ENTREP | LECTURE 02

• CHARATER TRIATS

  • The mark or attribute that distinguishes an entrepreneur from the owner of an ordinary small business.
  • Based on SERDF of DTI
• SERDF - Small Enterprise Research and Development Foundation
• DTI - DEPARTMENT OF TRADE AND INDUSTRY
• THREE (3) CHARACTER CLASSIFICATION OF ENTREPRENEUR TRAITS

  • Achievement Cluster
  • Planning Cluster
  • Power Cluster
•  ACHIEVEMENT CLUSTER

  • Consists of entrepreneurial character traits that are directly related to the entrepreneur's desire to be an achiever in the field to entrepreneurship.
•  ACHIEVEMENT CLUSTER

  • Opportunity-seeker
  • Committed
  • Persistent
  • Risk-taker
• Three types of Risk-Taker:

  • Aggressive risk-taker (Matapang)
  • Moderate risk-taker (Chill)
  • Conservative risk-taker (Sumugal sa umpisa, kontento na)
• Aggressive risk-taker

  • Is someone who takes bold risks without thoroughly studying the potential benefits and drawbacks beforehand.
• Aggressive risk-taker

  • They might dive into opportunities headfirst, often driven by ambition and confidence, but without considering the potential consequences.
• Moderate risk-taker (Chill)

  • Approaches risk with a balanced perspective.
• Moderate risk-taker (Chill)

  • They take the time to study the pros and cons of each decision, weighing potential outcomes before making a calculated move.
• Moderate risk-taker (Chill)

  • They are comfortable with risk but also value careful consideration and analysis.
• Conservative risk-taker (Sumugal sa umpisa, kontento na)

  • Someone who is willing to take calculated risks, particularly in the initial stages of a venture, but becomes content or satisfied with the current level of success and does not seek further expansion or growth.
• Efficient and Quality-oriented

  • Entrepreneur want to produce high quality of products, goods, and services. They not selling waste to their costumer.
• TRUE - To make the product of good quality, it's important to prioritize "quality over quantity."
• TRUE - A smart entrepreneur can produce high-quality products without wasting a lot of raw materials.
• PLANNING CLUSTER

  • Planning is inherent in the entrepreneur, being both the owner and manager of the business. It often begins with a specific plan and ends with review of the progress.
• Goal setter

  • Goals should not only be realistic but also attainable
  • It should be SMART
• SMART

  • Specific
  • Measurable
  • Acceptable
  • Realistic
  • Timebound
• Systematic - Rational and logical approach in performing the activities.
• Systematic - Step-by-step procedures that are scientifically designed to follow the preparation of plans and monitoring of activities.
• Planning - Setting of goals and objectives
• Monitoring - Evaluation of the activities and adopted courses of action.
• Information-seeker - Prior to launching a business or enterprise, it's crucial to gather relevant information to make informed decisions and develop effective strategies.
• POWER CLUSTER

  • It establishes the relationships of the entrepreneur with the supplies of raw materials, financial institutions, customers, competitors, the government, employees, and all other stakeholders.
• Persuasive and positive networker

  • Focus on discussing the benefits rather than personal gains when interacting with stakeholders.
• Self-confident

  • Entrepreneurs display confidence in themselves and their ventures, which helps in negotiating deals, making decisions, and leading effectively.
• SKILLS AND CORE COMPETENCIES IN ENTREPRENEURSHIP

  • ENTREPRENEURIAL SKILLS
  • COGNITIVE SKILLS
  • PROBLEM-SOLVING SKILLS
  • TECHNICAL SKILLS
  • INTRAPERSONAL SKILLS
  • SUCCESSFUL ENTREPRENEUR
• ENTREPRENEURIAL SKILLS

  • Skills are considered as the personal abilities to do things well. They come from the totality of the knowledge, practice experience, and aptitude of a person.
• ENTREPRENEURIAL SKILLS

  • Knowledge
  • Practice and experience
  • Aptitude
• COGNITIVE SKILLS

  • Understand written materials
• COGNITIVE SKILLS

  • Learn and apply new information
• COGNITIVE SKILLS

  • Solve problems systematically
• COGNITIVE SKILLS

  • Innovate new products and procedures
• PROBLEM-SOLVING SKILLS

  • Defining the real problem
• PROBLEM-SOLVING SKILLS

  • Gathering information about the problem
• PROBLEM-SOLVING SKILLS

  • Formulating alternative solutions
• PROBLEM-SOLVING SKILLS

  • Evaluating alternative solutions
• PROBLEM-SOLVING SKILLS

  • Selecting and implementing solution
• PROBLEM-SOLVING SKILLS

  • Evaluating the decision