiveness - The number of companies formed are increasing every month and every year,
as every entrepreneur feels that they can do a much better job than others. They run with the aim that
they need to win at the sport they play and win the business that they are creating or have created. It
is an entrepreneur that highlights the track record of success of their company.
7. Self-Starter - Every successful entrepreneur knows that if something has to be done, it needs to
be done by themselves. Parameters are set by them, and they ensure that the projects are following
that path. They do not wait for someone to permit them and are highly proactive.
8. Open Minded - For those entrepreneurs that are successful or are following others who have been
successful, understand that each situation and event is a business opportunity. There are new ideas
that continually come out regarding new potential businesses, people skills, efficiency, and
workflows. These people have the capability to see all that is around them and direct the focus
towards their objectives and goals.
“Entrepreneurs who are not open to learning often compromise the degree of success they will be
able to achieve.”
9. Confidence - A successful entrepreneur never asks the question or keeps doubts in their mind
about if they can succeed or if they are even worthy of success. They are normally confident enough
that their knowledge and their know-how will help them make their business idea a success. And
they radiate this confidence in everything that they do for the business.
10. Disciplined - Successful entrepreneurs always focus their energy on making the business work,
and for eliminating the distractions or obstacles to their goals. Their overarching strategies help
them to reach the goals they have while they outline the plan to achieve the final outcome. Moreover,
entrepreneurs become successful as they are disciplined to always make new steps every day towards
the accomplishment of their goals. Other than these traits, every successful entrepreneur just wants
to see what is at the top of the business mountain and they will pick up everything they get on the
path while on their way up. But that is not where their determination ends. As soon as they see it,
they want to move ahead and see more.
One of the most important things about successful entrepreneurs is that they know exactly
how to talk to their employees. These are all the reasons why their business soars. So, if you are
about to embark on the journey to be an entrepreneur, have just entered the journey or have been in
the journey but have not seen success, you need to adopt these traits and make them a part of you
for gaining success.
ENTREPRENEURSHIP IS NOT FOR EVERYBODY—OR IS IT?

Not everyone has the qualities it takes to be an entrepreneur or even wants to be an
entrepreneur. Even people who possess the necessary qualities are not necessarily made happy by
being entrepreneurs. People who have entrepreneurial characteristics are often happier working for
someone else. They use their entrepreneurial skills to advance their own careers without taking the
risks associated with being an entrepreneur. If you recognize that you have some of the characteristics
discussed here but do not feel drawn to becoming an entrepreneur, you can find ways to further your
goals or your chosen career by putting your entrepreneurial characteristics to work for you. It may
surprise you how much recognition you’ll get for the good work you do.
SOME ENTREPRENEURIAL SKILLS YOU MUST HAVE FOR SUCCESS

As with any sport, having the right attitudes and characteristics can carry you only so far.
You also need the skills that will help you succeed. However, unlike personal characteristics and
attitudes—which can often be hard or impossible to change—entrepreneurs can acquire skills if they
are willing to learn them. Additionally, they can hire people to work for them who have the needed
skills. Either way, the following skills are important if the entrepreneur’s business is to succeed.
 Ability to Plan: The ability to plan is a key skill for entrepreneurs. They must be able to
develop plans to meet goals in a variety of areas, including finance, marketing,
production, sales and personnel (hiring and maintaining productive and satisfied
employees).
 Communication Skills: Entrepreneurs should be able to explain, discuss, sell and market
their good or service. It is important to be able to interact effectively with your business
team. Additionally, entrepreneurs need to be able to express themselves clearly both

verbally and in writing. They also should have strong reading comprehension skills to
understand contracts and other forms of written business communication.
 Marketing Skills: A business’s success or failure is very dependent on whether the
business reaches the market (its potential customers), interests the market and results in
those in the market deciding to buy. Many entrepreneurs who failed started with an
innovative good or service that with proper marketing could have been very successful.
Good marketing skills—that result in people wanting to buy your good or service—are
critical for entrepreneurial success.
 Interpersonal Skills: Entrepreneurs constantly interact with people, including customers
and clients, employees, financial lenders, investors, lawyers and accountants, to name a
few. The ability to establish and maintain positive relationships is crucial to the success
of the entrepreneur’s business venture.
 Basic Management Skills: The entrepreneur must be able to manage every component
of a business. Even if entrepreneurs hire managers to attend to daily details, they must
understand if their business has the right resources and if those resources are being used
effectively. They must ensure that all the positions in their business are occupied by
effective people.
 Personal Effectiveness: In order to handle the pressures of their busy lifestyles,
entrepreneurs must have the ability to manage time well and to take care of personal
business efficiently. Because first impressions are so important, entrepreneurs must also
pay attention to such things as personal appearance and telephone skills. For example,
think of the difference in the impression made by someone who answers the phone by
saying, “Yeah?” versus saying “Computer Support Services, this is Alex. How may I help
you?” Additionally, entrepreneurs benefit a great deal by being aware of their own
strengths and weaknesses.
 Team Building Skills: Because entrepreneurs usually assemble a team of skilled people
who help them achieve business success, they must be able to effectively develop and
manage the team.
 Leadership Skills: One of the most important leadership skills an entrepreneur must have
is the ability to develop a vision for the company and to inspire the company employees
to pursue that vision as a team. The expression “people would rather be led than
managed” applies especially well to an entrepreneurial venture. Few entrepreneurs
possess every skill needed to ensure business success. For example, they often look to
outside experts for help in areas such as strategic planning, accounting and finances,
contracts and legal issues, and specialized marketing.
CONCLUSION
In this lesson, you learned why people go into entrepreneurship, ideas of an entrepreneur,
skills of an entrepreneur, and traits of an entrepreneur. If you’re looking to make your mark on the
world, solve a big problem or advance society, consider entrepreneurship. You could just be the
person to change the world. All it takes is taking your best entrepreneur ideas and acting on
them.

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PHILIPPINE COLLEGE OF SCIENCE AND TECHNOLOGY

Old Nalsian Road, Nalsian, Calasiao, Pangasinan, Philippines 2418

Why Do People Become Entrepreneurs?

2. Freelancer (write a blog, accountant, designer)

WHAT ARE ENTREPRENEUR SKILLS?

TRAITS OF A SUCCESSFUL ENTREPRENEUR

ENTREPRENEURSHIP IS NOT FOR EVERYBODY—OR IS IT?

SOME ENTREPRENEURIAL SKILLS YOU MUST HAVE FOR SUCCESS

team. Additionally, entrepreneurs need to be able to express themselves clearly both

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