Characteristics and Skills of an Entrepreneur Chapter 10 Characteristics and Skills of an Entrepreneur

Entrepreneurial Characteristics not everyone is entrepreneurial Characteristics and skills usually developed through education, hard work and planning ENTREPRENEURIAL CHARACTERISTICS Risk Taker Entrepreneurs often take on a high degree of risk and stress. Many entrepreneurs face bankruptcy, that can leave them with not business and no personal assets. Perceptive The owner of Cott Corp. was perceptive, he saw the opportunity to offer a private-label beverage to the grocery industry. Private label or private brand is a product that is manufactured by another company but is sold with a store’s brand name; also called a store brand or private brand. Curious Ray Kroc, a leader in the development of the modern franchise system, recognized the potential of the McDonalds brothers’ restaurant and its formula for producing good and inexpensive food and capitalized on it.

Entrepreneurial Characteristics Risk Taker Every business faces risk Entrepreneurs take on a lot of risk, but minimize it through research, planning, and skill development Perceptive view problems as opportunities and challenges Curious like to know how things work take time and initiative to pursue the unknown ENTREPRENEURIAL CHARACTERISTICS Risk Taker Entrepreneurs often take on a high degree of risk and stress. Many entrepreneurs face bankruptcy, that can leave them with not business and no personal assets. Perceptive The owner of Cott Corp. was perceptive, he saw the opportunity to offer a private-label beverage to the grocery industry. Private label or private brand is a product that is manufactured by another company but is sold with a store’s brand name; also called a store brand or private brand. Curious Ray Kroc, a leader in the development of the modern franchise system, recognized the potential of the McDonalds brothers’ restaurant and its formula for producing good and inexpensive food and capitalized on it.

Entrepreneurial Characteristics Imaginative creative, visionaries imagine solutions to problems create new products and generate ideas. Persistent make mistakes, receive criticism, and deal with problems but stick to their goal ENTREPRENEURIAL CHARACTERISTICS Imaginative The founder of Canadian Railway Newspaper Company (Cara Operations Ltd.), T.P. Phelan took his newspaper service to the next step by providing food service in many sectors. Persistent The story about The Little Engine That Could is a children’s storybook tale of persistence. Goal-setting Some entrepreneurs have local success and then take on new challenges by going international with their business. Hardworking J.M. Schneider worked days for a button factory and in the evenings and at night he worked to provide his own customers with sausages.

Entrepreneurial Characteristics Goal-setting motivated by the excitement of starting a new business. Once achieved, they set new goals Hardworking need a lot of energy to see a venture start and succeed not deterred by the long hours ENTREPRENEURIAL CHARACTERISTICS Imaginative The founder of Canadian Railway Newspaper Company (Cara Operations Ltd.), T.P. Phelan took his newspaper service to the next step by providing food service in many sectors. Persistent The story about The Little Engine That Could is a children’s storybook tale of persistence. Goal-setting Some entrepreneurs have local success and then take on new challenges by going international with their business. Hardworking J.M. Schneider worked days for a button factory and in the evenings and at night he worked to provide his own customers with sausages.

Entrepreneurial Characteristics Self-confident believe in themselves. self-confidence covers any doubts Flexible adapt to changing trends, markets, tech, rules, and economic environments Independent desire for control and the ability to make decisions ENTREPRENEURIAL CHARACTERISTICS Self-confident Sir Richard Branson, the founder of Virgin Records, went out of his comfort zone and started Virgin Airlines. Flexible Video rental businesses demonstrated flexibility buy quickly adapting to the change from video format to DVD format. Independent Each venture is a reflection of the independent entrepreneur who started it. See

Questions Which of these characteristics do YOU have? Which of these characteristics do YOU lack? How could you develop these charactestics?