MODULE No.

Name: RONSLIE DAVE IGASAN

Course/Year/Section: BTVTED AT 2D

Preliminaries
Module Title: Factors of successful entrepreneurs and competencies of entrepreneurs
Course Title: Entrepreneurship
Course Number: TLE 102
Course Description:
This course dwells on basic entrepreneurial concepts and practices. It includes topics such as
personal entrepreneurial concepts, environment and market.
Total Learning Time: 1 week
Pre-requisites (If there’s any):
Overview:
This topic covers key factors of successful entrepreneurs and competencies of entrepreneurs.
Watch youtube video with the link I have provided and give your own reflection relative to the
presentation. Search and read from the links I have provided below and answer question based on your
understanding. Do not copy the idea of these authors. I don’t encourage copy and paste system. This
module is good for one week. Deadline of submission is every Saturday of the week and this will be sent
through our group chat in messenger aps. Check the chat box every Monday for new module to be
uploaded.

Learning Outcomes
Students are expected to:
1. Discussed factors to become successful entrepreneurs
2. State their own opinion/views about success.
3. Discussed personal competencies of an entrepreneur.
Indicative Content:
 Key factor of successful entrepreneurs
 Competencies of entrepreneurs
Pre- Assessment (Optional)
A pre-test or pre-evaluation related to the topic given before the proper discussion of the topic.

Discussion:
Entrepreneurial key success factor
The most critical and most important key success factors that can make an entrepreneur
become a successful entrepreneur are:
1. Willingness to take action as a key success factor. This is the first and most important factor for
“would be” and current entrepreneurs.
2. Entrepreneurial knowledge. Entrepreneurs are persons who must have superior knowledge about
specific business issues for the business that they have started. Your knowledge will increase
your business potential energy and in large part will contribute to the success of your company.
3. Entrepreneurial creativity. You must be a creative person if you want to be unique enough and
with the power of continuous improvement in your business. The creativity will increase your
business potential energy that will bring many possibilities for your company.
4. Entrepreneurial skills. Each entrepreneur and each business will need different entrepreneurial
skills that in some cases can be crucial to the success of their companies. If you have the knowledge,
but you don’t have skills that can be covered only through implementation of what you have learned,
you can’t expect that you are close to the success. As you can see, you will have skills if you take
action, implementing what you have learned.
Personal competencies of a successful businessman or woman
 Leadership qualities – A businessman or woman must be able to lead his or her staff
members as well as other associates. He or she must be able to guide others in carrying out
business and make a success of it.
 Decisive – A successful businessman or woman has to be very decisive. He or she has to take
many decisions sometimes on the spur of the moment. Any vacillation in decisions could

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 affect their business. They have to be very firm in their decisions. Also, while taking decisions
they must not get influenced by others. They should be able to take decisions independently.
 Risk-taking – Business involves many risks, which a business person must not hesitate to
take. Lot of financial makes investment is there and obviously one has to be careful with
investments. Yet risks have to be taken in money matters as well. Sometimes a businessman
may lose out on his or her venture, but when he or she make a success of it then he or she has
much to gain, both financially and from a personal satisfaction point of view.
 Confident – Achieving success in business requires confidence. A businessman or
businesswoman has to be sure of him or herself about reaching the set targets of success.
Diffidence does not help. Self-image is enhanced, when one is confident.
 Willingness – A businessman or woman must be willing to undertake any matters concerning
their business venture. He or she must not hesitate for personal or other reasons. Willingness to
extend a helping hand is very essential.
 Enterprising – One has to be enterprising in order to achieve significant results in business.
He or she has to have the zeal to do things. A laid-back approach will not help.
 Innovative – New ideas help make a business venture successful. A successful businessman
or woman must be innovative and always strive for something better. New concepts must be
formulated and new ways of doing business must be thought of.

