Professional Documents
Culture Documents
Entrepreneurship OUM: MPU 2222/MPU3223 - V2 Topic 2: Identifying Entrepreneurial Characteristics
Entrepreneurship OUM: MPU 2222/MPU3223 - V2 Topic 2: Identifying Entrepreneurial Characteristics
• Learning Outcomes
1. Identify 16 characteristics of successful
entrepreneurs; and
2. Describe at least three differences between
businessmen, managers and entrepreneurs.
Identifying Entrepreneurial Characteristics
Characteristics of Successful Entrepreneurs
Initiative and Responsibility: actively seeking and taking the initiative
as well as being responsible for success or failure of the business
operations.
High Commitment on the Ventures: To overcome business challenges.
Opportunity Orientation: Able to seizing the extraordinary ones.
Moderate Risk-taker: By doing business analysis; avoiding taking high
risk without good reasons.
Confident (ability to succeed) and Optimistic (chances for success
based on reality)
Creative and Innovative: help produce unique products thus, gaining
competitive advantages in their ventures.
Seeking Feedback: learn from mistakes & to improve.
Internal Locus of Control: the success or failure depends on
themselves.
Identifying Entrepreneurial Characteristics
Characteristics of Successful Entrepreneurs (Con’t)
Tolerance of Failure: do not easily become disappointed, discouraged, or depressed
by failure.
High Level of Energy: to cope with extraordinary workload and stress
Team Building: Most successful entrepreneurs have highly qualified and well-
motivated teams that help handle the venture’s growth and development.
Independent: They like to accomplish tasks in their own way. They want to have
authority to make important decisions.
Flexibility: Entrepreneurs are not rigid in their ventures. They are flexible and have the
ability to adapt to the changing demands of their customers and businesses. Rigidity
may leads to failure.
Drive to Achieve: Achievement seems to be the primary motivating force behind
entrepreneurs. Entrepreneurs are self-starters who internally have a strong desire to
compete, excel, pursue and attain challenging goals.
Ability to Set Vision: Entrepreneurs know what they want to achieve. They have a
vision. This vision develops over time as the entrepreneur begins to realise what the
firm is and what it can become.
Skilled at Organising: Entrepreneurs know how to put the right people together to
accomplish a task. Entrepreneurs are able to organise their resources in an effective
way so as to transform their visions into reality.
Identifying Entrepreneurial Characteristics
Thank You