Character Traits

Common to Successful
Entrepreneurs
Objectives:

At the end of the lesson, the learner should be able to:

1. Discuss the significance of knowing oneself as part of
being a successful entrepreneur, and
2. Identify and Understand some character traits that are
common among successful entrepreneurs.
Character Traits
3 Major Clusters
1. Achievement Cluster

– Consists of entrepreneurial character traits that are directly related to the

entrepreneur’s desire to be an achiever in the field of entrepreneurship.
– An opportunity seeker
– Committed
– Persistent
– A risk – taker
– Efficient and quality oriented
Opportunity Seeker

– seeker of business opportunities

– The entrepreneur usually identifies a business opportunity and then thoroughly
evaluates its viability
– A business opportunity seeker is an entrepreneur who:
1. Sees and acts on new business opportunities; and
2. Seizes unusual opportunities to obtain financing, equipment, land, work,
space, or assistance.
Committed

– displays a full commitment to the work and endeavor that he or she is

undertaking.
– He or she does not entertain negativism or skepticism
– Accepts full responsibility for what has been promised to customers
– Establishes proper coordination with and among workers, so that goods and
services are delivered as promised
– Seeks to prioritize the satisfaction and interest of the customers
Persistent

– Take repeated or different actions in order to overcome obstacles

– Make personal sacrifices or exert extraordinary effort to complete the required
task
– Stick to his or her own judgement in times of opposition and failure
Risk - taker

3 types of risk-takers:
1. An aggressive risk-taker is not scared to take any risks in the business
2. A moderate risk-taker is more calculative in taking risks. He or she analyzes first
the situation before taking the leap
3. A conservative risk-taker is not very eager to take any kind of risk. He or she is
satisfied with managing a small business and a regular clientele
Efficient and Quality Oriented

- always performs the required tasks in accordance with the existing standards of
excellence or continuously improves on his or her past performance
-strives to do things better and faster with minimal cost
2. Planning Cluster

– Set of characteristics of successful entrepreneurs that supports the character traits in

the achievement cluster
– He or she often begins the day with a specific plan and ends it with a review of the
progress or status plan.
– The plan serves as the blueprint of the actions to be undertaken by the entrepreneur
– Entrepreneur who belongs to the planning cluster is:
1. A goal setter
2. An information seeker
3. Systematic in planning and monitoring
Goal - setter

- The basic concept of planning is setting goals and objectives

- Sets clear, specific, and well defined short and long term goals and objectives
- Usually guided by the SMART principle
Information Seeker

- seeks relevant information on target customers, suppliers of raw materials, and

competitors
- Verifies available information from various sources both private and public like
printed materials and agencies
- seeks opinions and advice from experts in the business fields
- Find other possible ways to make sure that the desired information is complete
Systematic Planning and
Monitoring
- Gathers all the qualitative and quantitative before formulating the plans
- Develops a logical step by step approach in the formulation of plans
- Monitors the progress of activities and switches to alternative strategies when
deemed necessary
- Evaluates constantly the alternatives in achieving the goals
3. Power Cluster

– defines how the entrepreneur project themselves in the business community

– Persuasive and positive networker
– Self-confident
Persuasive and Positive
Networker
- adopts specific strategies that will influence and convince others while
maintaining the highest degree of respect
- Make use of positive contacts in the business community in order to meet the
goals and objectives of the business endeavor
Self - confident

- Project a favorable image of themselves that is founded on respect and good

deeds in the business community
- A manifestation of the entrepreneurs strong trust or belief in himself or herself