5. Entrepreneurial Intelligence. You must be intelligent to manage all possible situations and solve
the hardest problems that will be the most consistent thing in your business life. Your intelligence
will bring uniqueness to your company because it can’t be copied easily from others.
6. Patience. You must be patient and ready to continue even you lose the first battle. It is important
because the war is still not finished. This is only the beginning of your journey as a entrepreneur.
You need to understand that your entrepreneurial journey isn’t an easy journey from A to B.
7. Persistence. Is simply a refusal to give up for something or the ability to keep your actions against
your personal feelings that you’re not ready for these actions. Feelings and motivation didn’t
produce results. The action is something that will provide the results you want to achieve. So
remove the feelings that pulled you back, and with the whole power, continue on your journey.
8. The ability for teamwork. Nobody can achieve anything alone so, this is also true for you as an
entrepreneur. You are not a “superman.” As an entrepreneur, you must be a team player for your
own and your business success.
9. Risk-taking, but calculated risk. This is indeed one of the most critical questions: are
entrepreneurs taking enough risk? Yes each business startup is, at some level, risky. However,
more important is how a successful entrepreneur takes a risk? The work calculated risk is the most
appropriate word for this characteristics. You need to use risk management principles if you want
to succeed.
10. Self-confidence. It is a significant and key success factor for entrepreneurs. Nobody will become
and entrepreneur if he doesn’t have self-confidence in himself, primarily related to strat and
manage his own business. How can you expect that customers will believe you if you are not a
self-c0nfident person who believe in yourself. Insecurity is your biggest enemy.
11. Having enough experience. Sometimes experience is in a category not so required as a factor, but
it will increase your business potential energy. As an entrepreneur, you must employ all present
and previous experience you have in the business that you are building.
12. Great talent. Talent is something inborn in an entrepreneur. But, sometimes talent is something
that can be easily replaced with knowledge and skill. So, it is important, but if you don’t add
knowledge and skills, it cannot guarantee you success.
13. Honesty. Honesty id vital in every case. But sometimes, honesty, being real, can be the most
significant enemy of an entrepreneur in some complex conditions.
14. Connections. More connection means more possibilities for building a successful business.
Building connections through networking can help you to become a successful entrepreneur.
15. Luck. Some people think that they were lucky enough to build a successful business. Luck is a
psychological factor. Some people can say that they aren’t luck persons. And indeed, there are
some “lucky people” who just accidentally found themselves in the right place at the right time
with the right idea. However, it is a small percentage and cannot be included as a serious factor for
success. The key success factors on this list are sorted according to their importance to your
success as an entrepreneur. So, the most important key success factor here is your ability to take
action.

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The Success Factor of and Entrepreneur

Many would argue that there is no concrete recipe for success, but many successful entrepreneurs have in
common certain characteristics that have contributed to the rise of their companies. Certain factors
contribute to an entrepreneur’s success.

1. Innovation. One important success of entrepreneurs is the ability to come up with a

concept, envision what it looks like and execute it effectively. This process is called
innovation, is essential to any successful business owner and entrepreneur. When coming
up with and idea, an entrepreneur must think of what he enjoys doing, analyze competition,
perform market research to see if there is a demand and figure out how to make the idea
work. This takes talent initiative and creativity.
2. Money management. Money is what keeps a business venture afloat. It is an essential part
of buying inventory, paying employees, marketing the business, buying or repairing
business tools and paying his own salary. A successful entrepreneur knows how to manage
his money. From the very beginning, it takes dedication and self-control not to make a
wrong financial decision or prematurely spend company money, especially in a lone
venture.
3. Planning. Planning is essential to starting and running a successful business. From the
early stages-market research and business plan writing-to later stages-hiring, firing and
sustaining-a successful entrepreneur must think ahead, analyze every single business
decision and constantly compile data. Another aspect of
4. Adaptation. Adaptation is essential in an entrepreneur’s success. This essential factor
comes in several different forma and is vital to the beginning and life of a new company.
Entrepreneurs knows how to adapt during the business panning stages. Through out the
process---whether in market research, coming up with an idea or writing a business plan—
things changes, and entrepreneur must be able to alter an idea or plan to fit the
circumstances. Another factor is adapting technology to your industry. With the major
emphasis on technology in all major industries, if you can’t keep up, you can’t succeed.
Entrepreneurs must constantly research industry standards so they can keep up with
competitors.

