Character Traits Common to Successful Entrepreneurs

• Based on studies conducted by Small Enterprise Research and Development Foundation (SERDF) of the Department of Trade and Industry (DTI), there are ten entrepreneurial characteristics grouped into three major cluster
• ten entrepreneurial characteristics grouped into THREE major cluster:

  • Achievement cluster
  • Planning cluster
  • Power cluster
• Achievement Cluster:

  it consists of entrepreneurial character traits that are directly related to the entrepreneur’s desire to be an achiever in the field of entrepreneurship.
• The entrepreneur who belongs to the achievement cluster is:

  • An opportunity-seeker
  • Committed
  • Persistent
  • Risk-taker
  • Efficient and quality oriented
• (Achievement Cluster)

  An opportunity-seeker:

  A person who dreams of becoming a successful entrepreneur must be a seeker of business opportunities.

  A business opportunity seeker is an entrepreneur who:

  • Sees and acts on new business opportunities
  • Seizes unusual opportunities to obtain financing, equipment, land, work, space or assistance
• (Achievement Cluster)

  Committed:

  A highly committed entrepreneur displays full commitment to the work or endeavor that he/she is undertaking.

  He/She does not entertain negativism and skepticism.

  • Accepts full responsibility for what has been promised to the customers.
  • Established proper coordination with and among workers, so that goods and services are delivered as promised.
  • Seeks to prioritize the satisfaction and interest of customers.
• (Achievement Cluster)

  Persistent:

  Trials, sacrifices, and failures challenge the entrepreneur to be persistent. He/She learns to

  • Take repeated or different actions in order to overcome the obstacles.
  • Make personal sacrifices or exert extraordinary effort to complete the required task, and
  • Stick to his/her own judgement in times of opposition and failure.
• (Achievement Cluster)

  Risk–taker:

  Successful entrepreneurs are business risk-takers. There is risk in entrepreneurship because of uncertainty. No one can predict exactly what will happen tomorrow.

  There are three types of risk-takers:

  • An aggressive risk-taker is not scared to take any risks in business.
  • A moderate risk-taker is more calculative in taking sirks, He/She analyzes the situation before taking the leap.
  • A conservative risk-taker  is not very eager to take any kind of risk. He/She is satisfied with managing a small business and a regular clientele.
• (Achievement Cluster)

  Efficient and Quality-oriented:

  A successful entrepreneur highly values efficiency and the concept of quality in all business undertakings. He/She

  • Always performs the required tasks in accordance with existing standards of excellence or continuously improves on his//her past performance and
  • Strives to do things better and faster with minimal cost.

  The cost of efficiency in an entrepreneurial endeavor is related to the cost involved  in the production of goods and services.
• Planning Cluster:

  is a set of characteristics of successful entrepreneurs that basically supports the character traits in the achievement cluster.

  The entrepreneurs who belong to the planning cluster is:

  • Goal-setter; (S.M.A.R.T.)
  • An information-seeker; and
  • Systematic in planning and monitoring
• Define SMART

  
• (Planning Cluster)

  Goal-setter:

  The basic concept of planning is setting goals and objectives Goals and objectives are the guiding points the direct all actions, efforts, and struggles of the entrepreneur.

  In setting the goals and objectives of the business venture, the entrepreneur is usually guided by the SMART principle.
• (Planning Cluster)

  Information-seeker:

  Entrepreneurs constantly make decisions that will affect the operations of their business ventures. These must be based not on their whims and caprives but on specific and relevant economic, financial and industry data.
• (Planning Cluster)

  Systematic in Planning and Monitoring:

  A successful and dynamic entrepreneur does not simply set goals and objectives or monitor entrepreneurial activities in any way he/she wants. Rather, he/she follows a systematic pattern of planning process and monitoring approaches..

  Planning simply refers to the setting goals and objectives.

  Monitoring refers to the evaluation of the activities and adopted courses of actions whether they are carried in accordance with the plans.
• Power Cluster:

  ◦The power cluster includes a set of character traits that reflect the degree of the interpersonal relations maintained by successful entrepreneurs in the community.

  An entrepreneur in the power cluster is

  • A persuasive and positive networker, andSelf - confident
• Power Cluster:

  The power cluster includes a set of character traits that reflect the degree of the interpersonal relations maintained by successful entrepreneurs in the community.

  An entrepreneur in the power cluster is

  • A persuasive and positive networker, and
  • Self - confident
• (Power Cluster)

  Persuasive and Positive Networker:

  Successful entrepreneurs are persuasive and can easily influence and win over to their side the other stakeholders in business such as customers, suppliers, and prospective creditors.

  They are able to establish good and positive networking with almost all of the players in the business community.
• (Power Cluster)

  Self-confident:

  Successful entrepreneurs are known to have a high level of self-confidence. They project a favorable image of themselves which is founded on respect and good deeds in the business community..