Module 2

• Common traits of entrepreneurs:

  1. Proactive
  2. Agents of Change
  3. Risk Taker
  4. Have a sharp eye for opportunities
  5. Sociable
  6. Networkers
  7. Decisive
  8. Balanced
  9. Innovative
• Proactive: This is what entrepreneurs should be rather than being passive.
• Proactive: They address issues, problems, and challenges before they come rather than they were already happened.
• Agents of Change: Entrepreneurs are innovation champions; They see opportunities in hopeless and complex situations.
• Agents of Change: They are always enthused to improve and develop new products and services and introduced them to the market
• Risk taker: Entrepreneur will not be successful if they do not take risks.
• Risk taker: Entrepreneurs do not just grab opportunities left and right; they have to take into considerations the potential various threats they may encounter.
• Have a Sharp eye for opportunities: Entrepreneurs have a talent for recognizing an opportunity even by using the macrolevel data only
• Sociable: Soft skills are one of the most important competencies of entrepreneurs as these establish the relationship with the most important assets of the company, its people, and its customers
• Networkers: Knowing the key people to connect with; can be a very intimidating task.
• Networker: Successful entrepreneurs gain trust of their valuable network and maintain a long-lasting relationship with them
• Decisive: Entrepreneurs always have decisions about their business; They do not settle for gray areas or unclear solutions.
• Balanced: The minds of entrepreneur should have a balanced between analytical and the creative side
• Innovative: The minds of entrepreneur are rich with big ideas that can add value to their existing business or could become a game changer in the industry or business where they belong.
• Innovative: They do not stop improving and thinking of new and worthwhile ideas for their business.
• Core Traits that Entrepreneurs Should Develop in Managing and Running the Business:

  1. Leader
  2. Communicator
  3. Specialist
  4. Problem Solvers
• Leader: Successful entrepreneurs always have the heart of a leader.
• Leader: They must be a source of inspiration for their employees. They must be very humble, approachable, friendly and also know how to listen to people's concern.
• Leader: they act on their responsibilities that were given to them. They use their strengths and limitations to make the best of a situations.
• Communicators: Entrepreneurs know how to use all forms of communication to effectively share and address certain concerns with their customers or employees.
• Communicators: Effective communication not only provides people with a clear view of what the business offer, they also help prevent mishaps in an organization.
• Communication: is a channel between entrepreneurs and their employees or customers should always be open to ensure the smooth flow of operations in their business.
• Specialist: Entrepreneurs are experts in their chosen business. They are tactical and are very keen with details.
• Specialist: They understand the totality and specificity of their business.
• Specialist: They can easily think of innovating and improving the product or service offering because they know their intricacies. They enjoy being in action instead of being behind the scenes.
• Problem Solvers: Entrepreneur posses critical thinking skills and look at problems as challenges or puzzles that they need to solve. They know to handle issues in any area of business, be it finance, operations, or marketing.
• Problem Solvers: They listen to the plight of their employees on certain problems involving their units, and come up with strategic solution.
• Problem Solvers: Entrepreneurs have faith that every problem has a solution no matter how hard it is. They must also be courageous and know how to face the consequences of their decision.
• List of Common Small Businesses in the Philippines:

  1. Sari-sari store
  2. Rice retailing business
  3. Food cart business
  4. Printing business
  5. Buy-and-Sell Business
  6. Street food business
  7. Flea Marker Business or Tiangge
  8. Online Selling Business
  9. Cellphone Loading Business
  10. Laundry and dry cleaning business
  11. Hairstyling and Makeup Business
  12. Video and Photography Business
  13. Tutorial Business
  14. Baking Business
  15. Website Development and Design/Blogging
  16. Direct Selling Business
  17. Carwash and care Business
  18. Bar, Cafe and Restaurant
  19. Water Station and LPG Station
  20. Spa, Gym, and nail care Business
• Entrepreneur or Employee?

  Employee


  Income generated actively (i.e., on working hours only); no work = no pay
• Entrepreneur or Employee?

  Employee


  Income usually fixed per month and increases every year depending on the employer and the employee's performance
• Entrepreneur or Employee?

  Employee


  Income earned whether the business is successful or unsuccessful
• Entrepreneur or Employee?

  Employee


  Seek for a job; is the one applying for a job and is interviewed by the company's hiring officers
• Entrepreneur or Employee?

  Employee


  Has the goal of satisfying only the employer or the direct supervisor
• Entrepreneur or Employee?

  Employee


  Fully dependent on the employer's performance; is at risk of losing his or her job if the company does not perform well; may find it difficult to just leave their below par employer if this is their source of income
• Entrepreneur or Employee?

  Employee


  Can only work for the current employer exclusively
• Entrepreneur or Employee?

  Employee



  Has routine tasks and works on regular or normal hours.
• Entrepreneur or Employee?

  Employee



  Follow policies, procedures and memoranda from the employer
• Entrepreneur or Employee?

  Employee



  He a limited number of vacation days imposed by the employer
• Entrepreneur or Employee?

  Employee



  Taxed on the gross income; cannot use expenses incurred relate to the job such as food and transportation expenses to claim for deductions from taxaable income