1. Characteristics of an Entrepreneur

2. Entrepreneur  Someone who takes risks and starts a venture to solve a problem or to take advantage of an opportunity  Someone who provides an innovative product or service to meet a consumer want or need

3. Characteristics of an Entrepreneur  Entrepreneurs have most of these characteristics: Risk TakerGoal-setting PerceptiveHardworking CuriousSelf-confident ImaginativeFlexible PersistentIndependent

4. Risk-Taker  Many entrepreneurs take on a high degree of risk  Higher risk = Greater reward  To be successful, an entrepreneur must minimize and manage risk Not possible to eliminate it completely

5. Perceptive  View problems as opportunities or challenges  Tackle problems head-on Do not avoid them  e.g. Cott Corporation Had to compete against soft-drink giants Coca-Cola and Pepsi Developed a new distribution system and private-label soft drinks that could be packaged under a retailer’s label, e.g. PC

6. Curious  Entrepreneurs like to know how things work  They are interested in many aspects of the business from production to marketing and sales

7. Imaginative  Entrepreneurs are creative  They come up with new ideas, new products and/or imagine solutions to problems  They have a vision  They can see where they want to get to

8. Persistent  There are many challenges with setting up a new business including: Red tape Finding enough money (especially during start-up) Stress Misreading the market  Entrepreneurs will stick with their ideas and keep trying

9. Goal-setting  Many entrepreneurs are motivated by the excitement of starting up new ventures  Once a goal is achieved, they need a new one to work toward

10. Hardworking  Many entrepreneurs work long hours even after their business is open and successful  They are driven to succeed e.g. J.M. Schneider worked in a button factory during the day and made sausages in the evening

11. Self-confident  Entrepreneurs believe in themselves  They must be convinced that their ideas are worth the effort  May have doubts, but their confidence will help them overcome their doubts

12. Flexible  The only constant is change Products change, consumer tastes change  An entrepreneur looks at change as an opportunity  Must be flexible to adapt to changing trends, technology, markets, rules and regulations, economic developments

13. Independent  Most entrepreneurs want independence They don’t like to be told what to do They want control  They like to make their own decisions and generally don’t thrive in a controlled environment

14. Entrepreneurial Skills Skill  The ability to do something specific or to translate knowledge into action e.g. knowing how to cook, knit, woodworking skills  It is easier to learn a skill than a characteristic  Enables you to translate knowledge into action  To succeed, you must have a variety of skills including: research, management and relationship skills

15. Research Skills  Need to be able to complete marketing and accounting tasks, as well as selling activities  Must identify what you need to know, and then use research to find it  Must be able to learn or acquire the knowledge you need  First step in obtaining knowledge is to ask a good question

16. Gathering Information  There are many sources of information including: books, periodicals (magazines), indexes, databases, school, professionals (lawyers and accountants)  Federal government websites are also helpful for obtaining information on various industries and markets

17. Using Information  Not all information can be used  Information gathered must be sorted through to answer your initial question  The answer may lead to additional questions and answers will become more specific and focused as the business develops

18. Management Skills  Remember that management performs four functions: planning, organizing, directing and controlling  An entrepreneur achieves goals by applying management skills to their personal, financial and material resources  Must be careful not to overplan  Must organize your time and empower staff

19. Relationship Skills  Different relationships are necessary including those with staff, suppliers and customers  Employees need to feel that they are treated fairly and that they are rewarded for hard work  Communication is critical