According to Lisa McQuerry, there are major factors that involved in successful entrepreneurship.
According to her it takes hard work and dedication paired with a business concept that has the potential to
stand out in the market place and make money. A well-developed business plan, market knowledge and
the ability to surround yourself with the right individuals who can help you achieve your vision.

The following are the Key

1. Viable business model. For an entrepreneurial endeavor to be successful it must be well vetted.
This includes conducting in-depth market research, having knowledge of the competition and a
well-defined financial and marketing strategy. Going into entrepreneurship without these critical
action plans can lead to unanticipated roadblocks, cost overruns and delays.
2. Business financing. Entrepreneurs must have access to financing, or understand how to go about
obtaining the funds they need to successfully launch and operate their business. This can involve
writing business plans, applying for loans or grants or seeking investors. They must have first have
detailed knowledge about anticipated cost projections as well as anticipated return on investment.
3. Self-Discipline. Traditionally entrepreneur doesn’t work 40 hours a week, but a commitment to
working as necessary to get a business off the ground is essential to success. This include
sacrificing personal time, forgoing salary and covering a variety of roles, from CEO to janitor.
Understanding your industry inside and out is also essential to it success. This means staying on
top of industry trends, continually networking, monitoring economical factors that could impact
business and surrounding yourself with knowledgeable and talented individuals who have skills
you yourself do not possess.
4. Be open to change. Being open and flexible to change as necessary is critical to entrepreneurial
undertakings. Changes in technology, the introduction of new product and competition from a
worldwide marketplace make this essential. Entrepreneurs must be able to quickly respond to ahd
re-adapt to changing conditions to stay on top.
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Exercises/Drills:

Watch you tube videos and write your reflection about it.
https://www.youtube.com/watch?v=CbrqtAtvSQA

Reflection:
Please share your insights/reflection on this topic by completing the following phrase below:
1. I have learned that the key factor for succes of an entrepreneur are creativity, making new things
that will benefit the consumer. Willingness to act willing to execute your plans and make it
happen, ability to lead people in your bussiness giving them roles to play and employ them, being
decisive which means making quick right decisions, taking calculated risk that is to minimize the
risk of failure you must know almost everything before you take risk, you need to be patient and
persistent so that you can keep the company going no matter what the situation. Knowledge about
business and connection you have to have an entrepreneuial IQ like managing money, disciplin,
managing people, and confidenc, And build connections with the people that you know could
improve the bussiness.

2. I have realized that an entrepreneur must have all those attributes to succeed in the bussiness,
success doesn’t happen overnight that’s why we need patience, hard work, knowledge, and
persistence inorder for it to last long and see the bussiness’s success in the long run. Being an
entrepreneur isn’t easy or comfortable that’s why we need discipline to keep ourselves on track
and keep going.

3. I will apply the key factors for success as an entrepreneur and aqquire those attitude and
knowledge so that when I decide to be an entrepreneur someday I have a knowledge and be able to
execute my bussiness ideas and make it work.

Evaluation
1. Based on your readings, what is your top three key factors that make you successful as an
entrepreneur? Explain your answer.
Answer: I assume that the top three factors that make an entrepreneur successful are
entrepreneurial knowledge, persistence, connection. I chose entrepreneurial knowledge because
without it you can’t manage your money, bussiness and make decisions that will be beneficial to
it’s growth it's very crucial because bussiness needs constant improvement to stay on track and
you can’t make it last without knowledge, Secondly persistence because you need to keep going
no mater what’s the situation your bussiness is in, without persistence you’ll just give up easily
and that won’t make your bussiness grow, bussiness grow because you’re constantly working for
it’s improvement no matter what’s the situation. Lastly the connections, inorder for the your
bussiness to grow you must have to have connections, connect with people that is beneficial in
building the company’s growth and also help you reach out on other and advertise your product or
services. You cannot just do it alone that’s why you need connection or team to be successful.

