Chapter 4:

FASHION
Entrepreneurial Characteristics
and
GENERAL
Competencies
Objectives:
In this lesson, students are able to:

A. Identify and differentiates the different characteristics

and competencies of an entrepreneur;
B. Evaluate oneself and plan courses of action to help
develop ones entrepreneurial characteristics and
competencies; and
C. Elaborate the demands for entrepreneurial success
in most successful businessman.
 THE 10 ENTREPRENEURIAL
CHARACTERISTICS

1. Opportunity seeking 6. Goal setting

persistence 7. Information seeking
2. Persistence 8. Systematic planning
3. Commitment to work and monitoring
4. Demand for quality and 9. Persuasion and
efficiency networking
5. Risk taking 10. Self-confidence
CHARACTERISTICS OF
AN ENTREPRENEUR
1. Leadership and management abilities

- Managerial leadership is the ability to plan, organize, direct

and control the organization towards the goal and
objective of the organization. It requires conceptual skills in
defining the direction of the business and the development
of plans and programs that will work efficiently.
2. Positive risk takers

- The entrepreneur as a positive risk taker, enjoy the

challenges of putting his money and time into a test. He
calculates the various alternatives open to him and
careful in the choice of actions.
3. Self-confidence and positive outlook

- The entrepreneur has strong belief in his capacity to

make a difference in their chosen field. They believe
that achievements are guiding principles in man’s
success as faith drives them to do better.
4. Innovativeness and forward looking

- The blazing path to entrepreneurial success is the

courage to make innovations in products or service.
The entrepreneur refuses to stop at his achievements.
He looks forward in creating new things, something
different from others.
5. Natural intelligence and decision making skills

- The entrepreneur’s natural intelligence is an important

requirement in making effective decisions. The
entrepreneur has to make decisions as he cannot make
things happen without making a wise choice of
alternatives.
THE ENTREPRENEURIAL SKILLS
AND
COMPETENCIES
1. The Entrepreneur Missionary

The entrepreneur as a missionary who perceive

opportunities inherent in the exchange pf goods with great
desire for profit. The entrepreneur creates an environment in
which success is possible and possibility of failure is
controllable
2. Entrepreneur is Goal-Driven

An entrepreneur is a Goal-Driven and self-

confident as he exercises the locus of control. He set
high goals and strives to attain the projected target
and accomplishments.
3. The Entrepreneur is a Marketing Man

The marketing environment is identified by the

entrepreneur and thus, he marshals his resources to
pursue the opportunities and makes immediate action to
exploit his personal gain.
4. The Entrepreneur Starts Small to Become Big

Many entrepreneurs start small but with their

managerial talents and persistence, they exploit
the opportunities available for their disposal.
MANAGERIAL SKILLS
THAT MAKES A
SUCCESSFUL
ENTREPRENEUR
1. The ability to plan and conceptualize

Conceptualization and planning go together. Good

concepts need to be put in the planning table to avoid
the risk factor. The entrepreneur is able to forecast the
future by seeing to it that risk involve are properly
controlled.
2. The ability to organize the resources of the
enterprise.

A good business organization is based on around

people and resources. An entrepreneur works with
others and needs people with the same values and
working ability. Efficiency and effectiveness in the
work arena are the working of people with dedication
and talent to do the job properly.
3. The ability to direct and motivate people in his
organization

People are like machines that need oil that will make
them work smoothly and efficiently and effectively.
Machines will bug down if no oil is put into its chamber
while in operation. The same principles work with people.
They need proper compensation and motivation for them
to deliver the necessary output.
4. The ability to control

Controlling the whole operation is a difficult task for

the entrepreneur. Safeguard and control mechanism
could put in place with carefully crafted policies and
procedures.
5. The ability to manage time.

Time management is very essential ingredient to

the success of an entrepreneur. Because of the
numerous activities to attend to the entrepreneur
must be able to log on his time schedule so that
important activities could be attended on time.
6. The ability to adapt to the changing
environment of business.

Business today is fast changing with the advent of

technology and innovation. The new entrepreneur
must be able to adapt to his changes in the business
landscape for him to go with the time of progress and
expansion.
THE DECISION MAKING
PROCESS
1. Identify the problem

The risk involved in the management of the business

has to be identified and analyzed before solutions
could be made. Relevant data and information must
be organized.
2. Gather the data that brought the problem.

Good and intelligent entrepreneur must be able to

get the data that brought about the problem. The
solution to the problem is dependent on the data
available at hand.
3. Analyze the data.

Not all information are relevant to the solution of

the problem. Some data must be discarded. It must
be focus on the problem at hand. It must be timely
gathered and the information is based on actual
situations prevailing in the business environment.
4. Formulating alternative solutions.

The entrepreneur makes various alternative

solutions to the problem at hand. These solution are
subject to a series of analysis and he may need
outside opinion.
5. Selecting the best alternatives course of action.

After all the alternative courses of action has been

analyzed, the entrepreneur makes the decision. The
decision has to be implemented with the less possible
risks in terms of money, time, and effort.
6. Implementing the best alternative

The modern entrepreneur utilizes group efforts in

solving business problems. Problems and solutions
are best arrived when people who will be
implementing the decisions are properly consulted
and their opinions and ideas are taken into account
before the final decision is implemented
ENTREPRENEURIAL
MANAGEMENT
AND
DEMANDS
 Many successful entrepreneur in the Philippines
and those in the foreign countries are not making
known schools of management. Most
entrepreneurs came from scratch and have
acquired managerial expertise in making business
empires through shared hard work and dedication.

The demands for entrepreneurial success are

common in the most successful businessman.
 1.The entrepreneur is alert to opportunities and
perceptive to make things happen

➢ The entrepreneur looks at things much ahead to

other people. He sees things in different ways and
develops strategies to make things happen the
way he perceived it to be. An entrepreneur is a
starter but make sure that what he started, he
pursues until he succeed in making it happen.
 2. The entrepreneur has the health and
endurance to work long hours.

➢ The dreamer entrepreneur could not stop working

until he finds solutions to his perceived idea. He
spend 75 percent of his 24 hours time thinking and
working until he gets to a realization of his dream.
He is willing to sacrifice personal pleasure in his
quest for the true meaning of his ideal set up of
business enterprise.
3. The entrepreneur of flexibility and change
➢ The entrepreneur does not have one-track mind.
He finds new avenue or course of action as he
senses some danger zone with on his plans and
program. He makes easy revision but make sure
that the track on hand is still towards the direction
he wants to achieve. He crafts new alternatives
solutions and devises way to make a difference.
4. The entrepreneur is self-assured

➢ The entrepreneur could not easily be rattled by

problems and uncertainties. He has great trust in
his capability to develop new things. His
intelligence and self-confidence is always at high
level. He is guided also by his faith in GOD that is
good intentions and actions deserve to be fulfilled.
5. The entrepreneur seeks others’ opinion or make
researches

➢ He believes that a person who asks questions could

only be a fool for a minute but one who asks no
questions could be a fool for a lifetime. He seeks the
advice of other professionals that will help make
things happen. He indulges in research activities to
find new solutions.
 THANK YOU FOR
LISTENING, WE HOPE NGA
FASHION
NAA MOY NA LEARN SA
GENERAL
AMOANG REPORT.