2. How innovation becomes a factor to succeed as entrepreneur?

Answer: Innovation becomes a factor for success as an entrepreneur because you constantly finds
a way to make new improvement on the product, create new products and finds a way to make
something more efficient and cost effective, just like other companies who use old ways of
manufacturing and modern machines to manufacture a product, modern machine is much more
efficient and fast in production compared to traditional or old ways of doing it. That’s what keeps
them on top because of modern equipment, and that’s why innovation is a factor.

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 3. According to Naveen Jain - to succeed as an entrepreneur you have to be passionate and hardwork.
How can you apply this to your own business to ensure success?
Answer: I can apply this by making my bussiness my passion when it is your Passion you work
hard for it no matter how hard it is, being passionate on my bussiness means giving it huge amount
of attention ensuring all aspects of it is in check, and put a lot of hard work for it’s success put a
lot or time working consistently for it’s improvements.

4. Why creativity and innovation is important in business? What are their contributions and benefits
to the growth of business or economy as a whole?
Answer: Creativity and Innovation is important because it is the creativity that makes the
imagination of entrepreneur manifest in material thing by making it happened, Innovation is
finding ways to improve what’s created and more, Innovations and creativity benefits the entire
economy of a nation even the whole world, for example in America without creativity and
innovation there won’t be any industrial revolution or boom in Their economy, because of their
inventions like computers, machines, and in Medicines their economy improved and that is hugely
beneficial to thier country and it’s people because it provides them job and had higher life
expectancy.

5. Among innovation, money management, planning and adaptation, which of these do you
considered as the most important factor? WHY?
Answer: I think the most important is planning and adaptation, because when you have the ability
to plan your work and execute it, it also means you can manage your money because inorder to
make it work in bussiness money is needed and also if you have the ability to adapt to changes in
the worl then you can make new bussiness ideas that will cater that change. You can be an
innovator like a scientist and doesn’t have an idea on running a bussiness, you can manage your
money but are afraid of planning a bussiness and taking risk that would make it grow and that’s
why I think the ability to plan and adapt to change is most important.

Additional Reading

1. 15 Entrepreneurial Key Success Factors To Skyrocket Your Business

https://www.entrepreneurshipinabox.com/852/entrepreneurial-success-factors/
2. Entrepreneurial competencies.
https://www.youtube.com/watch?v=CbrqtAtvSQA

References

1. Asim Dalal, (2020) The Pursuit of Passion: The Key to Successful Entrepreneurship
https://www.entrepreneur.com/article/303636
2. Donna Fenn (2011) Top 10 Success Factors for Entrepreneurs
https://www.cbsnews.com/news/top-10-success-factors-for-entrepreneurs/
3. Maku Seun (2017)10 Success Factors in Entrepreneurship
https://dzone.com/articles/10-success-factors-in-entrepreneurship

4. Competencies of Entrepreneur (youtube)

https://www.youtube.com/watch?v=NefllOH-qvQ
5. Entrepreneurship Competency Sanjana Saini
https://www.slideshare.net/SanjanaSaini/entrepreneurial-competency?from_action=save
6. Amitabh Shukla (2020) Top 7 Personal Competencies of an Entrepreneur
https://www.paggu.com/entrepreneurship/top-7-personal-competencies-of-an-entrepreneur/

7. Mitchell Holt (The Success Factors of an Entrepreneur

https://smallbusiness.chron.com/importance-planning-business-project-2670.html. Retrieved Sept.
21, 2021